2026-09-03T13:15:24-05:00 2025-12-31 420794029 DENMAN CPA LLP 1601 22ND STREET SUITE 400 WEST DES MOINES IA 502661453 990 2025-01-01 842607571 INVEST DSM INVE 5152218410 525 SW 5TH STREET F DES MOINES IA 50309 THERESA GREENFIELD EXECUTIVE DIRECTOR 5152218410 2026-09-02 1 JEFFEREY ROY P01951847 5152258400 2025 THERESA GREENFIELD 525 SW 5TH STREET F DES MOINES IA 50309 10432838 0 X WWW.INVESTDSM.ORG X 2019 IA PROVIDE HOLISTIC AND INNOVATIVE SOLUTIONS THAT STRENGTHEN NEIGHBORHOODS. WE DO THIS THROUGH STRATEGIC INVESTMENTS IN REAL ESTATE AND PARTNERSHIPS TO IMPROVE QUALITY OF LIFE. 11 11 10 11 0 0 10355586 10015000 3525 7025 451557 388015 87625 22798 10898293 10432838 4081392 6677074 0 0 1001496 997618 0 0 0 2771759 5454646 7854647 13129338 3043646 -2696500 29036420 27145602 2181908 2977805 26854512 24167797 PROVIDE HOLISTIC AND INNOVATIVE SOLUTIONS THAT STRENGTHEN NEIGHBORHOODS. WE DO THIS THROUGH STRATEGIC INVESTMENTS IN REAL ESTATE AND PARTNERSHIPS TO IMPROVE QUALITY OF LIFE. 0 0 12492719 6677074 29823 PROVIDE HOLISTIC AND INNOVATIVE SOLUTIONS THAT STRENGTHEN NEIGHBORHOODS. 12492719 1 1 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 7 0 1 10 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X SIERRA ROSE 5152218410 525 SW 5TH STREET NO F DES MOINES IA 50309 TOM HOCKENSMITH VICE CHAIR 1.00 X X 0 0 0 CONNIE BOESEN CHAIR 1.00 X X 0 0 0 JENNIFER COOPER TREASURER 1.00 X X 0 0 0 ANGELA CONNOLLY SECRETARY 1.00 X X 0 0 0 MIKE SIMONSON DIRECTOR 1.00 X 0 0 0 JOHN CACCIATORE DIRECTOR 1.00 X 0 0 0 MATT MCCOY DIRECTOR 1.00 X 0 0 0 ANGIE PFANNKUCH DIRECTOR 1.00 X 0 0 0 CARL VOSS DIRECTOR 1.00 X 0 0 0 DAMON MILLER DIRECTOR 1.00 X 0 0 0 JENNA KIMBERLY DIRECTOR 1.00 X 0 0 0 AMBER LYNCH FORMER EXECUTIVE DIRECTOR 40.00 X 79796 0 12761 THERESA GREENFIELD EXECUTIVE DIRECTOR 40.00 X 54046 0 1976 MATTHEW BRANDT CONSTRUCTION SPECIALIST 40.00 X 100599 0 25850 CHRIS CIVITATE NEIGHBORHOOD DEVELOPMENT M 40.00 X 128676 0 15879 SIERRA ROSE OPERATIONS MANAGER 40.00 X 127125 0 12811 JAKE ROSS CONSTRUCTION SPECIALIST 40.00 X 103508 0 25582 593750 0 94859 4 0 0 0 CUTLER CONSTRUCTIONS 120 5TH ST SUITE C WEST DES MOINES IA 50265 CONSTRUCTION SERVICES 2089939 MDH DESIGN 4225 FLEUR DR DES MOINES IA 50321 CONSTRUCTION SERVICES 542758 EXECUTIVE INTERIORS 27090 EAGLE CREST DR ADEL IA 50003 CONSTRUCTION SERVICES 372259 DES MOINES RENOVATION COMPANY 8705 CHAMBERRY BLVD JOHNSTON IA 50131 CONSTRUCTION SERVICES 315672 BROWN WINICK GRAVES GROSS BASKER 525 SW 5TH ST SUITE F DES MOINES IA 50309 LEGAL SERVICES 133673 5 10000000 15000 10015000 NEIGHBORHOOD GRANT ADMINISTRATIVE 561000 7025 7025 7025 388015 388015 22798 0 22798 22798 22798 10432838 29823 0 388015 4109740 4109740 2567334 2567334 148578 74289 74289 672712 530499 142213 24275 19143 5132 85798 67660 18138 66255 52249 14006 123426 123238 188 117539 117539 14046 14046 178118 60906 117212 57610 10721 46889 21563 1078 20485 60288 31244 29044 13182 13182 24256 24256 GAP FINANCING ON DEV CO 4844618 4844618 13129338 12492719 636619 0 6179105 2566341 5924467 5179165 103623 130761 1205921 46212 213746 1159709 13692650 15060683 2922829 3048943 29036420 27145602 204654 459216 1757960 2411276 219294 107313 2181908 2977805 X 26779512 24077797 75000 90000 26854512 24167797 29036420 27145602 -2696500 9785 0 X X 0 1 X 1 0 X 76289 10445083 10033122 10355586 10015000 40925080 76289 10445083 10033122 10355586 10015000 40925080 40925080 17023 52956 202662 451557 388015 1112213 42037293 249414 0.97350 0.98270 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 93094 16299 76795 51303 29913 21390 1061524 1061524 1159709 LOANS RECEIVABLE 7644539 C INVESTMENT IN DEVELOPMENT PROPERTIES 7416144 C 15060683 OPERATING RIGHT-OF-USE ASSETS 44902 INVESTMENTS 3004041 3048943 REFUNDABLE ADVANCES 60858 LEASE LIABILITY 46455 107313 X 10428577 9785 9785 10418792 14046 14046 10432838 13115292 0 13115292 14046 14046 13129338 PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE ORGANIZATION AND RECOGNIZE A TAX LIABILITY (OR ASSET) FOR AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT HAS EVALUATED THEIR MATERIAL TAX POSITIONS AND DETERMINED THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAX AUTHORITIES; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2022. 1 Q-ENTERPRISES LLC 4840 NW PIEKENBROCK DRIVE DES MOINES IA 50310 822583916 475000 0 SINGLE FAMILY DEVELOPER GRANT MM&S DEVELOPMENT PO BOX 65506 WEST DES MOINES IA 50265 993664160 118800 0 SINGLE FAMILY DEVELOPER GRANT NFC PROPERTIES LLC 4908 FRANKLIN AVE DES MOINES IA 50310 364626868 1043841 0 SINGLE FAMILY DEVELOPER GRANT PETER CUTLER 475 ALICES RD SUITE D WAUKEE IA 50263 611788641 281700 0 SINGLE FAMILY DEVELOPER GRANT GDM HABITAT 95 UNIVERSITY AVE PO BOX 716 DES MOINES IA 50303 421275330 17248 0 SINGLE FAMILY DEVELOPER GRANT RM MADDEN CONSTRUCTION INC 5909 GRAND AVENUE DES MOINES IA 503121414 421183683 202320 0 SINGLE FAMILY DEVELOPER GRANT DRJ INVESTMENTS 5406 DOUGLAS AVE DES MOINES IA 50310 873003746 194800 0 GRANT 2MK HOLDINGS 525 SE GREENBRIAR CIR WAUKEE IA 50263 921644113 21000 0 GRANT SILENT RIVERS ASTILBE MORNING 800 19TH ST DES MOINES IA 50314 851558935 210000 0 GRANT CUTLER CONSTRUCTION 475 ALICES RD SUITE D WAUKEE IA 50263 611788641 248640 0 SINGLE FAMILY DEVELOPER GRANT SELL MY HOUSE DSM LLC 614 NE LIBERTY CT ANKENY IA 50021 871968974 39200 0 SINGLE FAMILY DEVELOPER GRANT RCA 3422 WAKONDA CT DES MOINES IA 50321 465716363 57300 0 SINGLE FAMILY DEVELOPER GRANT RALLY CAP PROPERTIES 2643 BEAVER AVE 349 DES MOINES IA 50310 810752071 78000 0 SINGLE FAMILY DEVELOPER GRANT DES MOINES RENOVATION COMPANY 4840 NW PICKENBROCK DR DES MOINES IA 50310 882376025 167400 0 SINGLE FAMILY DEVELOPER GRANT TIM BRATVOLD - 36 ON 6TH 130 5TH ST STE A WEST DES MOINES IA 50265 881654700 200000 0 COMMERCIAL DEVELOPMENT GRANT FIREHOUSE LOUNGE (HARVEY PARKS PROPERTIES) 634 40TH ST DES MOINES IA 50312 823706509 19176 0 COMMERCIAL DEVELOPMENT GRANT VARSITY CINEMA (DES MOINES FILM) 1207 25TH ST DES MOINES IA 50311 474857561 30525 0 COMMERCIAL DEVELOPMENT GRANT THE FITZ (LACHELE'S NORTH LLC) 2777 SW 30TH ST DES MOINES IA 50321 932565358 30000 0 COMMERCIAL DEVELOPMENT GRANT LACHELE'S (LACHELE'S NORTH LLC) 2777 SW 30TH ST DES MOINES IA 50321 932565358 30000 0 COMMERCIAL DEVELOPMENT GRANT BAR MARTINEZ (FOUR SIX FIVE LLC) 1683 NW 93RD ST CLIVE IA 50325 992426110 25000 0 COMMERCIAL DEVELOPMENT GRANT ALLEGIANT HOMES PO BOX 161 NOWALK IA 50211 811077094 28108 0 COMMERCIAL DEVELOPMENT GRANT SNOOKIES MALT SHOP 1810 BEAVER AVE DES MOINES IA 50310 833218154 23493 0 COMMERCIAL DEVELOPMENT GRANT OPTIMAE LIFESERVICES INC 2201 W JEFFERSON AVE FAIRFIELD IA 52556 421287333 7510 0 COMMERCIAL DEVELOPMENT GRANT PERRY'S CAR WASH 2001 UNIVERSITY AVE DES MOINES IA 50311 421485415 31000 0 COMMERCIAL DEVELOPMENT GRANT UNIVERSITY LIBRARY CAF (FULL COURT PRESS) 3506 UNIVERSITY AVE DES MOINES IA 50311 421514370 10170 0 COMMERCIAL DEVELOPMENT GRANT CHA CHAS HILAND PARK BAKERY 3615 6TH AVE DES MOINES IA 50313 994521699 7875 0 COMMERCIAL DEVELOPMENT GRANT LINN'S SUPER MARKET (KK FAMILY INC) 3805 6TH AVE DES MOINES IA 50313 813523851 19500 0 COMMERCIAL DEVELOPMENT GRANT REASONER'S GARAGE 403 E JACKSON AVE DES MOINES IA 50315 421052533 50000 0 COMMERCIAL DEVELOPMENT GRANT UPTOWN NEW CONSTRUCTION 3925 UNIVERSITY AVE DES MOINES IA 50311 421449484 20000 0 COMMERCIAL DEVELOPMENT GRANT FORWARD CONSULTING 4309 UNIVERSITY AVE DES MOINES IA 50311 471665681 28299 0 COMMERCIAL DEVELOPMENT GRANT PINTS BY BETH 1549 32ND ST DES MOINES IA 50311 882797498 40000 0 COMMERCIAL DEVELOPMENT GRANT BARTON ON 39TH LLC 844 39TH ST DES MOINES IA 50312 994576730 12784 0 COMMERCIAL DEVELOPMENT GRANT ALLEGIANT HOMES PO BOX 161 NOWALK IA 50211 811077094 7710 0 COMMERCIAL DEVELOPMENT GRANT DES MOINES FILM SOCIETY 1207 25TH ST DES MOINES IA 50311 474857561 53528 0 RENTAL REHAB GRANT FREDDY'S HOMES LLC 804 48TH ST WEST DES MOINES IA 50265 921243912 33564 0 RENTAL REHAB GRANT OMNI INVESTMENTS LLC 628 23RD ST DES MOINES IA 50312 831176824 5970 0 RENTAL REHAB GRANT LENOX PROPERTIES 2270 BELL AVE 3B DES MOINES IA 50321 463779710 21196 0 RENTAL REHAB GRANT 1 42 BLOCK CHALLENGE GRANTS 148 253715 HOMEOWNER RENOVATION GRANTS 588 2313619 PART I, LINE 2: THE ORGANIZATION HAS ESTABLISHED WRITTEN POLICIES, APPROVED BY ITS BOARD OF DIRECTORS, GOVERNING ELIGIBILITY AND SELECTION CRITERIA FOR GRANT RECIPIENTS. GRANT RECIPIENTS MUST PROVIDE SUPPORTING DOCUMENTATION FOR ELIGIBLE EXPENSES PRIOR TO GRANT AWARDS BEING DISTRIBUTED. INVEST DSM STAFF REVIEW OF PROPERTY IMPROVEMENTS PRIOR TO THE AUTHORIZATION OF GRANT DISTRIBUTIONS. JENNIFER COOPER SENIOR VICE PRESIDENT, COMMERCIAL REAL ESTATE MANAGER AT BANKERS TRUST BANKING ACTIVITIES 0 PART IV LINE 1 JENNIFER COOPER IS SENIOR VICE PRESIDENT OF THE COMMERCIAL REAL ESTATE TEAM AT BANKERS TRUST AND TREASURER OF INVEST DSM. INVEST DSM MAINTAINS A LINE OF CREDIT WITH BANKERS TRUST. ALL TRANSACTIONS ARE CONDUCTED UNDER NORMAL BUSINESS TERMS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD HAS THE ABILITY TO APPOINT IT'S OWN MEMBERS. THREE MEMBERS ARE APPOINTED FROM THE CITY OF DES MOINES, THREE MEMBERS ARE APPOINTED FROM POLK COUNTY, AND THREE MEMBERS ARE APPOINTED FROM THE LOCAL COMMUNITY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 TAX RETURN IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING AND THE EXECUTIVE COMMITTEE WILL APPROVE THE FILING OF THE RETURN PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ARE REQUIRED TO UPDATE, AT LEAST ON AN ANNUAL BASIS, THEIR INDIVIDUAL POTENTIAL CONFLICTS OF INTEREST WITH THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15A THE SALARY OF THE EXECUTIVE DIRECTOR IS APPROVED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS WILL UTILIZE COMPENSATION DATA FOR SIMILAR POSITIONS IN SIMILAR MARKETS PRIOR TO APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 ALL ORGANIZATION DOCUMENTS SUBJECT TO PUBLIC INSPECTION ARE AVAILABLE UPON REQUEST AT THE ORGANIZATION'S OFFICE. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.