2026-07-24T08:59:54-05:00 2025-12-31 410746749 CLIFTONLARSONALLEN LLP 10700 NORTHUP WAY SUITE 200 BELLEVUE WA 98004 990 2025-01-01 943196958 IMPACT CAPITAL IMPA 2065873200 701 5TH AVENUE 4200 SEATTLE WA 98104 JOEL MILLAR EXECUTIVE DIRECTOR 2065873200 2026-07-23 1 KURT BENNION CPA P01469618 4252506100 2026-07-21 2025 2025-03-06 01:10:19Z JOEL MILLAR 701 5TH AVENUE 4200 SEATTLE WA 98104 1890847 0 X WWW.IMPACTCAPITAL.ORG X 1993 WA IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS TO ORGANIZATIONS, TRIBAL ENTITIES, AND HOUSING AUTHORITIES TO SPUR COMMUNITY DEVELOPMENT INCLUDING AFFORDABLE HOUSING, ART AND CULTURAL CENTERS, COMMUNITY FACILITIES, AND VIBRANT COMMERCIAL DISTRICTS. OUR WORK TRANSFORMS DISTRESSED COMMUNITIES AND NEIGHBORHOODS INTO HEALTHY ONES - GOOD PLACES TO LIVE, WORK, DO BUSINESS, AND RAISE FAMILIES. 8 8 4 9 0 0 48004 0 1290527 1784527 37262 106320 0 0 1375793 1890847 0 0 0 0 535518 570328 0 0 33281 1228242 378398 1763760 948726 -387967 942121 19443981 16580542 14411738 10606178 5032243 5974364 X IMPACT CAPITAL IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION THAT MAKES STRATEGIC LOANS IN ORGANIZATIONS, TRIBAL ENTITIES, AND HOUSING AUTHORITIES TO SPUR COMMUNITY DEVELOPMENT, INCLUDING AFFORDABLE HOUSING, ART AND CULTURAL CENTERS, COMMUNITY FACILITIES, AND VIBRANT COMMERCIAL DISTRICTS. OUR WORK TRANSFORMS DISTRESSED COMMUNITIES AND NEIGHBORHOODS INTO HEALTHY ONES - GOOD PLACES TO LIVE, WORK, DO BUSINESS, AND RAISE FAMILIES. 0 0 709831 0 1784527 IMPACT CAPITAL MANAGES TWO LOAN POOLS THAT PROVIDE LOANS TO ORGANIZATIONS, HOUSING AUTHORITIES, AND TRIBAL ENTITIES, FOR THE CREATION OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES. AFFORDABLE HOUSING FINANCED BY IMPACT CAPITAL SERVICES PEOPLE TYPICALLY AT OR BELOW 80% OF AREA MEDIAN INCOME. COMMUNITY FACILITIES PROVIDE ACCESS TO SERVICES FOR LOW AND MODERATE INCOME PEOPLE. LOANS ARE USED TO FUND PROPERTY CONSTRUCTION, PROPERTY ACQUISITION, PREDEVELOPMENT EXPENSES, OR TO BRIDGE PERMANENT CAPITAL. THESE ARE OFTEN TRANSACTIONS THAT DO NOT MEET THE RISK PROFILES OF TRADITIONAL BANK LENDERS. IMPACT CAPITAL WAS CREATED TO PROVIDE ACCESS TO CAPITAL AND OTHER RESOURCES FOR UNDERSERVED COMMUNITIES. OUR LENDING PROVIDES A FOUNDATION FOR NEW DEVELOPMENT THAT ATTRACTS PUBLIC AND PRIVATE PERMANENT FINANCING AND SERVES AS A NEEDED CATALYST FOR DEVELOPMENT. WE HELP BUILD EQUITABLE COMMUNITIES WITH CLEAN, SAFE AFFORDABLE HOUSING, AND ACCESS TO SERVICES INCLUDING PARKS, SCHOOLS, AND VIBRANT COMMERCIAL CORRIDORS. 709831 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 4 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 X LORA BOURELLE 2066582607 701 5TH AVENUE SUITE 4200 SEATTLE WA 98104 JOEL MILLAR EXECUTIVE DIRECTOR 40.00 X 174877 0 15774 LORA BOURELLE COO/CFO 40.00 X 154391 0 15013 KERRI STONEMAN VP OF LENDING 40.00 X 109548 0 25039 KIM ETHERTON CHIR 1.00 X X 0 0 0 DAVID FOREMAN VICE CHAIR 1.00 X X 0 0 0 SUSAN DUREN SECRETARY/TREASURER 1.00 X X 0 0 0 AMANDA DESHAZO BOARD MEMBER 1.00 X 0 0 0 LOWEL KRUEGER BOARD MEMBER 1.00 X 0 0 0 ADITYA KURELLA BOARD MEMBER 1.00 X 0 0 0 DOUG PRINCE BOARD MEMBER (THROUGH MAY 2025) 1.00 X 0 0 0 KEVIN RUF BOARD MEMBER 1.00 X 0 0 0 STEVE WALKER BOARD MEMBER 1.00 X 0 0 0 438816 0 55826 3 0 1 0 0 LOAN INTEREST 900099 1619499 1619499 LOAN FEES 900099 165028 165028 1784527 106320 106320 1890847 1784527 0 106320 483414 362560 96683 24171 25914 1213 19761 4940 17859 13415 3555 889 43141 32356 8628 2157 4673 4269 323 81 44249 44249 34888 34888 2403 1318 1019 66 19652 17999 1338 315 10279 7709 2056 514 6174 5836 270 68 205760 205760 13365 10692 2673 TAXES 23832 23832 DUES & SUBSCRIPTIONS 6201 6201 OTHER EXPENSES 6160 5615 465 80 LICENSES & FEES 762 762 948726 709831 205614 33281 1961643 260556 3080321 8539427 73312 51725 14289034 7673142 27616 53350 0 0 0 0 12055 2342 19443981 16580542 51107 45667 13978061 10508061 382570 52450 14411738 10606178 X 2321808 3263929 2710435 2710435 5032243 5974364 19443981 16580542 942121 0 X X 0 1 X 1 0 X 7552 8819 11376 48004 0 75751 7552 8819 11376 48004 75751 75751 3017 14754 54518 37262 106320 215871 15500 161 15661 307283 6569285 0.24650 0.44430 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME 0 INTEREST PAYABLE 52450 52450 1144159 0 1144159 746688 746688 1890847 202038 0 202038 746688 746688 948726 PART XI, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR CREDIT RECOVERY 746,688. PART XII, LINE 4B - OTHER ADJUSTMENTS: PROVISION FOR CREDIT RECOVERY 746,688. X X 0 0 0 0 0 0 0 0 0 JOEL MILLAR EXECUTIVE DIRECTOR 170060 0 4817 0 0 0 5097 0 10677 0 190651 0 0 0 LORA BOURELLE COO/CFO 150295 0 4096 0 0 0 4496 0 10517 0 169404 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS HAS AN EXECUTIVE COMMITTEE CONSISTING OF THE OFFICERS OF THE BOARD, THE LOAN REVIEW COMMITTEE CHAIR, AND OTHER DIRECTORS AS MAY BE APPOINTED BY THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE HAS ALL OF THE AUTHORITY OF THE BOARD EXCEPT THAT THE EXECUTIVE COMMITTEE DOES NOT HAVE AUTHORITY TO (A) AMEND, ALTER OR REPEAL THE BYLAWS; (B) ELECT, APPOINT OR REMOVE ANY BOARD MEMBER, OFFICER OR COMMITTEE MEMBER; (C) AMEND THE ARTICLES OF INCORPORATION; (D) ADOPT A PLAN OF MERGER OR ADOPT A PLAN OF CONSOLIDATION WITH ANOTHER CORPORATION; (D) AUTHORIZE THE SALE, LEASE OR EXCHANGE OF ALL OR SUBSTANTIALLY ALL OF THE ORGANIZATION'S PROPERTY AND ASSETS OUTSIDE OF THE ORDINARY COURSE OF BUSINESS; (E) AUTHORIZE THE ORGANIZATION'S VOLUNTARY DISSOLUTION OR REVOKE PROCEEDINGS THEREFOR; (F) ADOPT A PLAN FOR THE DISTRIBUTION OF THE ORGANIZATION'S ASSETS; OR (G) AMEND, ALTER OR REPEAL ANY RESOLUTION OF THE BOARD OF DIRECTORS WHICH BY ITS TERMS PROVIDES THAT IT SHALL NOT BE AMENDED, ALTERED OR REPEALED BY SUCH COMMITTEE. FORM 990, PART VI, SECTION A, LINE 8B THE ONLY MEETINGS THAT HAVE MINUTES ARE THE BOARD MEETING AND THE LOAN COMMITTEE MEETING. NOTES ARE NOT TAKEN AT THE EXECUTIVE/FINANCE COMMITTEE. THAT MEETING ONLY HAS AN AGENDA AND RELEVANT DOCUMENTATION. FORM 990, PART VI, SECTION B, LINE 11B PRIOR TO FILING A DRAFT 990 WAS REVIEWED BY THE CFO/COO, THEN BY THE EXECUTIVE & FINANCE COMMITTEE, AFTER WHICH IT WAS PROVIDED TO ALL BOARD MEMBERS FOR APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C IMPACT CAPITAL HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL OFFICERS, DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD-DELEGATED POWERS. A CONFLICT OF INTEREST DISCLOSURE FORM IS COMPLETED BY EACH COVERED INDIVIDUAL AT THE TIME OF THEIR APPOINTMENT TO THE BOARD, AND ANYTIME THERE IS A CHANGE IN THEIR SITUATION/JOB, ETC. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE INDIVIDUAL IS REQUIRED TO DISCLOSE THE INTEREST AND IS GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS, AFTER WHICH THE INDIVIDUAL IS EXCLUDED FROM ALL FURTHER DISCUSSIONS, ACTIONS AND VOTES ON THE MATTER. THE REMAINING BOARD/COMMITTEE MEMBERS DETERMINE WHETHER A CONFLICT ACTUALLY EXISTS. THE BOARD/COMMITTEE MAY INVESTIGATE ALTERNATIVE TRANSACTIONS THAT DO NOT INVOLVE A CONFLICT OF INTEREST. AFTER EXERCISING DUE DILIGENCE, THE BOARD/COMMITTEE DETERMINES WHETHER TO ENTER THE TRANSACTION. IF THE BOARD/COMMITTEE HAS REASON TO BELIEVE A PERSON HAS FAILED TO DISCLOSE A CONFLICT OF INTEREST, THE INDIVIDUAL IS GIVEN THE OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE. IF THE BOARD/COMMITTEE DETERMINES THAT A FAILURE DID OCCUR, APPROPRIATE DISCIPLINARY AND/OR CORRECTIVE ACTIONS ARE TAKEN. FORM 990, PART VI, SECTION B, LINE 15 A SALARY SURVEY IS USED ANNUALLY TO EVALUATE REASONABLE COMPENSATION FOR ALL EXECUTIVE POSITIONS. THE EXECUTIVE DIRECTOR'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS. OTHER EXECUTIVE COMPENSATION IS REVIEWED BY THE BOARD OF DIRECTORS BUT IS EVALUATED AND APPROVED BY THE CEO. THIS PROCESS LAST OCCURRED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C: THE RESPONSIBILITY FOR SELECTING THE FINANCIAL STATEMENT AUDITOR AND FOR OVERSEEING THE FINANCIAL STATEMENT AUDIT DID NOT CHANGE DURING THE YEAR.