2024-08-19T12:54:39-05:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 10700 NORTHUP WAY SUITE 200 BELLEVUE WA 98004 990 2022-01-01 943110312 IMAGINE HOUSING IMAG 4255765190 1722 138TH PLACE NE BELLEVUE WA 98005 STEVEN WHITE CONTROLLER 4255765190 2024-08-15 1 1 KURT BENNION CPA P01469618 4252506100 2024-08-15 2022 2024-08-08 14:25:15Z X X YICHUAN ZHAO 1722 138TH PLACE NE BELLEVUE WA 98005 10064629 0 X WWW.IMAGINEHOUSING.ORG X 1989 WA DEVELOPING PERMANENT AFFORDABLE RENTAL HOUSING AND PROVIDING SUPPORTIVE SERVICES. 8 8 42 0 0 0 1638894 2039911 4114927 7275785 4735 5957 383003 505889 6141559 9827542 66814 90257 0 0 2718308 3691334 0 0 512294 3307287 4599772 6092409 8381363 49150 1446179 36549729 46915219 20199870 29117978 16349859 17797241 X TO DEVELOP AFFORDABLE HOUSING, BUILD WELCOMING COMMUNITIES AND FOSTER VIBRANT FUTURES. 0 0 6697446 90257 7864192 SEE SCHEDULE O 6697446 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 1 1 1 1 0 1 46 0 1 42 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 8 8 0 1 1 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 1 1 X SUE BLIVEN 4255765190 1722 138TH PLACE NE BELLEVUE WA 98005 CAROLYNN FERRIS PRESIDENT 5.00 1.00 X X 0 0 0 DIANE PIETROWSKI TREASURER 2.00 1.00 X X 0 0 0 KASHIF ZAHOOR VICE-PRESIDENT 2.00 0.00 X X 0 0 0 LAURA COUGHLIN SECRETARY 2.00 0.00 X X 0 0 0 PENNY MARIE CURRY BOARD MEMBER 1.00 0.00 X 0 0 0 JACKIE FRANK BOARD MEMBER 1.00 0.00 X 0 0 0 JAYME LONGORIA BOARD MEMBER 1.00 0.00 X 0 0 0 NAM NGUYEN BOARD MEMBER 1.00 0.00 X 0 0 0 SEAN HERON PRESIDENT & CEO 36.00 4.00 X 129786 1318 0 YICHUAN ZHAO EXECUTIVE DIRECTOR 36.00 4.00 X 25271 2308 2421 HANA NGUYEN DIRECTOR OF FINANCE 36.00 4.00 X 38144 4000 6548 SUE BLIVEN CONTROLLER 36.00 4.00 X 101944 5880 12320 MOLLY JUDGE DIRECTOR OF ADVANCEMENT 40.00 0.00 X 128450 0 9876 TROY DRAWZ DIRECTOR OF REAL ESTATE DEVELOPMENT 32.00 8.00 X 101283 27237 0 EUNICE SPRINGS DIRECTOR OF PEOPLE & CULTURE 40.00 0.00 X 112286 0 12492 637164 40743 43657 6 0 0 0 ROONEY PARTNERS 160 NW GILMAN BLVD SUITE 211 ISSAQUAH WA 98027 MEDIA SERVICES 102221 1 374432 1054577 610902 114013 2039911 RENTAL INCOME 531110 4148731 4148731 OTHER TENANT REVENUE 900099 2607008 2607008 CASE MANAGEMENT 531110 520046 520046 7275785 5692 5692 588407 0 588407 588407 588407 100084 99819 265 265 265 54750 374432 137268 -82518 -82518 9827542 7864192 0 -76561 90257 90257 316434 27692 288742 2806104 2068427 372405 365272 42215 24988 9689 7538 264318 205283 39603 19432 262263 181590 53563 27110 52604 39177 12307 1120 46256 41502 4754 14243 1691 1653 10899 228413 195260 10738 22415 6750 5296 1454 350595 194646 137721 18228 55107 33353 13084 8670 974473 813858 160615 8952 5519 1251 2182 37535 17764 15310 4461 614011 589811 24200 867963 846736 21227 233380 209474 23712 194 REPAIRS & MAINTENANCE 790648 790648 BUILDING SUPPLIES 196327 196327 MISCELLANEOUS EXPENSE 64642 61242 3400 BAD DEBT 29907 29907 27966 26998 395 573 8381363 6697446 1171623 512294 6460361 2506876 251096 251347 165682 338566 41049 161282 460472 626784 167475 254879 51469029 17315344 23379528 34153685 3722659 7596179 30000 30000 1871407 995621 36549729 46915219 234771 599678 125746 240000 200000 18670260 26671075 735000 735000 319839 786479 20199870 29117978 X 15832479 17253241 517380 544000 16349859 17797241 36549729 46915219 X 1446179 1203 X X 0 1 X 1 1 1 X 2120341 2178301 1763074 1638894 2039911 9740521 2120341 2178301 1763074 1638894 2039911 9740521 14876 9725645 607624 668464 533815 566873 594099 2970875 6967 181739 23830 27494 54750 294780 13006176 20403402 0.74780 0.79060 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2018 AMOUNT: $ 6,967. LOAN OBLIGATION RELEASE - 2019 AMOUNT: $ 148,231. AUCTION REVENUE - 2019 AMOUNT: $ 23,228. 2020 AMOUNT: $ 23,830. 2021 AMOUNT: $ 27,494. 2022 AMOUNT: $ 54,750. GAMING REVENUE - 2019 AMOUNT: $ 10,280. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 17485098 17485098 30874673 15089367 15785306 1457325 1211203 246122 1651933 1014774 637159 34153685 REPLACEMENT RESERVES 3676976 F OPERATING RESERVES 3008609 F INVESTMENT IN LOW-INCOME HOUSING LPS AND LLCS 910594 C 7596179 TENANT DEPOSITS AND PREPAID RENT 63696 ACCRUED INTEREST PAYABLE 49160 DUE TO LIMITED PARTNERSHIPS AND LLC 62773 RIGHT OF USE LEASE LIABILITY 610850 786479 X PART X, LINE 2: IMAGINE HOUSING IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THEY HAVE BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) BECAUSE THEY ARE AN ORGANIZATION OF THE TYPE DESCRIBED IN SECTION 509(A)(1). IMAGINE HOUSING IS THE SOLE MEMBER OF RUBY LLC, ROOTS I LLC, SOUTH KTOD DEVELOPMENT LLC, IMAGINE GARDENS LLC, CHALET HOLDINGS LLC, GRACE PLACE MI LLC, KIRKLAND PLAZA SENIOR LLC, BLOCK 6B 9% MANAGER LLC, AND BLOCK 6B 4% MANAGER LLC. ALL LLC'S LISTED ARE SINGLE MEMBER LLC'S AND ARE DISREGARDED ENTITIES FOR TAX PURPOSES. THE ORGANIZATION'S INCOME TAX FILINGS ARE SUBJECT TO EXAMINATION BY VARIOUS TAXING AUTHORITIES. THE ORGANIZATION HAS EVALUATED ITS TAX POSITIONS AND CONCLUDED THAT IT HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. IN ADDITION, THE ORGANIZATION IS NOT AWARE OF ANY MATTERS THAT WOULD CAUSE THE LOSS OF ITS TAX-EXEMPT STATUS. 2022 AUCTION 344064 309439 34625 15490 54658 GOLF TOURNAMENT 71618 56593 15025 10993 37091 1 13500 8400 5100 9036 10000 429182 374432 54750 26483 100785 10000 137268 -82518 1 280 CLARK LP 10604 NE 38TH PL SUITE 215 KIRKLAND WA 98033 208798867 90257 0 N/A N/A RENTAL ASSISTANCE - OPERATIONS AND MAINTENANCE 0 1 PART I, LINE 2: IMAGINE HOUSING ENTERED INTO A CONTRACT WITH KING COUNTY FOR RENTAL ASSISTANCE AT JOHNSON HILL APARTMENTS (OWNED BY 280 CLARK LP). IMAGINE HOUSING ALSO ENTERED INTO A CONTRACT WITH WA STATE DEPARTMENT OF COMMERCE FOR AN OPERATING AND MAINTENANCE GRANT FOR RENTAL ASSISTANCE AT JOHNSON HILL APARTMENTS. QUARTERLY ASSISTANCE PAYMENTS ARE RECEIVED BY IMAGINE HOUSING AND ARE PASSED THROUGH TO JOHNSON HILL. 280 CLARK LP IS CONSIDERED A DISREGARDED ENTITY OF IMAGINE HOUSING AND SHARES COMMON GOVERNANCE WITH IMAGINE HOUSING. IMAGINE HOUSING ENSURES ALL GRANT FUNDS THAT FLOW TO 280 CLARK LP ARE USED FOR THE PROPER PURPOSES. DAN JOHNSON FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 PATRICK MCDERMOTT FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 100000 100000 0 0 1 NANCY TRUITT PIERCE FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 ELLEN O'HARA FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 JOHN CLEARMAN FORMER BOARD MEMBER SOCIAL IMPACT INVESTMENT LOAN X 25000 25000 0 0 1 200000 X 99819 PROVIDED BY DONOR X 3 14194 FAIR MARKET VALUE 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS WAS USED IN PART I. FORM 990, PART III, LINE 4A OUR WORK STARTED OVER 35 YEARS AGO IN RESPONSE TO THE GROWING ECONOMIC INEQUITIES FACED BY LOW-INCOME HOUSEHOLDS IN EAST KING COUNTY, OUR FOUNDERS REALIZED THAT PERMANENT AFFORDABLE HOUSING WAS THE MOST COST-EFFECTIVE, LONG-TERM SOLUTION TO DISPLACEMENT, HOMELESSNESS, AND POVERTY IN THE REGION. SINCE THEN, OUR WORK HAS EXPANDED FROM A VOLUNTEER RUN ORGANIZATION WITH 18 AFFORDABLE APARTMENTS TO A HIGHLY RESPECTED ORGANIZATION PROVIDING 639 PERMANENT LOW-INCOME APARTMENT HOMES. IN 2009, WE IMPLEMENTED ON-SITE SUPPORTIVE RESIDENT SERVICES TO MEET THE GROWING NEED FOR ADDITIONAL RESOURCES TO ENSURE HOUSEHOLD STABILITY AND SELF-SUFFICIENCY. IMAGINE HOUSING SERVES LOW-INCOME FAMILIES AND SENIORS WITH AFFORDABLE, SERVICE-ENRICHED HOUSING IN THE EASTSIDE COMMUNITIES OF BELLEVUE, REDMOND, ISSAQUAH, KIRKLAND, MERCER ISLAND, SAMMAMISH, AND SOON IN BOTHELL. ONE-QUARTER OF THE HOMES SERVE FAMILIES AND SENIORS COMING DIRECTLY FROM HOMELESSNESS. WE PRACTICE HOUSING FIRST AND WORK TO REMOVE ALL BARRIERS TO HOUSING AND HOUSING STABILITY. IMAGINE HOUSING SERVES OVER 1,400 LOW AND VERY LOW-INCOME INDIVIDUALS, INCLUDING 435 CHILDREN, 306 SENIORS AND 56 VETERANS. 225 APARTMENTS ACROSS OUR PORTFOLIO ARE RESERVED FOR FAMILIES AND SENIORS COMING FROM HOMELESSNESS WITH COORDINATED ENTRY FOR ALL (CEA) REFERRALS OR SECTION 8 VOUCHERS, INCLUDING HOUSING CHOICE, PROJECT BASED AND VASH. THE AVERAGE HOUSEHOLD INCOME OF IMAGINE HOUSING RESIDENTS IS $24,113 PER YEAR. 50% OF HOUSEHOLDS IDENTIFY AS PEOPLE OF COLOR AND 14% REPORT THAT A MEMBER OF THE HOUSEHOLD IS LIVING WITH A DISABILITY. FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAS DELEGATED THE MANAGEMENT OF ITS PROPERTIES TO ALLIED RESIDENTIAL, INC. FORM 990, PART VI, SECTION A, LINE 4 THE NUMBER OF DIRECTORS WAS REVISED TO NOT LESS THAN THREE AND NOT MORE THAN SEVENTEEN. FORM 990, PART VI, SECTION A, LINE 8B THERE WERE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CONTROLLER, THE DIRECTOR OF FINANCE AND THE EXECUTIVE DIRECTOR AND IS MADE AVAILABLE TO THE BOARD OF DIRECTORS AFTER IT IS FILED. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS, AND EACH BOARD MEMBER SIGNS A STATEMENT OF ACKNOWLEDGMENT AND COMPLIANCE WITH IMAGINE HOUSING AND AFFILIATES' CONFLICTS OF INTEREST POLICY THAT STATES THEY DO NOT HAVE A CONFLICT OF INTEREST AS DEFINED IN THE POLICY. ALSO, IF A POTENTIAL CONFLICT ARISES, THE BOARD MEMBER ABSTAINS FROM ANY DISCUSSION AND/OR VOTE ON THAT ISSUE. IT IS DOCUMENTED IN THE BOARD MINUTES. FORM 990, PART VI, SECTION B, LINE 15 SALARY SURVEYS, SUCH AS THE ARCHBRIGHT SALARY SURVEY OF WASHINGTON EMPLOYERS, ARE REVIEWED WHEN MAKING SALARY DECISIONS. THE BOARD OFFICERS MAKE DECISIONS REGARDING THE EXECUTIVE DIRECTOR'S COMPENSATION, AND THE EXECUTIVE DIRECTOR AND DEPARTMENT DIRECTORS/SUPERVISORS MAKE DECISIONS REGARDING COMPENSATION FOR OTHER EMPLOYEES, WHICH IS DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS WAS LAST COMPLETED IN 2022. FORM 990, PART VI, SECTION C, LINE 19 THE AUDITED FINANCIAL INFORMATION IS AVAILABLE ON THE WEB THROUGH THE WA SECRETARY OF STATE CHARITABLE SOLICITATIONS AND TRUSTS. IMAGINE HOUSING AND AFFILIATES POSTS ITS ANNUAL REPORT ON OUR WEBSITE WHICH INCLUDES FINANCIAL INFORMATION AND CONTACT INFORMATION FOR THOSE WHO WANT ADDITIONAL DETAILS. FINANCIAL INFORMATION IS ALSO AVAILABLE THROUGH INDEPENDENT WEBSITES, SUCH AS GUIDESTAR. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENT 1,203. FORM 990, PART XII, LINE 2C THE PROCESS FOR OVERSEEING AND SELECTING AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. AMENDED FORM 990: THE FORM 990 IS BEING AMENDED TO MATCH THE AUDITED FINANCIAL STATEMENTS. THE FOLLOWING SCHEDULES, PARTS, LINES, ETC. ARE IMPACTED BY THE AMENDMENT: FORM 990, PAGE 1, BLOCKS B, G FORM 990, PART I, LINES 4-5, 8-10, 12, 15, 17-22 FORM 990, PART II FORM 990, PART III, LINES 4A, 4E FORM 990, PART IV, LINE 12B FORM 990, PART V, LINE 2A FORM 990, PART VI, LINES 1B, 20 FORM 990, PART VII, SECTION A FORM 990, PART VIII, LINES 1E, 1H, 2A-2C, 2G, 3, 12 FORM 990, PART IX, LINES 7, 9-10, 11B-11C, 11F, 12-16, 19-20, 22-23, 24A-24B, 24E, 25 FORM 990, PART X, LINES 1, 4, 7, 9, 10A-10C, 13, 15-17, 21, 23, 25-28, 32-33 FORM 990, PART XI, LINES 1-3, 8-10 FORM 990, PART XII, LINES 2B-3B SCHEDULE A, PART II, LINES 1, 4-8, 10-12, 14 SCHEDULE D, PART VI, LINES 11-1D SCHEDULE D, PART VIII SCHEDULE D, PART X SCHEDULE J (REMOVED) SCHEDULE R, PART V, LINE 2 ROOTS I LLC 1722 138TH PLACE NE BELLEVUE WA 98005 263349075 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 180032 1068427 IMAGINE HOUSING RUBY LLC 1722 138TH PLACE NE BELLEVUE WA 98005 204128933 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 0 691161 IMAGINE HOUSING SOUTH KTOD DEVELOPMENT LLC 1722 138TH PLACE NE BELLEVUE WA 98005 943110312 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 0 0 IMAGINE HOUSING IMAGINE GARDENS LLC 1722 138TH PLACE NE BELLEVUE WA 98005 463525704 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 562704 3863524 IMAGINE HOUSING CHALET APARTMENTS HOLDINGS LLC 1722 138TH PLACE NE BELLEVUE WA 98005 943110312 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 316986 2053438 IMAGINE HOUSING GRACE PLACE MI LLC 1722 138TH PLACE NE BELLEVUE WA 98005 851536516 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 1223890 4799724 IMAGINE HOUSING KIRKLAND PLAZA SENIOR LLC 1722 138TH PLACE NE BELLEVUE WA 98005 852630897 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 578374 2383080 IMAGINE HOUSING BLOCK 6B 9 MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 823939674 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 0 0 IMAGINE HOUSING BLOCK 6B 4 MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 823939431 HOLDS LIMITED PARTNER INTEREST IN LOW-INCOME HOUSING PARTNERSHIP WA 0 0 IMAGINE HOUSING MINE HILL LP 1722 138TH PLACE NE BELLEVUE WA 98005 204129002 LOW-INCOME HOUSING WA 246471 4329625 IMAGINE HOUSING SAMMA SENIOR APARTMENTS MANAGER LLC 1722 138TH PLACE NE BELLEVUE WA 98005 873274914 LOW-INCOME HOUSING WA 0 0 IMAGINE HOUSING EAST VILLAGE LLC 1722 138TH PLACE NE BELLEVUE WA 98005 912184659 LOW-INCOME HOUSING WA 814059 7913812 IMAGINE HOUSING IMAGINE HOUSING COMMUNITIES 1722 138TH PLACE NE BELLEVUE WA 98005 911559906 LOW-INCOME HOUSING & GP OF A LOW-INCOME HOUSING PARTNERSHIP WA 501(C)(3) LINE 12B, II IMAGINE HOUSING 1 280 CLARK LP 1722 138TH PLACE NE BELLEVUE WA 98005 208798867 LOW-INCOME HOUSING WA N/A RELATED -10 339312 0 1 0.01000 ST ANDREWS LP 1722 138TH PLACE NE BELLEVUE WA 98005 911514437 LOW-INCOME HOUSING WA IMAGINE HOUSING RELATED 180032 1068427 0 0 0.99000 TOTEM LAKE PHASE I LLC 1722 138TH PLACE NE BELLEVUE WA 98005 271659211 LOW-INCOME HOUSING WA N/A RELATED -42 223291 0 1 0.01000 KTOD LLC 1722 138TH PLACE NE BELLEVUE WA 98005 454001964 LOW-INCOME HOUSING WA IMAGINE HOUSING RELATED 0 1 0.01000 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 280 CLARK LP B 90257 CASH TOTEM LAKE PHASE I LLC L 116743 CASH FOR CASE MGMT & ASSET MGMT KTOD LLC L 66009 CASH IMAGINE HOUSING COMMUNITIES L 155722 SERVICES PROVIDED