2022-09-12T17:00:25-05:00 2022-04-30 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2021-05-01 820461980 Idaho Community Reinvestment Corporation IDAH 2088696890 PO Box 2002 Boise ID 837012002 Matthew E Gilgen President 2088507893 2022-09-12 1 Matthew Gilgen 999009999 Kim Hunwardsen CPA P00484560 6122536500 2022-09-08 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z Matthew E Gilgen PO Box 2002 Boise ID 837012002 721681 0 X N/A X 1993 ID To provide financing and technical assistance to facilitate development of affordable housing 11 11 0 12 0 0 0 0 739108 719239 4636 2442 0 0 743744 721681 0 0 0 0 22650 38925 0 0 0 712491 661938 735141 700863 8603 20818 14306833 13168891 12961668 11802908 1345165 1365983 The corporation shall exist to provide financing and technical assistance to facilitate development and preservation of affordable housing in the State of Idaho and to otherwise support community development and redevelopment needs. 0 0 622019 719239 Since inception, ICRC has provided long-term financing and related refinancing activities for 2,093 multi-family affordable housing units in the State of Idaho. The primary focus of these units is to provide housing for tenants earning from 30% to 60% of the area median income. ICRC's primary mission is providing financing to support affordable housing by actively marketing competitive loan products to encourage developers to provide multifamily and senior affordable housing in Idaho. The ongoing Covid-19 pandemic did not have any material impact on the operations of ICRC during 2021 fiscal year. 622019 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 X 3 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 0 0 X Bob Barber 2088696890 1385 Pioneer Rd Weiser ID 83672 Matthew Gilgen President 2.00 X X 0 0 0 Jeffrey Jones Vice President/Audit Committee Chair 1.00 X X 0 0 0 Michael Trueba Secretary/Treasurer 1.00 X X 0 0 0 Deanna Watson Immediate Past President 1.00 X X 0 0 0 Bryan Churchill Loan Committee Chair (Until 12/2021) 2.00 X X 0 0 0 Mike Morrison Loan Committee Chair (From 01/2022) 2.00 X X 0 0 0 David Frew Director 0.30 X 0 0 0 David Hall Director (From 01/2022) 0.30 X 0 0 0 Jane Pavek Director 0.30 X 0 0 0 Lisa Stoddard Director 0.30 X 0 0 0 Mike Sautebin Director 0.30 X 0 0 0 Sunny Shaw Director 0.30 X 0 0 0 Matthew T Fast Executive Director 10.00 X 38925 0 0 38925 0 0 0 0 0 0 0 Loan Interest Income 522291 621873 621873 Loan & Servicing Fees 522291 88992 88992 Penalties & Late Fees 522291 8374 8374 719239 2442 2442 721681 719239 0 2442 38925 38925 13240 13240 462 462 155 155 592576 592576 4137 4137 Loan Servicing Costs 29443 29443 Loan Portfolio Monitor 21925 21925 700863 622019 78844 0 558423 524774 812558 863640 12874338 11723955 61514 56522 14306833 13168891 4911 5715 12893681 11740325 63076 56868 12961668 11802908 X 1345165 1365983 1345165 1365983 14306833 13168891 20818 0 X 0 1 X 1 0 X 1094262 1031221 824715 739108 719239 4408545 1094262 1031221 824715 739108 719239 4408545 0 0 0 4408545 3724 5681 8856 4636 2442 25339 3724 5681 8856 4636 2442 25339 1097986 1036902 833571 743744 721681 4433884 0.99430 0.99470 0.00570 0.00530 X 0 Real Estate Loans Receivable 11714169 C Infrastructure Loans Receivable 9786 C 11723955 Servicing Fee Payable 1926 Interest Payable 54942 56868 X 721681 0 721681 0 721681 700863 0 700863 0 700863 Part X, Line 2: Management believes that the Corporation has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Corporation would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Form 990, Part V, Line 2: The Organization does not have any employees. The Executive Director is compensated as an independent contractor and is issued a Form 1099. Form 990, Part VI, Section A, line 1a The governing body delegates broad authority to the Executive Committee for the daily operational management of the organization. The Executive Committee consists of the President, Vice President, Secretary/Treasurer, Audit Chair, and Executive Director. Authorization to commit loans to developers is the responsibility of the Loan Committee. Form 990, Part VI, Section A, line 6 The organization has one class of members. Form 990, Part VI, Section A, line 7a The member financial institutions elect the members of the Board of Directors. Voting power is weighted annually depending on the percentage of Idaho domestic deposit accounts each member reports to the FDIC as of June 30. Form 990, Part VI, Section A, line 7b Written member approval is required for amendments to certain definitions, commitments to fund loans, consent to be bound by the bylaws, and amendments to the consent section. Form 990, Part VI, Section B, line 11b The Vice President/Audit Committee Chair of ICRC, Jeffrey Jones, will email the entire completed Form 990 to the Board of Directors for review prior to its filing by Eide Bailly, with a request that board members respond within 5 business days if they have questions or concerns. Form 990, Part VI, Section B, line 12c The conflict of interest policy covers current board members, officers, and loan committee members. If a conflict arises during the year, it is addressed at a board meeting. If it needs immediate attention, the Executive Director handles it. If the employer of a loan committee member is financing the construction portion of a developer loan, that member abstains from voting on the ICRC loan. Form 990, Part VI, Section B, line 15a Compensation for the Executive Director position is set by the Executive Committee and reviewed on an annual basis. ICRC relies on the Executive Committee's experience in the banking and non-profit industries to determine reasonableness of compensation for the Executive Director position. Form 990, Part VI, Section C, line 19 The Organization's Articles of Incorporation are filed with the Idaho Secretary of State. Other documents are available upon request.