2023-09-28T18:02:20-05:00 2022-12-31 450250958 EIDE BAILLY LLP 5929 FASHION POINT DR STE 300 OGDEN UT 844034684 990 2022-01-01 870620659 ROCKY MOUNTAIN COMMUNITY REINVESTMENT CO ROCK 8014491860 64 E WINCHESTER STREET 330 SALT LAKE CITY UT 84107 DAVID RIP CFO & VP OPERATIONS 8014491860 2023-09-27 1 DAVID RIP 999009999 1 CHETT CAMPBELL CPA P01301037 8016211575 2023-09-27 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STEVEN J NIELSEN 64 E WINCHESTER STREET 330 SALT LAKE CITY UT 84107 14309085 0 X RMCRC.ORG X 1999 UT ASSISTING ROCKY MOUNTAIN REGION RESIDENTS BY FOSTERING THE AVAILABILITY OF QUALITY HOUSING. 19 17 18 17 0 0 341400 0 11666235 14309085 0 0 0 0 12007635 14309085 0 0 0 0 999358 1727359 0 0 77685 9948518 11826981 10947876 13554340 1059759 754745 241166960 316858428 230355050 305291773 10811910 11566655 THE ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION FACILITATES THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE HOUSING AND COMMUNITY FACILITIES THAT SERVE LOW TO MODERATE INCOME FAMILIES AND UNDERSERVED COMMUNITIES. 0 0 12398859 14309085 ROCKY MOUNTAIN COMMUNITY REINVESTMENT CORPORATION (RMCRC) WAS FORMED ON MARCH 19, 1999, AND BEGAN GRANTING LOANS IN 2000. RMCRC IS A NONPROFIT, COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION WORKING IN COOPERATION WITH ITS MEMBER BANKS (MEMBERS) SERVING AS A CATALYST FOR COMMUNITY DEVELOPMENT BY OFFERING FLEXIBLE FINANCING FOR AFFORDABLE, QUALITY HOUSING TO ASSIST THE ROCKY MOUNTAIN REGION'S LOW AND MODERATE-INCOME RESIDENTS, WORKING WITH GOVERNMENT AGENCIES TO MAXIMIZE LEVERAGE OF PUBLIC AND PRIVATE DOLLARS, AND PROVIDING TECHNICAL ASSISTANCE TO PROJECT SPONSORS. RMCRC USES A POOL OF FUNDS PROVIDED BY ITS MEMBERS UNDER THE INTERCREDITOR AGREEMENT (ICA) ALONG WITH THE SALE OF DIRECT LOAN PARTICIPATIONS TO FUND LOANS TO MORTGAGORS. RMCRC IS A REGISTERED COMMUNITY DEVELOPMENT INSTITUTION FUND (CDFI). 12398859 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 19 0 1 18 1 0 0 0 0 0 0 0 0 0 0 X 19 17 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 UT X DAVID RIP 8014491860 64 E WINCHESTER STREET 330 SALT LAKE CITY UT 84107 X MICHAEL PALMER CHAIR 1.00 X X 0 0 0 SAM BENTLEY VICE CHAIR 1.00 X X 0 0 0 MENDI LEISURE SECRETARY 40.00 X X 95208 0 40827 STEPHANIE WHITE PAST CHAIR 1.00 X 0 0 0 CHRIS PARKER BOARD MEMBER 1.00 X 0 0 0 GREG RICH BOARD MEMBER 1.00 X 0 0 0 JONATHAN HANKS BOARD MEMBER 1.00 X 0 0 0 DEREK TUCKETT BOARD MEMBER 1.00 X 0 0 0 REED DIXON BOARD MEMBER 1.00 X 0 0 0 ROBERT LIKES BOARD MEMBER 1.00 X 0 0 0 SHARLENE WILDE BOARD MEMBER 1.00 X 0 0 0 SPENCER MCALLISTER BOARD MEMBER 1.00 X 0 0 0 WILLIAM WHETSTONE BOARD MEMBER 1.00 X 0 0 0 DAVID RIP TREASURER & CFO 40.00 X X 143128 0 73938 ALYSA PETERSON BOARD MEMBER 1.00 X 0 0 0 ANNIE PERIZZOLO BOARD MEMBER 1.00 X 0 0 0 DAN SIMPSON BOARD MEMBER 1.00 X 0 0 0 JAN BERGESON BOARD MEMBER 1.00 X 0 0 0 TONY MILNER BOARD MEMBER 1.00 X 0 0 0 STEVEN NIELSEN PRESIDENT & CEO 40.00 X 243140 0 98241 JOHN MONTGOMERY CHIEF RISK OFFICER 40.00 X 157881 0 74038 NICHOLAS BERGER CHIEF LENDING OFFICER 40.00 X 235614 0 69035 NATASHA PFEIFFER LOAN OFFICER 40.00 X 170820 0 50903 DAVID WATKINS FORMER TREASURER & CFO 40.00 X 183267 0 38065 1229058 0 445047 6 1 1 0 0 INTEREST INCOME FROM LOANS 900099 13154734 13154734 OTHER LOAN REVENUE 900099 782631 782631 LOAN ADMINISTRATION 900099 371720 371720 14309085 14309085 14309085 0 0 568603 299709 268894 861937 454325 407612 111224 58626 52598 56447 29753 26694 129148 68074 61074 120089 63298 30639 26152 139424 73490 35572 30362 102826 54197 43724 4905 37655 19848 17807 113544 59848 53696 50318 26522 12838 10958 10607560 10607560 63428 33433 29995 64358 33923 30435 LOAN ADMINISTRATION COS 444064 444064 SERVICING/AGENT FEES 59339 59339 BANK FEES 19551 10307 4987 4257 TRAINING 4825 2543 1231 1051 13554340 12398859 1077796 77685 2203 4693 174496 255771 239523744 315040158 5243 60405 280692 120116 210527 160576 1250747 1336825 241166960 316858428 3532215 4080011 223195039 294758469 3627796 6453293 230355050 305291773 X 10811910 11566655 10811910 11566655 241166960 316858428 754745 0 X 0 1 X 1 0 X 341400 341400 7792230 8194786 9093181 11666235 14309085 51055517 7792230 8194786 9093181 12007635 14309085 51396917 0 0 0 51396917 1462 1146 165 2773 1462 1146 165 2773 7793692 8195932 9093346 12007635 14309085 51399690 0.99990 0.99990 0.00010 0.00010 X 103395 103395 177297 120116 57181 160576 LINE OF CREDIT 6236701 OPERATING LEASE LIABILITY 168770 CHECKS WRITTEN IN EXCESS OF BANK BALANCE 47822 6453293 X 14309085 0 14309085 0 14309085 13554340 0 13554340 0 13554340 PART X, LINE 2: THE COMPANY 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 COMPANY WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AND LIABILITIES IN INCOME TAX EXPENSE IF SUCH INTEREST AND PENALTIES ARE INCURRED. X X X X 1 0 0 0 0 0 0 0 0 STEVEN NIELSEN PRESIDENT & CEO 181770 0 61370 0 0 0 30442 0 67799 0 341381 0 0 0 NICHOLAS BERGER CHIEF LENDING OFFICER 107105 0 128509 0 0 0 25665 0 43370 0 304649 0 0 0 JOHN MONTGOMERY CHIEF RISK OFFICER 119405 0 38476 0 0 0 21013 0 53025 0 231919 0 0 0 NATASHA PFEIFFER LOAN OFFICER 72320 0 98500 0 0 0 18004 0 32899 0 221723 0 0 0 DAVID WATKINS FORMER TREASURER & CFO 106538 0 76729 0 0 0 16431 0 21634 0 221332 0 0 0 DAVID RIP TREASURER & CFO 121878 0 21250 0 0 0 18373 0 55565 0 217066 0 0 0 PART I, LINE 4A FORMER CFO, DAVID WATKINS RECEIVED A SEVERANCE AGREEMENT WHICH INCLUDED THE FOLLOWING; 1. $46,900 SEVERENCE PAID IN 2022 2. $3,865 PTO PAYOUT PAID IN 2022 3. $23,450 FOR HELPING WITH YEAR-END CLOSE (PAID IN 2023) 4. $23,450 FOR ASSISTING WITH YEAR-END AUDIT (PAID IN 2023) 5. $30,150 2022 BONUS PAY OUT (PAID IN 2023) MEMBER BANKS LOC X 565100000 116667306 0 1 1 116667306 MEMBER BANKS MEMBER BANKS 15515389 OPERATING, MONEY MARKET & RESERVE BANK ACCOUNT 0 FORM 990, PART VI, SECTION A, LINE 6 RMCRC IS A MEMBERSHIP CORPORATION. MEMBERSHIP IS LIMITED TO FEDERALLY INSURED DEPOSITORY INSTITUTIONS CHARTERED UNDER FEDERAL OR STATE LAW WITH BUSINESS OFFICES AUTHORIZED TO ACCEPT DEPOSITS IN THE STATES OF IDAHO, MONTANA, WYOMING, UTAH, COLORADO, NEVADA, ARIZONA AND NEW MEXICO. ALL MEMBERS SHALL BE REQUIRED TO PARTICIPATE FINANCIALLY IN ALL LOANS MADE BY THE CORPORATION ON TERMS TO BE SPECIFIED BY THE BOARD OF DIRECTORS. IN ADDITION, ALL MEMBERS MUST MAKE SUCH ANNUAL CONTRIBUTIONS AS THE BOARD OF DIRECTORS MAY REQUIRE. THE APPLICATION OF PROSPECTIVE MEMBERS SHALL BE CONFIRMED BY MAJORITY VOTE OF THE BOARD OF DIRECTORS. THERE IS ONLY ONE CLASS OF MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7A AT EACH ANNUAL MEETING MEMBERS SHALL ELECT DIRECTORS BY CLASS VOTE, I.E., SEPARATE BALLOTS SHALL BE CAST FOR AT-LARGE DIRECTORS, NON-INDUSTRY DIRECTORS AND COMMUNITY BANK DIRECTORS. CANDIDATES WHO RECEIVE THE HIGHEST NUMBER OF VOTES IN THEIR RESPECTIVE ELECTIONS SHALL BE ELECTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B RMCRC MEMBER APPROVAL IS REQUIRED FOR ANY AMENDMENTS TO ITS ARTICLES OF ORGANIZATION TO THE EXTENT SUCH APPROVAL IS REQUIRED BY UTAH CODE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY CPA FIRM WITH PRELIMINARY INPUT FROM RMCRC ACCOUNTANT. THE CONTROLLER REVIEWS THE INITIAL DRAFT FOR ACCURACY. THE CFO THEN REVIEWS THE DRAFT INCORPORATING THE CONTROLLER'S COMMENTS AND SUGGESTS REVISIONS, IF NECESSARY. ONCE THE FORM 990 HAS BEEN FINALIZED, THE CFO REVIEWS AND APPROVES THE FINAL FORM 990 RETURN. A COPY OF THE FORM 990 THAT WAS FILED WITH THE DEPARTMENT OF THE TREASURY IS DISTRIBUTED TO THE DIRECTORS FOR INFORMATIONAL PURPOSES. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS STATE THEIR CONFLICT PRIOR TO VOTE. IF SIGNIFICANT TO THE BOARD MEMBER'S ORGANIZATION, THE BOARD MEMBER WAIVES THEIR RIGHT TO PARTICIPATE IN THE VOTE. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION FOR THE PRESIDENT/CEO IS DETERMINED BY THE BOARD OF DIRECTORS UPON RECOMMENDATION OF THE COMPENSATION COMMITTEE. THE COMPENSATION FOR ALL OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED UNDER THE DIRECTION OF THE PRESIDENT/CEO WITHIN THE BUDGET APPROVED BY THE BOARD OF DIRECTORS. THE COMPANY RELIES UPON SALARY SURVEYS, OCCASIONAL CONSULTANT SERVICES, AND INTERVIEWS WITH MEMBERS AND RECRUITERS TO ESTABLISH MARKET RELATIVITY. BOARD OFFICERS ARE NOT COMPENSATED FOR SERVICE. FORM 990, PART VI, SECTION C, LINE 19 WHEN RMCRC RECEIVES A REQUEST FOR PUBLIC INSPECTION, COPIES OF ALL REQUESTED ORGANIZATIONAL, CORPORATE, FINANCIAL, AND POLICY DOCUMENTS WILL BE MADE AVAILABLE FOR PUBLIC INSPECTION GENERALLY WITHIN 48 HOURS OF A WRITTEN REQUEST. PART VII, LINE 1D AND PART IX, LINE 5 THE DIFFERENCE BETWEEN OFFICER COMPENSATION AS REPORTED ON PART VII AND PART IX IS DUE TO THE FOLLOWING: THE PORTION OF OFFICER SALARY EXPENSE RELATED TO LOAN ORIGINATION IS NETTED AGAINST AND DEFERRED WITH LOAN ORIGINATION AND COMMITMENT FEES. THE COMPANY ESTIMATES THE PERCENTAGE OF TIME EMPLOYEES SPEND ON LOAN ORIGINATION. PAYROLL RESULTING FROM THE TIME SPENT ON ORIGINATION IS DEFERRED AND RECOGNIZED OVER THE LIFE OF THE LOAN ALONG WITH THE ORIGINATION REVENUE.