2016-10-24T12:53:44-05:00 2016-04-30 450250958 EIDE BAILLY LLP 877 W MAIN ST STE 800 BOISE ID 83702 990 2015-05-01 820461980 IDAHO COMMUNITY REINVESTMENT CORPORATION IDAH 2088507893 763 N ASHTREE WAY BOISE ID 83712 MARK JENSEN PRESIDENT & CHAIRMAN 2088507893 2016-10-21 1 KIM HUNWARDSEN CPA P00484560 2083447150 2016-10-20 2015 2017-02-10 21:41:12Z MARK JENSEN 763 N ASHTREE WAY BOISE ID 83712 1380006 0 X N/A X 1993 ID TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO FACILITATE DEVELOPMENT OF AFFORDABLE HOUSING 15 14 0 21 0 0 0 0 1760324 1376899 3156 3107 0 0 1763480 1380006 0 0 0 0 40000 42083 0 0 0 1712450 1339192 1752450 1381275 11030 -1269 22917432 19558008 21646759 18288604 1270673 1269404 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 1313766 1376899 SINCE INCEPTION, ICRC HAS PROVIDED LONG-TERM FINANCING FOR 2,033 MULTI-FAMILY AFFORDABLE HOUSING UNITS. THE PRIMARY FOCUS FOR THESE APARTMENTS IS FOR TENANTS EARNING FROM 30% TO 60% OF AREA MEDIAN INCOME. 1313766 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 5 0 1 0 0 0 0 0 0 0 0 0 0 0 X 15 14 1 1 1 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 1 0 X KAREN MOORE 2088507893 763 N ASHTREE WAY BOISE ID 83712 MARK JENSEN PRESIDENT & BOARD CHAIR 4.00 X X 0 0 0 WILLIS ROBINETTE VICE PRESIDENT 1.00 X X 0 0 0 JANE PAVEK SECRETARY/TREASURER 2.00 X X 0 0 0 ROY KYLE PAST PRESIDENT 1.00 X X 0 0 0 MATTHEW GILGEN AUDIT CHAIR 1.00 X X 0 0 0 ERIK PRAY DIRECTOR & LOAN COMM. CHAI 3.00 X 0 0 0 MELANIE GYGLI DIRECTOR 0.20 X 0 0 0 MIKE MORRISON DIRECTOR 0.20 X 0 0 0 BLAKE RITCHIE DIRECTOR 0.20 X 0 0 0 KEN ROBINETTE DIRECTOR 0.20 X 0 0 0 JEFF JONES DIRECTOR 0.20 X 0 0 0 CHERYL SIMPKINS DIRECTOR 0.20 X 0 0 0 DEANNA WATSON DIRECTOR 0.20 X 0 0 0 JENNIFER YOST DIRECTOR 0.20 X 0 0 0 JASON WEY DIRECTOR 0.20 X 0 0 0 KAREN MOORE EXECUTIVE DIRECTOR 15.70 X X 40000 0 0 40000 0 0 0 0 0 0 0 LOAN INTEREST INCOME 523000 1291824 1291824 LOAN & SERVICING FEES 624200 85075 85075 1376899 3107 3107 1380006 1376899 0 3107 42083 42083 3541 3541 11300 11300 1322 1322 3759 3759 185 185 1251622 1251622 5217 5217 LOAN SERVICING COSTS 43544 43544 LOAN PORTFOLIO MONITOR 18600 18600 MISCELLANEOUS 102 102 1381275 1313766 67509 0 389951 377201 892104 894354 21509746 18181029 125631 105424 22917432 19558008 2131 2401 21523722 18183729 120906 102474 21646759 18288604 X 1270673 1269404 1270673 1269404 22917432 19558008 -1269 0 X X 0 1 X 1 0 X 60000 60000 120000 2087988 1994192 1819837 1760324 1376899 9039240 2087988 2054192 1879837 1760324 1376899 9159240 0 0 0 9159240 3561 3568 3602 3156 3107 16994 3561 3568 3602 3156 3107 16994 2091549 2057760 1883439 1763480 1380006 9176234 0.99810 0.99760 0.00190 0.00240 X 0 REAL ESTATE LOANS RECEIVABLE 18148707 C INFRASTRUCTURE LOANS RECEIVABLE 32322 C 18181029 SERVICING FEE PAYABLE 3426 INTEREST PAYABLE 99048 102474 X 1380006 0 1380006 0 1380006 1381275 0 1381275 0 1381275 PART X, LINE 2: THE CORPORATION HAS OBTAINED APPROVAL FROM THE INTERNAL REVENUE SERVICE TO OPERATE AS A NON-PROFIT 501(C)(3) ORGANIZATION, NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. THEREFORE, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THESE FINANCIAL STATEMENTS. THE CORPORATION IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO ITS EXEMPT PURPOSE. THE CORPORATION HAS DETERMINED THAT IT IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND HAS NOT FILED AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS. THE CORPORATION HAS ADOPTED THE PROVISIONS OF FASB ACCOUNTING STANDARDS CODIFICATION TOPIC ASC 740-10. AS OF APRIL 30, 2016 AND 2015, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. THE CORPORATION WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE AS INCURRED. THE CORPORATION IS NO LONGER SUBJECT TO FEDERAL AND STATE TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2012. FORM 990, PART VI, SECTION A, LINE 1 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 AND THE AUDIT CHAIR. AUTHORIZATION TO COMMIT LOANS TO DEVELOPERS IS THE RESPONSIBILITY OF THE LOAN COMMITTEE. FORM 990, PART VI, SECTION A, LINE 2 FAMILY RELATIONSHIP - KEN ROBINETTE AND WILLIS ROBINETTE FORM 990, PART VI, SECTION A, LINE 3 THE EXECUTIVE DIRECTOR DUTIES ARE CONTRACTED TO KAREN MOORE THROUGH APRIL 30, 2017. FORM 990, PART VI, SECTION A, LINE 4 1) THE LOAN POOL WAS SPLIT INTO TWO POOLS. ONE CONTAINS THE OUTSTANDING LOANS AS OF 1/21/16, AND IS CAPPED AT THE BALANCE OUSTSTANDING AS OF THAT DATE. THE OTHER POOL CONTAINS THE FUNDS AVAILABLE FOR LENDING. 2) THE LOAN POOL ALLOCATION BETWEEN MEMBERS (EXHIBIT A TO THE CREDIT AND SECURITY AGREEMENT) WAS AMENDED TO REFLECT 4 TO 5 CATEGORIES OF PARTICIPATION RATHER THAN DIRECT DEPOSIT PERCENTAGES. 3) THE TERM 'MAJOR MEMBER" WAS REDEFINED. 4) THE VOTING RIGHTS OF MEMBERS WERE AMENDED. 5) THE ADMINISTRATIVE MARGIN PAID TO ICRC WAS AMENDED. 6) LENDING POLICIES WERE AMENDED TO SPECIFICALLY AUTHORIZE REFINANCE LOANS. 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 11 THE EXECUTIVE DIRECTOR 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 A GIVEN TIME FRAME 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 15 THE EXECUTIVE COMMITTEE MAKES COMPENSATION RECOMMENDATIONS TO THE BOARD OF DIRECTORS FOR THE ANNUAL RENEWAL OF THE THREE INDEPENDENT CONTRACTORS. NO COMPENSATION STUDIES OR LABOR MARKET DATA IS USED FOR THE ANALYSIS, RATHER THE EXECUTIVE COMMITTEE USES ITS CUMULATIVE KNOWLEDGE OF THE RELATED LABOR MARKET TO DETERMINE THE PAY OFFERED TO INDEPENDENT CONTRACTORS INCLUDING THE EXECUTIVE DIRECTOR, LOAN PORTFOLIO MONITOR, AND CPA. THE LAST TIME THIS REVIEW/RECOMMENDATION PROCESS TOOK PLACE WAS AT THE APRIL 7, 2016 EXECUTIVE COMMITTEE MEETING. THE BOARD OF DIRECTORS REVIEWS THE RECOMMENDATIONS OF THE EXECUTIVE COMMITTEE ON AN ANNUAL BASIS. 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. FORM 990, PART XII, LINE 2C: NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS FROM THE PRIOR TAX YEAR.