2015-10-06T17:14:43-05:00 2015-04-30 450250958 EIDE BAILLY LLP 877 W MAIN ST STE 800 BOISE ID 83702 990 2014-05-01 820461980 IDAHO COMMUNITY REINVESTMENT CORPORATION IDAH 2088507893 763 N ASHTREE WAY BOISE ID 83712 MARK JENSEN PRESIDENT & CHAIRMAN 2088507893 2015-10-06 1 KIM HUNWARDSEN CPA P00484560 2083447150 2015-10-06 2014 2016-02-25 16:41:14Z MARK JENSEN 763 N ASHTREE WAY BOISE ID 83712 1999728 0 X N/A X 1993 ID TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO FACILITATE DEVELOPMENT OF AFFORDABLE HOUSING 15 14 0 27 0 0 60000 0 1819837 1760324 3602 3156 0 0 1883439 1763480 120000 0 0 0 40000 40000 0 0 0 1767917 1712450 1927917 1752450 -44478 11030 26111021 22917432 24851378 21646759 1259643 1270673 X 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 1 1679496 1760324 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. 0 THE HOME SAFETY GRANT PROGRAM PROVIDES ICRC AND IHFA FUNDING FOR SAFETY REPAIRS TO PRE-1976 MOBILE HOMES OWNED BY FAMILIES WITH INCOMES BELOW 200% OF NATIONAL POVERTY INCOME LEVEL. SINCE INCEPTION IN 2001 THE PROGRAM HAS DISTRIBUTED $1,183,645 FOR THE IMPROVEMENT OF 549 HOMES, BENEFITING 1,272 FAMILY MEMBERS. 1679496 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 0 0 1 1 1 1 1 1 0 1 1 1 1 1 0 1 1 0 X KAREN MOORE 2088507893 763 N ASHTREE WAY BOISE ID 83712 MARK JENSEN PRESIDENT 4.00 X X 0 0 0 JANE PAVEK VICE PRESIDENT 1.00 X X 0 0 0 WILLIS ROBINETTE 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. CHAIR 3.00 X 0 0 0 TERRY PITKIN DIRECTOR 0.20 X 0 0 0 GARY GRIBBEN DIRECTOR 0.20 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 JENNIFER SEAMONS DIRECTOR 0.20 X 0 0 0 CLINT SHIFLET DIRECTOR 0.20 X 0 0 0 KEVIN SMITH 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 KAREN MOORE EXECUTIVE DIRECTOR 23.40 X X 40000 0 0 40000 0 0 0 0 0 0 0 LOAN INTEREST INCOME 523000 1655616 1655616 LOAN & SERVICING FEES 624200 104708 104708 1760324 3156 3156 236248 236248 0 0 1763480 1760324 0 3156 40000 40000 11096 11096 12565 12565 1501 1501 2328 2328 1602111 1602111 5464 5464 LOAN SERVICING COSTS 55380 55380 LOAN PORTFOLIO MONITOR 22005 22005 1752450 1679496 72954 0 155728 389951 1125036 892104 24685684 21509746 144573 125631 26111021 22917432 3045 2131 24709976 21523722 138357 120906 24851378 21646759 X 1259643 1270673 1259643 1270673 26111021 22917432 11030 0 X X 0 1 X 1 0 X 60000 60000 120000 2131686 2087988 1994192 1819837 1760324 9794027 2131686 2087988 2054192 1879837 1760324 9914027 0 0 0 9914027 9561 3561 3568 3602 3156 23448 9561 3561 3568 3602 3156 23448 2141247 2091549 2057760 1883439 1763480 9937475 0.99760 0.99660 0.00240 0.00340 X 0 REAL ESTATE LOANS RECEIVABLE 21477424 C INFRASTRUCTURE LOANS RECEIVABLE 32322 C 21509746 SERVICING FEE PAYABLE 3863 INTEREST PAYABLE 117043 120906 X 1763480 0 1763480 0 1763480 1752450 0 1752450 0 1752450 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 THE 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, 2015 AND 2014, 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 2011. FORM 990, PART III, LINE 3 THERE WAS A DECISION MADE AT THE JANUARY 21, 2015 ANNUAL MEETING TO NOT FUND THE HOME SAFETY GRANT PROGRAM IN CALENDAR YEAR 2015. THE 2014 FUNDING TOOK PLACE ON JANUARY 31, 2014, WITH FUNDS TO BE USED BY DECEMBER 31, 2014. FUNDING OF THE PROGRAM IS DECIDED ANNUALLY. 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, 2015. DAILY OPERATIONAL MANAGEMENT OF THE ORGANIZATION IS PERFORMED BY THE EXECUTIVE COMMITTEE, WHICH CONSISTS OF THE PRESIDENT, VICE PRESIDENT, SECRETARY/TREASURER AND THE AUDIT CHAIR. 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 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 15, 2015 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 VII MARK JENSEN - 101 S. CAPITOL BLVD., STE 1400, BOISE, ID 83702. JANE PAVEK - 877 W. MAIN STREET, 2ND FLOOR, BOISE, ID 83702. WILLIS ROBINETTE - 950 W. BANNOCK, BOISE, ID 83702. ROY KYLE - 420 W. MAIN STREET, STE 100, BOISE, ID 83702. TERRY PITKIN - 2560 FAIRVIEW AVENUE, MERIDIAN, ID 83642. GARY GRIBBEN - 420 W. MAIN STREET, STE 100, BOISE, ID 83702. MELANIE GYGLI - P.O. BOX 4169, POCATELLO, ID 83205. MIKE MORRISON - P.O. BOX 1887, IDAHO FALLS, ID 83403. BLAKE RITCHIE - 1750 W. FRONT STREET, SUITE 150, BOISE, ID 83702. KEN ROBINETTE - P.O. BOX 531, TWIN FALLS, ID 83303. JENNIFER SEAMONS - 702 WEST IDAHO STREET, BOISE, ID 83702. CLINT SHIFLET - 30 E. BROADWAY, MERIDIAN, ID 83642. ERIK PRAY - 3251 E PRESIDENTIAL DRIVE, MERIDIAN, ID 83642. KEVIN SMITH - 702 WEST IDAHO STREET, STE 200, BOISE, ID 83702. JEFF JONES - P.O. BOX 1487, IDAHO FALLS, ID 83403-1487. CHERYL SIMPKINS - 9506 N. NEWPORT HIGHWAY, SPOKANE, WA 99218. MATTHEW GILGEN - 3845 WEST STATE STREET, BOISE, ID 83703. DEANNA WATSON - 1276 W. RIVER STREET, SUITE 300, BOISE, ID 83702. JENNIFER YOST - 9 12TH AVE SOUTH, NAMPA, ID 83651. FORM 990, PART XII, LINE 2C: NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS FROM THE PRIOR TAX YEAR.