2015-08-17T12:00:00-05:00 2014-12-31 450250958 EIDE BAILLY LLP 877 W MAIN ST STE 800 BOISE ID 83702 990 2014-01-01 820439164 THE HOUSING COMPANY HOUS 2083314811 PO BOX 6943 BOISE ID 83707 DOUGLAS PETERSON DIRECTOR 2083314765 2015-08-17 1 KIM HUNWARDSEN CPA P00484560 2083447150 2015-08-17 2014 2016-02-25 16:41:14Z GERALD HUNTER PO BOX 6943 BOISE ID 83707 7834113 0 X WWW.THEHOUSINGCOMPANY.ORG X 1990 ID TO DEVELOP, ACQUIRE, AND OPERATE REAL ESTATE FOR ELDERLY, DISADVANTAGED, AND LIMITED-INCOME PERSONS. 6 5 61 6 116300 -16913 0 41404 6953783 7550277 50005 38501 442740 -5563 7446528 7624619 0 0 0 0 1787705 1881449 0 0 0 5544548 5630913 7332253 7512362 114275 112257 29104469 29322785 20943298 21049357 8161171 8273428 X THE HOUSING COMPANY WAS FORMED TO ADDRESS THE CONCERN OF AN INADEQUATE SUPPLY OF AFFORDABLE, DECENT RENTAL HOUSING WITHIN THE STATE OF IDAHO AND OTHER SIMILAR AREAS OF NEED. HOUSING WAS CREATED TO ENCOURAGE THE DEVELOPMENT AND PRESERVATION OF PERMANENTLY AFFORDABLE RENTAL HOUSING FOR ELDERLY, DISADVANTAGED, LOW-INCOME OR OTHERWISE NEEDY PERSONS. HOUSING INTENDS TO ACQUIRE EXISTING LOW-INCOME HOUSING PROJECTS, MAKING THEM PERPETUALLY AFFORDABLE, AND TO ENCOURAGE THE DEVELOPMENT OF NEW HOUSING PROJECTS. HOUSING EXPECTS THAT THE OCCUPANTS OF NEW HOUSING PROJECTS MAY ALSO INCLUDE A LIMITED NUMBER OF PERSONS OF MODERATE OR HIGHER INCOMES TO ENCOURAGE ECONOMICALLY INTEGRATED HOUSING AS A MEANS OF PREVENTING COMMUNITY DETERIORATION. HOUSING INTENDS TO PURSUE PARTNERSHIPS WITH OTHER AFFORDABLE HOUSING ORGANIZATIONS, IF APPROPRIATE, AS A MEANS OF ACHIEVING ITS OBJECTIVES. 0 0 6357716 7428414 AS OF DECEMBER 31, 2014, HOUSING HAD ACQUIRED AND WAS OPERATING SIXTEEN MULTIFAMILY HOUSING COMPLEXES; HAD CONSTRUCTED AND WAS OPERATING TEN MULTIFAMILY HOUSING COMPLEXES; HAD CONSTRUCTED TWO ADDITIONAL PHASES OF HOUSING TO EXISTING DEVELOPMENTS; HAD COMPLETED RENOVATION OF A HOTEL AND TURNED IT INTO A NEW MULTIFAMILY COMPLEX; HAD BUILT A SINGLE FAMILY HOME KNOWN AS THE COTTAGE WITH HOME FUNDS; HAD PURCHASED LAND IN COEUR D'ALENE, MONTPELIER, AND TWIN FALLS FOR THE PURPOSE OF DEVELOPING AND SELLING WORKFORCE HOUSING UNITS; HAD PURCHASED A SINGLE FAMILY HOME IN CANYON COUNTY WITH FEDERAL NSP FUNDS AND TURNED IT INTO SPECIAL NEEDS HOUSING AS INTENDED BY THE PROGRAM; HAD PURCHASED THREE DUPLEXES IN CANYON COUNTY WITH FEDERAL NSP FUNDS TO RENT AS AFFORDABLE HOUSING; AND HAD BEEN GIVEN THREE LOTS AND STARTED CONSTRUCTION ON THREE HOMES IN NEZ PERCE WITH HOME FUNDS. IN ADDITION, HOUSING IS PROCESSING AND PAYING VENDOR INVOICES FOR A CONDO PROJECT, VALLEY CENTER TOWNHOMES, OWNED BY IHFA. IHFA REIMBURSES HOUSING FOR NET AMOUNTS PAID AND RECEIVED OR HOUSING PAYS IHFA IF THE AMOUNT OF INCOME RECEIVED EXCEEDS EXPENSES PAID ON A QUARTERLY BASIS. HOUSING RECEIVES $200 MANAGEMENT FEES PER MONTH FOR MANAGING VALLEY CENTER TOWNHOMES.HOUSING WAS GIVEN THE MANAGEMENT RESPONSIBILITY OF LEASING AND MANAGING SOME 106 SINGLE FAMILY HOMES (REO) THAT ARE OWNED AND WERE FORECLOSED UPON BY IHFA. IHFA REIMBURSES HOUSING FOR THE AMOUNTS PAID FOR THE HOMES NET INCOME RECEIVED OR HOUSING REPAYS IHFA IF THE INCOME RECEIVED IS GREATER THAN THE EXPENSES PAID. HOUSING RECEIVES $100 MANAGEMENT FEE PER MONTH FOR EACH REO HOME MANAGED. 6357716 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 1 58 0 1 61 1 1 1 0 0 0 0 0 0 0 0 0 X 6 5 1 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X TRACIE DEHAAS ACCOUNTING MANAGER 2083314750 PO BOX 6943 565 W MYRTLE STE 250 BOISE ID 83707 DALE BABBITT CHAIRMAN OF THE BOARD 1.00 X X 0 0 0 GERALD HUNTER PRESIDENT 4.00 40.00 X X 0 300592 6584 JOHN SAGER TREASURER 1.00 40.00 X 0 198774 4476 RICHARD SKINNER SECRETARY 1.00 X 0 0 0 DARLENE BRAMON DIRECTOR 1.00 X 0 0 0 BESSIE KATSILOMETES DIRECTOR 1.00 X 0 0 0 JOHN PARRISH DIRECTOR 1.00 X 0 0 0 JACK BEEBE DIRECTOR 1.00 X 0 0 0 MARK DUNHAM DIRECTOR 1.00 X 0 0 0 DOUGLAS PETERSON EXECUTIVE DIRECTOR 40.00 X 121557 0 8796 121557 499366 19856 1 0 1 0 0 41404 41404 41404 TENANT RENT 624200 3375375 3375375 HOUSING ASSISTANCE PYM 624200 2611926 2611926 PROPERTY MANAGEMENT SE 624200 793654 677354 116300 LAUNDRY AND OTHER INCO 624100 448666 448666 DEVELOPER FEES 624200 320656 320656 7550277 64782 64782 183213 209494 -26281 -26281 -26281 SUBSIDIARY INCOME (LOS 624200 -5563 -5563 -5563 7624619 7428414 116300 38501 131080 131080 1337235 826990 510245 6357 6357 272918 142037 130881 133859 70679 63180 547446 547446 15537 10337 5200 80995 80995 127512 95489 32023 8491 8350 141 124246 55877 68369 12361 3400 8961 1299448 1275826 23622 32320 11374 20946 2567 2567 782388 780162 2226 1614262 1597051 17211 208388 204301 4087 MAINTENANCE & REPAIRS 627622 627462 160 BAD DEBT 79451 79451 TRAINING & RECRUITING 23474 23474 OTHER ADMINISTRATIVE EX 19868 727 19141 24537 14400 10137 7512362 6357716 1154646 0 2070947 1473116 1729678 1974007 145877 140704 47309320 26278744 20803547 21030576 1300504 1750000 143516 142454 2910400 2811928 29104469 29322785 1265488 1457084 262114 306662 18318393 18643097 1097303 642514 20943298 21049357 X 8161171 8273428 8161171 8273428 29104469 29322785 112257 0 X X 0 1 X 1 1 1 X 500714 435000 41404 977118 5051663 5090467 5705969 6953783 7550277 30352159 5552377 5090467 6140969 6953783 7591681 31329277 0 0 0 31329277 91361 86613 81050 63427 64782 387233 91361 86613 81050 63427 64782 387233 310605 310605 442740 -5563 1058387 5643738 5487685 6532624 7459950 7650900 32774897 0.95590 0.95200 0.01180 0.01360 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4709578 4709578 42599742 26278744 16320998 21030576 ESCROW AND RESERVE DEPOSITS 1196685 INVESTMENTS IN SUBSIDIARIES 895624 NEIGHBORHOOD STABILIZATION HOMES HELD FOR SALE 719619 2811928 NEIGHBORHOOD STABILIZATION LIABILITY 642514 642514 X 7656463 0 7656463 -31844 -31844 7624619 7538643 26281 26281 7512362 0 7512362 PART IV, LINE 2B: THE ORGANIZATION INCLUDED A CUSTODIAL ACCOUNT LIABILITY AMOUNT ON FORM 990, PART X, (BALANCE SHEET) LINE 21 IN THE AMOUNT OF SECURITY DEPOSITS PAYABLE OF $306,662. PART X, LINE 2: HOUSING IS AN IDAHO NONPROFIT ENTITY AND IS EXEMPT FROM INCOME TAX UNDER U.S. INTERNAL REVENUE CODE SECTION 501(C)(3). HOUSING IS ANNUALLY REQUIRED TO FILE A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) WITH THE IRS. IN ADDITION, HOUSING IS SUBJECT TO INCOME TAX ON NET INCOME THAT IS NOT DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO THEIR EXEMPT PURPOSES. FOR THE YEAR ENDED DECEMBER 31, 2014, HOUSING WILL FILE AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME. CARRIAGE, CHUBBUCK, TETON, MOSCOW, DOWNTOWN, AND ROSE PARK ARE ENTITLED TO THEIR SHARE OF THE INCOME TAX BENEFITS OR LOSSES INCURRED AND TAX CREDITS RECEIVED BY LIMITED PARTNERSHIP INVESTMENTS. EACH TAXABLE ENTITY IS CURRENTLY OPERATING AT A LOSS. NO BENEFITS OR CREDITS ARE REFLECTED IN THE ACCOMPANYING FINANCIAL STATEMENTS AS THESE NET OPERATING LOSSES HAVE BEEN FULLY RESERVED. HOUSING AND ITS SUBSIDIARIES BELIEVE THAT IT 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. HOUSING AND ALL SUBSIDIARIES WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. AS OF DECEMBER 31, 2014 AND 2013, THE UNRECOGNIZED TAX BENEFIT ACCRUAL WAS ZERO. HOUSING AND ALL SUBSIDIARIES ARE NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2011 AND STATE EXAMINATIONS FOR YEARS BEFORE 2011. PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -26,281. GAIN/LOSS FROM SUBSIDIARIES -5,563. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN/LOSS ON DISPOSAL OF FIXED ASSETS 26,281. X 0 0 0 0 0 0 0 0 0 GERALD HUNTER PRESIDENT 0 265432 0 34542 0 618 0 6584 0 0 0 307176 0 0 JOHN SAGER TREASURER 0 178851 0 19040 0 883 0 4476 0 0 0 203250 0 0 PART I, LINE 3 GERALD HUNTER, PRESIDENT AND JOHN SAGER, TREASURER ARE EMPLOYEES COMPENSATED BY THE RELATED ORGANIZATION IDAHO HOUSING AND FINANCE ASSOCIATION (IHFA). RICHARD SKINNER PARTNERSHIP MORE THAN 5% OWNED BY OFFICER 10000 THE FIRM, SKINNER FAWCETT LLP, PROVIDED LEGAL SERVICES TO THE HOUSING COMPANY IN EXCESS OF $10,000 DURING CALENDAR YEAR 2014. 0 X 2 41404 FAIR MARKET VALUE 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONS - RELATED TAX EXEMPT ORGANIZATION, IDAHO HOUSING & FINANCE ASSOCIATION: GERALD HUNTER, DARLENE BRAMMON, JACK BEEBE, JOHN SAGER & RICHARD SKINNER FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES WITH BROAD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11 A PDF COPY OF THE FORM 990 IS EMAILED TO EACH MEMBER OF THE BOARD FOR REVIEW PRIOR TO FILING. THE CEO AND ACCOUNTING MANAGER OF THE HOUSING COMPANY REVIEW THE FORM 990 IN CONJUNCTION WITH THE CONSOLIDATED FINANCIAL STATEMENTS PRIOR TO PROVIDING THE FORM 990 TO THE BOARD FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES AND MEMBERS OF THE HOUSING COMPANY ARE COVERED BY THE WRITTEN CONFLICT OF INTEREST POLICY AND ARE REQUIRED TO DISCLOSE ANNUALLY ANY INTERESTS THAT COULD GIVE RISE TO CONFLICT. POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED BY THE PRESIDENT AND CHAIRMAN OF THE BOARD; ANY BOARD MEMBERS WITH A CONFLICT OF INTEREST ABSTAIN FROM VOTING ON THE ISSUE. FORM 990, PART VI, SECTION B, LINE 15A THE HOUSING COMPANY CONTRACTS WITH THE HUMAN RESOURCE DEPARTMENT OF IDAHO HOUSING & FINANCE TO OBTAIN ANNUAL COMPENSATION REVIEW COMPARISONS FOR THE AREA. THE HOUSING COMPANY COMPENSATES THE EXECUTIVE DIRECTOR, WHOSE COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD PRESIDENT ON AN ANNUAL BASIS IN CONJUNCTION WITH HIS ANNUAL PERFORMANCE REVIEW AND HUMAN RESOURCES. ALL OTHER OFFICERS AND BOARD MEMBERS ARE NOT COMPENSATED BY THE HOUSING COMPANY. FORM 990, PART VI, SECTION C, LINE 19 THE HOUSING COMPANY'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. FORM 990, PART XII, LINE 2C: NO CHANGE IN OVERSIGHT OR SELECTION PROCESS FROM PRIOR YEAR. IDAHO HOUSING AND FINANCE ASSOCIATION PO BOX 7899 BOISE ID 83707 820302333 HOUSING FINANCE AGENCY ID N/A N/A 0 THE HOME PARTNERSHIP FOUNDATION PO BOX 7899 BOISE ID 83707 753162969 HOUSING FINANCE AGENCY ID 501(C)(3) LINE 7 N/A 0 IDAHO PARTNERS FOR HOME BUYERS EDUCATION PO BOX 7899 BOISE ID 83707 820511087 HOUSING FINANCE AGENCY ID 501(C)(3) LINE 7 N/A 0 CARRIAGE LANE DEVELOPMENT LIMITED PS PO BOX 6943 BOISE ID 83707 820496544 LOW INCOME HOUSING ID CARRIAGE LANE INC RELATED 396 192667 0 1 0.01000 TETON DEVELOPMENT LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 820525141 LOW INCOME HOUSING ID TETON ONE INC RELATED -87 324505 0 1 0.00100 MOSCOW DEVELOPMENT LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 830404665 LOW INCOME HOUSING ID MOSCOW INC RELATED -26 47040 0 1 0.00100 DOWNTOWN HOUSING DEVELOPMENT LIMITED PS PO BOX 6943 BOISE ID 83707 202406533 LOW INCOME HOUSING ID DOWNTOWN HOUSING INC RELATED -131 246761 0 1 0.00100 ROSE PARK PLACE LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 208622487 LOW INCOME HOUSING ID ROSE PARK INC RELATED -96 427083 0 1 0.00100 BLACKFOOT ONE INC PO BOX 6943 BOISE ID 83707 820481013 LOW INCOME HOUSING ID THE HOUSING COMPANY C -125 722 1.00000 1 CARRIAGE LANE INC PO BOX 6943 BOISE ID 83707 820496541 LOW INCOME HOUSING ID THE HOUSING COMPANY C -254 113526 1.00000 1 NORTH IDAHO THREE INC PO BOX 6943 BOISE ID 83707 820453028 LOW INCOME HOUSING ID THE HOUSING COMPANY C -125 685 1.00000 1 PANHANDLE ONE INC PO BOX 6943 BOISE ID 83707 820466665 LOW INCOME HOUSING ID THE HOUSING COMPANY C -125 660 1.00000 1 FIELD STREAM INC PO BOX 6943 BOISE ID 83707 820453612 LOW INCOME HOUSING ID THE HOUSING COMPANY C -125 605 1.00000 1 TETON ONE INC PO BOX 6943 BOISE ID 83707 820504692 LOW INCOME HOUSING ID THE HOUSING COMPANY C -737 259108 1.00000 1 MOSCOW INC PO BOX 6943 BOISE ID 83707 680505919 LOW INCOME HOUSING ID THE HOUSING COMPANY C -677 -1122 1.00000 1 CHUBBUCK ONE INC PO BOX 6943 BOISE ID 83707 820493648 LOW INCOME HOUSING ID THE HOUSING COMPANY C -655 717 1.00000 1 DOWNTOWN HOUSING INC PO BOX 6943 BOISE ID 83707 202406451 LOW INCOME HOUSING ID THE HOUSING COMPANY C -781 199553 1.00000 1 ROSE PARK INC PO BOX 6943 BOISE ID 83707 820451604 LOW INCOME HOUSING ID THE HOUSING COMPANY C -746 321170 1.00000 1 0 0 1 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0