2014-08-15T10:47:12-05:00 2013-12-31 450250958 EIDE BAILLY LLP 877 W MAIN ST STE 800 BOISE ID 83702 990 2013-01-01 820439164 THE HOUSING COMPANY HOUS 2083314811 PO BOX 6943 BOISE ID 83707 DOUGLAS PETERSON DIRECTOR 2083314765 2014-08-12 1 DEB NELSON CPA P01264758 2083447150 2014-08-12 2013 2015-11-30 17:44:51Z GERALD HUNTER PO BOX 6943 BOISE ID 83707 7959950 0 X WWW.THEHOUSINGCOMPANY.ORG X 1990 ID TO DEVELOP, ACQUIRE, AND OPERATE REAL ESTATE FOR THE BENEFIT OF ELDERLY, DISADVANTAGED, LIMITED-INCOME OR OTHERWISE NEEDY PERSONS THROUGHOUT THE STATE OF IDAHO. 7 7 57 7 60700 -11939 435000 0 5705969 6953783 72891 50005 310605 442740 6524465 7446528 0 0 0 0 1585064 1787705 0 0 0 4562618 5544548 6147682 7332253 376783 114275 26291745 29104469 18089028 20943298 8202717 8161171 X HOUSING 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 6215979 7335823 AS OF DECEMBER 31, 2013, HOUSING HAD ACQUIRED AND WAS OPERATING FIFTEEN 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 AND/OR MULTI-FAMILY PROJECTS; HAD PURCHASED A SINGLE FAMILY HOME IN CANYON COUNTY WITH FEDERAL NSP FUNDS WITH INTENTIONS OF TURNING IT INTO SPECIAL NEEDS HOUSING AS INTENDED BY THE PROGRAM; AND HAD PURCHASED THREE DUPLEXES IN CANYON COUNTY WITH FEDERAL NSP FUNDS TO RENT AS AFFORDABLE HOUSING. AS OF SEPTEMBER 1, 2013, HOUSING ENTERED INTO AGREEMENTS WITH PACIFIC COMPANIES FOR THE MANAGEMENT OF SIX LOW INCOME HOUSING TAX CREDIT MULTI-FAMILY PROPERTIES LOCATED IN IDAHO.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 WAS GIVEN THE MANAGEMENT RESPONSIBILITY OF LEASING AND MANAGING SOME 74 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 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 QUARTER FOR MANAGING VALLEY CENTER TOWNHOMES. HOUSING WAS GIVEN THE MANAGEMENT RESPONSIBILITY OF LEASING AND MANAGING SOME 74 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. 6215979 1 0 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 1 0 0 0 0 0 0 0 1 1 0 0 0 1 43 0 1 57 1 1 1 0 0 0 0 0 0 0 0 0 X 7 7 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 41.00 X X 0 248100 45886 DARLENE BRAMON DIRECTOR 1.00 1.30 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 1.30 X 0 0 0 MARK DUNHAM DIRECTOR 1.00 1.00 X 0 0 0 JOHN SAGER TREASURER 1.00 40.00 X 0 184859 36169 RICHARD SKINNER SECRETARY 1.00 X 0 0 0 DOUGLAS PETERSON EXECUTIVE DIRECTOR 40.00 X 117025 0 5400 117025 432959 87455 1 0 1 0 0 TENANT RENT 624200 3144173 3144173 HOUSING ASSISTANCE PYM 624200 2651602 2651602 PROPERTY MANAGEMENT SE 624200 665236 604536 60700 LAUNDRY AND OTHER INCO 624100 274916 274916 DEVELOPER FEES 624200 217856 217856 6953783 63427 63427 500000 500000 13422 0 -13422 -13422 -13422 DEBT FORGIVENESS - HOU 900099 310605 310605 SUBSIDIARY INCOME 624200 132135 132135 442740 7446528 7335823 60700 50005 123143 123143 1261902 784575 477327 4345 4345 273112 147180 125932 125203 65768 59435 561449 561449 20961 11108 9853 89493 89493 82138 69868 12270 8653 8464 189 124589 46520 78069 14061 8026 6035 1259937 1236193 23744 38735 10053 28682 2527 2527 794559 792233 2326 1539958 1530041 9917 220551 216532 4019 MAINTENANCE & REPAIRS 601223 600487 736 BAD DEBT 96024 96024 OTHER ADMINISTRATIVE EX 32399 11963 20436 TRAINING & RECRUITING 30790 30790 26501 15150 11351 7332253 6215979 1116274 0 1890149 2070947 1390964 1729678 141530 145877 45660105 24856558 19356345 20803547 1300772 1300504 2211985 3053916 26291745 29104469 688152 1265488 184919 262114 16975080 18318393 240877 1097303 18089028 20943298 X 8202717 8161171 8202717 8161171 26291745 29104469 X 114275 -155821 X X 0 1 X 1 1 1 X 1038744 500714 435000 1974458 4620416 5051663 5090467 5705969 6953783 27422298 5659160 5552377 5090467 6140969 6953783 29396756 0 0 0 29396756 97398 91361 86613 81050 63427 419849 97398 91361 86613 81050 63427 419849 310605 310605 442740 1063950 5756558 5643738 5487685 6532624 7459950 30880555 0.95200 0.96110 0.01360 0.01700 X SCHEDULE A, PART II, LINE 12, EXPLANATION OF OTHER INCOME: DEBT FORGIVENESS - 2011 AMOUNT: $ 310,605. 2012 AMOUNT: $ 310,605. 2013 AMOUNT: $ 310,605. SUBSIDIARY INCOME - 2013 AMOUNT: $ 132,135. 0 1 X 4383456 4383456 41276649 24856558 16420091 20803547 ESCROW AND RESERVE DEPOSITS 1106881 FINANCING COSTS, NET OF AMORTIZATION 143516 INVESTMENTS IN SUBSIDIARIES 900687 NEIGHBORHOOD STABILIZATION HOMES HELD FOR SALE 902832 3053916 NEIGHBORHOOD STABILIZATION LIABILITY 1097303 1097303 X 7327815 0 7327815 118713 118713 7446528 7345675 13422 13422 7332253 0 7332253 PART IV, LINE 2B: THE ORGANIZATION INCLUDED AN ESCROW ACCOUNT LIABILITY AMOUNT ON FORM 990, PART X, (BALANCE SHEET) LINE 21 IN THE AMOUNT OF SECURITY DEPOSITS PAYABLE OF $262,114 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, 2013, HOUSING WILL FILE AN EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURN (FORM 990-T) WITH THE IRS TO REPORT ITS UNRELATED BUSINESS TAXABLE INCOME. FOR THE YEAR ENDED DECEMBER 31, 2012, HOUSING DETERMINED THAT IT WAS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAX AND DID NOT FILE A 990-T. 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 ALL SUBSIDIARIES WILL RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS IN INCOME TAX EXPENSE IF INCURRED. AS OF DECEMBER 31, 2013 AND 2012, 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 2010 AND STATE EXAMINATIONS FOR YEARS BEFORE 2010 PART XI, LINE 4B - OTHER ADJUSTMENTS: GAIN/LOSS ON DISPOSAL OF FIXED ASSETS -13,422. GAIN/LOSS FROM SUBSIDIARIES 132,135. PART XII, LINE 2D - OTHER ADJUSTMENTS: GAIN/LOSS ON DISPOSAL OF FIXED ASSETS 13,422. X 0 0 0 0 0 0 0 0 0 GERALD HUNTER PRESIDENT 0 228983 0 7361 0 11756 0 30358 0 16044 0 294502 0 0 JOHN SAGER TREASURER 0 159774 0 20830 0 4255 0 18108 0 18555 0 221522 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. RICHARD SKINNER PARTNERSHIP MORE THAN 5% OWNED BY OFFICER 10384 THE FIRM, SKINNER FAWCETT LLP, PROVIDED LEGAL SERVICES TO THE HOUSING COMPANY IN EXCESS OF $10,000 DURING CALENDAR YEAR 2013. 0 FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP - RELATED TAX EXEMPT ORGANIZATION, IDAHO HOUSING & FINANCE ASSOCATION: GERALD HUNTER, DARLENE BRAMON, JACK BEEBE, JOHN SAGER, DOUGLAS PETERSON & MARK DUNHAM 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 XI, LINE 9: NET ASSET ADJUSTMENT - HOUSING COMPLEX DISTRIBUTIONS -155,821. 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 -934 191986 0 1 0.01000 TETON DEVELOPMENT LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 820525141 LOW INCOME HOUSING ID TETON ONE INC RELATED -132 329794 0 1 0.00100 MOSCOW DEVELOPMENT LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 830404665 LOW INCOME HOUSING ID MOSCOW INC RELATED -127 50401 0 1 0.00100 CHUBBUCK DEVELOPMENT LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 820494688 LOW INCOME HOUSING ID CHUBBUCK ONE INC RELATED 126818 0 1 DOWNTOWN HOUSING DEVELOPMENT LIMITED PS PO BOX 6943 BOISE ID 83707 202406533 LOW INCOME HOUSING ID DOWNTOWN HOUSING INC RELATED -120 251731 0 1 0.00100 ROSE PARK PLACE LIMITED PARTNERSHIP PO BOX 6943 BOISE ID 83707 208622487 LOW INCOME HOUSING ID ROSE PARK INC RELATED -125 418755 0 1 0.00100 BLACKFOOT ONE INC PO BOX 6943 BOISE ID 83707 820481013 LOW INCOME HOUSING ID THE HOUSING COMPANY C -620 847 1.00000 1 CARRIAGE LANE INC PO BOX 6943 BOISE ID 83707 820496541 LOW INCOME HOUSING ID THE HOUSING COMPANY C -1554 114844 1.00000 1 NORTH IDAHO THREE INC PO BOX 6943 BOISE ID 83707 820453028 LOW INCOME HOUSING ID THE HOUSING COMPANY C -119 810 1.00000 1 PANHANDLE ONE INC PO BOX 6943 BOISE ID 83707 820466665 LOW INCOME HOUSING ID THE HOUSING COMPANY C -620 785 1.00000 1 POCATELLO ONE INC PO BOX 6943 BOISE ID 83707 820453612 LOW INCOME HOUSING ID THE HOUSING COMPANY C -119 730 1.00000 1 TETON ONE INC PO BOX 6943 BOISE ID 83707 820504692 LOW INCOME HOUSING ID THE HOUSING COMPANY C -751 259846 1.00000 1 MOSCOW INC PO BOX 6943 BOISE ID 83707 680505919 LOW INCOME HOUSING ID THE HOUSING COMPANY C -747 -363 1.00000 1 CHUBBUCK ONE INC PO BOX 6943 BOISE ID 83707 820493648 LOW INCOME HOUSING ID THE HOUSING COMPANY C 872 1.00000 1 DOWNTOWN HOUSING INC PO BOX 6943 BOISE ID 83707 202406451 LOW INCOME HOUSING ID THE HOUSING COMPANY C -740 200360 1.00000 1 ROSE PARK INC PO BOX 6943 BOISE ID 83707 820451604 LOW INCOME HOUSING ID THE HOUSING COMPANY C -745 321956 1.00000 1 0 0 1 0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0