Idaho Community Reinvestment Corporation
- Assets
- $11.9m
- Revenue
- $775.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Boise, ID
- Founding
- 04/2000
- Data as of
- 04/2024
- EIN
- 82-0461980
Organization Overview
Idaho Community Reinvestment Corporation is located in Boise, ID. The organization was established in 2000. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Idaho Community Reinvestment Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2024, Idaho Community Reinvestment Corporation generated $775.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (6.2%) each year. All expenses for the organization totaled $795.0k during the year ending 04/2024. As we would expect to see with falling revenues, expenses have declined by (6.0%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION SHALL EXIST TO PROVIDE FINANCING AND TECHNICAL ASSISTANCE TO FACILITATE DEVELOPMENT OF AFFORDABLE HOUSING IN THE STATE OF IDAHO AND TO OTHERWISE SUPPORT COMMUNITY DEVELOPMENT AND REDEVELOPMENT NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SINCE INCEPTION, ICRC HAS PROVIDED LONG-TERM FINANCING AND RELATED REFINANCING ACTIVITIES FOR 2,093 MULTI-FAMILY AFFORDABLE HOUSING UNITS IN THE STATE OF IDAHO. THE PRIMARY FOCUS OF THESE UNITS IS TO PROVIDE HOUSING FOR TENANTS EARNING FROM 30% TO 60% OF THE AREA MEDIAN INCOME. ICRC'S PRIMARY MISSION IS PROVIDING FINANCING TO SUPPORT AFFORDABLE HOUSING BY ACTIVELY MARKETING COMPETITIVE LOAN PRODUCTS TO ENCOURAGE DEVELOPERS TO PROVIDE MULTIFAMILY AND SENIOR AFFORDABLE HOUSING IN IDAHO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew T Fast Executive Dir. | Officer | 20 | $77,700 |
Matthew Gilgen Past President | OfficerTrustee | 2 | $0 |
Jeffrey Jones President | OfficerTrustee | 3 | $0 |
Michael Trueba Treasurer | OfficerTrustee | 1 | $0 |
Rich Friess Director | OfficerTrustee | 0.3 | $0 |
Jeff Banks Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $743,905 |
| Investment income | $31,950 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $775,855 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $77,700 |
| Compensation of current officers, directors, key employees. | $77,700 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $885 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,375 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $644,633 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $1,530 |
| Total functional expenses | $795,027 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,309,949 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $55,907 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,508,859 |
| Intangible assets | $0 |
| Other assets | $51,190 |
| Total assets | $11,925,905 |
| Accounts payable and accrued expenses | $10,542 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,523,149 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $48,168 |
| Total liabilities | $10,581,859 |
| Net assets without donor restrictions | $1,344,046 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,925,905 |