Northwest Real Estate Capital Corporation
- Assets
- $64.5m
- Revenue
- $19.0m
- Investments
- $0.0
- Employees
- 493
- Location
- Boise, ID
- Founding
- 08/1999
- Data as of
- 12/2022
- EIN
- 82-0508784
Organization Overview
Northwest Real Estate Capital Corporation is located in Boise, ID. The organization was established in 1999. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Northwest Real Estate Capital Corporation employed 493 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northwest Real Estate Capital 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 12/2022, Northwest Real Estate Capital Corporation generated $19.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $14.3m during the year ending 12/2022. While expenses have increased by 14.4% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LOW INCOME HOUSING PER IRS REV. PROC. 96-32THE COMPANY ACQUIRES, MANAGES AND PRESERVES LOW INCOME MULTIFAMILY HOUSING, PRIMARILY HUD SECTION 8, USDA SECTION 515 AND IRS SECTION 42 LOW INCOME MULTIFAMILY HOUSING FOR EXTREMELY LOW INCOME AND VERY LOW AND LOW INCOME POPULATIONS.
Describe the Organization's Program Activity:
NORTHWEST REAL ESTATE CAPITAL CORPORATION'S MISSION IS TO PROVIDE AFFORDABLE HOUSING TO LOW-INCOME FAMILIES. THE CORPORATION DOES THIS BY OPERATING VARIOUS PROJECTS UNDER HUD, RD, AND STATE HOUSING AUTHORITY PROGRAMS. IN ADDITION TO PROVIDING HOUSING, THE CORPORATION IS ALSO INVOLVED IN PRESERVING EXISTING AFFORDABLE HOUSING PROJECTS THROUGH THE USE OF THE IRS SECTION 42 LOW-INCOME HOUSING TAX CREDIT PROGRAM. THE CORPORATION MANAGES OVER 100 LOW-INCOME MULTIFAMILY HOUSING PROJECTS OR ENTITIES IN THE NORTHWEST AREA OF THE UNITED STATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Elg Board Member | Trustee | 2 | $0 |
Eric Steigers Board Member | Trustee | 2 | $0 |
James G Martin Jr Board Member | Trustee | 2 | $0 |
William J Russell Board Member | Trustee | 2 | $0 |
Name Not Listed Disclosure | Officer | 40 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Yardi Systems Software Provider | 12/30/22 | $310,523 |
Ventive Llc Software Developer | 12/30/22 | $141,259 |
Proper Technologies Inc Bookkeeping | 12/30/22 | $117,813 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,052,847 |
| 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 | $5,052,847 |
| Total Program Service Revenue | $9,566,706 |
| Investment income | $915,912 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,314,065 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,979,105 |
| 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. | $612,832 |
| Compensation of current officers, directors, key employees. | $411,703 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,679,125 |
| Pension plan accruals and contributions | $333,042 |
| Other employee benefits | $475,704 |
| Payroll taxes | $488,890 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $95,885 |
| Fees for services: Accounting | $256,162 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $366,783 |
| Advertising and promotion | $3,272 |
| Office expenses | $741,242 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,091,479 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,664,049 |
| Insurance | $0 |
| All other expenses | $165,760 |
| Total functional expenses | $14,291,140 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,922,921 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,211,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,209,236 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $306,825 |
| Net Land, buildings, and equipment | $29,920,329 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,067,110 |
| Other assets | $9,862,876 |
| Total assets | $64,500,382 |
| Accounts payable and accrued expenses | $1,938,554 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $298,565 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,666,568 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $300,365 |
| Total liabilities | $24,204,052 |
| Net assets without donor restrictions | $40,296,330 |
| 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 | $64,500,382 |