Georgetown Community Development Authority
- Assets
- $43.7m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Seattle, WA
- Founding
- Data as of
- 12/2022
- EIN
- 84-2919236
Organization Overview
Georgetown Community Development Authority, operating under the name Watershed, is located in Seattle, WA. As of 12/2022, Watershed employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Watershed 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, Watershed generated $1.2m in total revenue. All expenses for the organization totaled $3.0m during the year ending 12/2022. While expenses have increased by 108.1% per year over the past 2 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WATERSHED BUILDS RESILIENT COMMUNITY THROUGH AFFORDABLE PLACEMAKING AND PLACEKEEPING IN THE DUWAMISH VALLEY. WE CREATE AT THE INTERSECTION OF THE ARTS, EQUITY, AND COLLECTIVE WELL-BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WATERSHED (FORMERLY KNOWN AS GEORGETOWN COMMUNITY DEVELOPMENT AUTHORITY) IS A COMMUNITY-BASED 501(C)(3) NONPROFIT ORGANIZATION THAT OPERATES AFFORDABLE ARTIST AND ARTISAN WORK SPACES AND PLANS TO BUILD A VILLAGE OF WORKFORCE HOUSING AND COMMUNITY SPACE IN THE GEORGETOWN NEIGHBORHOOD OF SEATTLE. WE CENTER FOLKS WHO LIVE AND WORK IN THE DUWAMISH VALLEY; BIPOC INDIVIDUALS; ARTISTS; AND THOSE WHO COME FROM COMMUNITIES THAT HAVE BEEN, OR ARE AT RISK OF BEING, DISPLACED FROM THIS REGION.WATERSHED WAS FORMED IN 2019. AT ITS CORE IS EQUINOX STUDIOS, WHICH HAS OPERATED IN GEORGETOWN SINCE 2006 AND IS NOW A KEY ELEMENT OF WATERSHED'S PROGRAM. EQUINOX STUDIOS PROVIDES A CREATIVE HOME FOR OVER 125 ARTISTS AND ARTISANS WORKING IN AND ACROSS MANY CRAFTS AND DISCIPLINES.THE NEW LIVE/WORK DISTRICT WILL BE LOCATED IN THE GEORGETOWN NEIGHBORHOOD OF SEATTLE. IT WILL INCLUDE UP TO 1,000 UNITS OF HOUSING, ALL OF WHICH WILL BE AFFORDABLE TO PEOPLE EARNING NO MORE THAN 60% OF AREA MEDIAN INCOME. THE LIVE/WORK DISTRICT WILL ALSO INCLUDE AFFORDABLE COMMUNITY SPACES, NEIGHBORHOOD BUSINESSES, AND CULTURAL FACILITIES THAT ARE INTEGRATED WITH GEORGETOWN'S COMMERCIAL AND INDUSTRIAL CORE. IT WILL INCREASE JOB OPPORTUNITIES AND PROVIDE HOUSING FOR THOSE MOST AT RISK OF BEING IMPACTED BY TRENDS OF WEALTH-DRIVEN DISPLACEMENT IN SEATTLE. OUR AIM IS TO CULTIVATE LONG-TERM COMMUNITY WEALTH THROUGH THOUGHTFUL REAL ESTATE ACQUISITION AND DEVELOPMENT; COMMUNITY ENGAGEMENT AND OWNERSHIP; SPACE FOR SMALL BUSINESS, NONPROFIT, AND ARTISTIC GROWTH; AND PROGRAMMING THAT BUILDS RELATIONSHIPS BETWEEN ALL THE ENTITIES THAT ARE PART OF THE WATERSHED VILLAGE, THE GEORGETOWN NEIGHBORHOOD, AND GREATER DUWAMISH VALLEY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Muguette Guenneguez Executive Dir. (as Of June 2022) | Officer | 40 | $59,443 |
Ben Rankin Executive Dir. (through June 2022) | Officer | 24 | $0 |
Craig Howard President | OfficerTrustee | 15 | $0 |
Sam Farrazaino Vice President / Treasurer | OfficerTrustee | 5 | $0 |
Janice Jackson Haley Director (as Of October 2022) | Trustee | 5 | $0 |
Vivian Hua Director (through December 2022) | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Community Development Partners Llc Consulting Services | 12/30/22 | $411,000 |
Jlb Inc (Dba Gsd Bookkeeping) Booking & Financial Management | 12/30/22 | $104,356 |
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 | $9,297 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,297 |
| Total Program Service Revenue | $1,171,613 |
| Investment income | $47,298 |
| 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 | $1,228,208 |
| 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. | $66,400 |
| Compensation of current officers, directors, key employees. | $53,895 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $263,509 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $27,099 |
| Payroll taxes | $45,344 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,420 |
| Fees for services: Accounting | $146,803 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $251,093 |
| Advertising and promotion | $433 |
| Office expenses | $14,936 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $327,402 |
| Travel | $1,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,396,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $232,191 |
| Insurance | $19,705 |
| All other expenses | $0 |
| Total functional expenses | $2,976,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,273 |
| Savings and temporary cash investments | $4,845,468 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,202 |
| 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 | $22,222 |
| Net Land, buildings, and equipment | $9,177,826 |
| Investments—publicly traded securities | $39,688 |
| Investments—other securities | $0 |
| Investments—program-related | $28,936,148 |
| Intangible assets | $0 |
| Other assets | $577,693 |
| Total assets | $43,697,520 |
| Accounts payable and accrued expenses | $310,873 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $39,674,724 |
| Escrow or custodial account liability | $4,972 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,493,403 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $362,435 |
| Total liabilities | $45,846,407 |
| Net assets without donor restrictions | -$2,148,887 |
| 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 | $43,697,520 |