Elevation Community Land Trust
- Assets
- $67.9m
- Revenue
- $12.2m
- Investments
- $0.0
- Employees
- 15
- Location
- Denver, CO
- Founding
- Data as of
- 12/2022
- EIN
- 85-0671360
Organization Overview
Elevation Community Land Trust is located in Denver, CO. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Elevation Community Land Trust employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elevation Community Land Trust 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, Elevation Community Land Trust generated $12.2m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $5.9m during the year ending 12/2022. While expenses have increased by 5.6% 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
PROVIDING AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES USING THE COMMUNITY LAND TRUST MODEL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECLT PROVIDES AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES TO ELIGIBLE LOW-TO-MODERATE INCOME COLORADO FAMILIES USING THE COMMUNITY LAND TRUST MODEL, THROUGH WHICH THE IMPROVEMENTS ON A PROPERTY ARE SOLD TO A QUALIFIED HOUSEHOLD AND THE LAND IS HELD IN TRUST AS A COMMUNITY ASSET. ECLT ACQUIRES HOMES, COMPLETES REHABILITATION IF NEEDED, AND SELLS THE HOMES TO LOW-TO-MODERATE INCOME HOUSEHOLDS. SUCH HOMES ARE GENERALLY SOLD AT A LOSS, SINCE THE COST TO ACQUIRE AND REHABILITATE A PROPERTY USUALLY EXCEEDS THE AFFORDABLE SALES PRICE TO A QUALIFIED HOMEBUYER. THIS LOSS ($1,581,597 IN 2022 SHOWN ON PART I LINE 10 ABOVE) REPRESENTS ECLT'S SUBSIDY INVESTMENT TO ENSURE THAT THE HOMES IN ITS PORTFOLIO REMAIN PERMANENTLY AFFORDABLE FOR GENERATIONS TO COME. IN 2022, ECLT SOLD 87 HOMES TO QUALIFIED BUYERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jose Esparza Director | Trustee | 0.5 | $0 |
Karen Fox Elwell Secretary | OfficerTrustee | 0.5 | $0 |
Anne Garcia Vice Chair & Treasurer | OfficerTrustee | 0.5 | $0 |
Shannon Gifford Director | Trustee | 0.5 | $0 |
Tom Gougeon Director | Trustee | 0.5 | $0 |
Susan Powers Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R & J Real Estate Services Llc Rehabilitation Construction | 12/30/22 | $262,804 |
Agm Landscaping Landscaping And Snow Removal | 12/30/22 | $101,104 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,369,552 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,795,569 |
| Noncash contributions included in lines 1a–1f | $5,736,413 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,165,121 |
| Total Program Service Revenue | $2,640,449 |
| Investment income | $29,392 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,610,989 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,223,973 |
| 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. | $571,536 |
| Compensation of current officers, directors, key employees. | $150,572 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $876,201 |
| Pension plan accruals and contributions | $56,013 |
| Other employee benefits | $150,121 |
| Payroll taxes | $110,864 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $236,277 |
| Fees for services: Accounting | $68,126 |
| Fees for services: Lobbying | $20,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $932,837 |
| Advertising and promotion | $13,174 |
| Office expenses | $46,345 |
| Information technology | $81,125 |
| Royalties | $0 |
| Occupancy | $486,587 |
| Travel | $36,518 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,638 |
| Interest | $91,662 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $582,326 |
| Insurance | $190,799 |
| All other expenses | $157,338 |
| Total functional expenses | $5,922,826 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $717,809 |
| Savings and temporary cash investments | $5,192,011 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $162,633 |
| 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 | $68,075 |
| Net Land, buildings, and equipment | $59,872,040 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,894,950 |
| Total assets | $67,907,518 |
| Accounts payable and accrued expenses | $849,372 |
| 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 | $9,775,650 |
| Unsecured mortgages and notes payable | $29,078,110 |
| Other liabilities | $296,058 |
| Total liabilities | $39,999,190 |
| Net assets without donor restrictions | $27,204,803 |
| Net assets with donor restrictions | $703,525 |
| 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 | $67,907,518 |