Opal Community Land Trust
- Assets
- $33.1m
- Revenue
- $4.0m
- Investments
- -$157.0
- Employees
- 9
- Location
- Eastsound, WA
- Founding
- 11/1994
- Data as of
- 12/2022
- EIN
- 94-3116010
Organization Overview
Opal Community Land Trust is located in Eastsound, WA. The organization was established in 1994. 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, Opal Community Land Trust employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Opal 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, Opal Community Land Trust generated $4.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $1.1m during the year ending 12/2022. 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
THE MISSION OF OPAL COMMUNITY LAND TRUST IS TO HELP SUSTAIN ORCAS ISLAND AS A HEALTHY, ECONOMICALLY DIVERSE COMMUNITY BY PROVIDING PERMANENTLY AFFORDABLE HOMES AND RELATED EDUCATION AND SUPPORT FOR ISLANDERS-FAMILIES, SENIORS AND SINGLES - WHOSE HOUSING NEEDS ARE NOT MET BY THE TRADITIONAL MARKET.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING DEVELOPMENT: DEVELOP LAND AND HOUSES TO RENT OR OWN THAT ARE AFFORDABLE TO LOW TO MODERATE INCOME HOUSEHOLDS. PROVIDE HOUSING COUNSELING AND RELATED SUPPORT SERVICES.
RENTAL STEWARDSHIP: MANAGE PROPERTIES OWNED BY OPAL THAT ARE RENTED BE QUALIFIED INDIVIDUALS.
LOAN PROGRAMS: PROVIDE LOANS TO ELIGIBLE HOUSEHOLDS TO ENABLE THEM TO PURCHASE A HOME.
LEASEHOLD STEWARDSHIP: LEASE LAND AND PROVIDE SUPPORT SERVICES TO HOMEOWNERS WHO LEASE LAND FROM OPAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Vinson Trustee | Trustee | 2 | $0 |
Anne Marie Shanks Trustee | Trustee | 2 | $0 |
Bonnie Burg Trustee | Trustee | 2 | $0 |
Bob Morris Trustee | Trustee | 2 | $0 |
Rusty Diggs Trustee | Trustee | 2 | $0 |
Anne Bertino Secretary | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $75,627 |
| Related organizations | $0 |
| Government grants | $1,200,821 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,008,559 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,285,007 |
| Total Program Service Revenue | $591,191 |
| Investment income | $102,358 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$10 |
| Net Income from Fundraising Events | -$17,792 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,972,940 |
| 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. | $117,976 |
| Compensation of current officers, directors, key employees. | $36,044 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $495,947 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,000 |
| Fees for services: Accounting | $10,914 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $973,962 |
| Advertising and promotion | $4,206 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $601,835 |
| Travel | $11,991 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $178,584 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,694 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,114,675 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,059,900 |
| Savings and temporary cash investments | $1,089,638 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $133,020 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,975,047 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $17,994,341 |
| Investments—publicly traded securities | $1,434,090 |
| Investments—other securities | -$157 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $394,668 |
| Total assets | $33,080,547 |
| Accounts payable and accrued expenses | $482,668 |
| 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 | $5,911,834 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $44,547 |
| Total liabilities | $6,439,049 |
| Net assets without donor restrictions | $25,640,631 |
| Net assets with donor restrictions | $1,000,867 |
| 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 | $33,080,547 |