2019-08-15T12:19:57-05:00 2018-12-31 943108253 NOVOGRADAC & COMPANY LLP 2033 N MAIN ST SUITE 400 WALNUT CREEK CA 94596 990 2018-01-01 911116960 BELLWETHER HOUSING BELL 2066230506 1651 BELLEVUE AVENUE SEATTLE WA 981222014 JACQUELINE MENDEZ-HANSEN CHIEF FINANCIAL OFFICER 2066230506 2019-08-15 1 ERIC M BARNETT P01433887 9259494300 50.206.196.254 2019-08-15 10:13:36 PD P 89F1A76700EA065CFF50D0E8DC87602FC482CDFE 89F1A76700EA065CFF50D0E8DC87602FC482CDFE 2018 2019-02-21 02:37:17Z SUSAN BOYD 1651 BELLEVUE AVENUE SEATTLE WA 981222014 46361966 0 X WWW.BELLWETHERHOUSING.ORG X 1980 WA FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:WE ENVISION DIVERSE COMMUNITIES WHERE PEOPLE OF ALL INCOMES AND BACKGROUNDS SHARE IN THE OPPORTUNITY AND PROSPERITY OF OUR REGION.BELLWETHER HOUSING CREATES STABLE COMMUNITIES AND ACCESS TO OPPORTUNITYTHROUGH AFFORDABLE HOUSING. WE DEVELOP AND MANAGE HOMES FOR PEOPLEWITH LIMITED INCOMES NEAR JOB CENTERS, TRANSIT, AND SERVICES. WEAMPLIFY OUR IMPACT BY HELPING OTHER ORGANIZATIONS IN THE PUGET SOUNDREGION DO THE SAME. 15 15 152 25 0 0 3934098 4089342 17329062 18532774 254713 362224 1306978 23316772 22824851 46301112 0 0 0 0 6388464 7737163 0 0 297345 10173848 11653979 16562312 19391142 6262539 26909970 125010276 164817375 65003828 79286115 60006448 85531260 X SEE SCHEDULE O 0 0 SEE SCHEDULE O 13836238 11826080 SEE SCHEDULE O 2366160 6282755 SEE SCHEDULE O 450866 423939 BELLWETHER HOUSING PROVIDES FEE-BASED TECHNICAL ASSISTANCE TO HELPOTHER NON-PROFITS CREATE AFFORDABLE HOUSING FOR THEIR RESPECTIVE MARKETS.SERVICES INCLUDE CONSULTING IN THE AREAS OF DEVELOPMENT, PROPERTYMANAGEMENT AND ASSET MANAGEMENT. 450866 423939 16653264 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 116 0 1 152 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 WA X X JACQUELINE MENDEZ-HANSEN CHIEF FINANCIAL OFFICER 2066230506 1651 BELLEVUE AVENUE SEATTLE WA 98122 GABRIEL GRANT CHAIR 1.00 X X 0 0 0 DEVA HASSON VICE- CHAIR 1.00 X X 0 0 0 DUANE LEONARD TREASURER 1.00 X X 0 0 0 JOHN BLISS SECRETARY 1.00 X 0 0 0 HARRY MATSUMOTO DIRECTOR 1.00 X X 0 0 0 BART CIMA DIRECTOR 1.00 X 0 0 0 MARNI WRIGHT DIRECTOR 1.00 X 0 0 0 RICHARD KENDALL DIRECTOR 1.00 X 0 0 0 REBEKAH BASTIAN DIRECTOR 1.00 X 0 0 0 TIM OVERLAND FORMER DIRECTOR 1.00 X 0 0 0 TEJAL PASTAKIA DIRECTOR 1.00 X 0 0 0 SHELLY CROCKER DIRECTOR 1.00 X 0 0 0 PETER LARSEN DIRECTOR 1.00 X 0 0 0 PETER NITZE DIRECTOR 1.00 X 0 0 0 RHONDA SMITH-BANCHERO DIRECTOR 1.00 X 0 0 0 PETE MILLER DIRECTOR 1.00 X 0 0 0 SUSAN BOYD CHIEF EXECUTIVE OFFICER 40.00 X 214012 0 29968 CHERYL DEBOISE CHIEF OPERATING OFFICER 40.00 X 182162 0 13193 SUSAN SELMAN DIRECTOR OF PROPERTY MANAGEMENT 40.00 X 161962 0 20623 RICHARD LOO DIRECTOR OF REAL ESTATE DEV 40.00 X 132962 0 10033 LORI DORN CONTROLLER 40.00 X 121930 0 18143 AMY BESUNDER DIRECTOR OF FUND-RAISING 40.00 X 117415 0 20406 MICHELLE HAWLEY DEPUTY DIR OF PROPERTY MGMT 40.00 X 109995 0 17407 1040438 0 129773 8 0 1 0 RAFN COMPANY 1721-132ND AVE NE BELLEVUE WA 980052224 CONSTRUCTION SERVICES 13630746 WALSH CONTRUCTION CO 2905 SW FIRST AVE PORTLAND OR 97201 CONSTRUCTION SERVICES 5277073 AMERICAN DRAPERY P O BOX 896 RENTON WA 89057 CARPET & BLINDS INTALLATION 272213 THYSSENKRUPP ELEVATOR CORP PO BOX 1000 MEMPHIS TN 981480228 ELEVATOR MAINTENANCE 261795 MACDONALD-MILLER SOLUTIONS PO BOX 47983 SEATTLE WA 98146 FACILITY SERVICES 247047 15 275602 3401991 411749 2270 4089342 RENTAL OPERATIONS 531310 11826080 11826080 DEVELOPMENT FEES 531310 4518557 4518557 INTEREST ON ADVANCES 531310 910297 910297 PROPERTY MANAGEMENT 531310 840089 840089 CONSULTING FEES 531310 423938 423938 13813 13813 18532774 362224 362224 0 275602 60854 -60854 -60854 GAIN ON SALE OF PROPERTY 900099 23362345 23362345 GAIN ON INVESTMENTS 900099 15996 15996 -715 -715 23377626 46301112 18532774 0 23678996 439335 298748 127407 13180 5618881 4342339 1148183 128359 87770 87770 1072260 906464 137370 28426 518917 418181 90969 9767 531987 113369 413918 4700 10864 10864 19538 19538 21271 10444 10817 10 666415 269100 373791 23524 7414810 7371901 42285 624 48509 42482 5345 682 84417 32440 48288 3689 245552 166645 327 78580 62192 62192 2492677 2476215 13621 2841 33659 28635 4157 867 WRITE-OFFS 9281 9281 OTHER MISC EXPENSES 5199 2188 2571 440 LICENSES & FEES 3850 1854 1946 50 PROGRAM EXPENSES 3758 2152 1606 19391142 16653264 2440533 297345 771727 1764922 555180 1103626 46356899 49667125 255638 406141 101943080 33237740 55236135 68705340 21441005 42107756 393692 1062465 125010276 164817375 1240692 1445389 434000 434000 61345729 75621375 1983407 1785351 65003828 79286115 X 59674818 85233087 331630 298173 60006448 85531260 125010276 164817375 26909970 -1385158 0 X X 0 1 X 1 0 X 3374759 3967746 4621047 3862760 4089342 19915654 3374759 3967746 4621047 3862760 4089342 19915654 19915654 37360 39989 190152 254713 362224 884438 -17453 -21099 -23179 0 2366 -59365 -167814 -553914 -256 -531 -722515 20018212 76757274 0.99490 0.98330 X 16919053 16919053 85024027 33237740 51786287 68705340 BUILDING RESERVES 7611697 C INVESTMENT IN OPERATING PARTNERSHIPS 1127304 C ADMINISTRATIVE OPERATING RESERVES 2759684 C POOLED REPLACEMENT RESERVES 1959959 C IMPACT INVESTMENT RESERVE 913076 C OPPORTUNITY FUND 27736036 C 42107756 TENANT SECURITY DEPOSITS 504535 DEFERRED INTEREST PAYABLE 1185851 SHORT TERM NOTES PAYABLE 94965 1785351 X PART X, LINE 2: BELLWETHER HOUSING IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS OTHER THAN A PRIVATE FOUNDATION. INCOME TAXES ON PARTNERSHIP AND LLC INCOME ARE LEVIED ON THE PARTNERS AND MEMBERS IN THEIR INDIVIDUAL CAPACITY. ACCORDINGLY, ALL PROFITS AND LOSSES OF THE PARTNERSHIPS AND LLCS ARE RECOGNIZED BY EACH PARTNER AND MEMBER ON ITS RESPECTIVE TAX RETURN. PART VIII, LINE 5, INVESTMENTS PROGRAM RELATED: ADMINISTRATIVE OPERATING RESERVE THE ADMINISTRATIVE OPERATING RESERVE WAS ESTABLISHED TO SUPPORT SHORT-TERM DEFICITS IN THE EVENT OF UNFORESEEN CIRCUMSTANCES. BELLWETHER HAS SET AN INTERNAL TARGET OF 4 TO 6 MONTHS OF OPERATING EXPENDITURES. PART VIII, LINE 7, INVESTMENTS PROGRAM RELATED: POOLED REPLACEMENT RESERVES THE POOLED REPLACEMENT RESERVE FUND WAS ESTABLISHED TO SUPPLEMENT THE REQUIRED REPLACEMENT RESERVES HELD BY EACH BUILDING. THE POOLED REPLACEMENT RESERVE SHALL BE USED WHEN THE REQUIRED BUILDING LEVEL RESERVES ARE INSUFFICIENT TO COVER EMERGENT REPAIRS AND REPLACEMENT NEEDS. PART VIII, LINE 8, INVESTMENTS PROGRAM RELATED: IMPACT INVESTMENT RESERVES THE IMPACT INVESTMENT RESERVES SERVE AS AN INTERNAL 'DEBT SINKING FUND' TO SUPPORT THOSE PRIVATE INVESTOR LOANS MADE TO THE ORGANIZATION AT THEIR MATURITY DATE; PROVIDED THOSE LOANS ARE NOT REFINANCED. PART VIII, LINE 9, INVESTMENTS PROGRAM RELATED: OPPORTUNITY FUND THE OPPORTUNITY FUND SERVES TO PROVIDE LEVERAGE TO STRENGTHEN BELLWETHER'S ABILITY TO BORROW CAPITAL FROM THIRD PARTIES THAT WOULD FURTHER THE MISSION OF BELLWETHER HOUSING. PROVIDED THAT BELLWETHER'S LIQUIDITY REMAINS SUFFICIENT TO MAINTAIN ITS DESIRED BORROWING CAPACITY, THE CEO MAY DETERMINE THAT AN EFFECTIVE USE OF THIS FUND MAY BE TO PROVIDE SHORT, MID, OR LONG-TERM FINANCING OF ACQUISITION AND DEVELOPMENT COSTS THAT SUPPORT THE CREATION OF AFFORDABLE HOUSING. X X X X X X X FUNDRAISING BREAKFAST 275602 275602 60854 275602 275602 60854 60854 -60854 X X 0 0 0 0 0 0 0 0 0 SUSAN BOYD CHIEF EXECUTIVE OFFICER 214012 0 0 0 0 0 13923 0 16045 0 243980 0 0 0 CHERYL DEBOISE CHIEF OPERATING OFFICER 182162 0 0 0 0 0 1981 0 11212 0 195355 0 0 0 SUSAN SELMAN DIRECTOR OF PROPERTY MANAGEMENT 161962 0 0 0 0 0 11033 0 9590 0 182585 0 0 0 A SEATTLE HOUSING AUTHORITY 916000977 2007-02-01 2800000 OLIVE TOWER LOW INCOME HOUSING 0 0 0 B SEATTLE HOUSING AUTHORITY 916000977 2007-10-01 2640000 OREGON LOW INCOME HOUSING 0 0 0 C SEATTLE HOUSING AUTHORITY 916000977 812636JP4 2007-11-07 4000000 CASA PACIFICA LOW INCOME HOUSING 0 0 0 A 2800000 70000 2730000 0 0 1 1 B 2640000 10000 2630000 0 0 1 1 C 4000000 80000 3920000 0 0 1 1 A 1 0 0 0 0 0 0 B 1 0 0 0 0 0 0 C 1 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 C 0 0 1 0 0 0 0 0 0 GABRIEL GRANT BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 DOUG DALEY FORMER BOARD MEMBER, FORMER EXECUTIVE DIRECTOR IMPACT INVESTOR NOTES X 5000 5000 0 1 1 JOSE J QUINTANA FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 1000 1000 0 1 1 BARTHOLOMEW CIMA BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 SARAH LEWONTIN FORMER EXECUTIVE DIRECTOR IMPACT INVESTOR NOTES X 15000 15000 0 1 1 ROBERT DIPIETRAE BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 TIMOTHY E OVERLAND BOARD MEMBER IMPACT INVESTOR NOTES X 3000 3000 0 1 1 CUP OF TEA LLC THIS IS A FAMILY LLC MANAGED BY DEVA HASSON, BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 MARNI WRIGHT BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 TEJAL PASTAKIA BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 DONALD I KING FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 KATHERINE KIM ANDERSON CLOSE RELATIVE OF BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 SARAH R LEWONTIN FORMER EXECUTIVE DIRECTOR IMPACT INVESTOR NOTES X 25000 25000 0 1 1 GABRIEL GRANT BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 BARBARA DINGFIELD FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 TOM MARTINEAU FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 CUP OF TEA LLC FAMILY LLC MANAGED BY DEVA HASSON, BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 JOHN F BLISS BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 MARLYS ERICKSON FORMER CONTRACT EMPLOYEE IMPACT INVESTOR NOTES X 25000 25000 0 1 1 SMR ARCHITECTS VENDOR IMPACT INVESTOR NOTES X 25000 25000 0 1 1 ROBERT DIPIETRAE BOARD MEMBER IMPACT INVESTOR NOTES X 10000 10000 0 1 1 VIRGINIA ANDERSON FORMER EXECUTIVE DIRECTOR IMPACT INVESTOR NOTES X 25000 25000 0 1 1 ALICE SHOBE SERVED AS INTERIM ED IMPACT INVESTOR NOTES X 5000 5000 0 1 1 MARNI WRIGHT BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 BART CIMA BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 KIMBERLY ORR BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 QUENTIN KUHRAU FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 50000 50000 0 1 1 JOSE QUINTANA FORMER BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 PETER LARSEN BOARD MEMBER IMPACT INVESTOR NOTES X 25000 25000 0 1 1 HARRY MATSUMOTO BOARD MEMBER IMPACT INVESTOR NOTES X 5000 5000 0 1 1 434000 FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: BELLWETHER HOUSING WAS FOUNDED IN 1980 BY THE DOWNTOWN BUSINESS COMMUNITY WITH A MISSION TO PROVIDE AFFORDABLE HOUSING OPTIONS FOR LOW-INCOME WORKERS TO LIVE CLOSE TO THEIR JOBS. TODAY, WE SERVE OVER 3200 RESIDENTS IN 2100 APARTMENTS. BY LOCATING OUR BUILDINGS NEAR WORKPLACES, SCHOOLS, CHILDCARE,AND OTHER AMENITIES, BELLWETHER PUTS GREATER OPPORTUNITY WITHIN REACH OF OUR RESIDENTS. THIS WAY, OUR RESIDENTS --FAMILIES EXITING HOMELESSNESS, INDEPENDENT SENIORS, IMMIGRANTS SEEKING OPPORTUNITY, PRESCHOOL TEACHERS AND SOCIAL WORKERS, AND YOUNG PEOPLE JUST STARTING OUT -- HAVE ACCESS TO THE BENEFITS AND PROSPERITY OF THEIR SURROUNDING COMMUNITIES AND, IN TURN, CULTIVATE A MORE VIBRANT AND EQUITABLE CITY. LOOKING FORWARD, BELLWETHER WILL CONTINUE TO INTEGRATE NEARLY 40 YEARS OF SUCCESS WITH NEW IDEAS AND PIONEERING DEVELOPMENT APPROACHES. AS KING COUNTY CONTINUES TO EXPERIENCE UNPRECEDENTED JOB GROWTH, HOUSING SHORTAGES, AND INCREASING HOMELESSNESS, OVER THE NEXT FIVE YEARS, BELLWETHER PLANS TO DEVELOP OR ACQUIRE 1,200 NEW AFFORDABLE HOMES FOR LOW- AND MODERATE-INCOME RESIDENTS OF SEATTLE. BELLWETHER HOUSING HAS FOUR CORE PROGRAMS. 1. DEVELOP AND MANAGE AFFORDABLE APARTMENTS. BELLWETHER MANAGES ITS BUILDINGS IN-HOUSE. WE PROACTIVELY PLAN FOR MAJOR PROJECTS TO REPAIR, SUSTAIN, AND PRESERVE OUR APARTMENTS. BELLWETHER PLANS TO INCREASE OUR PORTFOLIO BY DEVELOPING OR ACQUIRING 1200 HOMES IN THE NEXT FIVE YEARS. 2. COORDINATE SERVICES THAT SUPPORT RESIDENTS IN INDEPENDENT LIVING. BELLWETHER'S ON-SITE RESIDENT SERVICES COORDINATORS (RSCS) OFFER RESIDENTS RESOURCES AND REFERRALS AND CONNECT RESIDENTS TO ACTIVITIES AT THE BUILDING AND IN THE COMMUNITY WITH A FOCUS ON EDUCATION, HEALTH, WELLNESS AND COMMUNITY ENGAGEMENT. OUR PROGRAM SUPPORTS AND EMPOWERS RESIDENTS TO FIND SOLUTIONS TO SOLVE THE CHALLENGES IN THEIR LIVES, ENCOURAGING RESIDENTS TO WORK HOLISTICALLY ON THEIR PERSONAL GOALS AND TO CONTRIBUTE TO THEIR COMMUNITIES. WE SUPPORT COMMUNITY BUILDING BY SUPPORTING RESIDENT-INITIATED SOCIAL EVENTS SUCH AS POTLUCKS, BINGO, AND MOVIE NIGHTS. OUR GOAL IS TO PROMOTE HOUSING STABILITY THROUGH STRONG, SUPPORTIVE SOCIAL RELATIONSHIPS. 3. AMPLIFY OUR IMPACT BY PROVIDING DEVELOPMENT SERVICES TO OTHER ORGANIZATIONS. BELLWETHER PROVIDES HOUSING DEVELOPMENT SERVICES TO OTHER MISSION-DRIVEN ORGANIZATIONS THAT WANT TO DEVELOP OR PRESERVE AFFORDABLE HOUSING. OUR SERVICES ALSO INCLUDE ASSET MANAGEMENT, ENERGY EFFICIENCY CONSULTING, GREEN RETROFITS, AND PROPERTY MANAGEMENT. 4. ADVOCATE TO INCREASE OPPORTUNITIES FOR AFFORDABLE PLACES TO LIVE. AS A FOUNDING MEMBER OF THE HOUSING DEVELOPMENT CONSORTIUM, BELLWETHER HOUSING IS PART OF A COALITION ACTIVELY ADVOCATING FOR AFFORDABLE HOUSING AT THE LOCAL, STATE, AND FEDERAL LEVELS. FORM 990, PART III, LINE 4B, PROGRAM SERVICES - WHOLLY OWNED: AS PART OF ITS REAL ESTATE PORTFOLIO BELLWETHER HAS SOLE OWNERSHIP OF SEVENTEEN BUILDINGS IN THE PUGET SOUND AREA PROVIDING 1,209 AFFORDABLE HOUSING UNITS. WE CREATE AND MAINTAIN OUTSTANDING HOMES AND CONNECT RESIDENTS IN NEED OF SUPPORT TO ORGANIZATIONS THAT CAN HELP THEM LEAD HEALTHY AND INDEPENDENT LIVES. FORM 990, PART III, LINE 4C, PROGRAM SERVICES - TAX CREDIT PARTNERSHIPS: BELLWETHER HOUSING, THROUGH PARTNERSHIPS WITH SEVERAL LOW-INCOME HOUSING TAX CREDIT (LIHTC) PARTNERS ALSO SHARES OWNERSHIP OF ELEVEN BUILDINGS THAT PROVIDE AN ADDITIONAL 872 AFFORDABLE HOUSING UNITS. ON THESE JOINTLY OWNED BUILDINGS, BELLWETHER IS RESPONSIBLE FOR REFURBISHMENT OF UNITS, CONSTRUCTION OF NEW UNITS AND MANAGEMENT OF ALL BUILDINGS. FORM 990, PART VI, SECTION B, LINE 11B PROCESS TO REVIEW FORM 990 BELLWETHER HOUSING SHARES THE FORM 990 WITH THE FINANCE AND AUDIT COMMITTEE AS WELL AS THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. THE CONTROLLER, CFO AND COO ALONG WITH BOARD AND BOARD COMMITTEE MEMBERS, HAVE THE OPPORTUNITY TO REVIEW AND PROVIDE INPUT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY ANNUAL CONFLICT OF INTEREST QUESTIONNAIRES ARE COMPLETED BY ALL COVERED PERSONS, WHICH ARE DEFINED IN THE BYLAWS AS ANY OF THE ORGANIZATION'S DIRECTORS, OFFICERS, MEMBERS OF ANY COMMITTEE OF THE BOARD OR STAFF EMPLOYEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE BOARD. BOARD QUESTIONNAIRES ARE REVIEWED BY THE GOVERNANCE COMMITTEE AND SITUATIONS THAT MAY LEAD TO POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED BY THE COMMITTEE. EXECUTIVE MANAGEMENT AND STAFF QUESTIONNAIRES ARE REVIEWED BY THE COO, WHO DETERMINES IF FURTHER REVIEW ON SPECIFIC SITUATIONS MAY BE WARRANTED. AS DESCRIBED ON SCHEDULE L, PART V SEVERAL BOARD MEMBERS, FORMER BOARD MEMBERS AND FORMER KEY EXECUTIVES ("INTERESTED PERSONS") HAVE MADE LOANS TO BELLWETHER PURSUANT TO THE ORGANIZATION'S IMPACT INVESTOR NOTES PROGRAM. UNDER THE PROGRAM, NOTE HOLDERS RECEIVE INTEREST AT A RATE OF 2.5%. INTERESTED PERSONS HOLD $434,000 OF IMPACT INVESTOR NOTES OUT OF THE $3.75 MILLION ISSUED. NONE OF THE OUTSTANDING NOTES ARE IN DEFAULT. ALL IMPACT INVESTOR NOTES ISSUED TO INTERESTED PERSONS HAVE BEEN APPROVED BY THE BOARD AND ARE DOCUMENTED IN WRITING. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION OF KEY EMPLOYEES BELLWETHER HOUSING REVIEWS SALARIES AT LEAST ANNUALLY. PERIODIC SALARY SURVEYS, MARKET STUDIES AND THE LABOR INDEX FOR COST OF LIVING ARE KEY DATA POINTS USED TO INFORM SALARY ACTIONS. THE BOARD OF DIRECTORS SETS THE CHIEF EXECUTIVE OFFICER'S SALARY ANNUALLY BASED ON JOB PERFORMANCE AND THE MARKET DRIVEN FACTORS REFERENCED ABOVE. COMPENSATION FOR SENIOR LEADERSHIP TEAM MEMBERS IS SET BY THE CEO AND COO USING THE SAME MARKET-BASED DATA. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC AVAILABILITY OF FORM 990 BELLWETHER HOUSING PROVIDES COPIES OF ITS FORM 990 IN RESPONSE TO DIRECT REQUESTS TO THE AGENCY. IN ADDITION, THE PUBLIC DISCLOSURE OF FORM 990 IS POSTED TO THE NATIONAL CLEARINGHOUSE AND GUIDESTAR.ORG. AUDITED FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. 1201 SUMMIT LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 911571613 LOW INCOME HOUSING WA 207382 5984916 BELLWETHER HOUSING ANNAPOLIS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 911376926 LOW INCOME HOUSING WA 93521 788481 BELLWETHER HOUSING BELLEVUE OLIVE LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 273231399 LOW INCOME HOUSING WA 114291 3568030 BELLWETHER HOUSING CASA PACIFICA APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 475668301 LOW INCOME HOUSING WA 92 4209586 BELLWETHER HOUSING EAGLES AUDITORIUM LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 475674515 LOW INCOME HOUSING WA 46928 1236643 BELLWETHER HOUSING EIGHTH & STEWART LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 912060687 LOW INCOME HOUSING WA 329009 7222213 BELLWETHER HOUSING GRAHAM TERRY APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 911636774 DEVELOPMENT OF LOW INCOME HOUSING WA 8020655 4580627 BELLWETHER HOUSING HRG DEVELOPMENT LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 262843189 LOW INCOME HOUSING WA 0 0 BELLWETHER HOUSING MERCER COURT LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 823808617 LOW INCOME HOUSING WA 59107 1732465 BELLWETHER HOUSING MERIDIAN AVENUE NORTH LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 270551621 LOW INCOME HOUSING WA 73605 11893316 BELLWETHER HOUSING STERLING COURT LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 911116960 LOW INCOME HOUSING WA 28432 387571 BELLWETHER HOUSING VINE COURT APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 911116960 LOW INCOME HOUSING WA 1926243 BELLWETHER HOUSING OREGON APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 475681639 LOW INCOME HOUSING WA 188786 2968369 BELLWETHER HOUSING JUNEAU AND PARDEE TOWNHOMES LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 475683530 LOW INCOME HOUSING WA 40321 1550893 BELLWETHER HOUSING TATE MASON HOUSE LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 475643962 LOW INCOME HOUSING WA 223332 3943679 BELLWETHER HOUSING BELLWETHER TUKWILA 1651 BELLEVUE AVENUE SEATTLE WA 98122 823686477 LOW INCOME HOUSING WA 0 0 BELLWETHER HOUSING OLIVE TOWER APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 273231399 LOW INCOME HOUSING WA 210132 2403378 BELLWETHER HOUSING BELLWETHER VIEWS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 830935691 LOW INCOME HOUSING WA -140748 12314111 BELLWETHER HOUSING GENESEE HOUSING INC 1651 BELLEVUE AVENUE SEATTLE WA 98122 912169417 LOW INCOME HOUSING WA 501(C)(3) 501 (C)(3) BELLWETHER HOUSING 0 GENESEE LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 912176544 LOW INCOME HOUSING WA BELLWETHER HOUSING RELATED -95699 1555664 1 0 0.00010 HRG ROSE STREET APARTMENTS LP 1651 BELLEVUE AVENUE SEATTLE WA 98122 270955200 LOW INCOME HOUSING WA BELLWETHER HOUSING RELATED -26 643876 0 0 0.00010 JUDKINS PARK APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 912190415 LOW INCOME HOUSING WA BELLWETHER HOUSING RELATED -54035 564363 1 0 0.00010 STONE WAY APARTMENTS LLC 1651 BELLEVUE AVENUE SEATTLE WA 98122 912190419 LOW INCOME HOUSING WA BELLWETHER HOUSING RELATED -39 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