BELLWETHER HOUSING

EIN: 911116960 501(c)(3)

SEATTLE, WA

Total Revenue
$51,340,734
Total Expenses
$60,695,123
Total Assets
$387,796,292
Net Assets
$98,591,545
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1980
Legal Domicile
WA
Principal Officer
SUSAN BOYD
Phone
2066230506
Tax Period
2024-01-01 to 2024-12-31

BELLWETHER HOUSING, founded in 1980, is a mid-sized nonprofit that reported $51.3M in total revenue in fiscal year 2024. Expenses of $60.7M exceeded revenue, resulting in a 18% operating deficit.

Mission

FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:BELLWETHER CREATES STABLE COMMUNITIES AND ACCESS TO OPPORTUNITY THROUGH AFFORDABLE HOUSING. WE DEVELOP AND MANAGE HOMES FOR PEOPLE WITH LIMITED INCOMES NEAR JOB CENTERS, TRANSIT, AND SERVICES. WE AMPLIFY OUR IMPACT BY HELPING OTHER ORGANIZATIONS IN THE PUGET SOUND REGION DO THE SAME. WE ENVISION DIVERSE COMMUNITIES WHERE PEOPLE OF ALL INCOMES AND BACKGROUNDS SHARE IN THE PROSPERITY OF OUR REGION.

Program Service Accomplishments

Program 1

PROGRAM SERVICE ACCOMPLISHMENTS: BELLWETHER HOUSING IS THE LARGEST NONPROFIT PROVIDER OF AFFORDABLE HOUSING IN SEATTLE. WE OWN AND OPERATE 3,592 AFFORDABLE APARTMENTS IN 39 BUILDINGS IN SEATTLE...

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PROGRAM SERVICE ACCOMPLISHMENTS: BELLWETHER HOUSING IS THE LARGEST NONPROFIT PROVIDER OF AFFORDABLE HOUSING IN SEATTLE. WE OWN AND OPERATE 3,592 AFFORDABLE APARTMENTS IN 39 BUILDINGS IN SEATTLE PROVIDING FAMILIES AND SENIORS WITH SAFE, STABLE HOMES, AND BY DOING SO, WE BUILD STRONGER, SAFER, MORE PROSPEROUS COMMUNITIES. WE SERVE HOUSEHOLDS WITH ANNUAL INCOMES BETWEEN 0-60% OF THE AREA MEDIAN INCOME (THAT IS AN ANNUAL INCOME OF UP TO ROUGHLY $82,000 FOR A FAMILY OF FOUR). WE HOUSE 7,000 RESIDENTS FOR WHOM MARKET-RATE HOUSING IS OUT OF REACH. WE LOCATE OUR HOMES NEAR TRANSIT, JOB CENTERS, SCHOOLS, AND COMMUNITY RESOURCES, OFFERING RESIDENTS ACCESS TO THE OPPORTUNITY AND PROSPERITY OF OUR REGION. MANY OF OUR RESIDENTS INCLUDE FAMILIES EXITING HOMELESSNESS, INDEPENDENT SENIORS, IMMIGRANTS SEEKING OPPORTUNITY, WORKERS EARNING MODEST WAGES, AND YOUNG PEOPLE JUST STARTING OUT. WE BELIEVE EVERYONE SHOULD LIVE IN A HOME THEY FEEL GOOD ABOUT. ACCORDINGLY, OUR STAFF TAKE PRIDE IN KEEPING OUR BUILDINGS CLEAN, SAFE, AND WELL-MAINTAINED. BELLWETHER'S RESIDENT SERVICE COORDINATORS CONNECT RESIDENTS TO LOCAL SERVICES AND BENEFITS THAT CAN SUPPORT THEM IN ACHIEVING STABLE, HEALTHY, AND INDEPENDENT LIVING. WE HAVE FIVE BUILDINGS CURRENTLY UNDER CONSTRUCTION. WHEN THEY ARE COMPLETE, OUR COMMUNITY WILL HAVE AN ADDITIONAL 1,124 AFFORDABLE APARTMENT HOMES. BELLWETHER HOUSING HAS FOUR CORE PROGRAMS. 1. DEVELOP AND MANAGE AFFORDABLE APARTMENTS. BELLWETHER MANAGES THE MAJORITY OF ITS BUILDINGS IN-HOUSE. WE PROACTIVELY PLAN FOR MAJOR PROJECTS TO REPAIR, SUSTAIN, AND PRESERVE OUR APARTMENTS. 2. PROVIDE ENHANCED SERVICES THAT FOSTER SUSTAINABLE INDEPENDENT LIVING AND HOUSING STABILITY. BELLWETHER'S ON-SITE RESIDENT SERVICES COORDINATORS (RSCS) PROVIDE ESSENTIAL RESOURCES AND REFERRALS, FACILITATING CONNECTIONS TO BOTH IN-BUILDING ACTIVITIES AND WIDER COMMUNITY ENGAGEMENTS. WITH A SPECIAL EMPHASIS ON EDUCATION, HEALTH, WELLNESS, AND COMMUNITY INVOLVEMENT, OUR PROGRAM NOT ONLY SUPPORTS RESIDENTS IN OVERCOMING LIFE'S CHALLENGES BUT ALSO EMPOWERS THEM TO ACTIVELY PURSUE THEIR PERSONAL GOALS. WE PLAY A PIVOTAL ROLE IN ENSURING FAMILIES EXITING HOMELESSNESS REMAIN HOUSED BY PROMOTING STRONG, SUPPORTIVE SOCIAL NETWORKS. THIS INCLUDES ENCOURAGING RESIDENT-LED SOCIAL EVENTS LIKE POTLUCKS, BINGO, AND MOVIE NIGHTS, WHICH ARE INTEGRAL TO BUILDING A CONNECTED AND RESILIENT COMMUNITY. OUR OVERARCHING GOAL IS TO FOSTER HOUSING STABILITY THROUGH THE CULTIVATION OF 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.

Program 2
Expenses: $48,171,364 Revenue: $30,651,253

AS PART OF ITS REAL ESTATE PORTFOLIO BELLWETHER HAS SOLE OWNERSHIP OF 27 BUILDINGS IN THE PUGET SOUND AREA PROVIDING 1,858 AFFORDABLE HOUSING UNITS. WE CREATE AND MAINTAIN OUTSTANDING HOMES AND...

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AS PART OF ITS REAL ESTATE PORTFOLIO BELLWETHER HAS SOLE OWNERSHIP OF 27 BUILDINGS IN THE PUGET SOUND AREA PROVIDING 1,858 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.

Program 3
Expenses: $2,765,634 Revenue: $10,873,037

BELLWETHER HOUSING, THROUGH PARTNERSHIPS WITH SEVERAL LOW-INCOME HOUSING TAX CREDIT (LIHTC) PARTNERS, ALSO SHARES OWNERSHIP OF SEVERAL BUILDINGS THAT PROVIDE ADDITIONAL AFFORDABLE HOUSING UNITS. ON...

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BELLWETHER HOUSING, THROUGH PARTNERSHIPS WITH SEVERAL LOW-INCOME HOUSING TAX CREDIT (LIHTC) PARTNERS, ALSO SHARES OWNERSHIP OF SEVERAL BUILDINGS THAT PROVIDE ADDITIONAL AFFORDABLE HOUSING UNITS. ON THESE JOINTLY OWNED BUILDINGS, BELLWETHER IS RESPONSIBLE FOR REFURBISHMENT OF UNITS, CONSTRUCTION OF NEW UNITS AND MANAGEMENT OF ALL BUILDINGS.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $12,918,130
Program Service Revenue $37,200,641
Investment Income $1,340,942
Other Revenue $-118,979
TOTAL REVENUE $51,340,734

Expense Breakdown

Grants Paid $0
Salaries & Benefits $15,850,564
Fundraising Expenses $547,083
Program Expenses $51,628,407
Other Expenses $44,844,559
TOTAL EXPENSES $60,695,123

Year-over-Year Comparison

2024 2023 Change
Revenue $51,340,734 $49,789,985 +0.0%
Expenses $60,695,123 $54,125,481 +0.1%
Net Income $-9,354,389 $-4,335,496 +1.2%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
17
Independent Members
17
Employees
233
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
8
$828,508
Total Directors
17
$0
Key Employees
10
$2,001,182
Highest Compensated
3
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
ALEX HUDSON VICE CHAIR 1.00
Officer Director
$0 $0 $0
ANDRES MANTILLA DIRECTOR 1.00
Director
$0 $0 $0
CARLA DEWBERRY DIRECTOR, TREASURER, FINAN 1.00
Officer Director
$0 $0 $0
GREGG COLBURN DIRECTOR 1.00
Director
$0 $0 $0
JILMA JIMENEZ SECRETARY 1.00
Officer Director
$0 $0 $0
KATE JONCAS IMMEDIATE PAST CHAIR 1.00
Officer Director
$0 $0 $0
KATEESHA ATTERBERRY DIRECTOR 1.00
Director
$0 $0 $0
MARK KLEBANOFF DIRECTOR 1.00
Director
$0 $0 $0
MICHELLE CHEN DIRECTOR 1.00
Director
$0 $0 $0
MIKE WOO DIRECTOR 1.00
Director
$0 $0 $0
NAVNEET KESHER DIRECTOR AND FUND DEVELOPM 1.00
Director
$0 $0 $0
PETE MILLER DIRECTOR 1.00
Director
$0 $0 $0
PETER LARSEN CHAIR 1.00
Officer Director
$0 $0 $0
REBEKAH BASTIAN DIRECTOR 1.00
Director
$0 $0 $0
REZA MARASHI DIRECTOR 1.00
Director
$0 $0 $0
SHELLY CROCKER DIRECTOR AND REAL ESTATE D 1.00
Director
$0 $0 $0
ANTOINE TOUSSAINT DIRECTOR 1.00
Director
$0 $0 $0
JENNIFER NGUYEN CHIEF FINANCIAL OFFICER 40.00
Officer
$320,447 $16,644 $337,091
SUSAN BOYD CHIEF EXECUTIVE OFFICER 40.00
Officer
$365,896 $33,802 $399,698
MEGAN MAYES FUNDRAISING AND COMMUNICATIONS DIRECTOR 40.00
Officer
$86,308 $5,411 $91,719
ELLIOT SWANSON DIRECTOR OF RESIDENT SERVICES 40.00
Key Emp
$156,849 $15,740 $172,589
JACOB GELB DIRECTOR OF ASSET MANAGEME 40.00
Key Emp
$175,929 $31,282 $207,211
JEFF CRAIG DIRECTOR OF INFORMATION TE 40.00
Key Emp
$169,515 $16,940 $186,455
JOVAN LUDOVICE VICE PRESIDENT OF REAL EST 40.00
Key Emp
$194,450 $20,346 $214,796
MELISSA TUTOR VICE PRESIDENT OF HUMAN RE 40.00
Key Emp
$222,245 $21,137 $243,382
MICHELLE HAWLEY VICE PRESIDENT OF PROPERTY 40.00
Key Emp
$222,930 $28,313 $251,243
PAUL RAMIREZ DIRECTOR OF FACILITIES MAN 40.00
Key Emp
$167,856 $16,799 $184,655
RACHAEL SIMPSON DIRECTOR OF COMPLIANCE 40.00
Key Emp
$154,463 $17,773 $172,236
TODD M KITCHENS CONTROLLER 40.00
Key Emp
$169,615 $15,118 $184,733
YVETTE WATKINS DIRECTOR OF PROPERTY MANAG 40.00
Key Emp
$158,828 $25,054 $183,882
JOE PLOTTS SENIOR REGIONAL MANAGER 40.00
Highest
$138,378 $16,720 $155,098
KAYAH MCCOY HUFF ROVING PROPERTY MANAGER 40.00
Highest
$102,923 $22,299 $125,222
PENNY J ENNULAT SENIOR BUSINESS SYSTEMS ANALYST 40.00
Highest
$123,226 $10,797 $134,023
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 $51,340,734 $60,695,123 $387,796,292 $-9,354,389
2023 $49,789,985 $54,125,481 $394,705,233 $-4,335,496
2022 $47,333,047 $46,466,375 $381,603,055 $866,672
2021 $42,172,983 $32,846,882 $264,325,848 $9,326,101
2020 $40,714,162 $28,205,525 $195,617,991 $12,508,637
2019 $24,107,285 $23,112,298 $181,477,990 $994,987
2018 $46,301,112 $19,391,142 $164,817,375 $26,909,970
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