Imagine Housing Communities

Nonprofit profile at a glance

EIN
911559906
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bellevue, WA, USA
Phone
4255765190
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$818,880
Expenses
$1,058,783
Assets
$8,570,911
Liabilities
$6,141,639

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • YICHUAN ZHAO (PRESIDENT)

Highest reported compensation

  • YICHUAN ZHAO (PRESIDENT): $208,344 total reported compensation
  • AMY CUBBAGE (VP OF ASSET MANAGEMENT): $138,431 total reported compensation
  • SHAWNA BINNING (VP OF FINANCE (PART-YEAR)): $69,806 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Empowers individuals and families, supports diversity, and strengthens communities by developing permanent affordable rental housing and providing supportive services.

What it reported doing in 2024

Imagine housing communities, formerly red vines 1, develops, owns, and manages residential property, which provides affordable housing for low-income households in east king county. It is certified as a community housing development organization (chdo) under hud's home program. At december 31, 2024, it managed five residential apartment buildings, having ownership of one and partial ownership of four others through limited partnerships and limited liability companies. These buildings provide 267 affordable apartment homes in issaquah, bellevue, and kirkland, Washington.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 74
  • Accountability: 95
  • Sustainability: 36
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.8%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -29.3%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 8.1; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.72; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 6.7%; rating input score 48; 48th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: -7.7% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 98.8% of spending went to programs
  • Governance: 6 of 6 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $208K · 10 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 6 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 48/100.