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Valor Apartment Associates

Tax-deductible

Tukwila, WA501(c)(3)Since 2012Human ServicesEIN 45-4624834Revenue $208K in FY2025

On file with the IRS6400 Southcenter Blvd, 98188-2547 · Tukwila, WATax-exempt since Mar 2013Publicly supported — 509(a)(2)

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Provide low income housing to eligible low-income individuals.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
Run by 3 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 7
filings with a surplus
Average deficit $163K a year · 104% of revenue · last 7 filings
Concern: a surplus in 0 of the last 7 filings.
Pt I · Ln 19 · 7 filings
Spent on programs
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.5 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $133K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$6.2M
135% of total assets
Concern: liabilities are 135% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$208K
-11% vs prior year
Spent
$312K
To programs
97%
Net assets
−$1.6M
By yearFY2019–FY2025
Revenue
$208K
FY2025▼ -11%
Tap a bar for its year
Revenue by fiscal year
FY2019$125K
FY2020$125K
FY2021$101K
FY2022$101K
FY2023$202K
FY2024$234K
FY2025$208K
Expenses
$312K
FY2025▼ -10%
Tap a bar for its year
Expenses by fiscal year
FY2019$359K
FY2020$297K
FY2021$325K
FY2022$280K
FY2023$317K
FY2024$346K
FY2025$312K
Net assets
−$1.6M
FY2025▼ -7%
Tap a bar for its year
Net assets by fiscal year
FY2019−$682K
FY2020−$854K
FY2021−$1.1M
FY2022−$1.3M
FY2023−$1.4M
FY2024−$1.5M
FY2025−$1.6M

From the FY2025 Form 990 · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2013.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $302K Management & general 3% · $10K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
Roger Dowdy
Board Chair
$0Pt VII · Sec A
Annemarie Beliard
Board Vice Chair
$0Pt VII · Sec A
Jeff Wilcox
Board Secretary/Treasurer
$0Pt VII · Sec A
Katrina Egner
President and CEO
$0Pt VII · Sec A
Mike De Luca
Vice President and CFO
$0Pt VII · Sec A
See Valor Apartment Associates executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides affordable housing for low-income individuals.

Questions for Valor Apartment Associates

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Provided by the organization

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1 program · $302K · in their own filed words · FY2025
01

Valor apartment associates provide 21 units of affordable housing for persons with disabilities.

$302Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
SoundFY2024$133K
Total grants receivedfrom 1 funder$133K

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$208K
Ln 12
Gifts and grantsLn 1h$107K
Fees for servicesLn 2g$101K
Investment incomeLn 3$132
Money outPt IX
$312K
Ln 25
Programscol B$302K
Managementcol C$10K
Owns and owesPt X
−$1.6M
net assets · Ln 32
Cash and savingsLn 1–2$12K
Total assetsLn 16$4.6M
LiabilitiesLn 26$6.2M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$107K
Fees for servicesLn 2g$101K
Investment incomeLn 3$132
Total revenueLn 12$208K
Assets in detailPt X, end of year
CashLn 1$5K
SavingsLn 2$8K
Cash and savings togetherLn 1–2$12K
Land, buildings, equipmentLn 10c$4.1M
Total assetsLn 16$4.6M
LiabilitiesLn 26$6.2M
Net assetsLn 32−$1.6M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$11K$12K
Land, buildings, equipmentLn 10c$4.3M$4.1M
Total assetsLn 16$4.6M$4.6M
LiabilitiesLn 26$6.1M$6.2M
Net assetsLn 32−$1.5M−$1.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$5K$5K
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$1K$1K
Office expensesLn 13$14K$14K
OccupancyLn 16$111K$111K
Depreciation, depletion and amortizationLn 22$135K$135K
InsuranceLn 23$37K$37K
Other expenses (24a–d)Ln 24$6K$6K
Total functional expensesLn 25$312K$302K$10K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $208K$312K−$104K−$1.6M 990 PDF
FY2024 $234K$346K−$112K−$1.5M 990 PDF
FY2023 $202K$317K−$115K−$1.4M 990 PDF
FY2022 $101K$280K−$179K−$1.3M 990 PDF
FY2021 $101K$325K−$224K−$1.1M 990 PDF
FY2020 $125K$297K−$172K−$854K 990 PDF
FY2019 $125K$359K−$234K−$682K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2025 990 (6 parts)
Part I · Summary $208,016 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $133,056$107,000
I-9 Program service revenuePrior year $100,884$100,884
I-10 Investment incomePrior year $140$132
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $234,080$208,016
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $346,475$311,972
I-18 Total expensesPrior year $346,475$311,972
I-19 Revenue less expensesPrior year −$112,395−$103,956
Part VI · Governance 3 of 3 board members independent, 2 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-2 Family or business relationship among officers or directorsYes
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $208,016 across 6 lines filed
VIII-1d Related organizations$107,000
VIII-1h Total contributions, gifts and grants$107,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $100,884$100,884
VIII-3 Investment incomeExcluded from tax $132$132
VIII-6 Net rental income or loss$0
VIII-12 Total revenueRelated to mission $100,884 · Unrelated business $0 · Excluded from tax $132$208,016
Part IX · Statement of functional expenses $311,972 across 8 lines filed
IX-11b Legal feesManagement $5,010$5,010
IX-11c Accounting feesManagement $3,938$3,938
IX-11g Other fees for servicesManagement $1,008$1,008
IX-13 Office expensesPrograms $13,615$13,615
IX-16 OccupancyPrograms $110,705$110,705
IX-22 Depreciation, depletion and amortizationPrograms $134,735$134,735
IX-23 InsurancePrograms $36,755$36,755
IX-24 Other expenses (24a–d)Programs $6,206$6,206
IX-25 Total functional expensesPrograms $302,016 · Management $9,956 · Fundraising $0$311,972
Part X · Balance sheet $4,585,477 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $3,736$4,784
X-2 Savings and temporary cash investmentsStart of year $7,398$7,603
X-4 Accounts receivableStart of year $359,407$427,135
X-10c Land, buildings and equipment, netStart of year $4,270,695$4,145,955
X-16 Total assetsStart of year $4,641,236$4,585,477
X-17 Accounts payable and accrued expensesStart of year $398,304$192,782
X-19 Deferred revenueStart of year $308,562$308,562
X-25 Other liabilitiesStart of year $44,694$299,876
X-26 Total liabilitiesStart of year $6,125,088$6,173,285
X-27 Net assets without donor restrictionsStart of year −$1,483,852−$1,587,808
X-32 Total net assets or fund balancesStart of year −$1,483,852−$1,587,808
X-33 Total liabilities and net assetsStart of year $4,641,236$4,585,477
Part XI · Reconciliation of net assets −$1,587,808 net assets at year end
XI-1 Total revenue$208,016
XI-2 Total expenses$311,972
XI-3 Revenue less expenses−$103,956
XI-4 Net assets at start of year−$1,483,852
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,587,808

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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