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Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1980.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
87 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
34 people listed on the 990; $2.3M paid to officers and key staff.
Part VII, Section A · reportable compensation
Chief Executive Officer
$302,215Pt VII · Sec A
Vice President of Property Operations
$184,401Pt VII · Sec A
Vice President of Real Estate Development
$182,082Pt VII · Sec A
Director of Fund Development & Communications
$166,481Pt VII · Sec A
Director of Facilities Man
$166,158Pt VII · Sec A
Director of Asset Management
$156,000Pt VII · Sec A
Director of Information Technology
$147,516Pt VII · Sec A
Associate Director of Construction Management
$144,277Pt VII · Sec A
Director of Property Management
$138,323Pt VII · Sec A
Senior Housing Developer
$138,274Pt VII · Sec A
Senior Compliance & Leasing Manager
$135,295Pt VII · Sec A
Controller
$119,382Pt VII · Sec A
Senior Asset Manager
$112,073Pt VII · Sec A
Senior Maintenance Manager
$105,660Pt VII · Sec A
Chief Financial Officer
$99,231Pt VII · Sec A
Vice President of Human Resources
$11,538Pt VII · Sec A
Director
$0Pt VII · Sec A
Immediate Past Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Chair
$0Pt VII · Sec A
Director, Treasurer, Finance and Audit Chair
$0Pt VII · Sec A
Director and Secretary
$0Pt VII · Sec A
Director and Real Estate Development Chair
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director and Governance Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director and Fund Development Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Susan Boyd | $365,896 | $302,215 | $269,462 | $257,904 | $251,852 |
| Jennifer Nguyen | $320,447 | $99,231 | — | — | — |
| Cheryl Deboise | — | — | $226,384 | $215,710 | $211,953 |
| Michelle Hawley | $222,930 | $184,401 | $154,511 | $157,672 | $152,232 |
| Melissa Tutor | $222,245 | $11,538 | — | — | — |
| Jovan Ludovice | $194,450 | $182,082 | — | — | — |
| Jacqueline Hansen | — | — | $187,718 | $180,563 | $175,700 |
| Richard Loo | — | — | $177,578 | $167,193 | $163,018 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
See Bellwether Housing executive salaries →Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
- Loans to or from officersSch L · Pt II39 listed
Programs and updates
Develops and manages affordable housing near jobs and transit in the Puget Sound region for people with limited incomes.
Questions for Bellwether Housing
Your first name shows with your question. Bellwether Housing answers here, for everyone.
3 programs · $46.3M · in their own filed words · FY2023
01
See schedule o
$44.0Mprogram expense
02
See schedule o
$2.3Mprogram expense
03
See schedule o
Pt IX · col B
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 · FY2025
Total grants receivedfrom 1 funder$40K
Federal money
Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Dec 2017 · $12.2M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Seattle$4.3M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$3.7M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$2.2M
Community Development Block Grants/Entitlement GrantsDepartment of Housing and Urban Development · ALN 14.218 · Through Rainier Valley Community Development Fund$1.1M
Tax Credit Assistance Program - Recovery Act FundedDepartment of Housing and Urban Development · ALN 14.258 · Through Washington State Housing Finance Commission$750K
Plus 1 smaller program.
The auditor reported no findings.
Year ending Dec 2016 · $11.9M federal money spent
Home Investment Partnerships ProgramDepartment of Housing and Urban Development · ALN 14.239 · Through City of Seattle$4.3M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$3.5M
Supportive Housing for Persons with DisabilitiesDepartment of Housing and Urban Development · ALN 14.181 · Direct$2.2M
Community Development Block Grants/Entitlement GrantsDepartment of Housing and Urban Development · ALN 14.218 · Through Rainer Valley Community Development Fund$1.1M
Tax Credit Assistance Program - Recovery Act FundedDepartment of Housing and Urban Development · ALN 14.258 · Through Washington State Housing Finance Commission$750K
Plus 1 smaller program.
The auditor reported no findings.
By the numbers
The FY2023 990, line by line.
Download 990
1The main four
Money inPt VIII
$49.8M
Ln 12
Fees for servicesLn 2g$40.8M
Gifts and grantsLn 1h$7.9M
Investment incomeLn 3$1.1M
Money outPt IX
$54.1M
Ln 25
Programscol B$46.9M
Managementcol C$6.8M
Fundraisingcol D$464K
Owns and owesPt X
$114.7M
net assets · Ln 32
Cash and savingsLn 1–2$3.0M
Total assetsLn 16$394.7M
LiabilitiesLn 26$280.0M
PeoplePt VI, VII
34
listed · VII A
PaidVII A16
Voting boardVI 1a18
IndependentVI 1b18
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$7.9M
Government grantsLn 1e$5.6M
Fundraising eventsLn 1c$441K
Fees for servicesLn 2g$40.8M
Investment incomeLn 3$1.1M
Total revenueLn 12$49.8M
Assets in detailPt X, end of year
CashLn 1$3.0M
Cash and savings togetherLn 1–2$3.0M
InvestmentsLn 11–13$37.7M
Land, buildings, equipmentLn 10c$230.7M
Other assetsLn 15$3.7M
Total assetsLn 16$394.7M
LiabilitiesLn 26$280.0M
Net assetsLn 32$114.7M
OperationsPt I, VI
EmployeesI 5213
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3More from this return
BondsSch K, Pt X
Bond issues listedSch K Pt I7
Raised by those issuesSch K Pt I$35.7M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $2.0M | $3.0M |
| InvestmentsLn 11–13 | $37.6M | $37.7M |
| Land, buildings, equipmentLn 10c | $231.0M | $230.7M |
| Total assetsLn 16 | $381.6M | $394.7M |
| LiabilitiesLn 26 | $269.1M | $280.0M |
| Net assetsLn 32 | $112.5M | $114.7M |
5Every line
Statement of functional expensesPt IX · every line
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $1.3M | $943K | $220K | $105K |
| Other salaries and wagesLn 7 | $10.8M | $7.6M | $3.0M | $110K |
| Other employee benefitsLn 9 | $1.8M | $1.3M | $495K | $27K |
| Payroll taxesLn 10 | $1.0M | $794K | $236K | $18K |
| Management feesLn 11a | $1.2M | $871K | $347K | $13K |
| Legal feesLn 11b | $77K | $60K | $17K | |
| Accounting feesLn 11c | $135K | $97K | $38K | |
| Other fees for servicesLn 11g | $43K | $32K | $7K | $4K |
| Office expensesLn 13 | $1.5M | $1.0M | $411K | $16K |
| OccupancyLn 16 | $14.1M | $13.1M | $999K | $36K |
| Conferences, conventions and meetingsLn 19 | $289K | $102K | $74K | $113K |
| InterestLn 20 | $8.7M | $8.4M | $251K | |
| Payments to affiliatesLn 21 | $596K | $590K | $5K | |
| Depreciation, depletion and amortizationLn 22 | $7.5M | $7.1M | $386K | |
| InsuranceLn 23 | $843K | $820K | $23K | |
| Other expenses (24a–d)Ln 24 | $4.2M | $4.0M | $253K | $23K |
| Total functional expensesLn 25 | $54.1M | $46.9M | $6.8M | $464K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 LatestFiled with the IRS Sep 25, 2025 | $51.3M | $60.7M | −$9.4M | $98.6M | 990 PDF |
| FY2023 ViewingFiled with the IRS Nov 14, 2024 | $49.8M | $54.1M | −$4.3M | $114.7M | 990 PDF |
| FY2022Filed with the IRS Nov 14, 2023 | $47.3M | $46.5M | $867K | $112.5M | 990 PDF |
| FY2021Filed with the IRS Nov 15, 2022 | $42.2M | $32.8M | $9.3M | $111.4M | 990 PDF |
| FY2020Filed with the IRS Nov 4, 2021 | $40.7M | $28.2M | $12.5M | $100.3M | 990 PDF |
Schedules filed Part IV
III · Programs
R · Related orgs
G · Fundraising
L · Interested persons
I · Grants
A · Public support
J · Pay
O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $49,789,985 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $6,919,728$7,940,988
I-9 Program service revenuePrior year $39,533,018$40,844,870
I-10 Investment incomePrior year $953,009$1,118,637
I-11 Other revenuePrior year −$72,708−$114,510
I-12 Total revenuePrior year $47,333,047$49,789,985
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 $15,001,536$14,908,526
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $31,464,839$39,216,955
I-18 Total expensesPrior year $46,466,375$54,125,481
I-19 Revenue less expensesPrior year $866,672−$4,335,496
Part VI · Governance 18 of 18 board members independent, no flags
VI-1a Voting members of the governing body18
VI-1b Independent voting members18
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $49,789,985 across 8 lines filed
Lines not itemized here account for $4,797,895 of total revenue; see the IRS return.
VIII-1c Fundraising events$441,390
VIII-1e Government grants$5,627,396
VIII-1f All other contributions, gifts and grants$1,757,692
VIII-1h Total contributions, gifts and grants$7,940,988
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $36,046,975$36,046,975
VIII-3 Investment incomeExcluded from tax $1,118,637$1,118,637
VIII-8 Net income from fundraising eventsExcluded from tax −$114,510−$114,510
VIII-12 Total revenueRelated to mission $40,844,870 · Unrelated business $0 · Excluded from tax $1,004,127$49,789,985
Part IX · Statement of functional expenses $54,125,481 across 16 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $942,522 · Management $220,446 · Fundraising $105,138$1,268,106
IX-7 Other salaries and wagesPrograms $7,640,798 · Management $3,032,256 · Fundraising $109,661$10,782,715
IX-9 Other employee benefitsPrograms $1,288,809 · Management $494,679 · Fundraising $26,597$1,810,085
IX-10 Payroll taxesPrograms $794,488 · Management $235,553 · Fundraising $17,579$1,047,620
IX-11a Management feesPrograms $870,549 · Management $346,922 · Fundraising $13,188$1,230,659
IX-11b Legal feesPrograms $59,728 · Management $17,123$76,851
IX-11c Accounting feesPrograms $97,290 · Management $38,118$135,408
IX-11g Other fees for servicesPrograms $31,842 · Management $6,735 · Fundraising $4,499$43,076
IX-13 Office expensesPrograms $1,031,605 · Management $411,105 · Fundraising $15,628$1,458,338
IX-16 OccupancyPrograms $13,111,717 · Management $998,593 · Fundraising $35,700$14,146,010
IX-19 Conferences, conventions and meetingsPrograms $102,343 · Management $73,678 · Fundraising $112,925$288,946
IX-20 InterestPrograms $8,421,358 · Management $250,652$8,672,010
IX-21 Payments to affiliatesPrograms $590,148 · Management $5,363$595,511
IX-22 Depreciation, depletion and amortizationPrograms $7,103,609 · Management $385,891$7,489,500
IX-23 InsurancePrograms $819,781 · Management $23,257$843,038
IX-24 Other expenses (24a–d)Programs $3,960,838 · Management $253,491 · Fundraising $23,279$4,237,608
IX-25 Total functional expensesPrograms $46,867,425 · Management $6,793,862 · Fundraising $464,194$54,125,481
Part X · Balance sheet $394,705,233 assets, 15 lines filed
Asset lines not itemized here account for $104,731,804; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,034,947$2,973,300
X-3 Pledges and grants receivableStart of year $435,578$205,039
X-4 Accounts receivableStart of year $3,518,458$6,021,814
X-9 Prepaid expenses and deferred chargesStart of year $6,393,534$8,673,518
X-10c Land, buildings and equipment, netStart of year $231,028,319$230,726,185
X-13 Program-related investmentsStart of year $37,648,797$37,695,837
X-15 Other assetsStart of year $1,673,506$3,677,736
X-16 Total assetsStart of year $381,603,055$394,705,233
X-17 Accounts payable and accrued expensesStart of year $2,794,096$3,503,812
X-25 Other liabilitiesStart of year $8,637,129$11,903,740
X-26 Total liabilitiesStart of year $269,084,897$279,979,236
X-27 Net assets without donor restrictionsStart of year $112,007,578$114,368,274
X-28 Net assets with donor restrictionsStart of year $510,580$357,723
X-32 Total net assets or fund balancesStart of year $112,518,158$114,725,997
X-33 Total liabilities and net assetsStart of year $381,603,055$394,705,233
Part XI · Reconciliation of net assets $114,725,997 net assets at year end
XI-1 Total revenue$49,789,985
XI-2 Total expenses$54,125,481
XI-3 Revenue less expenses−$4,335,496
XI-4 Net assets at start of year$112,518,158
XI-5 Net unrealized gains (losses) on investments−$2,229,408
XI-8 Prior period adjustments$11,790,725
XI-9 Other changes in net assets−$3,017,982
XI-10 Net assets at end of year$114,725,997
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
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