I N V E S T M E N T R E P O RT 2018

A YEAR OF GROUNDWORKGrowth & Change, Making New Partnerships, Developing Staff

2018 REPORT New Partnerships…

buildings and programs

We formed a partnership with Human Good (formerly American Baptist Homes of the West), the largest non-profit senior living and affordable housing provider in the West, and its development arm, Beacon Development, to build a new independent living facility on our existing campus. Human Good’s goal is to build affordable housing, with thoughtful environmental and program design, innovative supportive services and ever-improving quality standards. So our missions match. It will be known as Northaven, a Human Good Community. We will provide services and programing options that integrate the new building into the rest of our campus, creating a unified community. This will be a couple of years of great change at Northaven. We are preparing for it with community meetings, question and answer forums and one on one conversations with residents.

In December, the Seattle Office of Housing awarded us $7.1 million toward the new building. Construction is slated to begin in March 2020 with VIA Architecture as the design firm and Walsh Construction as the builder.

“Transition is a tricky time. Some will be critical. Some will be slow to make friends,” says Northaven resident Pam Abas. “I say let us face this change together. Let us bond with our new neighbors.”

Northaven also sold a piece of our campus to Gaard Development, which will develop a workforce housing community on the site. Greg and Val Gorder created Gaard to increase the availability of workforce housing designed to offer affordable housing to working individuals and families who earn too much to qualify for low-income housing

but not enough to afford market rate housing, especially in Seattle’s hot rental market.

The new development will have a day care as well as common space that will be available to the whole campus. Our seniors can assist in the day care, and seniors, working families and children can gather in the common spaces for shared community activities.

As this project develops, we will keep looking for ways to build intergenerational community that builds rich, dynamic relationships and moves us out the model of senior only environments.

This creative partnership was nurtured along through the efforts of Kristin Ryan, a partner at barrientos RYAN, an urban real estate development firm in which Northaven once again found a likeminded, mission driven partner focused on making places, not just building buildings. They have a people-focused approach to developing mixed-use and multi-family housing by striving to intentionally create places where people want to live.

Mayor Durkan looks on as Northaven Resident Gwen Anderson speaks about the value of Northaven to her and looking forward to sharing that with new residents.

December’s announcement of City funding represents the starting whistle for a fast race toward construction of a brand new affordable housing building to complement the existing Northaven campus. Beacon Development Group and HumanGood are tremendously excited to be a part of this team and to see the investment of time and energy paying off in such a rewarding way.

—Brian Lloyd, Vice-President, Beacon Development

We formed Gaard development in 2017 to address Seattle’s need for workforce affordable housing. Our first project in the Chinatown International District will open in May, offering 84 units to qualified tenants earning between $35,000–85,000 in annual household income. For our second project, we look forward to collaborating with the Northaven Group to continue our work providing workforce housing with their vision of a multigenerational campus. We’re pleased to work with Northaven who shares our mission for developing community around affordable housing for the hard working people of Seattle.

—Val Gorder

Kristin Ryan Greg Gorder Val Gorder

Mayor Durkan announcing the nine projects awarded City of Seattle funding in December 2018 at a press conference held at Northaven.

Mayor Durkan, State Senator David Frockt, Northaven Executive Director Darlene Storti and resident Gwen Anderson.

Wolf Saar and Bethany Madsen from VIA Architecture designed the new building.

2018 INVESTORS

I N D I V I D UA L S

$10,001–$25,000

Douglas & Carol Boseck

$5,001–$10,000Mary HarsilaTheresa Peloso &

Joe SarulloEstate of Retta Rodal

$1,001–$5,000Vikas Bhatia &

Hemangi ParabCarol DotchinRoger & Kathy EdmarkKent & Jeanne GregoryMagda & George

HannaLeanne & Jay

HarringtonMichael & Jana

HelmuthFritz KingJustin Meith &

Tory BrowningWilly MooymanRobert & Catherine

ObergGrace RoopWolf & Leilani Saar

Joanne & Bill Shoemaker

Sarajane SiegfriedtPete & Darlene StortiGary & Rebecca

StreitmatterVirginia Todd BlakeColette & Kurt WilsonYiling Wong &

Kris Jonson

$501–$1,000Mark BelcherJack BuceJamie BurnsJohn & Heidi ChallyTracy CudaWilliam H. Dorn IV

& Norman VorkGrace EdmarkAna GonzalezGreg GustafsonPaul JonesKarol KingAnn KoepkeHarriet & Steve KoschoBradford & Robin

KroppAnn & Chuck LoomisMark LyonsKaren Nordby

Alessandra PollockC. & Mary SankaranTom SchnetzerDarcy SchroederEric & Megan SeebLisa SilvestreKathy & Greg SpringEd & Kathy SternerMartin StrandRon Strouss &

Doreen TeraoKaren & Tom ThemelisNora VivarelliKristina Walker

$251–$500Margaret AndersonKathryn & James

AnshutzVic & Cara BlindheimElsa & David BowmanRachel BrideJoan BrownRyan DammeierGeorge & Betty DeBonMargaret DorePauline & Daniel DoyleCheryl & Eric EmmerJo Anne FoxDeborah Gleeson

& Brian SmithMichele Hamilton-

Lane & Douglas LaneCindy HarmsWilliam & Sylvia

HershbergerFree & Melissa Hinton

Kathryn KellyGary & Maria

KirchbergerMyrna LatschawMary LeeDave Logan & JoAnna

WehrweinGreg & Jenni LoretiCarin MackJanelle McFallsKaren & Dr. Dee

McGonigleRena MeffordMichele MeithMonika MiresLuke Morse &

Jayme Van OotMary & Jay

QuartermanStephen RaymondKeith & Nola RussellDoug ShawAndrew & Courtney

Storti

UP TO $250Bruce AbasPamela AbasSamuel AbbottJillian AndrewsAnonymousJim & Goldie BarnesMaxine BiresJim BodoiaShirley BonneyTom BowmanCharlotte Boynton

Wayne & Barbara Bradford

In memory of Anna LaRiviere

Jo BrodahlRobert & April BrownGlenn BrumbaughCharles & Gail

BuchananJudy BurtMarguerite CarpenterJan CastanoHeidi ChallyAnne-Marie ChrisafisCorian ClarkMathew CrabtreeMartha CramerAllison DaveyGretta DavisMargaret DeSousaJustin DieterJeanne DilcherMary Ann DouglasDr. Stephen &

Gabrielle DudleyNancy DuryeaShirley DuryeaCarol EggenJan EllichmanSue ErbDonna FaheyJohn Fahey &

Marion MohrlokDeirdre FitzpatrickMarcus & Lorna ForgeyJackie GauseLynn & Paul GracyJody Grant

Kathleen GreenFawn GregoryJackie GriffinDonald R. GundersonIrene HaddowAlice & Thomas HansonDiane Hart-HamiltonSylvia HavenSabina HavkinsMari Anne HazenJana Helmuth, CPALori HigaValerie & Gregg HillDavid Horsey & Nole

Ann Ulrey-HorseyJoy JacobsonKate JacobsonElsie JorgensenCecily KaplanCarole Kassir-GarciaJerry KaufmanMichael KeussSheila & Rod KingRobert & Linda

KnickerbockerAlex KosyukKarol & Peter LakeJeni Largent

Dana LashbaughEvelyn LeckronZelma LillJohn MadjidNicole MakrisJeanne MarkerGreta & Edward MarksPeggy McCarthyVicki & Kenneth

G. McNewGordon & Carolyn

MerrittAlan MerryNancy MillerMichael MilliganCynthia MlameyMarjorie NehringLinda Sue NelsonMark & Yoko OldsMaria OralloTed OrmbrekDiana & John PhilbeckMargaret PhillipsPam PhillipsChris PooleDawn PorterMarjorie PortinTeresa T. & Richard

J. Rafael

William & Sally RakerSonia & Bruce RansomMary RichterEvelyn RipleyJoe RobinsonAnn RodgersMark & Elizabeth

RosenwinkelKristin RyanJanet Salsbury &

Stephen HowardMardette SandersTodd & Janis SandhopFred SayerBarbara SchielmannJeff SeebJim & Lisa SeebCynthia ShulmanElysia SlakieJoyce SmithSean SnyderBruce SpenceJeremy SpringJessica SpringTaylor SpringJulie SteelyGayle StrotherVirginia Swale

Carlee SwayneMary Tenhoff-BartonOliver ThomassenMarilyn ThompsonBen TrogdonPenny Tuft SeegerPatricia TullyCarol TwentyfiveOmkarnath VaitiLeslie VorkDylan Weed

Olive WhiteForrest WilkinsonKyle Willett &

Susannah LewisRick WilsonMIchael WishkoskiLouetta WoodNancy WoogerdJohn & Martha

Worcester

CO R P O R AT E G I F T S

$1,001–$5,000Mercury Pharmacy

ServicesPremera Blue Cross

$501–$1,000Beacon Development

Group

VIA Architecture

UP TO $250Olympic View

Community ChurchSchemata Workshop

Elderwise comes to Assisted LivingElderwise invites adults living with memory loss to creatively and meaningfully engage with each other through art, discussion, movement, and shared meals. Elderwise creates space for adults to age well through an adult day program within our Assisted Living as well as outreach programs, and special events held

around the Puget Sound.Every day, Elderwise artists generate new ways of relating and connecting to one another, to the wider community, and to themselves. This partnership allows members of our community who are living with increasing memory loss to experience another level of care and seniors

living in with memory loss in the broader community now have a safe and supportive and creative day care space to come to at Northaven.

FINANCIAL SUMMARIES

I N D E P E N D E N T L I V I N G

RevenueRental .............................................. $2,057,349.00 Service ................................................ $486,656.00 Other .................................................... $68,698.00 Total Revenue ........................... $2,612,703.00

Total Expenses .......................... $2,716,278.00 Change in Net Deficit ........................ $(103,573.00)Net Deficit at Beginning of Year ........ $(848,512.00)Net Defcit at the End of Year ........ $(952,085.00)

St a t e m e n t o f Fi n a n c i a l Po s i t i o n

AssetsCurrent ............................................... $166,807.00 Tenant Security Deposits .................... $107,711.00 Restricted Deposits ............................. $748,107.00 Property and Equipment ................. $5,363,890.00 Total Assets ............................... $6,386,515.00

LiabilitiesCurrent ............................................... $277,099.00 Tenant Security Deposit ...................... $107,051.00 Long-Term ........................................ $6,954,450.00 Total Liabilities ......................... $7,338,600.00 Net Deficit .......................................... $(952,085.00)Total Liabilities and Net Deficit .. $6,386,515.00

* Property Development dollars have supported

pre-development costs for the two new building

projects described in the report.

FOR THE YEAR ENDED DECEMBER 31, 2018 Developing tomorrow’s leaders

Northaven is investing in our front line staff to develop our leaders for tomorrow. Four young members of our staff—Emily Glaze, Allison Mims, Katie Storti and Lacey Lober—participated in the LeadingAge Leadership Institute, which provides meaningful leadership and growth opportunities emphasizing the vital importance of relationship building, emotional intelligence and transformational leadership skills.

While investing in current staff has always been good policy, it has become more crucial as it becomes harder to find workers committed to senior care and as our current leaders begin to approach retirement.

Developing leaders from within means tomorrow’s leaders will be steeped in Northaven’s culture and committed to our mission.

…a great opportunity to experience strong leaders in our senior communities. They set the tone for our success throughout the program year. Hands down, the best opportunity to develop my leadership strengths and continue my leadership development.

—Allison Mims

Leadership Institute has been a great way to pull me out of my comfort zone and has allowed me to think outside of the everyday box. It has brought forth a refreshing perspective, and each time I come back from a session I am eager to bring new ideas and share my enthusiasm with my team. It’s truly given me opportunity that is irreplaceable!

—Emily Glaze

A S S I ST E D L I V I N G

RevenueServices/Housing ............................. $1,527,690.00 Fund Raising ....................................... $272,759.00 Unrealized Gains on Investments ........ $(11,373.00)Total Revenue ........................... $1,789,076.00

ExpensesServices/Housing ............................. $1,718,327.00 Fundraising ...........................................$50,282.00Total Expenses .......................... $1,768,609.00

Grants to Operating BudgetServices/Housing ................................ $162,110.00 Property Development* ....................... $59,780.00 Fixed Assets .......................................... $16,978.00 Total Grants.................................. $238,868.00

Total Disbursements ................. $2,007,477.00 Change in Net Deficit ........................... $20,467.00 Net Assets Contributed by Related Entity ................................. $223,346.00 Net Deficit at the End of the Year ............................ $(432,634.00)

St a t e m e n t o f Fi n a n c i a l Po s i t i o n

AssetsCurrent ............................................... $176,138.00 Property and Equipment ................. $1,044,899.00 Other Assets ........................................ $546,952.00 Total Assets ............................... $1,767,989.00

LiabilitiesCurrent ............................................... $682,426.00 Tenant Security Deposit ........................ $46,930.00 Long-Term ........................................ $1,471,267.00 Total Liabilities ......................... $2,200,623.00 Net Deficit .......................................... $(432,634.00)Total Liabilities and Net Deficit ...$1,767,989.00

TRUSTEES & LEADERS

BOARD OF TRUSTEES

Theresa Peloso, President Director, Group & Product Implementation Premera

Magda S. Hanna, MN, RN, Vice-President Nurse Manager Harborview Medical Center

Justin Meith, Treasurer Portfolio Manager Wells Fargo

Karen C. Themelis, Secretary Assistant to Jenny Wetzel, Vice-President, Employee & Labor Relations Kaiser Permanente

Vikas Bhatia, Director Principal Program Manager Microsoft Corporation

L. Kent Gregory, AIA, Director Principal TGB Architects

Eric E. Seeb, Director Senior Program Manager, Social Responsibility Amazon

Sarajane Siegfriedt, Director Housing & Human Services Advocate

Virginia Swale, Director Northaven Resident

Colette Wilson, Director VP / GM Account Management Optum

Yiling J. Wong, Director Senior Communications Manager Capitol Hill Housing

2018–2019 Board Fellows

University of Washington Foster School of Business

Amy Gabriel Master’s in Public Administration Candidate—Evans School of Public Policy & Governance Secretary, University of Washington Graduate & Professional Student Senate

Ginny Minjin Song  Master of Social Work Student (Multigenerational Practice) MSW Intern, Alzheimer’s Association

Board Members Emeriti

George A. DeBon Retired Chairman, Loomis, Community Volunteer

Roger M. Edmark Boeing, Retired

Jeanne H. Hayden Northaven Resident

Sandi M. Keuss Northaven Administrator, Retired / Community Volunteer

Fred M. Utter Affiliate Faculty UW School of Aquatic & Fishery Sciences

V I S I T U S O N L I N E : n o r t h a v e n s e n i o r l i v i n g . o rg

L E A D E R S H I P

Darlene Storti, Executive Director

Mary Quarterman, RN, BSN, Director of Assisted Living

William H Dorn IV, Director of Development