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Nonprofiteer
← LIFTFUND INC

Form 990 for tax year 2023

Filed by LIFTFUND INC.

Totals

Total revenue
$40,563,122
Total expenses
$40,111,518
Contributions and grants received
$29,182,853
Grants paid
$17,311,324
Program service revenue
$10,427,112
Investment income
$921,897
Other revenue
$31,260
Total assets, end of year
$98,180,991
Total liabilities, end of year
$60,372,745
Net assets or fund balances, end of year
$37,808,246
Program services expenses (Part IX)
$36,604,564
Management and general expenses
$2,032,789
Fundraising expenses
$1,474,165
Program service expenses (Part III)
$36,604,564

Program services were 91.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $24,481,802

  • 1f · All other contributions, gifts and grants

    $4,701,051

  • 1g · Noncash contributions included above

    $1,737,121

  • 2a · Program service revenue: LOAN INTEREST AND FEES

    total $7,747,210 · related or exempt $7,747,210

  • 2b · Program service revenue: PORTFOLIO MANAGEMENT SVC

    total $131,988 · related or exempt $131,988

  • 2c · Program service revenue: SBA 504 REVENUE

    total $2,547,914 · related or exempt $2,547,914

  • 3 · Investment income

    total $335,049 · excluded $335,049

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $31,260

  • 6c · Rental income or loss

    real property $31,260

  • 6d · Net rental income or loss

    total $31,260 · excluded $31,260

  • 7a · Gross sales of assets other than inventory

    other assets $11,722,501

  • 7b · Less cost or other basis and sales expenses

    other assets $11,135,653

  • 7c · Gain or loss

    other assets $586,848

  • 7d · Net gain or loss

    total $586,848 · related or exempt $586,848

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $17,311,324 · program services $17,311,324

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $383,290 · program services $306,585 · management and general $39,657 · fundraising $37,048

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $8,650,310 · program services $6,919,182 · management and general $895,008 · fundraising $836,120

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $1,397,706 · program services $1,071,066 · management and general $225,914 · fundraising $100,726

  • 10 · Payroll taxes

    total $689,740 · program services $554,999 · management and general $69,388 · fundraising $65,353

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $72,808 · program services $50,965 · management and general $16,018 · fundraising $5,825

  • 11c · Fees: accounting

    total -$91,858 · program services -$55,115 · management and general -$36,743

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,334,059 · program services $1,198,715 · management and general $90,245 · fundraising $45,099

  • 12 · Advertising and promotion

    total $390,161 · program services $273,113 · fundraising $117,048

  • 13 · Office expenses

    total $77,179 · program services $46,770 · management and general $22,300 · fundraising $8,109

  • 14 · Information technology

    total $1,378,078 · program services $964,655 · management and general $303,177 · fundraising $110,246

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $269,511 · program services $188,657 · management and general $59,293 · fundraising $21,561

  • 17 · Travel

    total $174,736 · program services $122,315 · management and general $38,442 · fundraising $13,979

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $137,154 · program services $96,008 · management and general $30,174 · fundraising $10,972

  • 20 · Interest

    total $1,138,948 · program services $1,138,948

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $597,419 · program services $419,193 · management and general $130,432 · fundraising $47,794

  • 23 · Insurance

    total $271,932 · program services $190,352 · management and general $59,825 · fundraising $21,755

  • 24a · Other expenses: LOAN LOSS PROVISION

    total $2,192,956 · program services $2,192,956

  • 24b · Other expenses: IN-KIND INTEREST

    total $1,737,121 · program services $1,737,121

  • 24c · Other expenses: PORTFOLIO EXPENSES

    total $1,198,399 · program services $1,198,399

  • 24d · Other expenses: PROGRAM EXPENSES

    total $393,723 · program services $393,723

  • 24e · All other expenses

    total $406,822 · program services $284,633 · management and general $89,659 · fundraising $32,530

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,615,597 · end of year $19,225,728

  • 2 · Savings and temporary cash investments

    beginning of year $3,964,247 · end of year $3,750,124

  • 3 · Pledges and grants receivable

    beginning of year $3,265,778 · end of year $1,535,852

  • 4 · Accounts receivable

    beginning of year $1,399,573 · end of year $2,110,998

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $52,279,913 · end of year $53,960,606

  • 8 · Inventories for sale or use

    beginning of year $11,000 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $512,158 · end of year $632,228

  • 10a · Land, buildings and equipment: cost or other basis

    $14,671,424

  • 10b · Land, buildings and equipment: accumulated depreciation

    $6,666,731

  • 10c · Land, buildings and equipment, net

    beginning of year $7,838,957 · end of year $8,004,693

  • 11 · Investments: publicly traded securities

    beginning of year $9,126,708 · end of year $8,134,270

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $826,492 · end of year $826,492

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,923,458 · end of year $1,918,428

  • 18 · Grants payable

    beginning of year $1,693,776 · end of year $669,641

  • 19 · Deferred revenue

    beginning of year $2,271,551 · end of year $2,370,755

  • 23 · Secured mortgages and notes payable

    beginning of year $5,721,493 · end of year $6,312,201

  • 24 · Unsecured notes and loans payable

    beginning of year $25,471,003 · end of year $39,101,720

  • 25 · Other liabilities

    beginning of year $9,402,500 · end of year $10,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $36,931,654 · end of year $37,543,258

  • 28 · Net assets with donor restrictions

    beginning of year $424,988 · end of year $264,988

Mission and programs · 2023

Mission

LIFTFUNDS MISSION IS TO PROVIDE CAPITAL AND OTHER SERVICES TO UNDERSERVED SMALL BUSINESSES AND ENTREPRENEURS. THROUGH ITS PRODUCTS AND SERVICES, LIFTFUND HELPS SMALL BUSINESSES AND ENTREPRENEURS STRENGHTEN THEIR BUSINESSES, STABILIZE AND INCREASE THEIR INCOMES, CREATE ADDITIONAL EMPLOYMENT AND CONTRIBUTE TO THE ECONOMIC DEVELOPMENT OF THEIR COMMUNITIES.

  • LIFTFUND PROVIDES CREDIT AND OTHER SERVICES TO SMALL BUSINESSES THAT DO NOT HAVE ACCESS TO LOANS FROM COMMERCIAL SOURCES. UNDER DIRECT LENDING OPERATIONS, LIFTFUND PROVIDED 804 MICRO AND SMALL BUSINESS LOANS, AND UNDER THE SBA 504 PROGRAM, 37 NEW LOANS WERE CLOSED IN THE FISCAL YEAR ENDED 12/31/2023. WITH MORE THAN $58 MILLION IN LOANS OUTSTANDING AS OF DECEMBER 31, 2023, LIFTFUND IS REGARDED AS ONE OF THE LARGEST AND BEST PERFORMING MICROFINANCE INSTITUTIONS IN THE UNITED STATES. LIFTFUND COMPLEMENTED ITS CAPITAL WITH 7,137 HOURS OF TECHNICAL ASSISTANCE PROVIDED TO 4,969 ENTREPRENEURS. THROUGH ITS LOANS AND SERVICES, LIFTFUND HAS HELPED CREATE OR RETAIN THOUSANDS OF JOBS IN LOW TO MODERATE INCOME AREAS, CONTRIBUTING TO THE ECONOMIC REVITALIZATION OF UNDERSERVED COMMUNITIES.

    Expenses $19,293,240 · Revenue $10,427,112

  • DURING THE YEAR ENDED DECEMBER 31, 2023, LIFTFUND WORKED WITH SEVERAL CITIES, COUNTIES AND MUNICIPALITIES TO HELP DISTRIBUTE FEDERAL AMERICAN RESCUE PLAN ACT (ARPA) GRANTS AS A SUBRECIPIENT TO SMALL BUSINESSES THROUGHOUT THE YEAR IN RESPONSE TO THE COVID-19 PANDEMIC. LIFTFUND AWARDED 904 GRANTS TO VARIOUS SMALL BUSINESSES THROUGHOUT THE COMMUNITIES WE SERVE AMOUNTING TO OVER $17 MILLION IN BUSINESS SUPPORT FUNDING.

    Expenses $17,311,324 · Grants $17,311,324 · Revenue $17,311,324

As filed on the 2023 return.

Listed in Part VII

  • Janie Barrera

    Founder and SVP

    Total calculated
    $257,072
    From this org
    $257,072
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $197,072
    Bonus
    $60,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $257,072

  • Amy Hereford

    GENERAL COUNSEL

    Total calculated
    $247,587
    From this org
    $247,587
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,481
    Bonus
    $36,106
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $247,587

  • Nelly Rojas-Moreno

    COO/CFO

    Total calculated
    $235,360
    From this org
    $235,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,381
    Bonus
    $25,979
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $235,360

  • Adrian Gonzalez

    CHIEF CDC OFFICER

    Total calculated
    $170,485
    From this org
    $170,485
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,658
    Bonus
    $16,827
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $170,485

  • Christopher Allen

    SVP SBA 504

    Total calculated
    $165,858
    From this org
    $165,858
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $75,285
    Bonus
    $2,109
    Other
    $88,464
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $165,858

  • Michael Coulter

    CHIEF LENDING OFF.

    Total calculated
    $151,355
    From this org
    $151,355
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,140
    Bonus
    $3,215
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $151,355

  • Laurie A Vignaud

    President & CEO

    Total calculated
    $126,218
    From this org
    $126,218
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • Jimmie Keenan

    Director

    Total calculated
    $0
    Hours/week
    1

  • Yoly Davila

    Director

    Total calculated
    $0
    Hours/week
    1

  • William Brown

    Director

    Total calculated
    $0
    Hours/week
    1

  • Jeff Brouillard

    Chairman

    Total calculated
    $0
    Hours/week
    1

  • Dr Dianna Burns-Banks MD

    Director

    Total calculated
    $0
    Hours/week
    1

  • Rhonda McGown

    Director

    Total calculated
    $0
    Hours/week
    1

  • John Chamberlain

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • James Dreibelbis

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Vikram S Bajaj

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ramiro Cavazos

    Director

    Total calculated
    $0
    Hours/week
    1

  • Michele Hoskins PhD

    Director

    Total calculated
    $0
    Hours/week
    1

  • Steven Lackowski

    Treasurer

    Total calculated
    $0
    Hours/week
    1

  • William Moll

    Director

    Total calculated
    $0
    Hours/week
    1

  • Ana Rodriguez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Brandi Carberry-Vitier

    Director

    Total calculated
    $0
    Hours/week
    1

  • Richard Perez

    Director

    Total calculated
    $0
    Hours/week
    1

  • Rolando G Barrera

    Director

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • controlled entity

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • LIFTFUND FUNDING LLC

    RELATED · LENDING CAPITAL · TX · general or managing partner

  • LIFTFUND FUNDING II LLC

    RELATED · LENDING CAPITAL · TX · share of income $6,270 · general or managing partner

  • LIFTFUND FUNDING III LLC

    RELATED · LENDING CAPITAL · TX · share of income $7,500 · general or managing partner

  • LIFTFUND FUNDING IV LLC

    RELATED · LENDING CAPITAL · TX · share of income $2 · general or managing partner

  • LIFTFUND FUNDING V LLC

    RELATED · LENDING CAPITAL · TX · share of income $2,310

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202432969349300638

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