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Nonprofiteer
← ICA FUND

Form 990 for tax year 2023

Filed by ICA FUND.

Totals

Total revenue
$5,480,854
Total expenses
$4,993,871
Contributions and grants received
$5,222,984
Grants paid
$0
Program service revenue
$231,794
Investment income
$316
Other revenue
$25,760
Total assets, end of year
$22,824,034
Total liabilities, end of year
$9,245,209
Net assets or fund balances, end of year
$13,578,825
Program services expenses (Part IX)
$3,956,356
Management and general expenses
$303,373
Fundraising expenses
$734,142
Program service expenses (Part III)
$3,956,356

Program services were 79.2% 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.

  • 1f · All other contributions, gifts and grants

    $5,222,984

  • 1g · Noncash contributions included above

    $1,035

  • 2a · Program service revenue: PROGRAM RELATED INVEST

    total $231,794 · related or exempt $231,794

  • 7a · Gross sales of assets other than inventory

    securities $1,396

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

    securities $1,080

  • 7c · Gain or loss

    securities $316

  • 7d · Net gain or loss

    total $316 · excluded $316

  • 11a · Other revenue: OTHER INCOME

    total $25,760 · related or exempt $25,760

  • 11e · Other revenue, total

    $25,760

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,249,949 · program services $941,048 · management and general $67,623 · fundraising $241,278

  • 7 · Other salaries and wages

    total $1,552,892 · program services $1,176,918 · management and general $89,893 · fundraising $286,081

  • 8 · Pension plan contributions

    total $117,933 · program services $88,290 · management and general $6,777 · fundraising $22,866

  • 9 · Other employee benefits

    total $233,569 · program services $175,803 · management and general $17,831 · fundraising $39,935

  • 10 · Payroll taxes

    total $99,312 · program services $75,477 · management and general $7,945 · fundraising $15,890

  • 11b · Fees: legal

    total $52,521 · program services $47,269 · management and general $5,252

  • 11c · Fees: accounting

    total $76,292 · program services $7,629 · management and general $61,034 · fundraising $7,629

  • 11g · Fees: other

    total $157,781 · program services $142,003 · management and general $15,778

  • 12 · Advertising and promotion

    total $164,321 · program services $114,640 · management and general $769 · fundraising $48,912

  • 13 · Office expenses

    total $153,618 · program services $146,688 · management and general $2,896 · fundraising $4,034

  • 14 · Information technology

    total $77,707 · program services $58,230 · management and general $7,218 · fundraising $12,259

  • 16 · Occupancy

    total $156,283 · program services $118,775 · management and general $12,503 · fundraising $25,005

  • 17 · Travel

    total $39,669 · program services $27,768 · fundraising $11,901

  • 19 · Conferences, conventions and meetings

    total $27,651 · program services $19,356 · fundraising $8,295

  • 20 · Interest

    total $745,996 · program services $745,996

  • 22 · Depreciation, depletion and amortization

    total $5,514 · management and general $5,514

  • 23 · Insurance

    total $19,695 · program services $14,968 · management and general $1,576 · fundraising $3,151

  • 24a · Other expenses: LOAN LOSS RESERVE

    total $35,694 · program services $35,694

  • 24b · Other expenses: EVENT COSTS

    total $17,930 · program services $12,551 · fundraising $5,379

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $9,544 · program services $7,253 · management and general $764 · fundraising $1,527

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,184,070 · end of year $3,021,593

  • 2 · Savings and temporary cash investments

    beginning of year $5,115,683 · end of year $6,143,911

  • 3 · Pledges and grants receivable

    beginning of year $710,373 · end of year $775,533

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

    $58,878

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

    $58,878

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $1,080 · end of year $0

  • 13 · Investments: program-related

    beginning of year $10,197,738 · end of year $12,608,972

  • 14 · Intangible assets

    beginning of year $53,835 · end of year $110,676

  • 15 · Other assets

    beginning of year $108,521 · end of year $163,349

  • 17 · Accounts payable and accrued expenses

    beginning of year $392,811 · end of year $379,209

  • 19 · Deferred revenue

    beginning of year $0 · end of year $1,066,000

  • 24 · Unsecured notes and loans payable

    beginning of year $6,000,000 · end of year $7,800,000

  • 27 · Net assets without donor restrictions

    beginning of year $10,349,827 · end of year $11,066,178

  • 28 · Net assets with donor restrictions

    beginning of year $2,628,662 · end of year $2,512,647

Mission and programs · 2023

Mission

ICA ACCELERATES GREAT BUSINESSES THROUGH MENTORSHIP AND INVESTMENTS TO CLOSE THE RACIAL AND GENDER WEALTH GAPS. THIS CORPORATION PROVIDES COACHING, CONNECTIONS, AND CAPITAL TO THE ENTREPRENEURS IN THE NINE-COUNTY SAN FRANCISCO BAY AREA. THIS CORPORATION WORKS WITH LOW-INCOME ENTREPRENEURS, ENTREPRENEURS OF COLOR, WOMEN ENTREPRENEURS, AND ENTREPRENEURS WHO HAVE BEEN UNABLE TO ACCESS CAPITAL AND BUSINESS SERVICES SO THAT THEY CAN GROW THEIR BUSINESSES, CREATE GOOD JOBS, AND BUILD WEALTH FOR THEMSELVES AND THEIR WORKERS. THIS CORPORATION WILL ALSO CARRY ON OTHER CHARITABLE ACTIVITIES ASSOCIATED WITH ITS PURPOSE AS ALLOWED BY LAW.

Activities or mission (Part I)

PROVIDE COACHING, CONNECTIONS, AND CAPITAL TO GROW SAN FRANCISCO BAY AREA BUSINESSES.

  • 5 NEW WORKING CAPITAL LOANS, 3 NEW EQUITY INVESTMENTS, 3 NEW SAFE NOTES, 25 NEW IMPACT NOTES DEPLOYED TO SMALL BUSINESSES.

    Expenses $2,047,378

  • 69 ENTREPRENEURS SERVED THROUGH EDUCATION OFFERINGS.

    Expenses $1,908,978

  • 155 HOURS OF ADVISING HOURS PROVIDED TO SMALL BUSINESSES.

    Revenue $257,554

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JACK RUSSI

    CO-CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JIM HARRIS

    CO-CHAIR, INVESTMENT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JIM KING

    DEVELOPMENT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • DENNIS GREEN

    AUDIT COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • WILBUR HOBBS

    TREASURER, FINANCE COMMITTEE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • JUSTINA LAI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • AL DE ALMEIDA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • SEAN DANIEL MURPHY

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DON REINKE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • MONA MASRI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • SAHRA HALPERN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • PENINA GOODMAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • NICOLE AUYANG

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CONCHITA TUCKER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • ALLISON KELLY

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $333,824
    From this org
    $297,486
    From related orgs
    $0
    Other
    $36,338
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,486
    Bonus
    $50,000
    Other
    $0
    Deferred
    $7,888
    Nontaxable benefits
    $28,450
    Filer's total
    $333,824

  • DIANNA TREMBLAY

    CHIEF PROGRAM & STR INIT OFFICER

    Total calculated
    $242,756
    From this org
    $218,855
    From related orgs
    $0
    Other
    $23,901
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $187,355
    Bonus
    $31,500
    Other
    $0
    Deferred
    $6,945
    Nontaxable benefits
    $16,956
    Filer's total
    $242,756

  • JOHN GOUGH

    CHIEF INVESTMENT OFFICER

    Total calculated
    $264,576
    From this org
    $226,845
    From related orgs
    $0
    Other
    $37,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,415
    Bonus
    $33,430
    Other
    $0
    Deferred
    $6,102
    Nontaxable benefits
    $31,629
    Filer's total
    $264,576

  • DENNISE ESTRADA

    VP OF FIN & ADMIN

    Total calculated
    $236,599
    From this org
    $216,690
    From related orgs
    $0
    Other
    $19,909
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,100
    Bonus
    $20,590
    Other
    $0
    Deferred
    $6,501
    Nontaxable benefits
    $13,408
    Filer's total
    $236,599

  • YUI UENO

    SR. DIRECTOR OF INVESTMENT

    Total calculated
    $172,194
    From this org
    $156,782
    From related orgs
    $0
    Other
    $15,412
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,767
    Bonus
    $15,015
    Other
    $0
    Deferred
    $4,740
    Nontaxable benefits
    $10,672
    Filer's total
    $172,194

  • ERICA DIXON

    DIR OF MARKETING & COMMUNICATIONS

    Total calculated
    $132,868
    From this org
    $121,250
    From related orgs
    $0
    Other
    $11,618
    Hours/week
    40

  • CARON GUGSSA-HOWARD

    DIR OF PORTFOLIO MANAGEMENT

    Total calculated
    $149,809
    From this org
    $127,199
    From related orgs
    $0
    Other
    $22,610
    Hours/week
    40

  • SHIBISHA JOHNSON

    STRATEGY & INNOVATION CONSULTANT

    Total calculated
    $111,622
    From this org
    $111,622
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • VIOLA MAI

    DIRECTOR OF DEVELOPMENT

    Total calculated
    $132,321
    From this org
    $121,350
    From related orgs
    $0
    Other
    $10,971
    Hours/week
    40

  • HECTOR RAMOS

    INVESTMENT AND PROGRAM MANAGER

    Total calculated
    $115,630
    From this org
    $104,414
    From related orgs
    $0
    Other
    $11,216
    Hours/week
    40

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 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
1 November 2024
IRS schema version
2023v5.1
Source object
202433189349306868

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