Totals
- Total revenue
- $13,403,959
- Total expenses
- $9,060,343
- Contributions and grants received
- $9,761,513
- Grants paid
- $0
- Program service revenue
- $3,194,209
- Investment income
- -$1,048
- Other revenue
- $449,285
- Total assets, end of year
- $40,451,243
- Total liabilities, end of year
- $19,696,954
- Net assets or fund balances, end of year
- $20,754,289
- Program services expenses (Part IX)
- $7,442,118
- Management and general expenses
- $826,176
- Fundraising expenses
- $792,049
- Program service expenses (Part III)
- $7,442,118
Program services were 82.1% 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)
$462,723
-
1f · All other contributions, gifts and grants
$9,298,790
-
2a · Program service revenue: PROGRAM FEES
total $2,272,018 · related or exempt $2,272,018
-
2b · Program service revenue: LOAN PORTFOLIO INCOME
total $922,191 · related or exempt $922,191
-
3 · Investment income
total $27,361 · excluded $27,361
-
7a · Gross sales of assets other than inventory
other assets $27,297,215
-
7b · Less cost or other basis and sales expenses
other assets $27,325,624
-
7c · Gain or loss
other assets -$28,409
-
7d · Net gain or loss
total -$28,409 · related or exempt -$28,409
-
11a · Other revenue: LOAN RECOVERY INCOME
total $444,219 · related or exempt $444,219
-
11b · Other revenue: OTHER REVENUE
total $5,066 · related or exempt $5,066
-
11e · Other revenue, total
$449,285
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $755,914 · program services $597,172 · management and general $60,473 · fundraising $98,269
-
7 · Other salaries and wages
total $3,713,279 · program services $2,891,778 · management and general $485,146 · fundraising $336,355
-
8 · Pension plan contributions
total $52,997 · program services $41,369 · management and general $6,488 · fundraising $5,140
-
9 · Other employee benefits
total $595,945 · program services $464,854 · management and general $74,469 · fundraising $56,622
-
10 · Payroll taxes
total $370,450 · program services $289,170 · management and general $45,352 · fundraising $35,928
-
11b · Fees: legal
total $66,188 · program services $66,188
-
11g · Fees: other
total $436,718 · program services $257,044 · management and general $46,268 · fundraising $133,406
-
12 · Advertising and promotion
total $21,540 · program services $12,678 · management and general $2,282 · fundraising $6,580
-
13 · Office expenses
total $389,056 · program services $369,082 · management and general $11,145 · fundraising $8,829
-
14 · Information technology
total $740,039 · program services $663,885 · management and general $22,397 · fundraising $53,757
-
16 · Occupancy
total $271,400 · program services $211,853 · management and general $33,225 · fundraising $26,322
-
17 · Travel
total $42,462 · program services $33,146 · management and general $5,198 · fundraising $4,118
-
19 · Conferences, conventions and meetings
total $2,327 · program services $1,816 · management and general $285 · fundraising $226
-
20 · Interest
total $360,879 · program services $360,879
-
22 · Depreciation, depletion and amortization
total $124,741 · program services $97,372 · management and general $15,271 · fundraising $12,098
-
23 · Insurance
total $58,253 · program services $45,472 · management and general $7,131 · fundraising $5,650
-
24a · Other expenses: LOAN LOSS PROVISION
total $956,523 · program services $956,523
-
24b · Other expenses: STAFF DEVELOPMENT
total $72,686 · program services $56,738 · management and general $8,899 · fundraising $7,049
-
24c · Other expenses: RECRUITMENT
total $16,632 · program services $12,983 · management and general $2,036 · fundraising $1,613
-
24d · Other expenses: MISC
total $12,314 · program services $12,116 · management and general $111 · fundraising $87
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $17,309,788 · end of year $15,570,383
-
2 · Savings and temporary cash investments
beginning of year $3,448,830 · end of year $559,405
-
3 · Pledges and grants receivable
beginning of year $1,465,758 · end of year $2,398,670
-
4 · Accounts receivable
beginning of year $141,272 · end of year $154,232
-
7 · Other notes and loans receivable
beginning of year $19,468,232 · end of year $17,299,175
-
9 · Prepaid expenses and deferred charges
beginning of year $93,311 · end of year $289,439
-
10a · Land, buildings and equipment: cost or other basis
$1,339,716
-
10b · Land, buildings and equipment: accumulated depreciation
$1,211,839
-
10c · Land, buildings and equipment, net
beginning of year $227,164 · end of year $127,877
-
15 · Other assets
beginning of year $3,623,457 · end of year $4,052,062
-
17 · Accounts payable and accrued expenses
beginning of year $932,472 · end of year $1,286,663
-
19 · Deferred revenue
beginning of year $2,026,607 · end of year $18,066
-
23 · Secured mortgages and notes payable
end of year $3,480,964
-
24 · Unsecured notes and loans payable
beginning of year $26,129,237 · end of year $14,623,080
-
25 · Other liabilities
beginning of year $278,823 · end of year $288,181
-
27 · Net assets without donor restrictions
beginning of year $12,583,231 · end of year $14,752,757
-
28 · Net assets with donor restrictions
beginning of year $3,827,442 · end of year $6,001,532
Mission and programs · 2022
Mission
ASCENDUS EMPOWERS LOW-TO-MODERATE INCOME BUSINESS OWNERS THROUGH ACCESS TO CAPITAL AND FINANCIAL EDUCATION. WITH ECONOMIC OPPORTUNITY, THESE ENTREPRENEURS, OFTEN MINORITIES AND WOMEN, CAN BUILD ASSETS, BETTER PROVIDE FOR THEIR FAMILIES, CREATE EMPLOYMENT AND STRENGTHEN THEIR COMMUNITIES.
-
ASCENDUS HAS TWO PRIMARY PROGRAMS, THE LARGEST OF WHICH IS THE PROVISION OF MICROLOANS AND DEVELOPMENT SERVICES TO MICRO-ENTREPRENEURS. THE ORGANIZATION SERVES LOW-TO MODERATE-INCOME, MINORITY, IMMIGRANT AND WOMEN ENTREPRENEURS, POPULATIONS THAT LACK ACCESS TO MAINSTREAM CREDIT SOURCES. WITH ACCESS TO CREDIT, OUR CLIENTS GO ON TO BUILD ASSETS, GROW HOUSEHOLD INCOMES AND CREATE JOBS FOR THEMSELVES AND OTHERS WITHIN THEIR LOCAL COMMUNITIES.
Expenses $7,102,259 · Revenue $3,259,031
-
ASCENDUS IS A CERTIFIED COMMUNITY ADVANTAGE LENDER UNDER THE U.S. SMALL BUSINESS ADMINISTRATION. THROUGH THIS PROGRAM, ASCENDUS OFFERS SMALL BUSINESS LOANS RANGING FROM $50,000 TO $250,000 AND TECHNICAL ASSISTANCE TO SMALL BUSINESS OWNERS IN THE FOURTEEN STATES IN WHICH IT IS REGISTERED (CT, DE, FL, GA, MA, MD, NC, NH, NJ, NY, PA, RI, SC, VA).LOANS ARE PARTIALLY GUARANTEED BY THE SBA AND HAVE TERMS UP TO 10 YEARS, PROVIDING ASCENDUS THE FLEXIBILITY TO LEND TO GROWING SMALL BUSINESSES, WITHOUT SACRIFICING THE AFFORDABLE PAYMENTS THAT MAKE OUR LOANS ACCESSIBLE TO UNDERSERVED BUSINESSES.
Expenses $339,859 · Revenue $356,054
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Amy HellenAMY HELLEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Colleen GalvinCOLLEEN GALVIN
VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Daniel DelehantyDANIEL DELEHANTY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jas Jeet SinghJAS JEET SINGH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jerome WeissJEROME WEISS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Joseph HernandezJOSEPH HERNANDEZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Kimberly JohnsonKIMBERLY JOHNSON
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Laura MillerLAURA MILLER
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
Lisa ServonLISA SERVON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Pablo CortinaPABLO CORTINA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Perri RichmondPERRI RICHMOND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Roshelle NagarROSHELLE NAGAR
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Stephen CassellSTEPHEN CASSELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Sudhir JainSUDHIR JAIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Tyler Van GundyTYLER VAN GUNDY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Zara IngilizianZARA INGILIZIAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Ana HammockANA HAMMOCK
CHIEF LENDING OFFICER
- Total calculated
- $185,332
- From this org
- $185,053
- From related orgs
- $0
- Other
- $279
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $178,145
- Bonus
- $6,908
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $279
- Filer's total
- $185,332
-
Ayaz KhanAYAZ KHAN
CFO (OUTGOING)
- Total calculated
- $153,232
- From this org
- $147,221
- From related orgs
- $0
- Other
- $6,011
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $118,811
- Bonus
- $410
- Other
- $28,000
- Deferred
- $0
- Nontaxable benefits
- $6,011
- Filer's total
- $153,232
-
Paul QuinteroPAUL QUINTERO
CEO
- Total calculated
- $417,339
- From this org
- $387,981
- From related orgs
- $0
- Other
- $29,358
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $331,758
- Bonus
- $56,223
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $29,358
- Filer's total
- $417,339
-
Andrea IeraceANDREA IERACE
VP OF LENDING
- Total calculated
- $142,774
- From this org
- $133,171
- From related orgs
- $0
- Other
- $9,603
- Hours/week
- 40
-
Fabiana A EstradaFABIANA A ESTRADA
DIRECTOR OF LENDING
- Total calculated
- $168,153
- From this org
- $149,979
- From related orgs
- $0
- Other
- $18,174
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $128,780
- Bonus
- $21,199
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $18,174
- Filer's total
- $168,153
-
Jennifer SpazianoJENNIFER SPAZIANO
V.P. TECH & INNOVATION
- Total calculated
- $142,439
- From this org
- $142,439
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Rodrigo CerveiraRODRIGO CERVEIRA
V.P. CREDIT RISK & LOAN SE
- Total calculated
- $184,228
- From this org
- $155,916
- From related orgs
- $0
- Other
- $28,312
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $132,794
- Bonus
- $23,122
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $28,312
- Filer's total
- $184,228
-
Victoria N RichardsonVICTORIA N RICHARDSON
V.P OF DEVELOPMENT & COMMUNICATIONS
- Total calculated
- $166,938
- From this org
- $137,420
- From related orgs
- $0
- Other
- $29,518
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $114,906
- Bonus
- $22,514
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $29,518
- Filer's total
- $166,938
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 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4a · Severance or change-of-control payment
- 7 · Other non-fixed payments
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
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 4A
- AYAZ KHAN RECEIVED THE SEVERANCE PAY OF $28,000 AND IT IS REPORTED IN COLUMN B(III).
- PART I, LINE 7
- THE BOARD APPROVES THE SUCCESS SHARE PLAN BONUS OF DIRECTORS BASED ON THE RECOMMENDATION AND REVIEW OF THE FINANCE COMMITTEE.
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
- 2022
- Filed
- 2 October 2023
- IRS schema version
- 2022v5.0
- Source object
- 202312859349302346
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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