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← MISSION ASSET FUND

Form 990 for tax year 2023

Filed by MISSION ASSET FUND.

What the amendment changed

Compared with the return it replaced , filed 27 August 2024. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Both are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$8,886,025
Total expenses
$20,173,222
Contributions and grants received
$7,448,470
Grants paid
$10,442,696
Program service revenue
$270,752
Investment income
$1,166,803
Other revenue
$0
Total assets, end of year
$31,396,965
Total liabilities, end of year
$3,633,682
Net assets or fund balances, end of year
$27,763,283
Program services expenses (Part IX)
$18,461,417
Management and general expenses
$1,125,337
Fundraising expenses
$586,468
Program service expenses (Part III)
$18,461,417

Program services were 91.5% 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)

    $3,450,352

  • 1f · All other contributions, gifts and grants

    $3,998,118

  • 2a · Program service revenue: PROGRAM SERVICE & LICENSE FEES

    total $254,921 · related or exempt $254,921

  • 2b · Program service revenue: CONFERENCE, SEMINARS, & OTHER

    total $15,831 · related or exempt $15,831

  • 3 · Investment income

    total $1,164,821 · excluded $1,164,821

  • 7a · Gross sales of assets other than inventory

    securities $78,247,626

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

    securities $78,245,644

  • 7c · Gain or loss

    securities $1,982

  • 7d · Net gain or loss

    total $1,982 · excluded $1,982

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $10,442,696 · program services $10,442,696

  • 5 · Compensation of officers, directors and key employees

    total $850,223 · program services $294,387 · management and general $496,959 · fundraising $58,877

  • 6 · Compensation of disqualified persons

    total $163,072 · program services $163,072

  • 7 · Other salaries and wages

    total $4,450,049 · program services $3,937,871 · management and general $165,198 · fundraising $346,980

  • 8 · Pension plan contributions

    total $223,735 · program services $198,919 · management and general $7,386 · fundraising $17,430

  • 9 · Other employee benefits

    total $529,539 · program services $472,952 · management and general $22,309 · fundraising $34,278

  • 10 · Payroll taxes

    total $413,225 · program services $341,913 · management and general $42,321 · fundraising $28,991

  • 11b · Fees: legal

    total $10,286 · management and general $10,286

  • 11c · Fees: accounting

    total $72,680 · management and general $72,680

  • 11f · Fees: investment management

    total $53,750 · management and general $53,750

  • 11g · Fees: other

    total $432,925 · program services $314,152 · management and general $87,805 · fundraising $30,968

  • 12 · Advertising and promotion

    total $3,500 · program services $3,088 · management and general $250 · fundraising $162

  • 13 · Office expenses

    total $198,559 · program services $153,843 · management and general $27,792 · fundraising $16,924

  • 14 · Information technology

    total $591,019 · program services $590,314 · management and general $582 · fundraising $123

  • 16 · Occupancy

    total $202,495 · program services $172,183 · management and general $18,929 · fundraising $11,383

  • 17 · Travel

    total $77,653 · program services $44,700 · management and general $26,065 · fundraising $6,888

  • 19 · Conferences, conventions and meetings

    total $12,565 · program services $12,565

  • 20 · Interest

    total $15,000 · program services $15,000

  • 22 · Depreciation, depletion and amortization

    total $100,849 · program services $95,626 · management and general $3,141 · fundraising $2,082

  • 23 · Insurance

    total $37,739 · program services $1,343 · management and general $36,325 · fundraising $71

  • 24a · Other expenses: DUES, LICENSES, & FEES

    total $950,798 · program services $866,090 · management and general $53,411 · fundraising $31,297

  • 24b · Other expenses: PROV FOR CREDIT LOSSES

    total $213,864 · program services $213,864

  • 24c · Other expenses: SURVEY INCENTIVES

    total $126,959 · program services $126,839 · management and general $106 · fundraising $14

  • 24e · All other expenses

    total $42 · management and general $42

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,238,461 · end of year $1,925,474

  • 2 · Savings and temporary cash investments

    beginning of year $1,851,557 · end of year $4,476,267

  • 3 · Pledges and grants receivable

    beginning of year $764,236 · end of year $542,287

  • 4 · Accounts receivable

    beginning of year $71,305 · end of year $120,758

  • 9 · Prepaid expenses and deferred charges

    beginning of year $333,986 · end of year $212,748

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

    $242,092

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

    $199,129

  • 10c · Land, buildings and equipment, net

    beginning of year $67,906 · end of year $42,963

  • 11 · Investments: publicly traded securities

    beginning of year $33,357,726 · end of year $22,516,528

  • 13 · Investments: program-related

    beginning of year $667,542 · end of year $1,000,885

  • 14 · Intangible assets

    beginning of year $275,962 · end of year $239,490

  • 15 · Other assets

    beginning of year $456,999 · end of year $319,565

  • 17 · Accounts payable and accrued expenses

    beginning of year $672,961 · end of year $515,483

  • 19 · Deferred revenue

    beginning of year $2,515,014 · end of year $2,118,055

  • 24 · Unsecured notes and loans payable

    beginning of year $520,000 · end of year $500,000

  • 25 · Other liabilities

    beginning of year $613,786 · end of year $500,144

  • 27 · Net assets without donor restrictions

    beginning of year $33,190,427 · end of year $22,842,719

  • 28 · Net assets with donor restrictions

    beginning of year $5,573,492 · end of year $4,920,564

Mission and programs · 2023

Mission

TO HELP PEOPLE BECOME VISIBLE, ACTIVE, AND SUCCESSFUL IN THEIR FINANCIAL LIVES.

Activities or mission (Part I)

HELPING PEOPLE BECOME VISIBLE, ACTIVE, AND SUCCESSFUL IN THEIR FINANCIAL LIVES BY EXPANDING ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS FOR LOW-INCOME AND IMMIGRANT COMMUNITIES.

  • RECOVERY PROGRAM - TO SUPPORT PEOPLE IN THE TRANSITION FROM EMERGENCY RELIEF TO LONG-TERM RECOVERY, MAF LAUNCHED AN UNPARALLELED INITIATIVE SUPPORTING THE FINANCIAL RECOVERY OF IMMIGRANT FAMILIES EXCLUDED FROM FEDERAL COVID-19 RELIEF. THE ORGANIZATION'S IMMIGRANT FAMILIES RECOVERY PROGRAM, LAUNCHED AT THE END OF 2021, IS A $30M FUND TO PROVIDE A $400 GUARANTEED MONTHLY INCOME FOR UP TO 24 MONTHS TO 3,000 IMMIGRANT FAMILIES. GOING BEYOND CASH SUPPORT, THE PROGRAM PAIRS MONTHLY PAYMENTS WITH ACCESS TO THE ORGANIZATION'S CREDIT BUILDING PRODUCTS, FINANCIAL EDUCATION COURSES, ONE-ON-ONE COACHING, AND SELF-ADVOCACY TRAINING TO HELP PARTICIPANTS REBUILD AND RECOVER FASTER.

    Expenses $10,214,901 · Grants $10,051,200

  • IMMIGRATION LOANS - IN 2017, THE ORGANIZATION EXPANDED THE PORTFOLIO OF PROGRAMS TO INCLUDE A ZERO-INTEREST IMMIGRATION LOAN PROGRAM AND SCHOLARSHIPS TO HELP INDIVIDUALS COVER THE COST OF CITIZENSHIP APPLICATIONS, DEFERRED ACTION FOR CHILDHOOD ARRIVALS (DACA), GREEN CARD, AND OTHER IMMIGRATION RELATED FEES. IN 2021, AGAINST THE BACKDROP OF THE COVID-19 PANDEMIC, NUMEROUS CHANGES IN IMMIGRATION POLICY PUT IMMIGRANT HOUSEHOLDS' FUTURE AND FINANCES UNDER IMMENSE STRAIN. THE ORGANIZATION EXPANDED ITS IMMIGRATION PROGRAM OFFERINGS, PROVIDING A SLIDING SCALE OF CREDIT-BUILDING LOANS, PARTIAL, AND FULL GRANTS TO COVER THE COST OF SEVEN USCIS APPLICATION FEES, INCLUDING HUMANITARIAN PAROLE FOR AFGHAN REFUGEES. IN LINE WITH THE COVID-RELATED CHANGES TO THE LENDING CIRCLES PROGRAM, THE ORGANIZATION EXTENDED ALL LOAN FLEXIBILITY OPTIONS TO APPLY TO ALL IMMIGRATION LOANS.

    Expenses $2,705,243 · Grants $324,556

  • LENDING CIRCLES - IN 2008, THE ORGANIZATION LAUNCHED THE LENDING CIRCLES SOCIAL LOAN PROGRAM, INTRODUCING A NEW STRATEGY ROOTED IN THE GLOBAL TRADITION OF GROUP LENDING THAT ENABLES LOW-INCOME FAMILIES TO BUILD CREDIT, REDUCE DEBT, AND IMPROVE THEIR FINANCIAL SECURITY. IN RESPONSE TO THE COVID-19 PANDEMIC, THE ORGANIZATION TEMPORARILY EMBEDDED GREATER FLEXIBILITY IN THE LENDING CIRCLES PROGRAM TO HELP CLIENTS WEATHER FINANCIAL CHALLENGES, INCLUDING OPTIONS TO IMPLEMENT A 3-MONTH LOAN FORBEARANCE, PUT A ONE-MONTH HOLD ON PAYMENTS, OR RESTRUCTURE LOAN PAYMENTS. IN PARTNERSHIP WITH A NATIONWIDE NETWORK OF NONPROFITS, THE ORGANIZATION PROVIDES LENDING CIRCLES THROUGH BOTH DIRECT PROGRAMS IN CALIFORNIA AND NATIONWIDE. PAIRED WITH TIMELY, ACTIONABLE, AND CULTURALLY-RELEVANT FINANCIAL EDUCATION, THE LENDING CIRCLES PROGRAM HAS BEEN WIDELY ACCLAIMED FOR ITS IMPACT, HELPING THOUSANDS OF PARTICIPANTS ACCESS SAFE AND AFFORDABLE CAPITAL, BUILD CREDIT, AND ESTABLISH A FOOTHOLD IN THE U.S. MAINSTREAM FINANCIAL SYSTEM.

    Expenses $2,485,711 · Revenue $254,921

  • BUSINESS MICROLOANS - IN 2012, THE ORGANIZATION BUILT ON THE SUCCESSFUL LENDING CIRCLES MODEL TO PROVIDE ZERO-INTEREST, CREDIT-BUILDING CAPITAL TO ENTREPRENEURS AND MICRO-BUSINESS OWNERS IN CALIFORNIA'S BAY AREA. THROUGH LENDING CIRCLES FOR BUSINESS, PRIOR LENDING CIRCLES CLIENTS RECEIVED BUSINESS-SPECIFIC TECHNICAL ASSISTANCE, FINANCIAL COACHING, AND DIRECT LOANS OF UP TO $2,500 TO INVEST IN THEIR BUSINESS. IN 2021, THE ORGANIZATION RESTRUCTURED THE PROGRAM TO MEET THE NEEDS OF A GROWING COMMUNITY OF ENTREPRENEURS NAVIGATING THE COVID-19 PANDEMIC THROUGH NEW BUSINESS CREATION. THE ORGANIZATION'S REVAMPED BUSINESS MICROLOAN PROGRAM SERVES CLIENTS ACROSS THE STATE OF CALIFORNIA WITH NO REQUIREMENTS ON PRIOR PROGRAM PARTICIPATION. IN ADDITION, THE ORGANIZATION EXPANDED OFFERINGS THROUGH MYMAF, AN IN-HOUSE MOBILE APPLICATION WHERE USERS ARE ACCESSING PATHWAYS TO FINANCIAL EMPOWERMENT THROUGH A VAST DIGITAL FINANCIAL EDUCATION AND COACHING LIBRARY.EMERGENCY GRANTS - IN 2020, THE ORGANIZATION CREATED THE COVID-19 RAPID RESPONSE FUND, A NATIONWIDE FINANCIAL RELIEF FUND TO PROVIDE DIRECT CASH ASSISTANCE TO LOW WAGE WORKERS, CALIFORNIA PUBLIC COLLEGE STUDENTS, AND IMMIGRANT FAMILIES EXCLUDED FROM FEDERAL SUPPORT. RATHER THAN DISBURSING GRANTS THROUGH A FIRST-COME, FIRST-SERVED BASIS OR LOTTERY SYSTEMS-APPROACHES THAT FURTHER INEQUALITY BY PREFERENCING THOSE WITH THE BEST RESOURCES, ACCESS, OR LUCK--THE ORGANIZATION DEVELOPED A FINANCIAL EQUITY FRAMEWORK TO DIRECT RESOURCES TO APPLICANTS FACING THE GREATEST FINANCIAL HARDSHIP. OVER THE COURSE OF 18 MONTHS, THE ORGANIZATION DISBURSED MORE THAN 65,000 GRANTS TOTALING $40M IN DIRECT RELIEF. BEYOND GRANTS, THE ORGANIZATION ALSO ESTABLISHED RESOURCES FINDER, A NEW ONLINE TOOL TO MATCH PEOPLE WITH RELEVANT RESOURCES THAT THEY MAY BE ELIGIBLE FOR.

    Expenses $3,055,562 · Grants $66,940 · Revenue $15,831

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

Listed in Part VII

  • DAVE KRIMM

    BOARD PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • ELIZABETH IRONS SEEM

    BOARD VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • STEPHAN WALDSTROM

    BOARD SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • SAGAR SHAH

    BOARD TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JORGE BLANDON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MONICA ISSAR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DANIEL LAU

    BOARD MEMBER START 9/2023

    Total calculated
    $0
    Hours/week
    1

  • JESSICA LEGGETT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ASH MCNEELY

    BOARD MEMBER START 9/2023

    Total calculated
    $0
    Hours/week
    1

  • AQUILINA SORIANO

    BOARD MEMBER THROUGH 12/2023

    Total calculated
    $0
    Hours/week
    1

  • SALVADOR TORRES

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • JOSE QUINONEZ

    FOUNDER & CEO

    Total calculated
    $305,612
    From this org
    $255,349
    From related orgs
    $0
    Other
    $50,263
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $255,349
    Bonus
    $0
    Other
    $0
    Deferred
    $9,213
    Nontaxable benefits
    $41,050
    Filer's total
    $305,612

  • DANIELA SALAS

    CO-FOUNDER & COO

    Total calculated
    $283,164
    From this org
    $231,414
    From related orgs
    $0
    Other
    $51,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,414
    Bonus
    $0
    Other
    $0
    Deferred
    $14,027
    Nontaxable benefits
    $37,723
    Filer's total
    $283,164

  • BINIAM HAILE

    FINANCE DIRECTOR THROUGH 8/2023

    Total calculated
    $135,631
    From this org
    $116,293
    From related orgs
    $0
    Other
    $19,338
    Hours/week
    40

  • MACKENZIE GARCIA-FAZENBAKER

    FIN & COMPLIANCE DIR START 10/2023

    Total calculated
    $125,818
    From this org
    $101,603
    From related orgs
    $0
    Other
    $24,215
    Hours/week
    40

  • JOANNA CORTEZ HERNANDEZ

    ADVOCACY & ENGAGEMENT DIRECTOR

    Total calculated
    $177,348
    From this org
    $157,134
    From related orgs
    $0
    Other
    $20,214
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,134
    Bonus
    $0
    Other
    $0
    Deferred
    $9,462
    Nontaxable benefits
    $10,752
    Filer's total
    $177,348

  • HELENA SANCHEZ-SILVA GARIJO

    DIRECTOR OF PROGRAMS

    Total calculated
    $172,143
    From this org
    $152,256
    From related orgs
    $0
    Other
    $19,887
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,256
    Bonus
    $0
    Other
    $0
    Deferred
    $9,135
    Nontaxable benefits
    $10,752
    Filer's total
    $172,143

  • ANGELA HEDGES

    DIRECTOR OF PRODUCT

    Total calculated
    $162,361
    From this org
    $139,353
    From related orgs
    $0
    Other
    $23,008
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,353
    Bonus
    $0
    Other
    $0
    Deferred
    $8,428
    Nontaxable benefits
    $14,580
    Filer's total
    $162,361

  • JENNIFER BROOKS

    NURTURE CEO

    Total calculated
    $163,072
    From this org
    $154,446
    From related orgs
    $0
    Other
    $8,626
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,446
    Bonus
    $0
    Other
    $0
    Deferred
    $7,719
    Nontaxable benefits
    $907
    Filer's total
    $163,072

  • DORIS VASQUEZ

    PROGRAMS MANAGER

    Total calculated
    $163,363
    From this org
    $134,899
    From related orgs
    $0
    Other
    $28,464
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,899
    Bonus
    $0
    Other
    $0
    Deferred
    $6,762
    Nontaxable benefits
    $21,702
    Filer's total
    $163,363

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 · Compensation committee
  • 3 · Compensation survey or study
  • 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
21 January 2025
IRS schema version
2023v6.0
Source object
202520219349301707

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