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Nonprofiteer
← MONTERRA COMMUNITY FUND

Form 990 for tax year 2022

Filed by MONTERRA COMMUNITY FUND.

Totals

Total revenue
$12,185,125
Total expenses
$12,090,546
Contributions and grants received
$12,183,809
Grants paid
$12,062,091
Program service revenue
$0
Investment income
$1,316
Other revenue
$0
Total assets, end of year
$1,552,950
Total liabilities, end of year
$885,000
Net assets or fund balances, end of year
$667,950
Program services expenses (Part IX)
$12,062,091
Management and general expenses
$28,455
Fundraising expenses
$0
Program service expenses (Part III)
$12,062,091

Program services were 99.8% 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)

    $12,152,004

  • 1f · All other contributions, gifts and grants

    $31,805

  • 3 · Investment income

    total $1,316 · excluded $1,316

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,359,591 · program services $10,359,591

  • 2 · Grants to domestic individuals

    total $1,702,500 · program services $1,702,500

  • 11c · Fees: accounting

    total $26,420 · management and general $26,420

  • 24a · Other expenses: CHARITABLE REG FEES

    total $400 · management and general $400

  • 24e · All other expenses

    total $1,635 · management and general $1,635

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $30,000 · end of year $140,000

  • 2 · Savings and temporary cash investments

    beginning of year $1,451,621 · end of year $1,381,200

  • 3 · Pledges and grants receivable

    beginning of year $31,750 · end of year $31,750

  • 18 · Grants payable

    beginning of year $30,000 · end of year $160,000

  • 19 · Deferred revenue

    beginning of year $910,000 · end of year $725,000

  • 27 · Net assets without donor restrictions

    beginning of year $572,075 · end of year $667,631

  • 28 · Net assets with donor restrictions

    beginning of year $1,296 · end of year $319

Mission and programs · 2022

Mission

THE SMCU COMMUNITY FUND IS A 501(C)(3) NONPROFIT FUND CREATED BY SAN MATEO CREDIT UNION TO SUPPORT OUR COMMITMENT TO FINANCIAL WELLNESS IN OUR COMMUNITY.

  • CHILD CARE - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE FUNDING TO SUPPORT CHILD CARE CENTERS AND FAMILY CHILD CARE HOMES. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT AND FOUNDATION CONTRIBUTIONS.

    Expenses $4,000,000 · Grants $4,000,000

  • SUMMER ENRICHMENT - THE PURPOSE OF THIS PROGRAM IS TO HELP FUND THE EXPANSION OF SUMMER PROGRAMS OF ALL TYPES FOR STUDENTS IN SCHOOL DISTRICTS WITHIN SAN MATEO COUNTY. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT CONTRIBUTIONS.

    Expenses $3,066,819 · Grants $3,066,819

  • OUT OF SCHOOL - THE PURPOSE OF THIS PROGRAM IS TO INCREASE THE AVAILABILITY OF OUT OF SCHOOL PROGRAMS FOR SOCIOECONOMICALLY DISADVANTAGED STUDENTS IN SAN MATEO COUNTY. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT CONTRIBUTIONS.

    Expenses $2,500,000 · Grants $2,500,000

  • NORTHFAIR OAKS SMALL BUSINESS - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE RELIEF TO SMALL BUSINESSES LOCATED IN THE UNINCORPORATED NORTH FAIR OAKS ZIP CODES THAT HAVE BEEN ADVERSELY AFFECTED BY COVID-19. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT CONTRIBUTIONS.SBG6 - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE RELIEF TO SMALL BUSINESSES LOCATED IN SAN MATEO COUNTY THAT HAVE BEEN ADVERSELY IMPACTED BY COVID-19. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT AND FOUNDATION CONTRIBUTIONS. RESTAURANT RELIEF - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE ASSISTANCE TO RESTAURANTS, BREWERIES, AND WINERIES WHO HAVE BEEN ADVERSELY IMPACTED BY THE COVID-19 PUBLIC HEALTH EMERGENCY. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT, CORPORATE, AND FOUNDATION CONTRIBUTIONS.DALY CITY RESTAURANT AND SMALL BUSINESS THE PURPOSE OF THIS PROGRAM IS TO PROVIDE RELIEF TO SMALL BUSINESSES AND RESTAURANTS LOCATED IN THE CITY OF DALY CITY THAT HAVE BEEN ADVERSELY AFFECTED BY COVID-19. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT CONTRIBUTIONS.MICROFOOD - THE PURPOSE OF THIS PROGRAM IS TO ASSIST MICROENTERPRISE FOOD SERVICE ESTABLISHMENTS LOCATED IN SAN MATEO COUNTY WHO HAVE BEEN ADVERSELY AFFECTED BY COVID-19. SUPPORT IS DERIVED FROM LOCAL GOVERNMENT CONTRIBUTIONS.NON PROFIT - THE PURPOSE OF THIS PROGRAM IS TO SUPPORT NONPROFITS IN SAN MATEO COUNTY. SUPPORT IS DERIVED FROM FOUNDATION CONTRIBUTIONS. DISCRETIONARY - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE DONATIONS TO VARIOUS CAUSES WITHIN THE COMMUNITY. SUPPORT IS DERIVED FROM INDIVIDUAL DONATIONS, THE SMCU COMMUNITY FUND AND THE CREDIT UNION.

    Expenses $2,495,272 · Grants $2,495,272

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Wade Painter

    PRESIDENT

    Total calculated
    $824,342
    From this org
    $0
    From related orgs
    $801,842
    Other
    $22,500
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $662,537 related
    Bonus
    $0 + $128,505 related
    Other
    $0 + $10,800 related
    Deferred
    $0 + $18,300 related
    Nontaxable benefits
    $0 + $4,200 related
    Filer's total
    $0 + $824,342 related

  • David Diamond

    CFO & TREASURER

    Total calculated
    $417,171
    From this org
    $0
    From related orgs
    $401,435
    Other
    $15,736
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $289,912 related
    Bonus
    $0 + $29,507 related
    Other
    $0 + $82,016 related
    Deferred
    $0 + $10,884 related
    Nontaxable benefits
    $0 + $4,852 related
    Filer's total
    $0 + $417,171 related

  • Valerie Alsip

    DIRECTOR

    Total calculated
    $574,265
    From this org
    $0
    From related orgs
    $559,420
    Other
    $14,845
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $383,688 related
    Bonus
    $0 + $41,445 related
    Other
    $0 + $134,287 related
    Deferred
    $0 + $14,233 related
    Nontaxable benefits
    $0 + $612 related
    Filer's total
    $0 + $574,265 related

  • Suzanne Knowlton

    SECRETARY

    Total calculated
    $238,631
    From this org
    $0
    From related orgs
    $215,497
    Other
    $23,134
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $198,120 related
    Bonus
    $0 + $17,377 related
    Other
    $0
    Deferred
    $0 + $12,524 related
    Nontaxable benefits
    $0 + $10,610 related
    Filer's total
    $0 + $238,631 related

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

  • 4b · Supplemental nonqualified retirement plan

Answered no

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

The filer's explanations (Part III)

PART I, LINE 3
THE ORGANIZATION'S PRESIDENT IS COMPENSATED BY SAN MATEO CREDIT UNION, A RELATED ORGANIZATION. SAN MATEO CREDIT UNION UTILIZES THE FOLLOWING METHODS TO DETERMINE THE COMPENSATION OF THE PRESIDENT: COMPENSATION COMMITTEE; INDEPENDENT COMPENSATION CONSULTANT; COMPENSATION SURVEY OR STUDY; AND APPROVAL BY SAN MATEO CREDIT UNION'S BOARD OF DIRECTORS.
PART I, LINE 4B
SAN MATEO CREDIT UNION (A RELATED ORGANIZATION OF SMCU COMMUNITY FUND, BY DEFINITION OF THE FORM 990 INSTRUCTIONS) HAS MADE A LOAN FOR LIFE INSURANCE PREMIUM PAYMENTS TO THE PRESIDENT OF SMCU COMMUNITY FUND RELATING TO HIS SERVICES AS PRESIDENT/CEO OF SAN MATEO CREDIT UNION. THE LOAN IS COLLATERALIZED BY THE ASSIGNMENT OF THE POLICY DEATH BENEFITS AND CASH VALUES OF THE LIFE INSURANCE POLICY, PLUS INCOME ANNUITIES USED TO FUND THE POLICY. THE POLICY IS OWNED BY THE PRESIDENT AND THE PRESIDENT HAS THE RIGHT TO NAME THE BENEFICIARIES FOR AMOUNTS NOT SECURED BY THE ASSIGNMENTS.

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202303139349304155

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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