Skip to content
Nonprofiteer
← IMPACT LOAN FUND INC

Form 990 for tax year 2023

Filed by IMPACT LOAN FUND INC.

Totals

Total revenue
$909,660
Total expenses
$913,345
Contributions and grants received
$331,000
Grants paid
$0
Program service revenue
$479,958
Investment income
$98,702
Other revenue
$0
Total assets, end of year
$9,037,274
Total liabilities, end of year
$3,930,046
Net assets or fund balances, end of year
$5,107,228
Program services expenses (Part IX)
$789,087
Management and general expenses
$124,258
Fundraising expenses
$0
Program service expenses (Part III)
$789,087

Program services were 86.4% 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)

    $331,000

  • 2a · Program service revenue: LOAN INTEREST

    total $370,234 · related or exempt $370,234

  • 2b · Program service revenue: LOAN APPLICATION FEES

    total $89,249 · related or exempt $89,249

  • 2c · Program service revenue: ADMINISTRATION FEES

    total $20,475 · related or exempt $20,475

  • 3 · Investment income

    total $98,702 · excluded $98,702

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $284,430 · program services $234,112 · management and general $50,318

  • 11b · Fees: legal

    total $21,400 · program services $13,906 · management and general $7,494

  • 11c · Fees: accounting

    total $58,860 · management and general $58,860

  • 11g · Fees: other

    total $385 · management and general $385

  • 13 · Office expenses

    total $84 · program services $80 · management and general $4

  • 14 · Information technology

    total $8,686 · program services $7,429 · management and general $1,257

  • 16 · Occupancy

    total $9,000 · program services $8,550 · management and general $450

  • 17 · Travel

    total $1,694 · program services $1,694

  • 19 · Conferences, conventions and meetings

    total $25,789 · program services $23,779 · management and general $2,010

  • 20 · Interest

    total $74,249 · program services $74,249

  • 24a · Other expenses: LOAN LOSS RESERVE INCRE

    total $403,703 · program services $403,703

  • 24b · Other expenses: INSPECTION FEES

    total $13,259 · program services $13,259

  • 24c · Other expenses: OTHER

    total $11,806 · program services $8,326 · management and general $3,480

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,484,300 · end of year $1,320,700

  • 2 · Savings and temporary cash investments

    beginning of year $50,159 · end of year $2,038,587

  • 4 · Accounts receivable

    beginning of year $17,500 · end of year $14,684

  • 7 · Other notes and loans receivable

    beginning of year $6,070,818 · end of year $5,663,303

  • 17 · Accounts payable and accrued expenses

    beginning of year $49,046 · end of year $52,805

  • 23 · Secured mortgages and notes payable

    beginning of year $1,075,000 · end of year $1,225,000

  • 25 · Other liabilities

    beginning of year $2,387,818 · end of year $2,652,241

  • 27 · Net assets without donor restrictions

    beginning of year $4,930,524 · end of year $4,846,901

  • 28 · Net assets with donor restrictions

    beginning of year $180,389 · end of year $260,327

Mission and programs · 2023

Mission

CERTIFIED LOAN FUND TO ASSIST SMALL BUSINESS FIRMS TO IMPROVE ECONOMIC CONDITIONS IN EASTERN PHILADELPHIA.

  • IMPACT LOAN FUND IS A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION SUPPORTING THE MISSION TO PROVIDE CAPITAL TO DISADVANTAGED BUSINESSES IN ITS TARGET AREA SUPPORTING THE COMMUNITY AND ECONOMIC DEVELOPMENT EFFORTS IN THE GREATER KENSINGTON COMMUNITY.

    Expenses $789,087 · Revenue $479,958

As filed on the 2023 return.

Listed in Part VII

  • PEARL WANG HERRERA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DAVID LANGLIEB

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • SERGIO GIRALDO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JACK HUBBERT ESQ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • CASEY O'DONNELL

    PRESIDENT

    Total calculated
    $220,000
    From this org
    $0
    From related orgs
    $220,000
    Other
    $0
    Hours/week
    2 + 42 related

    Schedule J breakdown matched by us

    Base
    $0 + $220,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $220,000 related

  • KIMBERLY WASHINGTON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • JENISE RABB

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DAVID ORTIZ

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

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

None.

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.

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
2023
Filed
29 January 2025
IRS schema version
2023v6.0
Source object
202520299349301502

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

The source document this was parsed from is served over the API, which is where bulk and document access live.