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Nonprofiteer
← PACIFIC COMMUNITY FUND

Form 990 for tax year 2023

Filed by PACIFIC COMMUNITY FUND.

Totals

Total revenue
$1,559,027
Total expenses
$3,315,633
Contributions and grants received
$675,013
Grants paid
$0
Program service revenue
$240,019
Investment income
$423,150
Other revenue
$220,845
Total assets, end of year
$15,602,056
Total liabilities, end of year
$7,107,232
Net assets or fund balances, end of year
$8,494,824
Program services expenses (Part IX)
$1,405,663
Management and general expenses
$1,909,970
Fundraising expenses
$0
Program service expenses (Part III)
$1,405,663

Program services were 42.4% 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)

    $658,313

  • 1f · All other contributions, gifts and grants

    $16,700

  • 2a · Program service revenue: LOAN FEES

    total $79,190 · related or exempt $79,190

  • 2b · Program service revenue: FRAMEWORK FEES

    total $46,080 · related or exempt $46,080

  • 2c · Program service revenue: SAN DIEGO 1ST RESPONDE

    total $40,000 · related or exempt $40,000

  • 2d · Program service revenue: TRI COUNTY ADMIN FEES

    total $37,500 · related or exempt $37,500

  • 2e · Program service revenue: CMTC FEES

    total $21,300 · related or exempt $21,300

  • 2f · All other program service revenue

    total $15,949 · related or exempt $15,949

  • 3 · Investment income

    total $422,437 · excluded $422,437

  • 7a · Gross sales of assets other than inventory

    securities $15,444

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

    securities $14,731

  • 7c · Gain or loss

    securities $713

  • 7d · Net gain or loss

    total $713 · related or exempt $713

  • 11a · Other revenue: OTHER INCOME

    total $127,962 · excluded $127,962

  • 11b · Other revenue: NET INVESTMENT INCOME

    total $92,883 · excluded $92,883

  • 11e · Other revenue, total

    $220,845

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $168,450 · program services $87,594 · management and general $80,856

  • 7 · Other salaries and wages

    total $360,862 · program services $189,961 · management and general $170,901

  • 9 · Other employee benefits

    total $27,930 · program services $14,493 · management and general $13,437

  • 10 · Payroll taxes

    total $44,160 · program services $23,136 · management and general $21,024

  • 11g · Fees: other

    total $1,684,953 · program services $184,574 · management and general $1,500,379

  • 12 · Advertising and promotion

    total $7,574 · program services $1,883 · management and general $5,691

  • 13 · Office expenses

    total $61,804 · program services $28,576 · management and general $33,228

  • 16 · Occupancy

    total $74,940 · program services $44,645 · management and general $30,295

  • 17 · Travel

    total $6,505 · program services $2,915 · management and general $3,590

  • 20 · Interest

    total $207,800 · program services $200,108 · management and general $7,692

  • 22 · Depreciation, depletion and amortization

    total $3,426 · program services $785 · management and general $2,641

  • 23 · Insurance

    total $25,716 · program services $11,647 · management and general $14,069

  • 24a · Other expenses: CREDIT LOSS EXPENSE

    total $318,741 · program services $318,741

  • 24b · Other expenses: DIGITAL PLATFORMS

    total $295,156 · program services $280,906 · management and general $14,250

  • 24c · Other expenses: TELEPHONE

    total $11,940 · program services $5,970 · management and general $5,970

  • 24d · Other expenses: AUTO

    total $5,395 · program services $3,780 · management and general $1,615

  • 24e · All other expenses

    total $10,281 · program services $5,949 · management and general $4,332

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,882,288 · end of year $4,733,194

  • 4 · Accounts receivable

    beginning of year $72,872 · end of year $90,030

  • 7 · Other notes and loans receivable

    beginning of year $8,278,417 · end of year $7,107,107

  • 9 · Prepaid expenses and deferred charges

    beginning of year $98,154 · end of year $140,739

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

    $23,948

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

    $12,403

  • 10c · Land, buildings and equipment, net

    beginning of year $12,635 · end of year $11,545

  • 12 · Investments: other securities

    beginning of year $907,020 · end of year $1,490,243

  • 13 · Investments: program-related

    beginning of year $2,000,000 · end of year $2,000,000

  • 15 · Other assets

    beginning of year $30,197 · end of year $29,198

  • 17 · Accounts payable and accrued expenses

    beginning of year $505,825 · end of year $343,060

  • 19 · Deferred revenue

    beginning of year $812,500 · end of year $114,187

  • 24 · Unsecured notes and loans payable

    beginning of year $7,425,461 · end of year $6,399,985

  • 25 · Other liabilities

    beginning of year $390,832 · end of year $250,000

  • 27 · Net assets without donor restrictions

    beginning of year $9,650,571 · end of year $8,031,920

  • 28 · Net assets with donor restrictions

    beginning of year $496,394 · end of year $462,904

Mission and programs · 2023

Mission

NAAC'S MISSION IS TO BE THE PREFERRED CONDUIT OF LOW & MODERATE INCOME FAMILIES. THIS INCLUDES, BUT IS NOT LIMITED, TO INCREASING SUSTAINABLE AND RESPONSIBLE HOMEOWNERSHIP AND OUTREACH FOR SMALL BUSINESS DEVELOPMENT, MINORITIES, AND VETERANS; ADVOCATING AND CREATING HOMEOWNERSHIP OPPORTUNITIES FOR LOW-TO-MODERATE-INCOME PERSONS AND FAMILIES; AND ADVOCATING FOR COMMUNITIES ON A BROAD RANGE OF CONSUMER ISSUES BEFORE GOVERNMENTAL BODIES.

Activities or mission (Part I)

PROVIDE CONDUIT OF ECONOMIC DEVELOPMENT VIA TECHNICAL ASSISTANCE WITH MINORITY GROUPS IN CA.

  • HOUSING COUNSELING AND HOME BUYING EDUCATION AND COMMUNITY INVOLVEMENT, NAAC 501(C)(3) CURRENTLY PROVIDES FINANCIAL EDUCATION AND HOMEBUYER EDUCATION COUNSELLING TO FIRST TIME HOMEBUYERS UNDER THE WISH AND OTHER DOWN PAYMENT ASSISTANCE PROGRAMS SPONSORED BY VARIOUS BANKS AND THE CITY OF SAN DIEGO. NAAC SMALL BUSINESS CENTER IS A US DEPARTMENT OF TREASURY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) MISSION-DRIVEN TO PROVIDE ACCESS TO BASIC FINANCIAL SERVICES, AFFORDABLE CREDIT, AND INVESTMENT CAPITAL TO LOW-INCOME BORROWERS WHO HAVE HISTORICALLY BEEN LEFT OUT OF TRADITIONAL BANKING SERVICES. WE PROVIDE GUIDANCE ONLINE TO PROSPECTIVE LOAN APPLICANTS WHO HAVE PROBLEMS QUALIFYING FOR TRADITIONAL LOANS. GUIDANCE MAY INCLUDE DETERMINING THE BEST TYPE OF LOAN PROGRAM THAT IS SUITED FOR THEIR BUSINESS. CONDUCT CRITICAL WORKSHOPS TO BUSINESS OWNERS IN A WAY THAT IS SCALABLE AND EFFECTIVE TO BUSINESS OWNERS WHEN IDEAL. THE TOPICS WILL BE LED BY SUBJECT MATTER EXPERTS IN THE AREAS OF BUSINESS PLANNING, SOURCES OF CREDIT, FINANCIAL PRESENTATION, AND BUSINESS MODEL CHANGES. LEAD BORROWERS TO RESOURCES THAT ARE PROVIDED TO REPUTABLE AGENCIES SUCH AS THE SBA, WOMEN BUSINESS CENTERS, SMALL BUSINESS DEVELOPMENT COMPANIES, AND VETERAN CENTERS. PURSUIT OF STRATEGIC OPPORTUNITIES FOR A PARTICULAR BUSINESS OR GROUP THAT CREATE MUTUAL AND EFFECTIVE AND PROFITABLE RELATIONS.

    Expenses $1,405,663 · Revenue $240,732

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

Listed in Part VII

  • CORA ORIEL

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    3

  • JAMES SANTAMARIA

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    3

  • ALEX ANDERSON

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

  • JASON HOBSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • JAMES BRYANT

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    3

  • NELLIE REYES-SCHWAB

    TREASURER

    Total calculated
    $0
    Hours/week
    3

  • FILIBERTO GONZALEZ

    CEO

    Total calculated
    $61,874
    From this org
    $61,874
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • LIDELL PAGE

    LEGAL COUNSEL

    Total calculated
    $0
    Hours/week
    3

  • CRISMEL DIMACALI

    CFO

    Total calculated
    $77,325
    From this org
    $77,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • RICHARD PALLAY JR

    INTERIM CEO

    Total calculated
    $29,251
    From this org
    $29,251
    From related orgs
    $0
    Other
    $0
    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.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NAAC LLC

    PROJECT REBOUND · CA · income $1,280 · assets $960

    Directly controlled by NATIONAL ASIAN AMERICAN COALITION

Provenance

Return type
form_990
Tax year
2023
Filed
23 July 2024
IRS schema version
2023v5.1
Source object
202432059349300043

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