2023-07-25T21:29:52-05:00 2022-12-31 910189318 MOSS ADAMS LLP 101 SECOND STREET SUITE 900 SAN FRANCISCO CA 94105 990 2022-01-01 208993652 MISSION ASSET FUND MISS 8882744808 3269 MISSION STREET SAN FRANCISCO CA 94110 JOSE QUINONEZ CEO 8882744808 2023-07-25 1 JOSE QUINONEZ 999009999 0 MICHAEL LUMSDEN P01262236 4159561500 2023-07-25 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z JOSE QUINONEZ 3269 MISSION STREET SAN FRANCISCO CA 94110 23518002 0 X WWW.MISSIONASSETFUND.ORG X 2007 CA HELPING IMMIGRANTS AND LOW-INCOME INDIVIDUALS TO IMPROVE THEIR FINANCIAL CAPABILITIES ACROSS THE UNITED STATES. 9 9 61 54 0 0 57174476 7517022 182020 253353 464632 1250668 5603 0 57826731 9021043 14420522 9533865 0 0 4960393 6602283 9000 0 584116 2319199 3863897 21709114 20000045 36117617 -10979002 54523090 43085680 3043791 4321761 51479299 38763919 X TO HELP PEOPLE BECOME VISIBLE, ACTIVE, AND SUCCESSFUL IN THEIR FINANCIAL LIVES. 0 0 9533865 9533865 0 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. 4554269 0 0 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. 1998953 0 0 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. 2381033 0 253353 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.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. 2381033 0 253353 18468120 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 23 0 1 61 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 CA X DANIELA SALAS 8882744808 3269 MISSION STREET SAN FRANCISCO CA 94110 JOSE QUINONEZ FOUNDER & CEO 40.00 X 250000 0 46724 DANIELA SALAS CO-FOUNDER & COO 40.00 X 233375 0 49010 BINIAM HAILE FINANCE DIRECTOR 40.00 X 149967 0 29658 JENNIFER BROOKS NURTURE CEO 40.00 X 153561 0 8656 JOANNA CORTEZ HERNANDEZ ADVOCACY & ENGAGEMENT DIRECTOR 40.00 X 132614 0 17469 ELENA FAIRLEY DIRECTOR OF PROGRAMS 40.00 X 125525 0 24013 DORIS VASQUEZ SENIOR CLIENT SUCCESS MANAGER 40.00 X 117334 0 26858 EMILY BURCHFIELD DIRECTOR OF HR & OPERATIONS 40.00 X 129664 0 11656 DAVE KRIMM BOARD PRESIDENT 1.00 X X 0 0 0 ELIZABETH IRONS SEEM BOARD VICE PRESIDENT 1.00 X X 0 0 0 STEPHAN WALDSTROM BOARD SECRETARY 1.00 X X 0 0 0 SAGAR SHAH BOARD TREASURER 1.00 X X 0 0 0 LAURA ARCE BOARD MEMBER THROUGH 6/2022 1.00 X 0 0 0 JORGE BLANDON BOARD MEMBER 1.00 X 0 0 0 MONICA ISSAR BOARD MEMBER START 12/2022 1.00 X 0 0 0 JESSICA LEGGETT BOARD MEMBER 1.00 X 0 0 0 AQUILINA SORIANO BOARD MEMBER 1.00 X 0 0 0 SALVADOR TORRES BOARD MEMBER 1.00 X 0 0 0 1292040 0 214044 19 0 1 0 MEGINFO INC 3120 SCOTT BLVD 10 SANTA CLARA CA 95054 PLATFORM MAINTENANCE 607200 SLALOM LLC 821 2ND AVENUE SUITE 1900 SEATTLE WA 98104 IT STRATEGY PROJECT FEES 577413 MOBLOR 3120 SCOTT BLVD 9 SANTA CLARA CA 95054 APPLICATIONS DEVELOPMENT SERVICES 228088 MOSS ADAMS LLP 999 3RD AVENUE SUITE 2800 SEATTLE WA 98104 AUDITING, TAX, & CONSULTING SERVICES 134125 4 2542844 4974178 392 7517022 PROGRAM SERVICE & LICENSE FEES 541900 183625 183625 CONFERENCE, SEMINARS, & OTHER 541900 69728 69728 253353 1294917 1294917 14452710 14496959 -44249 -44249 -44249 9021043 253353 0 1250668 9533865 9533865 758734 650460 59145 49129 4688070 4023386 356063 308621 234985 202011 17712 15262 506792 424938 52775 29079 413702 359325 28964 25413 7443 7443 61675 61675 76741 76741 415848 241635 121297 52916 6779 6582 197 279393 233727 24220 21446 1338314 1326977 6200 5137 191971 170740 12201 9030 102241 74790 19248 8203 206964 198043 4864 4057 15000 15000 73636 70062 1951 1623 32636 32636 DUES, LICENSES, & FEES 866882 749826 63429 53627 SURVEY INCENTIVES 96980 96157 451 372 BAD DEBT EXPENSE 90542 90542 852 54 794 4 20000045 18468120 947809 584116 4778407 5238461 10830532 1851557 604579 764236 66929 71305 3750 0 265968 333986 234775 166869 64113 67906 37315067 33357726 433286 667542 145459 275962 15000 456999 54523090 43085680 531274 672961 1817942 2515014 540000 520000 154575 613786 3043791 4321761 X 45703900 33190427 5775399 5573492 51479299 38763919 54523090 43085680 -10979002 -1736378 0 X 0 1 X 1 0 X 5413663 5511225 41302810 57174476 7517022 116919196 5413663 5511225 41302810 57174476 7517022 116919196 5311405 111607791 2712 8889 86981 467639 1294917 1861138 5603 5603 118785937 1181420 0.93960 0.96610 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2018 AMOUNT: $ 0. 2019 AMOUNT: $ 0. 2020 AMOUNT: $ 0. 2021 AMOUNT: $ 5,603. 2022 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 19923304 19923304 1000000 250000 0 0 361981 1000000 1000000 1000000 3361981 5042972 16628 16628 90495 250000 250000 250000 840495 1260743 34380 17410 16970 108014 79920 28094 92381 69539 22842 67906 PARTNER FUNDS HELD 170109 OPERATING LEASE LIABILITIES 443677 613786 X 7217924 -1736378 10000 -1726378 8944302 76741 76741 9021043 19933304 10000 10000 19923304 76741 76741 20000045 PART X, LINE 2: THE INTERNAL REVENUE SERVICE AND THE CALIFORNIA FRANCHISE TAX BOARD HAVE DETERMINED THAT THE ORGANIZATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(3) AND CALIFORNIA REVENUE AND TAXATION CODE ("RTC") SECTION 23701D. THE ORGANIZATION HAS EVALUATED ITS CURRENT TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021, AND IS NOT AWARE OF ANY SIGNIFICANT UNCERTAIN TAX POSITIONS FOR WHICH A RESERVE WOULD BE NECESSARY. 1 COVID-19 RAPID RESPONSE & RECOVERY GRANTS AND IMMIGRATION FEE MATCHING FUND 5062 9533865 PART I, LINE 2: IN 2022, MISSION ASSET FUND RESPONDED TO THE UNPRECEDENTED HEALTH AND ECONOMIC CRISIS CREATED BY THE COVID-19 PANDEMIC WITH A NEW EMERGENCY GRANT PROGRAM. THE ORGANIZATION'S RAPID RESPONSE FUND PROVIDED UNRESTRICTED DIRECT CASH ASSISTANCE TO LOW WAGE WORKERS, CALIFORNIA'S LOW-INCOME COLLEGE STUDENTS, AND IMMIGRANT FAMILIES LEFT OUT OF CARES ACT RELIEF. AVAILABLE FUNDS WERE DISBURSED ON A NATIONAL SCALE USING AN EQUITY LENS TO FOCUS RESOURCES ON HOUSEHOLDS FACING THE GREATEST FINANCIAL HARDSHIP. THE ORGANIZATION MONITORS USAGE OF SUCH PAYMENTS ON A CONTINUOUS BASIS USING ITS GRANT SYSTEM AND ACCESS TO DAILY BANK REPORTS. OTHER GRANT PROGRAM ELIGIBILITY AND MONITORING OCCURS AS PART OF THE ONGOING OPERATION OF THE RELATED PROGRAMS. THESE MONITORING AND CONTROL PROCEDURES ARE DESIGNED TO INSURE THE PROPER USE OF GRANTS. X X X 0 0 0 0 0 0 0 0 0 JOSE QUINONEZ FOUNDER & CEO 250000 0 0 0 0 0 8131 0 38593 0 296724 0 0 0 DANIELA SALAS CO-FOUNDER & COO 233375 0 0 0 0 0 13600 0 35410 0 282385 0 0 0 BINIAM HAILE FINANCE DIRECTOR 149967 0 0 0 0 0 8991 0 20667 0 179625 0 0 0 JENNIFER BROOKS NURTURE CEO 153561 0 0 0 0 0 7739 0 917 0 162217 0 0 0 JOANNA CORTEZ HERNANDEZ ADVOCACY & ENGAGEMENT DIRECTOR 132614 0 0 0 0 0 7646 0 9823 0 150083 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM, IN CONJUNCTION WITH THE ORGANIZATION'S ACCOUNTING AND FINANCE DEPARTMENT. THE FINANCE DIRECTOR, COO, AND CEO ALL INITIALLY REVIEW A DRAFT OF THE FORM 990; ADJUSTMENTS ARE MADE, AS NECESSARY. A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, OFFICER, AND KEY EMPLOYEE ANNUALLY SIGNS A STATEMENT AFFIRMING SUCH PERSON: (I) HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY; (II) HAS READ AND UNDERSTANDS THE POLICY; (III) HAS AGREED TO COMPLY WITH THE POLICY; AND (IV) UNDERSTANDS MAF IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE IN PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. ADDITIONALLY, IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. SHOULD AN ACTUAL CONFLICT BE IDENTIFIED, AN INTERESTED PARTY MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE OR SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIR OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER MAF CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN MAF'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION FOR THE ORGANIZATION'S CEO IS REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS, WHICH UTILIZES COMPARABILITY DATA (INCLUDING DATA FROM COMPENSATION SURVEYS/STUDIES) OF SIMILARLY SITUATED EMPLOYEES IN SIMILAR ORGANIZATIONS/GEOGRAPHIC REGIONS. THE PROCESS IS DOCUMENTED IN THE MINUTES OF THE COMMITTEE MEETING. COMPENSATION FOR THE COO AND OTHER OFFICERS/KEY EMPLOYEES IS DETERMINED BY THE ORGANIZATION'S CEO, WHO UTILIZES COMPARABILITY DATA (INCLUDING DATA FROM COMPENSATION SURVEYS/STUDIES) OF SIMILARLY SITUATED EMPLOYEES IN SIMILAR ORGANIZATIONS/GEOGRAPHIC REGIONS. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.