2025-08-14T12:25:30-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 101 SECOND STREET SUITE 900 SAN FRANCISCO CA 94105 990 2024-01-01 208993652 MISSION ASSET FUND MISS 8882744808 3269 MISSION STREET SAN FRANCISCO CA 94110 JOSE QUINONEZ CEO 8882744808 2025-08-12 1 0 MICHAEL LUMSDEN P01262236 4159561500 2025-08-12 2024 2025-03-06 01:10:19Z JOSE QUINONEZ 3269 MISSION STREET SAN FRANCISCO CA 94110 37391410 0 X WWW.MISSIONASSETFUND.ORG X 2007 CA HELPING PEOPLE BECOME VISIBLE, ACTIVE, AND SUCCESSFUL IN THEIR FINANCIAL LIVES BY EXPANDING ACCESS TO RESPONSIBLE FINANCIAL PRODUCTS FOR LOW-INCOME AND IMMIGRANT COMMUNITIES. 11 11 43 14 0 0 7448470 8472081 270752 273393 1166803 954994 0 5192 8886025 9705660 10442696 3390073 0 0 6629843 6149172 0 0 494234 3100683 3170570 20173222 12709815 -11287197 -3004155 31396965 26969177 3633682 1816178 27763283 25152999 X TO HELP PEOPLE BECOME VISIBLE, ACTIVE, AND SUCCESSFUL IN THEIR FINANCIAL LIVES. 0 0 3084483 3213573 0 RECOVERY PROGRAM - THE ORGANIZATION LAUNCHED AN UNPARALLELED INITIATIVE SUPPORTING THE FINANCIAL RECOVERY OF IMMIGRANT FAMILIES EXCLUDED FROM FEDERAL COVID-19 RELIEF. TO SUPPORT LONG-TERM FINANCIAL RECOVERY, THE ORGANIZATION LAUNCHED THE IMMIGRANT FAMILIES RECOVERY PROGRAM--A $30 MILLION INITIATIVE PROVIDING GUARANTEED MONTHLY INCOME OF $400 FOR UP TO 24 MONTHS TO 3,000 IMMIGRANT FAMILIES. DESIGNED TO HELP FAMILIES STABILIZE AND REBUILD, THE PROGRAM GOES BEYOND CASH SUPPORT BY INCLUDING ACCESS TO CREDIT-BUILDING PRODUCTS, FINANCIAL EDUCATION, ONE-ON-ONE FINANCIAL COACHING, AND SELF-ADVOCACY TRAINING. THIS HOLISTIC APPROACH ENSURES PARTICIPANTS HAVE THE TOOLS AND RESOURCES TO RECOVER AND THRIVE. 2838488 0 0 BUSINESS MICROLOANS - BUILDING ON THE LENDING CIRCLES MODEL, THE ORGANIZATION LAUNCHED A BUSINESS MICROLOAN PROGRAM IN 2012 TO PROVIDE ZERO-INTEREST, CREDIT-BUILDING CAPITAL TO ENTREPRENEURS AND MICROBUSINESS OWNERS IN THE BAY AREA. ORIGINALLY DESIGNED FOR LENDING CIRCLES GRADUATES, THE PROGRAM HAS EVOLVED TO SERVE ASPIRING AND EXISTING ENTREPRENEURS ACROSS CALIFORNIA, REGARDLESS OF PRIOR PARTICIPATION. THROUGH BUSINESS-SPECIFIC TECHNICAL ASSISTANCE, FINANCIAL COACHING, AND LOANS OF UP TO $2,500, PARTICIPANTS RECEIVE THE TOOLS AND RESOURCES NEEDED TO INVEST IN AND GROW THEIR BUSINESSES. PROGRAM SERVICES ARE ALSO OFFERED THROUGH MYMAF, THE ORGANIZATION'S MOBILE APP, WHICH PROVIDES DIGITAL ACCESS TO FINANCIAL EDUCATION AND COACHING. 2243144 0 0 IMMIGRATION LOANS - IN 2017, THE ORGANIZATION EXPANDED ITS PROGRAM OFFERINGS TO INCLUDE A ZERO-INTEREST IMMIGRATION LOAN PROGRAM AND SCHOLARSHIPS TO HELP INDIVIDUALS COVER THE COST OF KEY IMMIGRATION PROCESSES, SUCH AS CITIZENSHIP, DACA, AND GREEN CARD APPLICATIONS. TO MEET THE EVOLVING NEEDS OF IMMIGRANT COMMUNITIES, THE PROGRAM NOW OFFERS A SLIDING SCALE OF CREDIT-BUILDING LOANS, AS WELL AS PARTIAL AND FULL GRANTS TO COVER FEES FOR SEVEN USCIS APPLICATION TYPES. LOAN FLEXIBILITY AND SUPPORT SERVICES ARE CORE TO ENSURING PARTICIPANTS CAN PURSUE IMMIGRATION RELIEF WITHOUT SACRIFICING FINANCIAL STABILITY. 2957813 176500 273393 LENDING CIRCLES - LAUNCHED IN 2008, THE LENDING CIRCLES SOCIAL LOAN PROGRAM IS ROOTED IN THE GLOBAL TRADITION OF GROUP LENDING AND DESIGNED TO HELP LOW-INCOME FAMILIES BUILD CREDIT, REDUCE DEBT, AND STRENGTHEN THEIR FINANCIAL SECURITY. DELIVERED IN PARTNERSHIP WITH A NATIONWIDE NETWORK OF NONPROFIT ORGANIZATIONS, THE PROGRAM OPERATES BOTH THROUGH DIRECT SERVICES IN CALIFORNIA AND ACROSS THE U.S. LENDING CIRCLES ARE PAIRED WITH TIMELY, ACTIONABLE, AND CULTURALLY RELEVANT FINANCIAL EDUCATION. RECOGNIZED FOR ITS INNOVATION AND IMPACT, THE PROGRAM HAS HELPED THOUSANDS OF PARTICIPANTS ACCESS SAFE, AFFORDABLE CAPITAL AND SUCCESSFULLY INTEGRATE INTO THE U.S. FINANCIAL SYSTEM.EMERGENCY GRANTS - THE ORGANIZATION CREATED A NATIONAL FINANCIAL RELIEF INITIATIVE TO PROVIDE DIRECT CASH ASSISTANCE TO LOW-WAGE WORKERS, CALIFORNIA PUBLIC COLLEGE STUDENTS, AND IMMIGRANT FAMILIES EXCLUDED FROM TRADITIONAL SAFETY NETS. RATHER THAN RELYING ON FIRST-COME, FIRST-SERVED OR LOTTERY SYSTEMS, THE ORGANIZATION DEVELOPED A FINANCIAL EQUITY FRAMEWORK TO EQUITABLY DISTRIBUTE RESOURCES TO THOSE FACING THE GREATEST HARDSHIP. OVER AN 18-MONTH PERIOD, MORE THAN 65,000 GRANTS TOTALING $40 MILLION WERE DISBURSED. IN ADDITION, THE ORGANIZATION LAUNCHED RESOURCES FINDER, AN ONLINE TOOL THAT HELPS INDIVIDUALS IDENTIFY AND ACCESS RELEVANT FINANCIAL SUPPORT AND SERVICES. 2957813 176500 273393 11123928 1 1 0 1 0 0 0 0 1 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 1 0 0 0 0 0 0 0 0 0 0 1 16 0 1 43 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 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 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 JORGE BLANDON BOARD MEMBER 1.00 X 0 0 0 MONICA ISSAR BOARD MEMBER 1.00 X 0 0 0 DANIEL LAU BOARD MEMBER 1.00 X 0 0 0 JESSICA LEGGETT BOARD MEMBER 1.00 X 0 0 0 ASH MCNEELY BOARD MEMBER 1.00 X 0 0 0 ANNA STUHLDREHER BOARD MEMBER 1.00 X 0 0 0 SALVADOR TORRES BOARD MEMBER 1.00 X 0 0 0 JOSE QUINONEZ FOUNDER & CEO 40.00 X 346853 0 51348 DANIELA SALAS CO-FOUNDER & COO 40.00 X 320721 0 56240 MACKENZIE GARCIA-FAZENBAKER FINANCE & COMPLIANCE DIRECTOR 40.00 X 142268 0 35608 JOANNA CORTEZ HERNANDEZ CHIEF INNOVATIONS OFFICER 40.00 X 209230 0 24166 HELENA SANCHEZ-SILVA GARIJO PROGRAMS DIRECTOR 40.00 X 166142 0 21931 DORIS VASQUEZ CLAVEL PROGRAMS MANAGER 40.00 X 150138 0 30348 ARVIND BALA R&D DIRECTOR 40.00 X 157412 0 19575 EFRAIN SEGUNDO PARTNERSHIPS DIRECTOR 40.00 X 146590 0 21026 JENNIFER BROOKS FOUNDER & CEO - THE NURTURE BUSINESS 40.00 X 153883 0 7869 1793237 0 268111 25 0 1 0 MEGINFO INC 3120 SCOTT BLVD 9 SANTA CLARA CA 95054 PLATFORM MAINTENANCE 426694 DREAMSLABSCA LLC 20371 RUNNING SPRINGS LANE HUNTINGTON BEACH CA 92646 APPLICATION DEVELOPMENT SERVICES 112188 2 1885771 6586310 8472081 PROGRAM SERVICE & LICENSE FEES 541900 273393 273393 273393 803874 803874 27836870 27685750 151120 151120 151120 MISCELLANEOUS REVENUE 900099 5192 5192 5192 9705660 273393 0 960186 3390073 3390073 1186434 698493 410425 77516 161752 161752 3766952 3431608 70005 265339 166950 157081 703 9166 491145 438506 13333 39306 375939 323703 30141 22095 24355 24355 98899 98899 46239 46239 514961 360477 128043 26441 164 157 4 3 186580 158281 16524 11775 429619 429619 212288 188545 13278 10465 91267 62905 19161 9201 14029 14029 167695 1274 166421 179578 175850 2085 1643 33097 7925 24678 494 DUES, LICENSES, & FEES 746414 699913 26714 19787 PROV FOR CEDIT LOSSES 315425 315425 SURVEY INCENTIVES 107985 107745 212 28 1975 567 433 975 12709815 11123928 1091653 494234 1925474 1651231 4476267 2326441 542287 1103407 120758 159249 212748 180331 242092 228853 42963 13239 22516528 20293448 1000885 934226 239490 129748 319565 177857 31396965 26969177 515483 550969 0 318200 2118055 514773 194937 274277 500000 0 305207 157959 3633682 1816178 X 22842719 22002198 4920564 3150801 27763283 25152999 31396965 26969177 -3004155 393871 0 X 0 1 X 1 1 1 X 41302810 57174476 7517022 7448470 8472081 121914859 41302810 57174476 7517022 7448470 8472081 121914859 5566974 116347885 86981 467639 1294917 1164821 803874 3818232 5603 5192 10795 125743886 1194206 0.92530 0.93270 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS REVENUE - 2021 AMOUNT: $ 5,603. 2024 AMOUNT: $ 5,192. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 12663576 12663576 783179 195795 0 0 1000000 1000000 1000000 783179 3783179 5674769 250000 250000 250000 195795 945795 1418693 0 1 X 34380 31185 3195 115331 106938 8393 92381 90730 1651 13239 OPERATING LEASE LIABILITIES 157959 157959 X 10053292 393871 393871 9659421 46239 46239 9705660 12663576 0 12663576 46239 46239 12709815 PART IV, LINE 2B: PARTNER LOAN LOSS RESERVE FUNDS - THE ORGANIZATION PARTNERS WITH OTHER NONPROFIT ENTITIES TO OPERATE PEER LENDING CIRCLES. AS A PART OF THOSE PARTNERSHIPS, THE ORGANIZATION MAY REQUIRE PARTNERS TO MAINTAIN A LOAN LOSS RESERVE FUND TO COVER POTENTIAL LENDING CIRCLES DELINQUENCIES, FEES, AND DEFAULTS BY LENDING CIRCLES PARTICIPANTS. IF THE PARTNERSHIP AGREEMENT IS TERMINATED OR THE FUNDS ARE NOT USED FOR THE INTENDED PURPOSES, THE ORGANIZATION IS REQUIRED TO RETURN FUNDS. PARTNER MATCH AND REVOLVING LOAN FUNDS - IN ADDITION, PARTNER REVOLVING LOAN FUNDS ARE PROVIDED BY PARTNER ORGANIZATIONS FOR USE IN LENDING TO PARTNER LOAN PROGRAM PARTICIPANTS. THE USE OF THESE FUNDS IS GOVERNED BY TERMS OUTLINED IN A MEMORANDUM OF UNDERSTANDING WITH SUCH PARTNERS. IN ADDITION, THE ORGANIZATION HOLDS PARTNER MATCH FUNDS WHICH MAY BE USED TO SUPPLEMENT LOANS MADE TO PROGRAM PARTICIPANTS. IF THE PARTNERSHIP AGREEMENT IS TERMINATED OR THE FUNDS ARE NOT USED FOR THE INTENDED PURPOSES, THE ORGANIZATION IS REQUIRED TO RETURN FUNDS. THE ORGANIZATION ALSO PROVIDES PARTICIPANTS IN ITS PROGRAMS VARIOUS CREDIT-BUILDING VEHICLES INCLUDING CREDIT-BUILDING LOANS AND CAPITAL AS WELL AS ACCESS TO CREDIT-BUILDING PRODUCTS, FINANCIAL EDUCATION, AND ONE-ON-ONE FINANCIAL COACHING. 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) 501(C)(3) AND CALIFORNIA REVENUE AND TAXATION CODE (RTC) 23701D. THE ORGANIZATION HAS EVALUATED ITS CURRENT TAX POSITIONS AS OF DECEMBER 31, 2024 AND 2023, AND IS NOT AWARE OF ANY SIGNIFICANT UNCERTAIN TAX POSITIONS FOR WHICH A RESERVE WOULD BE NECESSARY. 1 SCHOLARSHIPS AND COVID RELIEF 1926 3390073 PART I, LINE 2: IN 2024, 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 346853 0 0 0 0 0 9661 0 41687 0 398201 0 0 0 DANIELA SALAS CO-FOUNDER & COO 320721 0 0 0 0 0 17854 0 38386 0 376961 0 0 0 JOANNA CORTEZ HERNANDEZ CHIEF INNOVATIONS OFFICER 209230 0 0 0 0 0 12554 0 11612 0 233396 0 0 0 HELENA SANCHEZ-SILVA GARIJO PROGRAMS DIRECTOR 166142 0 0 0 0 0 9969 0 11962 0 188073 0 0 0 DORIS VASQUEZ CLAVEL PROGRAMS MANAGER 150138 0 0 0 0 0 7507 0 22841 0 180486 0 0 0 MACKENZIE GARCIA-FAZENBAKER FINANCE & COMPLIANCE DIRECTOR 142268 0 0 0 0 0 6929 0 28679 0 177876 0 0 0 ARVIND BALA R&D DIRECTOR 157412 0 0 0 0 0 7881 0 11694 0 176987 0 0 0 EFRAIN SEGUNDO PARTNERSHIPS DIRECTOR 146590 0 0 0 0 0 8533 0 12493 0 167616 0 0 0 JENNIFER BROOKS FOUNDER & CEO - THE NURTURE BUSINESS 153883 0 0 0 0 0 7320 0 549 0 161752 0 0 0 JENNIFER BROOKS SPOUSE OF CEO JOSE QUINONEZ 161752 EMPLOYEE COMPENSATION AS PER FISCAL SPONSORSHIP AGREEMENT 0 SCHEDULE L, PART IV: JENNIFER BROOKS, WHO IS THE SPOUSE OF CEO JOSE QUINONEZ, CURRENTLY SERVES AS THE CEO OF NURTURE, A FISCALLY-SPONSORED PROJECT OF MISSION ASSET FUND. UNDER THE FISCAL-SPONSOR ARRANGEMENT, NURTURE RAISES ITS OWN FUNDS, AND ALL FINANCIAL REPORTING OBLIGATIONS (INCLUDING FORM W-2 REPORTING FOR NURTURE) FALL UNDER THE RESPONSIBILITY OF MISSION ASSET FUND. THE COMPENSATION FOR SERVICES REPORTED IN SCHEDULE L, PART IV RELATES SOLELY AS COMPENSATION FOR HER ROLE AS NURTURE'S CEO. 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 & COMPLIANCE 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 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.