2013-05-09T12:57:45-05:00 2012-06-30 743001153 PMB Helin Donovan LLP 505 Sansome Street Suite 850 San Francisco CA 94111 990 2011-07-01 222852248 Village Enterprise Fund Inc VILL 6508028891 751 Laurel Street No 222 San Carlos CA 940703113 Dianne Calvi 6508028891 2013-02-14 1 W Noel McNabola P00181055 4153991330 2011 2016-02-25 16:41:14Z Dianne Calvi 751 Laurel St 222 San Carlos CA 94070 1080438 0 1 X http://www.villageenterprise.org X 1987 CA Our mission is to equip people living in extreme poverty with resources to create sustainable businesses. 8 7 11 47 44470 0 940790 1029892 0 0 0 0 95148 44470 1035938 1074362 248478 266461 0 0 503950 533408 0 0 181732 359162 316230 1111590 1116099 -75652 -41737 300759 269815 124771 147362 175988 122453 Our mission is to equip people living in extreme poverty with resources to create sustainable businesses. 0 0 779139 266462 Seed capital grants and/or assets valued at $150, which are disbursed to businesses after a rigorous training and mentoring program. Business groups are composed of three individuals who must: qualify for the program based on their socio-economic status, complete the training program, begin saving on a monthly basis and submit a viable business plan. Seed capital and/or assets are disbursed three times per year. 44523 Businesses are composed of 3 individuals.At the end: the training program is composed of 14 separate training sessions, extending over the period of 1 year. The majority of training sessions are conducted prior to receiving the seed capital or assets. 31470 Business Mentoring for new businesses. During the training program and after the businesses have been funded with seed capital, Village Enterprise Business Mentors assist in business formation, group dynamics and savings group development (the savings groups are composed of 30 individuals). The Business Mentors are full-time staff members who work in the communities and in the field on a daily basis, providing guidance and support to new businesses for one year. 855132 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 4 0 1 11 1 0 1 KE UG 0 0 0 1 1 0 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X Dianne Calvi 6508028891 751 Laurel St 222 San Carlos CA 94070 Woodson Hobbs 24.00 X X 0 0 0 Larry Langdon 2.00 X X 0 0 0 Tracea Roman 1.00 X X 0 0 0 Christopher Wuthmann 1.00 X X 0 0 0 Jay Friedrichs 1.00 X X 0 0 0 Larry Langdon 1.00 X 0 0 0 Deborah A Hall 1.00 X 0 0 0 Tim Tight 1.00 X 0 0 0 Dianne Calvi 40.00 X X 137996 0 4649 Safa Rashtchy 2.00 X 0 0 0 Emeka Ajoku 2.00 X 0 0 0 Tim Geisse 1.00 X 0 0 0 137996 0 4649 1 0 0 0 0 1029892 1029892 50546 6076 44470 44470 1074362 0 44470 0 266461 266461 142645 84126 16190 42329 304597 179639 34571 90387 54804 32321 6220 16263 31362 18496 3559 9307 3722 2233 558 931 13006 7804 1951 3251 19976 11986 2996 4994 12941 12941 3270 1962 491 817 19153 14365 4788 2739 1643 411 685 Field Operations Expens 110795 110795 Interns 36626 36626 Professional Fees 26553 18395 3059 5099 Special Projects 19628 19628 47821 35711 4441 7669 1116099 855132 79235 181732 118043 71975 141759 34307 2101 145294 3000 1536 101430 84727 35856 16703 300759 269815 37973 33279 86798 114083 124771 147362 X -182125 -37141 358113 159594 175988 122453 300759 269815 X -41737 -11798 X X 0 1 1 X 0 X 1007264 1055741 1316359 940790 1029892 5350046 1007264 1055741 1316359 940790 1029892 5350046 316357 5033689 2241 2241 5352287 0.94050 0.95700 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 101430 84727 16703 16703 1074362 1116099 -41737 -11798 -11798 -53535 1068750 6186 -11798 -5612 1074362 0 1074362 1122285 6186 6186 1116099 0 1116099 Description of Uncertain Tax Positions Under FIN 48: Part X: In June 2006, FASB issued ASC 740, Accounting for Uncertainty in Income Taxes. ASC 740 addresses the accounting for uncertainties in income taxes recognized in an enterprise's financial statements and prescribes a threshold of more-likely-than-not for recognition and de-recognition of tax positions taken or expected to be taken in a tax return. ASC 740 also provides related guidance on measurement, classification, interest and penalties, and disclosure. There was no material impact to Village Enterprise's financial statements as a result of the adoption of ASC 740. Part XI, Line 8 - Other Adjustments: Foreign Exchange Loss -11,798. Part XII, Line 2d - Other Adjustments: Currency Exchange Loss -11,798. 1 Sub-Saharan Africa 3 50 Small business development to qualified recipients in the region, including business and financial Small cash grants ($150 each) are made to groups local individuals. Grants are made through local mentors who are responsible for identifying local small business entrepreneurs and mentoring their progress. 624426 and financial literacy training, seed capital or asset transfers and savings group formation 3 50 0 0 3 50 624426 0 624426 Sub-Saharan Africa Grants and training expense. 39000 Cash Cash 1 0 Business and Financial Literacy Training, Seed Capital/asset transfers and Savings Group Formation to small businesses Sub-Saharan Africa 6351 231563 Distributed by staff and mentors to recipients once conditions are met. 34898 Business Inputs/Assets, varying by type of "Business-in-a-box". Cash 0 0 0 0 0 0 Procedure for Monitoring Grants Outside the U.S.: Schedule F, Part I, Line 2: VEF employees and interns visit the region regularly to verify grants made during the year and to follow up on the progress made by the local recipients. Method Used to Acccount for Expenditures: Schedule F, Part I, Line 3: Grants are recorded when awarded. X X X X Fundraising Event/House Parties 50546 50546 1400 2623 2053 50546 50546 1400 2623 2053 6076 44470 X 0 0 0 0 0 0 0 0 0 The former Executive Director received a severance payment of $90,257 in the year ended June 30, 2010. The remaining balance of $17,287 was paid during the year ended June 30, 2012. Form 990, Part VI, Section B, line 11 Village Enterprise Fund has provided all members of its governing body a copy of its Form 990 for review before filing. Form 990, Part VI, Section B, line 12c Board members a required to confirm annually their independence from the organization and to disclose any relationships with the organization that might be considered a conflict of interest. Form 990, Part VI, Section B, line 15 Comparability data is used to determine what proper compensation package is reasonable for all employees. The Board and Officers do a thorough analysis of potential candidates for upper mangagement positions, determining the package that acknowledges their experience and responsibilities. Form 990, Part VI, Section C, line 19 Financial Statements are available online on our website and on a range of other charity websites. The conflict of interest policy and governing documents are not posted online but available at anyone's request. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Foreign Exchange Loss -11,798. Total to Form 990, Part XI, Line 5: -11,798. Oversight of Audit process Form 990, Part XI Line 2c Village Enterprise Fund has an Audit Committee whose responsibility is to engage the auditor, to monitor the audit process and to and meet with, review and approve the final audit report. This is the same process as has been in effect in prior years.