Secured Finance Network Inc
- Assets
- $7.2m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 14
- Location
- New York, NY
- Founding
- 07/1955
- Data as of
- 09/2023
- EIN
- 13-5539122
Organization Overview
Secured Finance Network Inc is located in New York, NY. The organization was established in 1955. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. As of 09/2023, Secured Finance Network Inc employed 14 individuals. This organization is the central organization for a national or regional group of organizations. Secured Finance Network Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Secured Finance Network Inc generated $6.0m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $6.0m during the year ending 09/2023. While expenses have increased by 4.2% per year over the past 4 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE SECURED FINANCE NETWORK IS THE TRADE GROUP FOR COMMERCIAL FINANCE COMPANIES, FACTORS, BANKS AND OTHER FINANCING AGENCIES IN THE ASSET-BASED FINANCIAL SERVICES INDUSTRY ON AN INTERNATIONAL, NATIONAL, REGIONAL AND LOCAL BASIS. THE OBJECTIVES OF THE ORGANIZATION ARE TO PROVIDE, THROUGH DISCUSSION AND PUBLICATION, A FORUM FOR THE CONSIDERATION OF INTER- AND INTRA-INDUSTRY IDEAS AND OPPORTUNITIES; TO MAKE AVAILABLE CURRENT INFORMATION ON LEGISLATION AND COURT DECISIONS RELATING TO ASSET-BASED FINANCIAL SERVICES; TO IMPROVE LEGAL AND OPERATIONAL PROCEDURES EMPLOYED BY THE INDUSTRY; TO FURNISH TO THE GENERAL PUBLIC INFORMATION ON THE FUNCTION AND SIGNIFICANCE OF THE INDUSTRY IN THE CREDIT STRUCTURE OF THE COUNTRY; TO ENCOURAGE THE ASSOCIATION'S MEMBERS, AND THEIR PERSON.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION PROGRAMS - HELD TO TEACH NEW TOPICS IN OUR FIELD AND TO UPDATE THE PUBLIC ON MATTERS OF CONCERN.
CONDUCTED VARIOUS MARKETING, CHAPTER, MEMBER, AND PUBLIC RELATIONS ACTIVITIES FOR THE BETTERMENT OF OUR MEMBERS.
CONVENTIONS/MEETINGS - HELD IN ORDER TO ALLOW MEMBERS TO GATHER AND DISCUSS NEW DEVELOPMENTS, SHARE EXPERIENCES, AND LEND ASSISTANCE TO OTHERS SO AS TO BETTER OUR INDUSTRY.
PUBLICATIONS - CONDUCTED IN ORDER TO BETTER OUR WORK ENVIRONMENT AND STRENGTHEN OUR INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Bobrow Board Member / 1st Vice President | OfficerTrustee | 0.2 | $0 |
Robert Meyers Board Member / Vice President | OfficerTrustee | 0.2 | $0 |
Jennifer Palmer Board Member / President | OfficerTrustee | 0.2 | $0 |
Beatriz Hernandez Board Member | Trustee | 0.2 | $0 |
Bethani Oppenheimer Board Member | Trustee | 0.2 | $0 |
Donald Clarke Board Member | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jeffrey Management Corporation Rent | 9/29/23 | $283,659 |
Rsm Us Llp Accounting | 9/29/23 | $222,950 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $5,265,838 |
| Investment income | $9,123 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $85,806 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,992,281 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $752,062 |
| Compensation of current officers, directors, key employees. | $258,827 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $692,775 |
| Pension plan accruals and contributions | $53,493 |
| Other employee benefits | $552,851 |
| Payroll taxes | $111,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $380,970 |
| Fees for services: Accounting | $322,319 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $11,922 |
| Fees for services: Other | $164,060 |
| Advertising and promotion | $228,558 |
| Office expenses | $82,287 |
| Information technology | $202,885 |
| Royalties | $0 |
| Occupancy | $249,707 |
| Travel | $71,234 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,388,381 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $23,215 |
| Insurance | $58,210 |
| All other expenses | $130,547 |
| Total functional expenses | $6,026,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,218,926 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $203,601 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,318 |
| Prepaid expenses and deferred charges | $714,276 |
| Net Land, buildings, and equipment | $92,733 |
| Investments—publicly traded securities | $4,103,682 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $853,638 |
| Total assets | $7,190,174 |
| Accounts payable and accrued expenses | $631,919 |
| Grants payable | $0 |
| Deferred revenue | $2,576,144 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $763,741 |
| Total liabilities | $5,971,804 |
| Net assets without donor restrictions | $1,218,370 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $7,190,174 |