Albina Opportunities Corporation
- Assets
- $548.6k
- Revenue
- -$259.9k
- Investments
- $0.0
- Employees
- 6
- Location
- Portland, OR
- Founding
- 04/2008
- Data as of
- 12/2019
- EIN
- 20-5597705
Organization Overview
Albina Opportunities Corporation, operating under the name Ascent Funding, is located in Portland, OR. The organization was established in 2008. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2019, Ascent Funding employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ascent Funding is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE FINANCIAL EQUITY AND JOBS IN THE PORTLAND AREA THROUGH LENDING AND BUSINESS GUIDANCE TO MINORITY-OWNED, WOMEN-OWNED, DISADVANTAGED, AND LOW INCOME BUSINESS COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING: THE ORGANIZATION CLOSED SEVERAL NEW LOANS AND SERVICED ITS ONGOING PORTFOLIO OF OUTSTANDING LOANS.
BUSINESS ADVISORY SERVICES: THE ORGANIZATION PROVIDES PROSPECTIVE AND EXISTING BORROWER-CLIENTS WITH ACCESS TO FREE BUSINESS ADVISORY SERVICES AND EDUCATIONAL WORKSHOPS AND PROGRAMS FROM STAFF AND VOLUNTEER BUSINESS ADVISORS
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Garcia Director | Trustee | 1 | $0 |
Shobi Dahl Director | Trustee | 1 | $0 |
Sheila Holden Director | Trustee | 1 | $0 |
Jeffrey Lang Director | Trustee | 1 | $0 |
Ward Greene Director | Trustee | 1 | $0 |
Art Hiemstra Director | Trustee | 1 | $0 |
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 | $43,026 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $43,026 |
| Total Program Service Revenue | $137,951 |
| Investment income | $4,042 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$410,357 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$259,872 |
| 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. | $107,311 |
| Compensation of current officers, directors, key employees. | $12,476 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $113,674 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,364 |
| Payroll taxes | $17,870 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $66,734 |
| Fees for services: Accounting | $20,752 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,547 |
| Advertising and promotion | $1,360 |
| Office expenses | $10,818 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,117 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,363 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $179 |
| Insurance | $7,394 |
| All other expenses | $0 |
| Total functional expenses | $425,893 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $272,539 |
| Savings and temporary cash investments | $706 |
| Pledges and grants receivable | $1,000 |
| Accounts receivable, net | $2,275 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $263,156 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $8,952 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $548,628 |
| Accounts payable and accrued expenses | $13,316 |
| Grants payable | $0 |
| Deferred revenue | $1,412 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $625,000 |
| Other liabilities | $1,875 |
| Total liabilities | $641,603 |
| Net assets without donor restrictions | -$127,865 |
| Net assets with donor restrictions | $34,890 |
| 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 | $548,628 |