Union Microfinanza Inc
- Assets
- $398.3k
- Revenue
- $94.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Grand Haven, MI
- Founding
- 12/2010
- Data as of
- 03/2023
- EIN
- 27-1044964
Organization Overview
Union Microfinanza Inc, operating under the name Aldea Development, is located in Grand Haven, MI. The organization was established in 2010. According to its NTEE Classification (Q32) the organization is classified as: International Economic Development, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 03/2023, Aldea Development employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aldea Development is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2023, Aldea Development generated $94.8k in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $55.1k during the year ending 03/2023. As we would expect to see with falling revenues, expenses have declined by (7.7%) per year over the past 5 years. 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 ORGANIZATION IS DEDICATED TO IMPROVING THE CONDITION OF IMPOVERISHED RURAL COMMUNITIES THROUGH INNOVATION AND RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATES A MICROFINANCE PROGRAM IN 32 IMPOVERISHED HONDURAS VILLAGES. LOAN RECIPIENTS CONSIST OF POOR SMALL-YIELD FARMERS WHOM WE HELP INCREASE THEIR AGRICULTURAL CAPACITIES. PHYSICAL INPUTS SUCH AS FERTILIZER AND FIELD TOOLS ARE OFFERED TO FARMERS WITHOUT CREDIT HISTORY OR COLLATERAL. CLIENTS ATTEND PAYMENT AND PROGRAM UPDATE MEETINGS EVERY TWO WEEKS. IN ADDITION THE ORGANIZATION PURCHASES COFFEE DIRECTLY FROM THESE FARMERS AND ENCOURAGES THEM TO PRODUCE HIGH-QUALITY COFFEE BY HOLDING TRAINING SESSIONS ON FARMING AND PROCESSING TECHNIQUES. WE ALSO CONSTRUCTED A COFFEE PROCESSING FACILITY AVAILABLE TO LOCAL SMALL SCALE COFFEE FARMERS WHO OTHERWISE SELL THEIR COFFEE UNPROCESSED.
ENSURE THAT THE BASIC NEEDS ARE BEING MET IN POOR VILLAGES IN THE LA UNION LEMPIRA HONDURAS. THE ORGANIZATION COORDINATES GROUP SERVICE PROJECTS TO ADDRESS THESE BASIC NEEDS. SERVICE GROUP MEMBERS WORK ALONGSIDE EMPLOYEES OF THE ORGANIZATION AND COMMUNITY MEMBERS TO CONDUCT PROJECTS SUCH AS BUILDING LATRINES INSTALLING WATER FILTERS AND CONSTRUCTING VENTILATED STOVES. DURING THE REPORTING PERIOD THE ORGANIZATION WORKED ON SEVERAL PROJECTS AND HELP COORDINATE COVID RELIEF WITH OUTSIDE PARTNERS. THE ORGANIZATION ALSO INTRODUCED UNITED STATES-BASED COFFEE SHOPS TO LOCAL COFFEE PRODUCERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Boyd Treasurer | OfficerTrustee | 2 | $0 |
Doug Heins Secretary | OfficerTrustee | 2 | $0 |
Charles Heins President | OfficerTrustee | 40 | $6,910 |
Heather Farrell Officer | Officer | 2 | $0 |
Mike O'leary Officer | Trustee | 2 | $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 | $63,443 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $63,443 |
| Total Program Service Revenue | $2,300 |
| Investment income | $3,562 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$240 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $27,580 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,827 |
| 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. | $6,271 |
| Compensation of current officers, directors, key employees. | $6,271 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,254 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,215 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $82 |
| Fees for services: Accounting | $388 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,824 |
| Advertising and promotion | $285 |
| Office expenses | $5,943 |
| Information technology | $1,496 |
| Royalties | $0 |
| Occupancy | $91 |
| Travel | $2,983 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,865 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,730 |
| Insurance | $489 |
| All other expenses | $568 |
| Total functional expenses | $55,105 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,166 |
| Savings and temporary cash investments | $51,546 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $173,872 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $101,493 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $52,218 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $398,295 |
| Accounts payable and accrued expenses | $11,549 |
| Grants payable | $0 |
| Deferred revenue | $7,596 |
| 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 | $135,348 |
| Other liabilities | $0 |
| Total liabilities | $154,493 |
| Net assets without donor restrictions | $243,802 |
| 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 | $398,295 |