Pace Finance Corporation
- Assets
- $18.6m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/2013
- Data as of
- 12/2023
- EIN
- 27-1285566
Organization Overview
Pace Finance Corporation is located in Los Angeles, CA. The organization was established in 2013. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pace Finance Corporation 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 12/2023, Pace Finance Corporation generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.8% each year . All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 20.0% per year over the past 9 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
TO PROVIDE FINANCIAL SERVICES AND PRODUCTS TO LOW AND MODERATE INCOME COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SMALL BUSINESS MICROLOAN PROGRAM:PACE FINANCE CORPORATION PROVIDES CUSTOMIZED LOANS WITH FAIR AND FLEXIBLE TERMS AND CAN BE USED FOR A WIDE-VARIETY OF BUSINESS NEEDS, INCLUDING EQUIPMENT PURCHASES, WORKING CAPITAL AND ACQUISITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kerry Doi President | OfficerTrustee | 2 | $0 |
William Chun CFO | OfficerTrustee | 2 | $0 |
Jon Mayeda Secretary | OfficerTrustee | 2 | $0 |
Neil Yoneji Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $870,211 |
| All other contributions, gifts, grants, and similar amounts not included above | $72,146 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $942,357 |
| Total Program Service Revenue | $466,577 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,408,934 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $410,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $387,156 |
| Pension plan accruals and contributions | $18,273 |
| Other employee benefits | $45,910 |
| Payroll taxes | $29,380 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $39,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,392 |
| Advertising and promotion | $8,815 |
| Office expenses | $6,675 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,839 |
| Travel | $8,331 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,325 |
| Interest | $80,978 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $10,353 |
| All other expenses | $0 |
| Total functional expenses | $1,179,704 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,071,824 |
| Savings and temporary cash investments | $9,613,056 |
| Pledges and grants receivable | $130,394 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,752,972 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,862 |
| 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 | $18,578,108 |
| Accounts payable and accrued expenses | $20,082 |
| Grants payable | $0 |
| Deferred revenue | $1,216,140 |
| 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 | $1,800,000 |
| Other liabilities | $193,805 |
| Total liabilities | $3,230,027 |
| Net assets without donor restrictions | $12,721,516 |
| Net assets with donor restrictions | $2,626,565 |
| 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 | $18,578,108 |