Pace Finance Corporation
- Assets
- $14.9m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/2013
- Data as of
- 12/2021
- 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 12/2021, Pace Finance Corporation generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 29.6% each year . All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 26.4% per year over the past 7 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
2021
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 |
Rachelle Arizmendi CFO | OfficerTrustee | 2 | $0 |
Jon Mayeda Secretary | OfficerTrustee | 2 | $0 |
Neil Yoneji Director | Trustee | 2 | $0 |
Mike Eng Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $592,589 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,075,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,667,589 |
| Total Program Service Revenue | $826,973 |
| 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 | $2,494,562 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $309,847 |
| Pension plan accruals and contributions | $15,682 |
| Other employee benefits | $43,489 |
| Payroll taxes | $26,124 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,665 |
| Advertising and promotion | $0 |
| Office expenses | $2,958 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $21,779 |
| Travel | $4,351 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,801 |
| Interest | $98,033 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $8,105 |
| All other expenses | $9,476 |
| Total functional expenses | $1,182,247 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,113,579 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $19,678 |
| Accounts receivable, net | $9,525 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,727,802 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $250 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,756 |
| Total assets | $14,898,590 |
| Accounts payable and accrued expenses | $1,500 |
| Grants payable | $0 |
| Deferred revenue | $1,698,590 |
| 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 | $1,300,000 |
| Other liabilities | $0 |
| Total liabilities | $3,000,090 |
| Net assets without donor restrictions | $11,118,062 |
| Net assets with donor restrictions | $780,438 |
| 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 | $14,898,590 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Pace Finance Corporation has recieved totaling $75,000.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $75,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Civic San Diego San Diego, CA | $12,596,747 | $8,835,597 |
Csac Finance Corporation Sacramento, CA | $22,360,310 | $12,934,423 |
Ampac Tri-State Cdc Inc Ontario, CA | $22,461,621 | $9,676,882 |
Local First Arizona Foundation Phoenix, AZ | $3,232,104 | $5,988,087 |
Inclusive Action For The City Los Angeles, CA | $6,839,271 | $6,785,637 |
Genesis La Economic Growth Corporation Los Angeles, CA | $84,073,617 | $20,248,596 |
Business Development Finance Corporation Tucson, AZ | $22,193,625 | $4,107,444 |
Economic Development Collaborative Ventura County Camarillo, CA | $6,956,185 | $3,790,106 |
Accessity San Diego, CA | $20,855,169 | $4,197,275 |
Polk Community Development Corporation Dallas, OR | $22,075,845 | $5,307,917 |
Sustainable Economic Enterprises Of Los Angeles Los Angeles, CA | $2,131,089 | $4,310,365 |
Historic Core Business Improvement District Property Owners Assoc Inc Los Angeles, CA | $576,634 | $2,619,214 |