Usfn
- Assets
- $1.1m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 5
- Location
- North Richland Hills, TX
- Founding
- 01/1997
- Data as of
- 11/2023
- EIN
- 33-0328597
Organization Overview
Usfn is located in North Richland Hills, TX. The organization was established in 1997. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 11/2023, Usfn employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Usfn 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 11/2023, Usfn generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $2.5m during the year ending 11/2023. While expenses have increased by 3.3% per year over the past 8 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
USFN SERVES ITS MEMBERS AND MORTGAGE SERVICING PROFESSIONALS BY PROVIDING FIRST-IN-CLASS EDUCATION, NETWORKING OPPORTUNITIES, PUBLICATIONS, AND INDUSTRY ADVOCACY IN SUPPORT OF EFFECTIVE AND EFFICIENT BUSINESS OPERATIONS, AS WELL AS LEGAL AND REGULATORY COMPLIANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WHILE OPERATIONS CONTINUED TO RETURN TO PRE-PANDEMIC LEVELS IN SOME AREAS, OTHER ACTIVITIES REMAINED DIGITUAL AND VIRTUAL. IN SEPTEMBER 2022 OUR LARGEST EVENT WAS POSTPONED TO JAN 2023) DUE TO A HURRICANE STRIKING FLORIDA AND CLOSING DOWN TRANSPORTATION AND VENUES. TWO MAJOR USFN EVENTS RETURNED TO SMALLER AUDIENCES, BUT ATTENDANCE AND DEVELOPMENT OF VIRTUAL EDUCATION GREW. THE MORTGAGE DEFAULT INDUSTRY SLOWLY EMERGED FROM MORATORIUMS IMPOSED ON THEM AT THE STATE AND FEDERAL LEVEL THAT PREVENT THEM FROM MOVING ANY FORECLOSURES OR OTHER RELATED ACTIVITIES FORWARD. SEVERAL MEMBER FIRMS HAVE MERGED OR LEFT THE BUSINESS SECTOR.
USFN PUBLICATIONS:THE USFN REPORT, A QUARTERLY LEGAL PUBLICATION ADDRESSING KEY ISSUES, CASE LAW, AND REGULATORY CHANGE, CONVERTED TO A DIGITAL VERSION. SOCIAL MEDIA (LINKED-IN AND TWITTER) WERE USED TO FURTHER THE REACH OF ARTICLES OF VITAL INTEREST DURING THESE UNPRECEDENTED TIMES. THE E-UPDATE CONTINUED TO ADDRESS BREAKING NEWS AND OTHER TIME-SENSITIVE INDUSTRY LEGAL REGULATORY, AND JUDICIAL UPDATES PERTINENT TO THE INDUSTRY. USFN NEWS A BI MONTHLY NEWSLETTER WITH CURATED AND IN HOUSE PRODUCED CONTENT WAS ADDED. USFN CONTINUED TO COORDINATE MEMBER CONTRIBUTIONS AND UPDATES TO THE NATIONAL MORTGAGE SERVICERS RESOURCE DIRECTORY (NMSRD) TO BE A ONE-OF-A-KIND STATE-BY-STATE GUIDE THAT IS CONSIDERED THE DEFINITIVE RESOURCE GUIDE USED BY THE MORTGAGE SERVICE INDUSTRY. PRINT AND DIGITAL "DESK GUIDES" PROVIDE SEGMENT-SPECIFIC RESOURCES IN AN EASILY REFERENCED FORMAT.
EDUCATION:IN 2023, USFN PRODUCED MORE THAN 25 DIFFERENT WEBINARS, SEMINARS, AND VIRTUAL CONFERENCES ADDRESSING ISSUES OF RELEVANCE TO ALL LEVELS OF THE MORTGAGE SERVICING INDUSTRY AND RELATED LEGAL PROFESSIONALS. SEVERAL NEW PROGRAMS WERE DEVELOPED AND EXPANDED, INCLUDING A NEW TRAINING PROGRAM LEARNING LAB AND CASE FILES, TO RESPOND TO THE VOID LEFT BY THE LACK OF IN-PERSON TRAINING AND NETWORKING. USFN PROVIDED CERTIFICATES OF COMPLETION FOR THESE BASIC TRAINING MODULES THAT WERE PRESENTED LIVE AND AVAILABLE RECORDED AT NO COST TO THE MORTGAGE SERVICER PERSONNELUSFN PROVIDED CONTINUING LEGAL EDUCATION TO MEMBER ATTORNEYS AND WELL AS ATTORNEYS WHO WORK FOR MORTGAGE SERVICERS. USFN OFFERED MORE THAN 8 HOURS OF CLE IN 2023 INCLUDING HIGHLY SOUGHT-AFTER SUBJECTS SUCH AS LEGAL ETHICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Pamela L Donahoo CEO | Officer | 40 | $181,942 |
Melody Rickles Director | Trustee | 2 | $0 |
Andy Saag Director | Trustee | 2 | $0 |
Andrew Brenner Director | Trustee | 2 | $0 |
Richard Nielson Director | Trustee | 2 | $0 |
Jeffrey Weisserman Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eventure Productions Inc Events | 11/29/22 | $164,777 |
Event Garde Llc Education/events | 11/29/22 | $209,834 |
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 | $228,942 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $228,942 |
| Total Program Service Revenue | $2,505,877 |
| Investment income | $5,904 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,047 |
| Net Gain/Loss on Asset Sales | $149 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,747,468 |
| 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. | $204,034 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $516,079 |
| Pension plan accruals and contributions | $2,998 |
| Other employee benefits | $61,444 |
| Payroll taxes | $49,909 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,309 |
| Fees for services: Accounting | $92,124 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,123 |
| Fees for services: Other | $92,719 |
| Advertising and promotion | $39,778 |
| Office expenses | $13,144 |
| Information technology | $74,746 |
| Royalties | $0 |
| Occupancy | $82,073 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,168,801 |
| Interest | $4,125 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,754 |
| Insurance | $9,074 |
| All other expenses | $0 |
| Total functional expenses | $2,531,843 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $504,361 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,388 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $93,857 |
| Net Land, buildings, and equipment | $48,333 |
| Investments—publicly traded securities | $180,685 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $276,646 |
| Total assets | $1,123,270 |
| Accounts payable and accrued expenses | $184,690 |
| Grants payable | $0 |
| Deferred revenue | $171,623 |
| 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 | $150,000 |
| Other liabilities | $314,431 |
| Total liabilities | $820,744 |
| Net assets without donor restrictions | $302,526 |
| 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 | $1,123,270 |