Raza Development Fund Inc
- Assets
- $335.2m
- Revenue
- $26.3m
- Investments
- $1.4m
- Employees
- 47
- Location
- Phoenix, AZ
- Founding
- 03/1996
- Data as of
- 09/2023
- EIN
- 52-1954196
Organization Overview
Raza Development Fund Inc is located in Phoenix, AZ. The organization was established in 1996. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2023, Raza Development Fund Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Raza Development Fund Inc 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 09/2023, Raza Development Fund Inc generated $26.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $20.7m during the year ending 09/2023. While expenses have increased by 10.0% 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.
Since 2015, Raza Development Fund Inc has awarded 212 individual grants totaling $7,760,206. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
RAZA DEVELOPMENT FUND UNLEASHES THE POWER, POTENTIAL, AND PROMISE OF LATINO AND UNDER-RESOURCED COMMUNITIES ACROSS THE NATION THROUGH ACCESSIBLE FINANCIAL SOLUTIONS, TRANSFORMATIVE SUPPORT, AND COLLABORATIVE PARTNERSHIPS - ALL WHILE TACKLING CHALLENGES OVERLOOKED BY TRADITIONAL FINANCIAL INSTITUTIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN FUND PROGRAMS: LENDING PROGRAMS TO ASSIST HISPANIC AGENCIES AS WELL AS OTHER AGENCIES SERVING LOW INCOME COMMUNITIES BY INCREASING ACCESS TO CAPITAL, STRENGTHENING AFFILIATE RELATIONS AND PROMOTE ECONOMIC AND FINANCIAL LITERACY AT THE AGENCY LEVEL. LOANS APPROVED 59.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tom Espinoza President/ceo (thru 12/31/22) | OfficerTrustee | 40 | $1,133,088 |
Mary Ann Donovan President/ceo | OfficerTrustee | 40 | $167,375 |
Daniel Ortega Board Chair | OfficerTrustee | 1 | $0 |
Brenda Loya Vice Chairperson | OfficerTrustee | 1 | $0 |
Joseph F Reilly Secretary | OfficerTrustee | 1 | $0 |
Aaron Dominguez Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
United Fund Advisors Nmtc Advisory Services | 9/29/23 | $708,750 |
Baker Tilly Us Llp Cmf Advisory Services | 9/29/23 | $600,000 |
Veracruz Advisory Llc Community Leadership Services | 9/29/23 | $362,088 |
Novogradac & Company Llp Audit Fees | 9/29/23 | $265,500 |
Bergman & Allderdice Legal Fees | 9/29/23 | $218,240 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,197,097 |
| All other contributions, gifts, grants, and similar amounts not included above | $334,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,531,097 |
| Total Program Service Revenue | $17,307,517 |
| Investment income | $1,584,984 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $13,000 |
| Net Gain/Loss on Asset Sales | $588,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,318,340 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $296,500 |
| 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. | $2,563,736 |
| Compensation of current officers, directors, key employees. | $842,053 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,045,516 |
| Pension plan accruals and contributions | $232,844 |
| Other employee benefits | $853,790 |
| Payroll taxes | $359,361 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $432,421 |
| Fees for services: Accounting | $137,183 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,546,000 |
| Advertising and promotion | $293,586 |
| Office expenses | $123,727 |
| Information technology | $83,812 |
| Royalties | $0 |
| Occupancy | $102,709 |
| Travel | $707,612 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,473 |
| Interest | $6,132,298 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139,624 |
| Insurance | $116,372 |
| All other expenses | $149,400 |
| Total functional expenses | $20,725,703 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,033,327 |
| Savings and temporary cash investments | $37,687,621 |
| Pledges and grants receivable | $9,085,498 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $239,211,625 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $102,277 |
| Net Land, buildings, and equipment | $2,338,106 |
| Investments—publicly traded securities | $20,534,364 |
| Investments—other securities | $1,383,032 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,851,279 |
| Total assets | $335,227,129 |
| Accounts payable and accrued expenses | $3,091,132 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $66,253,600 |
| Unsecured mortgages and notes payable | $157,521,876 |
| Other liabilities | $528,580 |
| Total liabilities | $227,395,188 |
| Net assets without donor restrictions | $55,265,222 |
| Net assets with donor restrictions | $52,566,719 |
| 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 | $335,227,129 |
Grants Awarded
Over the last fiscal year, Raza Development Fund Inc has awarded $590,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
EMPOWERING LATINA LEADERS IN ARIZONA PURPOSE: COMMUNITY DEVELOPMENT | $245,000 |
JUNTOS COMMUNITY DEVELOPERS LLC PURPOSE: COMMUNITY DEVELOPMENT | $50,000 |
EMPOWERING LATINA LEADERS IN ARIZONA PURPOSE: COMMUNITY DEVELOPMENT | $245,000 |
JUNTOS COMMUNITY DEVELOPERS LLC PURPOSE: COMMUNITY DEVELOPMENT | $50,000 |