Liftfund Inc
- Assets
- $98.2m
- Revenue
- $40.6m
- Investments
- $0.0
- Employees
- 136
- Location
- San Antonio, TX
- Founding
- 12/1994
- Data as of
- 12/2023
- EIN
- 74-2712770
Organization Overview
Liftfund Inc is located in San Antonio, TX. The organization was established in 1994. 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 12/2023, Liftfund Inc employed 136 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Liftfund 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 12/2023, Liftfund Inc generated $40.6m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $40.1m during the year ending 12/2023. While expenses have increased by 11.0% 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
LIFTFUNDS MISSION IS TO PROVIDE CAPITAL AND OTHER SERVICES TO UNDERSERVED SMALL BUSINESSES AND ENTREPRENEURS. THROUGH ITS PRODUCTS AND SERVICES, LIFTFUND HELPS SMALL BUSINESSES AND ENTREPRENEURS STRENGHTEN THEIR BUSINESSES, STABILIZE AND INCREASE THEIR INCOMES, CREATE ADDITIONAL EMPLOYMENT AND CONTRIBUTE TO THE ECONOMIC DEVELOPMENT OF THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIFTFUND PROVIDES CREDIT AND OTHER SERVICES TO SMALL BUSINESSES THAT DO NOT HAVE ACCESS TO LOANS FROM COMMERCIAL SOURCES. UNDER DIRECT LENDING OPERATIONS, LIFTFUND PROVIDED 804 MICRO AND SMALL BUSINESS LOANS, AND UNDER THE SBA 504 PROGRAM, 37 NEW LOANS WERE CLOSED IN THE FISCAL YEAR ENDED 12/31/2023. WITH MORE THAN $58 MILLION IN LOANS OUTSTANDING AS OF DECEMBER 31, 2023, LIFTFUND IS REGARDED AS ONE OF THE LARGEST AND BEST PERFORMING MICROFINANCE INSTITUTIONS IN THE UNITED STATES. LIFTFUND COMPLEMENTED ITS CAPITAL WITH 7,137 HOURS OF TECHNICAL ASSISTANCE PROVIDED TO 4,969 ENTREPRENEURS. THROUGH ITS LOANS AND SERVICES, LIFTFUND HAS HELPED CREATE OR RETAIN THOUSANDS OF JOBS IN LOW TO MODERATE INCOME AREAS, CONTRIBUTING TO THE ECONOMIC REVITALIZATION OF UNDERSERVED COMMUNITIES.
DURING THE YEAR ENDED DECEMBER 31, 2023, LIFTFUND WORKED WITH SEVERAL CITIES, COUNTIES AND MUNICIPALITIES TO HELP DISTRIBUTE FEDERAL AMERICAN RESCUE PLAN ACT (ARPA) GRANTS AS A SUBRECIPIENT TO SMALL BUSINESSES THROUGHOUT THE YEAR IN RESPONSE TO THE COVID-19 PANDEMIC. LIFTFUND AWARDED 904 GRANTS TO VARIOUS SMALL BUSINESSES THROUGHOUT THE COMMUNITIES WE SERVE AMOUNTING TO OVER $17 MILLION IN BUSINESS SUPPORT FUNDING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janie Barrera Founder And SVP | Officer | 50 | $257,072 |
Amy Hereford General Counsel | 50 | $247,587 | |
Nelly Rojas-Moreno Coo/cfo | 50 | $235,360 | |
Adrian Gonzalez Chief Cdc Officer | 50 | $170,485 | |
Christopher Allen SVP Sba 504 | 50 | $165,858 | |
Michael Coulter Chief Lending Off. | 50 | $151,355 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Starkweather Law Office Loan Closing | 12/30/23 | $126,000 |
Journeyteam-ab Computer Llc It Consulting | 12/30/23 | $355,681 |
Saurabh Bansal Project Management | 12/30/23 | $167,218 |
Txc Texas Creative Llc Marketing | 12/30/23 | $205,465 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $24,481,802 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,701,051 |
| Noncash contributions included in lines 1a–1f | $1,737,121 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,182,853 |
| Total Program Service Revenue | $10,427,112 |
| Investment income | $335,049 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $31,260 |
| Net Gain/Loss on Asset Sales | $586,848 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,563,122 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $17,311,324 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $383,290 |
| Compensation of current officers, directors, key employees. | $39,657 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,650,310 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,397,706 |
| Payroll taxes | $689,740 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $72,808 |
| Fees for services: Accounting | -$91,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,334,059 |
| Advertising and promotion | $390,161 |
| Office expenses | $77,179 |
| Information technology | $1,378,078 |
| Royalties | $0 |
| Occupancy | $269,511 |
| Travel | $174,736 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $137,154 |
| Interest | $1,138,948 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $597,419 |
| Insurance | $271,932 |
| All other expenses | $406,822 |
| Total functional expenses | $40,111,518 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $19,225,728 |
| Savings and temporary cash investments | $3,750,124 |
| Pledges and grants receivable | $1,535,852 |
| Accounts receivable, net | $2,110,998 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $53,960,606 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $632,228 |
| Net Land, buildings, and equipment | $8,004,693 |
| Investments—publicly traded securities | $8,134,270 |
| Investments—other securities | $0 |
| Investments—program-related | $826,492 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $98,180,991 |
| Accounts payable and accrued expenses | $1,918,428 |
| Grants payable | $669,641 |
| Deferred revenue | $2,370,755 |
| 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 | $6,312,201 |
| Unsecured mortgages and notes payable | $39,101,720 |
| Other liabilities | $10,000,000 |
| Total liabilities | $60,372,745 |
| Net assets without donor restrictions | $37,543,258 |
| Net assets with donor restrictions | $264,988 |
| 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 | $98,180,991 |