Wasatch Business Finance Inc
- Assets
- $303.4k
- Revenue
- $510.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Murray, UT
- Founding
- Data as of
- 12/2022
- EIN
- 85-1979409
Organization Overview
Wasatch Business Finance Inc is located in Murray, UT. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Wasatch Business Finance Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wasatch Business Finance Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
WASATCH BUSINESS FINANCE IS A PRIVATE, NON-PROFIT CERTIFIED DEVELOPMENT COMPANY (CDC), AUTHORIZED BY THE US SMALL BUSINESS ADMINISTRATION (SBA) TO FACILITATE THE SBA 504 LOAN PROGRAM IN UTAH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CERTIFIED DEVELOPMENT COMPANY CERTIFIED SBA 405 LOAN PROGRAM ASSISTANCE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Carlston CEO & Chairman | OfficerTrustee | 40 | $87,500 |
Lindsay Jones Treasurer | OfficerTrustee | 1 | $0 |
Jr Howa Secretary | OfficerTrustee | 40 | $0 |
Bill Kirth Director | Trustee | 1 | $0 |
Chet Linton Director | Trustee | 1 | $0 |
Jon Absey Director | Trustee | 1 | $0 |
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 | $510,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $510,000 |
| Total Program Service Revenue | $0 |
| 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 | $510,000 |
| 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. | $157,496 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,847 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,194 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $11,900 |
| Office expenses | $651 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,600 |
| Travel | $6,806 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $25,761 |
| Total functional expenses | $235,084 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $297,490 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $5,051 |
| Net Land, buildings, and equipment | $881 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $303,422 |
| Accounts payable and accrued expenses | -$30 |
| 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 | $24,996 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,548 |
| Total liabilities | $28,514 |
| Net assets without donor restrictions | $274,908 |
| 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 | $303,422 |