Utah Microenterprise Loan Fund
- Assets
- $5.4m
- Revenue
- $701.5k
- Investments
- $0.0
- Employees
- 6
- Location
- Salt Lake City, UT
- Founding
- 09/1992
- Data as of
- 09/2021
- EIN
- 87-0495534
Organization Overview
Utah Microenterprise Loan Fund is located in Salt Lake City, UT. The organization was established in 1992. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 09/2021, Utah Microenterprise Loan Fund employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Microenterprise Loan Fund 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 09/2021, Utah Microenterprise Loan Fund generated $701.5k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $922.8k during the year ending 09/2021. While expenses have increased by 5.6% per year over the past 6 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
PROVIDE FUNDING AND MANAGEMENT ASSISTANCE TO NEW AND EXISTING BUSINESSES THAT ARE NOT ABLE TO ACCESS TRADITIONAL SOURCES OF FUNDING; INCLUDING THOSE WHO ARE MEMBERS OF THE LOW/MODERATE INCOME COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOANS MADE UP TO $50,000 TO FINANCIALLY AND/OR SOCIALLY DISADVANTAGED INDIVIDUALS WHO WILL START OR EXPAND A SMALL BUSINESS AND HAVE INSUFFICIENT RESOURCES TO DO SO. DURING THE FISCAL YEAR, 26 LOANS WERE MADE TOTALLING $919,500.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danielle Lower Executive Dir. | Officer | 40 | $92,181 |
Roger Christensen Chair | OfficerTrustee | 1 | $0 |
Lori Fike Secretary | OfficerTrustee | 1 | $0 |
Ryan Jones Vice Chair | OfficerTrustee | 1 | $0 |
Doug Keefe 2021 Exec. Dir. | Officer | 40 | $0 |
Lynette Mcelprang Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $225,614 |
| All other contributions, gifts, grants, and similar amounts not included above | $205,107 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $430,721 |
| Total Program Service Revenue | $257,001 |
| Investment income | $11,133 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,400 |
| 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 | $701,489 |
| 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. | $154,687 |
| Compensation of current officers, directors, key employees. | $84,397 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $274,864 |
| Pension plan accruals and contributions | $7,331 |
| Other employee benefits | $13,201 |
| Payroll taxes | $41,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,670 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $50,710 |
| Advertising and promotion | $42,766 |
| Office expenses | $43,579 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $17,330 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,212 |
| Interest | $63,851 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,727 |
| Insurance | $3,857 |
| All other expenses | $0 |
| Total functional expenses | $922,802 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,493,381 |
| Savings and temporary cash investments | $2,220,543 |
| Pledges and grants receivable | $98,905 |
| Accounts receivable, net | $521 |
| 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 | $0 |
| Net Land, buildings, and equipment | $232,389 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,365,469 |
| Intangible assets | $0 |
| Other assets | $10,573 |
| Total assets | $5,421,781 |
| Accounts payable and accrued expenses | $96,431 |
| Grants payable | $0 |
| Deferred revenue | $299,061 |
| 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 | $3,611,342 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,021 |
| Total liabilities | $4,008,855 |
| Net assets without donor restrictions | $1,340,962 |
| Net assets with donor restrictions | $71,964 |
| 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 | $5,421,781 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Utah Microenterprise Loan Fund has recieved totaling $230,000.
| Awarding Organization | Amount |
|---|---|
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF UNDERSERVED SMALL BUSINESS EXPANSION | $200,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Helios Education Foundation Phoenix, AZ | $702,121,235 | $21,760,037 |
Graduate School Of Banking At Colorado Westminster, CO | $2,772,489 | $3,050,126 |
Independent Bankers Of Colorado Littleton, CO | $1,034,405 | $984,421 |
Utah Microenterprise Loan Fund Salt Lake City, UT | $5,421,781 | $701,489 |
Third Party Payment Processors Association Llc Phoenix, AZ | $58,887 | $667,666 |
Nellie Van Schaick 0499039180 Tucson, AZ | $3,154,367 | $194,886 |
Hopi Credit Association Keams Canyon, AZ | $2,594,030 | $382,272 |
Carolina M Schell T W Maint Tr Las Vegas, NV | $2,140,687 | $147,432 |
Sidney S Hoag Mem Ctr For Wom 2519008278 Las Vegas, NV | $175,148 | $19,883 |
Fuller-Presby C 1519158810 Las Vegas, NV | $89,661 | $29,434 |
Centennial Lending A Hand Foundation Firestone, CO | $0 | $0 |