Civic Intelligence

Secured Finance Network Midwest

990 • Fiscal year 2022 • EIN 20-1500060

Jan 01, 2022 to Dec 31, 2022 • Filed on Jun 14, 2023

Organization ProfileWWW.SFNETMIDWEST.COM
20960 S Frankfort Square RoadFrankfort, IL 60423

(815) 469-2935

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.45x

Higher debt load relative to assets than 91% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

2.26x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Net Margin

93rd percentile

45%

Higher net margin than 93% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Top Officer Pay

72nd percentile

$0

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)6 • <$500k nonprofits • Source year 2022

Asset Growth

88th percentile

38%

Faster asset growth than 88% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

996%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)6 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$463,634

Up $128,272 (+38%) from 2021

Net Assets

Up

$253,350

Up $41,457 (+20%) from 2021

Liabilities

Up

$210,284

Up $86,815 (+70%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin93rd percentile

Revenue

Up

$93,142

Up $84,646 (+996%) from 2021

Expenses

Up

$51,685

Up $11,446 (+28%) from 2021

Net Income

Up

$41,457

Up $73,200 (+231%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth88th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2010: $105,791Liabilities 2010: $0Net Assets 2010: $105,7912010Assets 2011: $111,578Liabilities 2011: $0Net Assets 2011: $111,5782011Assets 2012: $101,893Liabilities 2012: $0Net Assets 2012: $101,8932012Assets 2013: $107,661Liabilities 2013: $0Net Assets 2013: $107,6612013Assets 2014: $186,353Liabilities 2014: $02014Assets 2015: $211,672Liabilities 2015: $0Net Assets 2015: $211,6722015Assets 2016: $261,163Liabilities 2016: $0Net Assets 2016: $261,1632016Assets 2017: $296,154Liabilities 2017: $0Net Assets 2017: $296,1542017Assets 2018: $294,794Liabilities 2018: $0Net Assets 2018: $294,7942018Assets 2019: $220,066Liabilities 2019: $0Net Assets 2019: $220,0662019Assets 2020: $243,636Liabilities 2020: $0Net Assets 2020: $243,6362020Assets 2021: $335,362Liabilities 2021: $123,469Net Assets 2021: $211,8932021Assets 2022: $463,634Liabilities 2022: $210,284Net Assets 2022: $253,3502022Assets 2023: $506,204Liabilities 2023: $159,169Net Assets 2023: $347,0352023Assets 2024: $641,392Liabilities 2024: $180,799Net Assets 2024: $460,5932024

Highlighted filing

2022

Assets$463,634
Liabilities$210,284
Net Assets$253,350
Open 2022 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200K$100K$0-$100KRevenue 2010: $22,437Expenses 2010: $9,653Net Income 2010: $12,7842010Revenue 2011: $21,294Expenses 2011: $15,507Net Income 2011: $5,7872011Revenue 2012: $5,693Expenses 2012: $15,378Net Income 2012: -$9,6852012Revenue 2013: $11,802Expenses 2013: $6,034Net Income 2013: $5,7682013Revenue 2014: $78,341Expenses 2014: $17,857Net Income 2014: $60,4842014Revenue 2015: $90,048Expenses 2015: $64,729Net Income 2015: $25,3192015Revenue 2016: $65,106Expenses 2016: $15,615Net Income 2016: $49,4912016Revenue 2017: $83,215Expenses 2017: $48,224Net Income 2017: $34,9912017Revenue 2018: $48,749Expenses 2018: $50,109Net Income 2018: -$1,3602018Revenue 2019: $49,145Expenses 2019: $123,873Net Income 2019: -$74,7282019Revenue 2020: $85,362Expenses 2020: $78,955Net Income 2020: $6,4072020Revenue 2021: $8,496Expenses 2021: $40,239Net Income 2021: -$31,7432021Revenue 2022: $93,142Expenses 2022: $51,685Net Income 2022: $41,4572022Revenue 2023: $148,366Expenses 2023: $54,681Net Income 2023: $93,6852023Revenue 2024: $173,901Expenses 2024: $60,343Net Income 2024: $113,5582024

Highlighted filing

2022

Revenue$93,142
Expenses$51,685
Net Income$41,457
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Jun 14, 2023
Return Version
2022v5.0
Gross Receipts
$242,492
Mission and Program Overview

Mission

The secured finance network is the trade group for commercial finance companies, factors, banks and other financing agencies in the asset-based financial services industry on an international, national, regional and local basis. The objectives of the organization are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the association's members, and their person.

The secured finance network is the trade group for commercial finance companies, factors, banks, and other financing agencies in the asset-based financial services industry on an international, national, regional, and local basis. The objectives of the organization are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the association's members and their person.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$283,844$407,146▲ $123,302
Cap Stk Tr Prin Current Funds$227,922$227,922→ $0
Accounts Receivable$51,518$56,000▲ $4,482
Rtn Earn Endowment Incm Other Fnds$-16,029$25,428▲ $41,457
Prepaid Expenses and Deferred Charges$0$488▲ $488
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Total Assets$335,362$463,634▲ $128,272
Liabilities
Deferred Revenue$121,585$188,565▲ $66,980
Accounts Payable and Accrued Expenses$1,884$21,719▲ $19,835
Total Liabilities$123,469$210,284▲ $86,815
Net Assets / Fund Balance
Total Net Assets Fund Balance$211,893$253,350▲ $41,457
Total Liabilities and Net Assets / Fund Balance$335,362$463,634▲ $128,272
Compensation and Service Providers
Top Officer Pay72nd percentile

Board Members and Trustees

NameTitle
Kathleen ParkerPresident
Eric DornerFirst Vice President
Susan DuckettVice President
Alpesh AminDirector
Jacqueline CarlsonDirector
James LowDirector
Tom BonifaceSecretary
Jason HoeflerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$152,570
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$-59,428
All Other Contributions
$130,900
Change in Net Assets
$41,457
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,076
Salaries, Compensation, and Employee Benefits$18,609
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,471$14,138-$18,609
Fees for Services Other$263$9,994-$10,257
Insurance-$3,000-$3,000
All Other Expenses$111$792-$903
Fees for Services Accounting-$900-$900
Other Expenses$8,797$860-$860
Office Expenses-$481-$481
Travel-$202-$202
Total Functional Expenses$13,642$38,043$0$51,685
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$149,350
Fundraising Gross Income$87,422
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Outing$52,345$52,345$71,671$-19,326
Cubs Sports Outing$17,255$17,255$40,069$-22,814
Total Events$87,422$87,422$149,350$-61,928
Political and Lobbying Activity
Political campaign activity
No
In-house lobbying only
No
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A copy of form 990 is made available to all board members prior to filing.”

Form 990, Part VI, Section C, Line 18

“The organization makes their form information returns available upon request.”

Form 990, Part VI, Section C, Line 19

“The organization makes its documents and certain policies available upon request.”

Filing and Contact Details

Filer

Filer Name
Secured Finance Network Midwest
EIN
20-1500060
Phone
8154692935
Address
20960 S FRANKFORT SQUARE ROAD, FRANKFORT, IL 60423

Signing Officer

Name
Jason Hoefler
Title
Treasurer
Phone
8154692935
Signed
2023-06-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Hoefler
Formed
1988
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
50

Preparer

Firm
Sassetti LLC
Address
2107 SWIFT DRIVE SUITE 210, OAK BROOK, IL 60523
Preparer
Jeff Schroeder
Phone
7083861433
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Admin: program service expenses 263. Management and general expenses 9,994. Fundraising expenses 0. Total expenses 10,257.”

Raw XML Appendix368 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/AgreeCarryoverPriorYearInd00
IRS990ScheduleC/DuesAssessmentsAmt021670
IRS990ScheduleC/OnlyInHouseLobbyingInd00
IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt0149350
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IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0CUBS SPORTS OUTING
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt017255
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt017822
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt052345
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt017255
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt017822
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt087422
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-61928
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssOtherEventsAmt037610
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt0149350
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt071671
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt040069
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt05
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAKES THEIR FORM INFORMATION RETURNS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS DOCUMENTS AND CERTAIN POLICIES AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ADMIN: PROGRAM SERVICE EXPENSES 263. MANAGEMENT AND GENERAL EXPENSES 9,994. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,257.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
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IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd01
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/BOYAmt0335362
IRS990/TotalAssetsGrp/EOYAmt0463634
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0152570
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt038043
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt013642
IRS990/TotalFunctionalExpensesGrp/TotalAmt051685
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0123469
IRS990/TotalLiabilitiesEOYAmt0210284
IRS990/TotalLiabilitiesGrp/BOYAmt0123469
IRS990/TotalLiabilitiesGrp/EOYAmt0210284
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0211893
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/TravelGrp/TotalAmt0202
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IRS990/UnrelatedBusIncmOverLimitInd00
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IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.SFNETMIDWEST.COM
IRS990/WhistleblowerPolicyInd00
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JASON HOEFLER
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ReturnHeader/BusinessOfficerGrp/SignatureDt02023-06-14
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ReturnHeader/Filer/PhoneNum08154692935
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ReturnHeader/Filer/USAddress/CityNm0FRANKFORT
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ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0362239746
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SASSETTI LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02107 SWIFT DRIVE SUITE 210
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0OAK BROOK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060523
ReturnHeader/PreparerPersonGrp/PhoneNum07083861433
ReturnHeader/PreparerPersonGrp/PreparationDt02023-06-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JEFF SCHROEDER
ReturnHeader/ReturnTs02023-06-27T17:25:32-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JASON
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0HOEFLER
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$463,634
Liabilities
$210,284
Net assets
$253,350
Revenue
$93,142
Expenses
$51,685
Net income
$41,457
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.41$1.81$4.61$1.74$0.60$1.14
2023Detailed filing. Detailed filing data is available for this year.$5.06$1.59$3.47$1.48$0.55$0.94
2022Detailed filing. Detailed filing data is available for this year.$4.64$2.10$2.53$0.93$0.52$0.41
2021Detailed filing. Detailed filing data is available for this year.$3.35$1.23$2.12$0.08$0.40$0.32
2020Detailed filing. Detailed filing data is available for this year.$2.44$0.00$2.44$0.85$0.79$0.06
2019Summary only. Only limited summary data is available for this year.$2.20$0.00$2.20$0.49$1.24$0.75
2018Summary only. Only limited summary data is available for this year.$2.95$0.00$2.95$0.49$0.50$0.01
2017Summary only. Only limited summary data is available for this year.$2.96$0.00$2.96$0.83$0.48$0.35
2016Summary only. Only limited summary data is available for this year.$2.61$0.00$2.61$0.65$0.16$0.49
2015Summary only. Only limited summary data is available for this year.$2.12$0.00$2.12$0.90$0.65$0.25
2014Summary only. Only limited summary data is available for this year.$1.86$0.00$0.78$0.18$0.60
2013Detailed filing. Detailed filing data is available for this year.$1.08$0.00$1.08$0.12$0.06$0.06
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.02$0.00$1.02$0.06$0.15$0.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.12$0.00$1.12$0.21$0.16$0.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.06$0.00$1.06$0.22$0.10$0.13