Civic Intelligence

Path Ventures

990 • Fiscal year 2022 • EIN 20-1892523

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization Profileepath.org/path-ventures
340 N MadisonLos Angeles, CA 90004

(323) 671-1300

Siviq Scores

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

Liabilities / Assets

80th percentile

0.63x

Higher debt load relative to assets than 80% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Liabilities / Revenue

95th percentile

6.30x

Higher debt load relative to revenue than 95% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Net Margin

92nd percentile

58%

Higher net margin than 92% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Top Officer Pay

54th percentile

$377,088

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2022

Asset Growth

74th percentile

9.8%

Faster asset growth than 74% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Revenue Growth

6th percentile

-53%

Faster revenue growth than 6% of similar nonprofits.

2022 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$70,954,460

Up $6,343,393 (+9.8%) from 2021

Net Assets

Up

$25,974,946

Up $4,068,955 (+19%) from 2021

Liabilities

Up

$44,979,514

Up $2,274,438 (+5.3%) from 2021

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin92nd percentile

Revenue

Down

$7,143,035

Down $8,067,706 (-53%) from 2021

Expenses

Down

$3,032,491

Down $565,074 (-16%) from 2021

Net Income

Down

$4,110,544

Down $7,502,632 (-65%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$100M$50M$0-$50MAssets 2011: $687,985Liabilities 2011: $183,997Net Assets 2011: $503,9882011Assets 2012: $579,258Liabilities 2012: $695,344Net Assets 2012: -$116,0862012Assets 2013: $1,884,291Liabilities 2013: $1,260,803Net Assets 2013: $623,4882013Assets 2014: $2,524,112Liabilities 2014: $1,832,721Net Assets 2014: $691,3912014Assets 2015: $7,043,844Liabilities 2015: $6,015,507Net Assets 2015: $1,028,3372015Assets 2016: $9,437,017Liabilities 2016: $8,654,151Net Assets 2016: $782,8662016Assets 2017: $11,248,498Liabilities 2017: $9,567,787Net Assets 2017: $1,680,7112017Assets 2018: $22,515,570Liabilities 2018: $15,586,633Net Assets 2018: $6,928,9372018Assets 2019: $31,752,072Liabilities 2019: $22,457,310Net Assets 2019: $9,294,7622019Assets 2020: $68,373,929Liabilities 2020: $58,006,016Net Assets 2020: $10,367,9132020Assets 2021: $64,611,067Liabilities 2021: $42,705,076Net Assets 2021: $21,905,9912021Assets 2022: $70,954,460Liabilities 2022: $44,979,514Net Assets 2022: $25,974,9462022Assets 2023: $89,891,977Liabilities 2023: $62,206,083Net Assets 2023: $27,685,8942023Assets 2024: $98,747,319Liabilities 2024: $67,648,247Net Assets 2024: $31,099,0722024

Highlighted filing

2022

Assets$70,954,460
Liabilities$44,979,514
Net Assets$25,974,946
Open 2022 Filing

Operations Trend

Revenue Growth6th percentile

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

$20M$15M$10M$5.0M$0-$5.0MRevenue 2011: $2,101,877Expenses 2011: $1,861,972Net Income 2011: $239,9052011Revenue 2012: $2,211,692Expenses 2012: $2,406,854Net Income 2012: -$195,1622012Expenses 2013: $2,161,3892013Revenue 2014: $2,886,411Expenses 2014: $2,818,383Net Income 2014: $68,0282014Revenue 2015: $3,247,497Expenses 2015: $2,976,728Net Income 2015: $270,7692015Revenue 2016: $2,407,302Expenses 2016: $2,671,794Net Income 2016: -$264,4922016Revenue 2017: $3,041,634Expenses 2017: $3,088,549Net Income 2017: -$46,9152017Revenue 2018: $5,473,150Expenses 2018: $2,813,598Net Income 2018: $2,659,5522018Revenue 2019: $4,016,725Expenses 2019: $1,650,900Net Income 2019: $2,365,8252019Revenue 2020: $2,452,523Expenses 2020: $1,379,372Net Income 2020: $1,073,1512020Revenue 2021: $15,210,741Expenses 2021: $3,597,565Net Income 2021: $11,613,1762021Revenue 2022: $7,143,035Expenses 2022: $3,032,491Net Income 2022: $4,110,5442022Revenue 2023: $8,649,915Expenses 2023: $5,786,089Net Income 2023: $2,863,8262023Revenue 2024: $11,257,637Expenses 2024: $9,701,348Net Income 2024: $1,556,2892024

Highlighted filing

2022

Revenue$7,143,035
Expenses$3,032,491
Net Income$4,110,544
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$7,215,752
Mission and Program Overview

Mission

The organization's purpose is to develop affordable housing, promote community and economic development, and encourage neighborhood revitalization for low income families and individuals.

To improve individual lives and communities by increasing quality affordable housing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$35,367,969$35,366,499▼ $1,470
Other Notes and Loans Receivable, Net$10,038,195$9,075,443▼ $962,752
Accounts Receivable$7,784,963$8,484,282▲ $699,319
Cash and Non-Interest-Bearing Accounts$2,822,514$5,204,752▲ $2,382,238
Investments Program Related$3,199,471$3,250,875▲ $51,404
Intangible Assets$407,830$296,589▼ $111,241
Prepaid Expenses and Deferred Charges$28,470$28,470→ $0
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$64,611,067$70,954,460▲ $6,343,393
Other Assets Total$4,961,655$9,247,550▲ $4,285,895
Liabilities
Mortgage Notes Payable Secured by Investment Property$41,137,843$43,927,143▲ $2,789,300
Deferred Revenue$747,382--
Unsecured Notes Loans Payable$303,814$661,017▲ $357,203
Accounts Payable and Accrued Expenses$249,464$314,950▲ $65,486
Other Liabilities$266,573$76,404▼ $190,169
Total Liabilities$42,705,076$44,979,514▲ $2,274,438
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$21,905,991$23,898,505▲ $1,992,514
Net Assets With Donor Restrictions-$2,076,441-
Total Net Assets Fund Balance$21,905,991$25,974,946▲ $4,068,955
Total Liabilities and Net Assets / Fund Balance$64,611,067$70,954,460▲ $6,343,393

Asset Categories

AssetBook ValueDepreciationBasis
Land$25,902,025-$25,902,025
Buildings$9,456,710-$9,456,710
Other Land Buildings$7,764$2,523$10,287
Other Assets Org$1--
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joel RobertsCEOFT$292,458$33,368$325,826
Anthony BahamondesSr Director of HsgFT$145,783$11,086$156,869
Lilian Najarrosr Director of financeFT$133,485$15,198$148,683
Iris Alcantaraasset mgmt DirectorFT$124,192$11,735$135,927
Lois StarrEXE officerPT$114,827-$114,827
Shiheng GuanProject ManagerFT$102,410$6,596$109,006
Sandy OluwekCFO-$28,234$186,625$28,234
Sarah KolishCOO-$17,966$228,834$17,966
JENNIFER HARK-DIEtZPresident-$1,517$33,368$1,517

Board Members and Trustees

NameTitle
Shane GoldsmithChair
Brian TuckerVice Chair
Annick HamonBoard Member
Ellen NaglerBoard Member
Leslie LambertBoard Member
Mary KaiserBoard Member
Perla EstonBoard Member
Sandeep PatelBoard Member
Clair OrrFounder
Jane BlumenfeldRecording Sec
Eileen DardickSecretary
Karen KurtzmanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Matt Huerta Consulting LLCsr project manager serv1522 CONSTITUTION BLVD SUITE 422, salinas, CA 93905$167,125
holthouse carlin & van tright LLPconsulting/accounting1801 W Olympic Blvvd, Pasadena, CA 91199$143,015
michael miller dba bold capital llcconsulting finance serv2625 whitney dr, alhambra, CA 91803$137,500
Revenue and Support

Revenue Composition

Contributions and Grants
$1,620,622
Program Service Revenue
$5,492,768
Investment Income
$97,682
Other Revenue
$-68,037
All Other Contributions
$853,645
Change in Net Assets
$4,110,544
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,531,167
Other Expenses$1,501,324
Total Fundraising Expense$39,787
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$665,317$60,943-$726,260
Current Officers, Directors, Trustees, and Key Employees$459,971$185,268-$645,239
Fees for Services Management$218,904$275,309$39,787$534,000
Fees for Services Other$215,429$159-$215,588
Fees for Services Accounting$129,450--$129,450
Occupancy$55,200$55,200-$110,400
Payroll Taxes$78,823$10,748-$89,571
Insurance$25,146$25,146-$50,292
Other Employee Benefits$39,535$5,102-$44,637
Pension Plan Contributions$22,150$3,310-$25,460
Other Expenses$16,708$1,600-$18,308
Travel$13,194$422-$13,616
Office Expenses$5,540$5,540-$11,080
All Other Expenses$1,650$4,945-$6,595
Depreciation Depletion$735$735-$1,470
Total Functional Expenses$2,349,266$643,438$39,787$3,032,491
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$72,717
Fundraising Gross Income$4,680
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Jazz night$143,851$4,680$30,726$-26,046
Total Events$143,851$4,680$72,717$-68,037
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affilates$76,404
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The board of directors have assigned the audit committee the responsibility of reviewing the form 990 before submission. The chair of the audit committee was provided with a copy of the form 990 prior to submission.”

Form 990, Part VI, Section B, Line 12C

“Organization presents the conflict of interest policy to employees upon hire. Employees certify to the policy at that time. Board members annually certify in writing as to their understanding of the conflict of interest policy.”

Form 990, Part VI, Section B, Line 15A

“The process for determining compensation includes a review and approval by the board of directors for ceo compensation. The executive director's and executive team's salaries are determined by the ceo.”

Form 990, Part VI, Section C, Line 19

“Governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Path Ventures
EIN
20-1892523
Phone
3236711300
Address
340 N MADISON, LOS ANGELES, CA 90004

Signing Officer

Name
Sandy Oluwek
Title
CFO
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Formed
2022
Legal Domicile
CA
Voting Board Members
12
Independent Board Members
12
Employees
18
Volunteers
12

Preparer

Firm
Boggeln & Company Inc
Address
215 1/2 Main Street, Huntington Beach, CA 92648
Preparer
Cheri L Boggeln
Phone
7143747434
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Gaap/tax diff from k-1 = -$41589”

Form 990, Part XII, Line 2C

“The organization has a committee that assumes responsibility for oversight of the audit.”

Financial Statement Notes

Part X : FIN48 Footnote

“Part x, line 2:the organization recognizes the impact of tax positions in the financial statements if that position is more likely than not of being sustained on audit, based on technical merits of the position. To date, the organization has not recorded any uncertain tax positions. The organization recognizes potential accrued interest and penalties related to uncertain tax positions in income tax expense. During the year ended december 31, 2022, the organization did not recognize any amount in potential and penalties associated with uncertain tax position.”

Raw XML AppendixShowing 400 of 984 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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$70,954,460
Liabilities
$44,979,514
Net assets
$25,974,946
Revenue
$7,143,035
Expenses
$3,032,491
Net income
$4,110,544
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$98.7$67.6$31.1$11.3$9.70$1.56
2023Detailed filing. Detailed filing data is available for this year.$89.9$62.2$27.7$8.65$5.79$2.86
2022Detailed filing. Detailed filing data is available for this year.$71.0$45.0$26.0$7.14$3.03$4.11
2021Detailed filing. Detailed filing data is available for this year.$64.6$42.7$21.9$15.2$3.60$11.6
2020Detailed filing. Detailed filing data is available for this year.$68.4$58.0$10.4$2.45$1.38$1.07
2019Detailed filing. Detailed filing data is available for this year.$31.8$22.5$9.29$4.02$1.65$2.37
2018Detailed filing. Detailed filing data is available for this year.$22.5$15.6$6.93$5.47$2.81$2.66
2017Summary only. Only limited summary data is available for this year.$11.2$9.57$1.68$3.04$3.09$0.05
2016Detailed filing. Detailed filing data is available for this year.$9.44$8.65$0.78$2.41$2.67$0.26
2015Detailed filing. Detailed filing data is available for this year.$7.04$6.02$1.03$3.25$2.98$0.27
2014Detailed filing. Detailed filing data is available for this year.$2.52$1.83$0.69$2.89$2.82$0.07
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.88$1.26$0.62$2.16
2012Summary only. Only limited summary data is available for this year.$0.58$0.70$0.12$2.21$2.41$0.20
2011Summary only. Only limited summary data is available for this year.$0.69$0.18$0.50$2.10$1.86$0.24