Civic Intelligence

Path Ventures

990 • Fiscal year 2023 • EIN 20-1892523

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

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

(323) 671-1300

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$89,891,977

Up $18,937,517 (+27%) from 2022

Net Assets

Up

$27,685,894

Up $1,710,948 (+6.6%) from 2022

Liabilities

Up

$62,206,083

Up $17,226,569 (+38%) from 2022

Revenue And Expenses

Revenue

Up

$8,649,915

Up $1,506,880 (+21%) from 2022

Expenses

Up

$5,786,089

Up $2,753,598 (+91%) from 2022

Net Income

Down

$2,863,826

Down $1,246,718 (-30%) from 2022

Historical Trend

Balance Sheet Trend

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

2023

Assets$89,891,977
Liabilities$62,206,083
Net Assets$27,685,894
Open 2023 Filing

Operations Trend

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

2023

Revenue$8,649,915
Expenses$5,786,089
Net Income$2,863,826
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$11,020,916
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$35,366,499$48,577,330▲ $13,210,831
Other Notes and Loans Receivable, Net$9,075,443$9,029,695▼ $45,748
Accounts Receivable$8,484,282$8,709,419▲ $225,137
Investments Program Related$3,250,875$4,722,345▲ $1,471,470
Cash and Non-Interest-Bearing Accounts$5,204,752$3,827,450▼ $1,377,302
Intangible Assets$296,589$0▼ $296,589
Prepaid Expenses and Deferred Charges$28,470$26,953▼ $1,517
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$70,954,460$89,891,977▲ $18,937,517
Other Assets Total$9,247,550$14,998,785▲ $5,751,235
Liabilities
Mortgage Notes Payable Secured by Investment Property$43,927,143$60,488,731▲ $16,561,588
Accounts Payable and Accrued Expenses$314,950$1,459,744▲ $1,144,794
Unsecured Notes Loans Payable$661,017$237,557▼ $423,460
Other Liabilities$76,404$20,051▼ $56,353
Total Liabilities$44,979,514$62,206,083▲ $17,226,569
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$23,898,505$26,423,649▲ $2,525,144
Net Assets With Donor Restrictions$2,076,441$1,262,245▼ $814,196
Total Net Assets Fund Balance$25,974,946$27,685,894▲ $1,710,948
Total Liabilities and Net Assets / Fund Balance$70,954,460$89,891,977▲ $18,937,517

Asset Categories

AssetBook ValueDepreciationBasis
Land$39,102,025-$39,102,025
Buildings$9,456,710-$9,456,710
Other Land Buildings$18,595$7,215$25,810
Other Assets Org$2,201,288--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
JENNIFER HARK-DIEtZPresident-$346,509$36,759$383,268
Anthony BahamondesSr Director of HsgFT$190,391$25,466$215,857
Joel RobertsCEOFT$146,669$24,304$170,973
Shiheng GuanProject ManagerFT$114,377$10,126$124,503
Michael BusseProject DirectorFT$110,915$12,616$123,531
Cynthia WongProject DirectorFT$110,758$12,535$123,293
Michael LanzaProject DirectorFT$106,378$13,192$119,570
Lilian Najarrosr Director of financeFT$69,690$3,485$73,175
Sandy OluwekCFO-$48,424$2,421$50,845

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
Sarah KolishCOO
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$158,604
michael miller dba bold capital llcconsulting finance serv2625 whitney dr, alhambra, CA 91803$137,500
Max Development LLC Dba Three6ixtyDev And Acqu Svcs11287 WASHINGTON BLVD, Culver City, CA 90230$111,160
Revenue and Support

Revenue Composition

Contributions and Grants
$5,009,987
Program Service Revenue
$5,569,799
Investment Income
$-1,805,235
Other Revenue
$-124,636
All Other Contributions
$868,457
Change in Net Assets
$2,863,826
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,282,781
Salaries, Compensation, and Employee Benefits$2,503,308
Total Fundraising Expense$36,994
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,317,607$132,145-$1,449,752
Fees for Services Management$829,313$210,600-$1,039,913
Current Officers, Directors, Trustees, and Key Employees$593,477$129,668-$723,145
Fees for Services Other$495,897$25,437$36,994$558,328
Fees for Services Accounting$28,873$181,756-$210,629
Other Employee Benefits$157,142$28,956-$186,098
Payroll Taxes$121,858$22,455-$144,313
Interest-$136,651-$136,651
Occupancy$22,080$88,320-$110,400
Insurance$28,800$28,800-$57,600
Travel$19,485--$19,485
All Other Expenses$6,335$6,769-$13,104
Other Expenses$10,530$487-$10,530
Office Expenses-$9,759-$9,759
Fees for Services Legal$1,098--$1,098
Total Functional Expenses$4,747,292$1,001,803$36,994$5,786,089
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$128,236
Fundraising Gross Income$3,600
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Jazz night$142,909$3,600$74,804$-71,204
Total Events$142,909$3,600$128,236$-124,636
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$12,006
Tenant Security Deposits$8,045
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
2024-11-14
Discuss with paid preparer
Yes

Organization Details

Formed
2022
Legal Domicile
CA
Voting Board Members
12
Independent Board Members
12
Employees
17
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 = -$1152878”

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, 2023, the organization did not recognize any amount in potential and penalties associated with uncertain tax position.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt8PROJECT DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9PROJECT DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt11Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt12CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt13Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt14RECORDING SEC
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IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$89,891,977
Liabilities
$62,206,083
Net assets
$27,685,894
Revenue
$8,649,915
Expenses
$5,786,089
Net income
$2,863,826
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