Civic Intelligence

Accion Opportunity Fund Community Development

990 • Fiscal year 2019 • EIN 31-1719434

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 29, 2020

111 West St John Street No 800San Jose, CA 95113

(408) 297-0204

Siviq Scores

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

Liabilities / Assets

83rd percentile

0.78x

Higher debt load relative to assets than 83% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

86th percentile

3.04x

Higher debt load relative to revenue than 86% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Net Margin

29th percentile

-0.4%

Higher net margin than 29% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

30th percentile

$325,940

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2019

Asset Growth

85th percentile

19%

Faster asset growth than 85% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

88th percentile

30%

Faster revenue growth than 88% of similar nonprofits.

2019 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Assets

Up

$120,500,262

Up $19,186,823 (+19%) from 2018

Net Assets

Down

$26,322,703

Down $91,001 (-0.3%) from 2018

Liabilities

Up

$94,177,559

Up $19,277,824 (+26%) from 2018

Revenue

Up

$30,948,868

Up $7,056,376 (+30%) from 2018

Expenses

Up

$31,063,419

Up $5,162,842 (+20%) from 2018

Net Income

Up

-$114,551

Up $1,893,534 (+94%) from 2018

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2012: $45,173,655Liabilities 2012: $33,485,514Net Assets 2012: $11,688,1412012Assets 2013: $30,198,126Liabilities 2013: $17,216,020Net Assets 2013: $12,982,1062013Assets 2015: $50,694,651Liabilities 2015: $29,298,241Net Assets 2015: $21,396,4102015Assets 2016: $75,398,341Liabilities 2016: $49,782,874Net Assets 2016: $25,615,4672016Assets 2018: $101,313,439Liabilities 2018: $74,899,735Net Assets 2018: $26,413,7042018Assets 2019: $120,500,262Liabilities 2019: $94,177,559Net Assets 2019: $26,322,7032019Assets 2020: $131,694,141Liabilities 2020: $95,595,231Net Assets 2020: $36,098,9102020Assets 2021: $200,481,759Liabilities 2021: $148,650,364Net Assets 2021: $51,831,3952021Assets 2022: $197,674,592Liabilities 2022: $123,913,523Net Assets 2022: $73,761,0692022

Highlighted filing

2019

Assets$120,500,262
Liabilities$94,177,559
Net Assets$26,322,703

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2012: $6,871,0672012Expenses 2013: $7,073,0862013Revenue 2015: $16,366,009Expenses 2015: $10,848,242Net Income 2015: $5,517,7672015Revenue 2016: $18,291,420Expenses 2016: $14,084,236Net Income 2016: $4,207,1842016Revenue 2018: $23,892,492Expenses 2018: $25,900,577Net Income 2018: -$2,008,0852018Revenue 2019: $30,948,868Expenses 2019: $31,063,419Net Income 2019: -$114,5512019Revenue 2020: $45,705,804Expenses 2020: $35,943,453Net Income 2020: $9,762,3512020Revenue 2021: $53,600,614Expenses 2021: $37,865,674Net Income 2021: $15,734,9402021Revenue 2022: $58,948,332Expenses 2022: $36,949,147Net Income 2022: $21,999,1852022

Highlighted filing

2019

Revenue$30,948,868
Expenses$31,063,419
Net Income-$114,551
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 29, 2020
Return Version
2018v3.1
Gross Receipts
$31,621,802
Mission and Program Overview

Mission

Opportunity fund mission is to drive economic mobility by delivering affordable capital and responsible financial solutions to determined entrepreneurs and communities.

Opportunity fund mission is to drive economic mobility (see schedule o for continuation) by delivering affordable capital and responsible financial solutions to determined entrepreneurs and communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$73,954,814$93,078,625▲ $19,123,811
Savings and Temporary Cash Investments$9,783,223$9,218,915▼ $564,308
Land, Buildings, and Equipment, Net$2,718,284$3,811,293▲ $1,093,009
Pledges and Grants Receivable$1,240,700$1,932,357▲ $691,657
Accounts Receivable$627,777$900,559▲ $272,782
Prepaid Expenses and Deferred Charges$725,533$749,622▲ $24,089
Investments in Publicly Traded Securities$1,162,363$631,297▼ $531,066
Investments Other Securities$22,859$24,455▲ $1,596
Total Assets$101,313,439$120,500,262▲ $19,186,823
Other Assets Total$11,077,886$10,153,139▼ $924,747
Liabilities
Mortgage Notes Payable Secured by Investment Property$70,783,096$90,348,059▲ $19,564,963
Accounts Payable and Accrued Expenses$3,675,787$3,769,959▲ $94,172
Other Liabilities$440,852$49,541▼ $391,311
Deferred Revenue-$10,000-
Total Liabilities$74,899,735$94,177,559▲ $19,277,824
Net Assets / Fund Balance
Unrestricted Net Assets$25,449,704$25,012,203▼ $437,501
Temporarily Rstr Net Assets$964,000$1,310,500▲ $346,500
Total Net Assets Fund Balance$26,413,704$26,322,703▼ $91,001
Total Liabilities and Net Assets / Fund Balance$101,313,439$120,500,262▲ $19,186,823

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$3,743,636$1,758,671$5,502,307
Leasehold Improvements$37,609$158,968$196,577
Equipment$30,048$158,325$188,373
Other Assets Org$10,153,139--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Luz Lopez UrrutiaPresident & CEOFT$312,401$13,539$325,940
Ana ThompsonCFO (thru 11/18)FT$160,851$62,133$222,984
Eric WeaverFounder & Sr. AdvisorFT$190,330$28,982$219,312
Jeff WellsVP New Markets ProgramFT$135,510$77,497$213,007
Gwyneth GalbraithChief Dev Officer (thru 1/19)FT$178,579$31,809$210,388
Michael RapaportSr VP Risk and OperationsFT$186,663$21,796$208,459
Otxin EchaideDirector Sb Devel (thru 1/19)FT$135,893$42,975$178,868
Janine GardnerVP HrFT$160,057$16,048$176,105
Kishore VenkatachalapathyIt Solutions Lead (thru 3/19)FT$155,090$12,702$167,792
Rakesh BhatnagarChief Infor Officer (thru 1/19)FT$159,430$3,419$162,849
Elizabeth PeschCFO/secretary (start 11/18)FT$26,556$839$27,395

Board Members and Trustees

NameTitle
Greg AvisBoard Chair
Arthur JohnsonDirector
Brian GrahamDirector
Debra EngelDirector
Dickson ChuDirector
Gina DiazDirector
Joni CropperDirector
Parker HudnutDirector
Sara LeslieDirector
Todd BakerDirector
Yun-fang JuanDirector
Jim KoshlandSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Next Street Financial LLCOrganizational Corporate Advisory Servic184 DUDLEY STREET SUITE 200, Roxbury, MA 02119$490,838
Cloud Lending INCProfessional ServicesPO BOX 748601, Los Angeles, CA 90074$235,069
Google LLCStorage & LicensingDEPT 33654 PO BOX 39000, San Francisco, CA 94139$117,335
Revenue and Support

Revenue Composition

Contributions and Grants
$6,971,844
Program Service Revenue
$23,942,099
Investment Income
$79,400
Other Revenue
$-44,475
All Other Contributions
$4,398,545
Change in Net Assets
$-114,551

Audited Revenue Reconciliation

Revenue per Audited Statements
$30,948,868
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$344,865
Total Revenue per Audited Statements
$31,293,733
Total Revenue per Form 990
$30,948,868
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$17,159,605
Salaries, Compensation, and Employee Benefits$13,810,745
Total Fundraising Expense$2,276,709
Professional Fundraising Fees$68,825
Grants and Similar Amounts Paid$24,244

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,034,280$1,567,141$1,278,311$9,879,732
Other Expenses$3,371,638$2,000$2,000$3,375,638
Interest$2,909,603$6,001-$2,915,604
Other Employee Benefits$1,056,455$235,364$191,985$1,483,804
Current Officers, Directors, Trustees, and Key Employees$697,758$403,330$258,786$1,359,874
Depreciation Depletion$611,728$217,903$73,967$903,598
Payroll Taxes$584,036$130,115$106,135$820,286
Information Technology$417,158$267,101$54,020$738,279
Fees for Services Other$650,000$80,000-$730,000
Occupancy$488,000$174,000$58,000$720,000
Office Expenses$340,932$323,935$37,992$702,859
Fees for Services Management-$474,000$65,175$539,175
Travel$316,720$142,874$45,959$505,553
Fees for Services Legal$75,380$345,999-$421,379
Pension Plan Contributions$190,136$42,360$34,553$267,049
Advertising$179,180$86,086$1,001$266,267
Fees for Services Accounting-$96,485-$96,485
Fees for Services Lobbying$73,000--$73,000
Fees for Services Professional Fundraising--$68,825$68,825
Grants to Domestic Orgs$24,244--$24,244
Total Functional Expenses$24,192,016$4,594,694$2,276,709$31,063,419

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$31,384,734
Expenses per Audited Statements$31,063,419
Total Expenses per Form 990$31,063,419
Expenses Not Reported on Form 990$321,315
Expenses Not Reported on Financial Statements$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
La Family Housing CorpEl Segundo, CA501(c)3Sponsorship to the Org Annual Gala$10,000
Compass Family ServicesSan Francisco, CA501(c)3Sponsorship to the Org Annual Fundraising Event$5,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$90,695
Professional Fundraising Fees$68,825
Fundraising Gross Income$46,220

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Taste of Microfinance - La$65,317$46,220$11,322$34,898
Impact Meetings - Bay Area--$1,254-
Total Events$65,317$46,220$90,695$-44,475
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Savings Program Match$49,541
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 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
No
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

Opportunity fund audit committee shall have the responsibility for reviewing the organization's form 990 (including all pertinent schedules) before it is filed with the internal revenue service. Once the audit committee has approved the draft form 990, it shall be sent to all members of the board of directors for their review, prior to filing with irs. Once the review period has been duly expired, the form 990 is filed with the irs.

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

The organization requires each director, principal officer and board members to sign a disclosure statement which affirms they received a copy, read and understand, and comply with the organization's conflict of interest policy.

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

The board of directors approve the ceo and president's compensation and the ceo approves other officers or key employee's compensation using comparability and contemporaneous substantiation.

Form 990, Part VI, Section C, Line 19

All governing documents, conflict of interest policy, and the financial statements are available upon request in writing to the organization. The form 990 is also available at guidestar.org.

Filing and Contact Details

Filer

Filer Name
Opportunity Fund Community Development
EIN
31-1719434
Phone
4082970204
Address
111 WEST ST JOHN STREET NO 800, SAN JOSE, CA 95113

Signing Officer

Name
Luz Lopez Urrutia
Title
CEO
Phone
4082970204
Signed
2020-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Luz Lopez Urrutia
Formed
1993
Legal Domicile
CA
Voting Board Members
14
Independent Board Members
12
Employees
148
Volunteers
20

Preparer

Firm
Armanino Llp
Address
50 W SAN FERNANDO ST STE 500, SAN JOSE, CA 95113
Preparer
Lawrence S Kuechler
Phone
4082006400
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

This process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The organization is exempt from federal income taxes under the provisions of section 501(c) (3) of the internal revenue code. In addition, the organization qualifies for charitable contribution deductions and has been classified as an organization that is not a private foundation. Income which is not related to exempt purposes less applicable deductions, is subject to federal and state corporate income taxes. The organization had no unrelated business income for the years ended in june 30, 2019 and 2018, respectively. The organization is exempt from california state income taxes under the provision of section 23701d of the revenue and taxation code. The organization may be liable for income taxes based on income earned in other states and in which it has not yet applied for exemption. As of june 30, 2019, the organization assessed the amount of state taxes, if any, to be immaterial to its financial statements and did not accrue any tax liability in its statement of financial position. The organization evaluates its uncertain tax positions and will recognize a loss contingency when it is probable that a liability has been incurred as of the date of the consolidated financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position or for all uncertain tax positions in the aggregate could differ from the amount recognized. As of june 30, 2019, management did not identify any uncertain tax positions. The organization is subject to potential examination by taxing authorities for income tax returns filed in the u.s. Federal jurisdiction and the state of california. The tax years that remain subject to potential examination for the u.s. Federal jurisdiction are years ended june 30, 2016, and forward. The state of california tax jurisdiction is subject to potential examination for years ended june 30, 2015 and forward.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expense 90,695.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expense 90,695.

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Filings

Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2019 filings • 501(c)3 • $100M-$250M nonprofits