Civic Intelligence

Accion Opportunity Fund Community Development

990 • Fiscal year 2020 • EIN 31-1719434

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 17, 2021

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

79th percentile

0.73x

Higher debt load relative to assets than 79% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

82nd percentile

2.09x

Higher debt load relative to revenue than 82% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Net Margin

81st percentile

21%

Higher net margin than 81% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$343,150

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Asset Growth

63rd percentile

9.3%

Faster asset growth than 63% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

91st percentile

48%

Faster revenue growth than 91% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Assets

Up

$131,694,141

Up $11,193,879 (+9.3%) from 2019

Net Assets

Up

$36,098,910

Up $9,776,207 (+37%) from 2019

Liabilities

Up

$95,595,231

Up $1,417,672 (+1.5%) from 2019

Revenue

Up

$45,705,804

Up $14,756,936 (+48%) from 2019

Expenses

Up

$35,943,453

Up $4,880,034 (+16%) from 2019

Net Income

Up

$9,762,351

Up $9,876,902 (+8622%) from 2019

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

2020

Assets$131,694,141
Liabilities$95,595,231
Net Assets$36,098,910

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

2020

Revenue$45,705,804
Expenses$35,943,453
Net Income$9,762,351
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 17, 2021
Return Version
2019v5.2
Gross Receipts
$45,899,788
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.

To deliver affordable capital and responsible financial solutions (see sch. O for continuation) to underserved entrepreneurs and communities, with a special focus on low-income people, people of color, and women.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$93,078,625$89,002,989▼ $4,075,636
Savings and Temporary Cash Investments$9,218,915$21,354,337▲ $12,135,422
Pledges and Grants Receivable$1,932,357$4,363,667▲ $2,431,310
Land, Buildings, and Equipment, Net$3,811,293$2,377,895▼ $1,433,398
Intangible Assets-$1,133,334-
Accounts Receivable$900,559$1,092,481▲ $191,922
Investments Other Securities$24,455$857,004▲ $832,549
Investments in Publicly Traded Securities$631,297$740,640▲ $109,343
Prepaid Expenses and Deferred Charges$749,622$545,200▼ $204,422
Total Assets$120,500,262$131,694,141▲ $11,193,879
Other Assets Total$10,153,139$10,226,594▲ $73,455
Liabilities
Mortgage Notes Payable Secured by Investment Property$90,348,059$92,133,830▲ $1,785,771
Accounts Payable and Accrued Expenses$3,769,959$3,412,729▼ $357,230
Other Liabilities$49,541$43,672▼ $5,869
Deferred Revenue$10,000$5,000▼ $5,000
Total Liabilities$94,177,559$95,595,231▲ $1,417,672
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$25,012,203$33,700,662▲ $8,688,459
Net Assets With Donor Restrictions$1,310,500$2,398,248▲ $1,087,748
Total Net Assets Fund Balance$26,322,703$36,098,910▲ $9,776,207
Total Liabilities and Net Assets / Fund Balance$120,500,262$131,694,141▲ $11,193,879

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,269,185$2,775,354$5,044,539
Leasehold Improvements$23,870$172,707$196,577
Equipment$84,840$53,162$138,002
Other Assets Org$10,226,594--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Luz Lopez UrrutiaPresident & CEOFT$320,621$22,529$343,150
Michael RapaportEvp, Small Business LendingFT$209,989$45,432$255,421
Eric WeaverExecutive Vice PresidentFT$226,611$25,432$252,043
Alex DangSenior Director StrategyFT$165,548$61,687$227,235
Luis RodriguezVP Operations & ComplianceFT$209,836$11,752$221,588
Elizabeth Pesch to 112019Evp & CFOFT$199,280$15,616$214,896
Jeff Wells to 042019VP New Markets ProgramFT$139,960$63,767$203,727
Laura KvalheimVP, Technology & PmoFT$166,828$27,502$194,330
Christopher BeriniChief Development OfficerFT$179,781$7,841$187,622
Shelley HarrisonChief Marketing OfficerFT$172,719$14,796$187,515
Mike Torres Start 6252020Evp & CFOFT$146,610$34,327$180,937
Janine GardnerVP HrFT$164,515$14,752$179,267
Charles J Hilton to 32020Senior Vice PresidentFT$133,195$19,544$152,739
Adriana EirizVP, Sales & PartnershipsFT$107,418$19,446$126,864
S Jamila Buckner Start 92019Chief People OfficerFT$55,814$3,157$58,971

Board Members and Trustees

NameTitle
Greg AvisBoard Chair
Jim KoshlandVice Chair & Secretary
Arthur JohnsonDirector
Brian GrahamDirector
Debra EngelDirector
Dickson ChuDirector
Joni CropperDirector
Parker HudnutDirector
Sara LeslieDirector
Todd BakerDirector
Yun-fang JuanDirector
Esteban AltschulDirector (start 02/20)
Madeleine FacklerDirector (start 02/20)
Michael SchleinDirector (start 02/20)
Phil BlackDirector (start 02/20)
Solana CozzoDirector (start 02/20)
Swati BhatiaDirector (start 02/20)
Mickey KonsonAsst. Secretary (start 02/20)

Highest Paid Contractors

ContractorServicesLocationCompensation
Lending ClubReferral Fees For Small Business Loans &595 MARKET, San Francisco, CA 94105$885,181
Virsa CapitalReferral Fees For Small Business Loans17914 MURPHY PARKWAY, Lathrop, CA 95330$476,551
Next Street Financial LLCOrganizational Corporate Advisory Servic184 DUDLEY STREET SUITE 200, Roxbury, MA 02119$456,646
Q2 Software INCSoftware Development ServicesPO BOX 205970, Dallas, TX 75320-5970$442,240
Upturn CapitalReferral Fees For Small Business Loans3450 BONITA ROAD SUITE 206, Chula Vista, CA 91910$378,255
Revenue and Support

Revenue Composition

Contributions and Grants
$24,022,999
Program Service Revenue
$21,750,787
Investment Income
$40,937
Other Revenue
$-108,919
All Other Contributions
$19,132,297
Change in Net Assets
$9,762,351

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Secur Prtnrshp Trust Intrsts1$416,667Fair Market Value (FMV)
Other Non Cash Contri Table5$331,432Fair Market Value (FMV)
Securities Publicly Traded3$128,746Fair Market Value (FMV)
Total Noncash Contributions9$876,845-

Audited Revenue Reconciliation

Revenue per Audited Statements
$45,705,804
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$623,140
Total Revenue per Audited Statements
$46,328,944
Total Revenue per Form 990
$45,705,804
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,706,596
Salaries, Compensation, and Employee Benefits$13,865,937
Grants and Similar Amounts Paid$2,370,920
Total Fundraising Expense$1,995,740
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,258,013$1,924,986$1,145,394$9,328,393
Interest$2,666,262--$2,666,262
Grants to Domestic Individuals$2,370,920--$2,370,920
Current Officers, Directors, Trustees, and Key Employees$359,003$1,361,151$194,503$1,914,657
Other Employee Benefits$1,129,160$274,957$136,448$1,540,565
Depreciation Depletion$1,068,898$340,984$115,087$1,524,969
Information Technology$815,006$208,606$72,588$1,096,200
Payroll Taxes$484,003$233,024$95,518$812,545
Occupancy$567,835$181,142$61,138$810,115
Office Expenses$197,327$354,236$36,499$588,062
Fees for Services Other$528,894--$528,894
Fees for Services Management-$258,883$92,925$351,808
Travel$193,249$80,000$18,387$291,636
Advertising$2,456$283,255$569$286,280
Pension Plan Contributions$195,077$62,328$12,372$269,777
Fees for Services Legal$87,649$110,149-$197,798
Insurance$84,165$26,849$9,062$120,076
Fees for Services Accounting$4,500$102,750-$107,250
Fees for Services Lobbying$75,403--$75,403
Conferences and Meetings$5,627$44,610$5,036$55,273
Other Expenses$2,839,683-$214$214
Total Functional Expenses$28,099,803$5,847,910$1,995,740$35,943,453

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$36,552,737
Expenses per Audited Statements$35,943,453
Total Expenses per Form 990$35,943,453
Expenses Not Reported on Form 990$609,284
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$190,995
Fundraising Gross Income$82,076
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fall Gala - 25th Anniversary$852,661$77,876$7,295$70,581
Eatdrinkgive - Virtual Event$95,770$4,200$703$3,497
Total Events$958,431$82,076$190,995$-108,919
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$43,672
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
Yes
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 A, Line 4

With the purpose of expanding its mission outreach in the united states, effective february 28, 2020, the filing organization combined with accion opportunity fund ("aof", formerly accion, the us network, inc.), a taxexempt organization under section 501(c)3 of the internal revenue code, organized in the state of delaware and having its headquarters in new york, ny. The two organizations share the same board of directors and management team. The mission of aof is to assist in building microfinance institutions in the united states to enhance economic development through increasing access to credit and otherwise promoting financial inclusion and health for members of lowtomoderate income communities. The filing organization restated its certificate of incorporation and updated its bylaws. The bylaws reflect its new status as a membership organization and admit aof as its sole statutory member.

Form 990, Part VI, Section A, Line 6

Accion opportunity fund inc., a delaware nonstock, nonprofit corporation, is the sole statutory member of the filing organization.

Form 990, Part VI, Section A, Line 7A

Accion opportunity fund is the sole statutory member of the filing organization as defined in section 5056 of the california nonprofit public benefit corporation law. As nearly as possible as one-third of the directors shall be elected to the board at each annual meeting of the members.

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
Michael Torres
Title
Evp & CFO
Phone
4082970204
Signed
2021-03-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Torres
Formed
1993
Legal Domicile
CA
Voting Board Members
20
Independent Board Members
18
Employees
163
Volunteers
20

Preparer

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

Additional Explanations

Form 990, Part XI, Line 2C

This process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

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, 2020, 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, 2017, and forward. The state of california tax jurisdiction is subject to potential examination for years ended june 30, 2016 and forward.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expense 190,995.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Fundraising event expense 190,995.

Raw XML AppendixShowing 400 of 1,592 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/TitleTxt0BOARD CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR & SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt2ASST. SECRETARY (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR (START 02/20)
IRS990/Form990PartVIISectionAGrp/TitleTxt18PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt19EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt20EVP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt21SENIOR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt22EVP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt23EVP, SMALL BUSINESS LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt24VP, SALES & PARTNERSHIPS
IRS990/Form990PartVIISectionAGrp/TitleTxt25VP OPERATIONS & COMPLIANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt26CHIEF PEOPLE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt27SENIOR DIRECTOR STRATEGY
IRS990/Form990PartVIISectionAGrp/TitleTxt28CHIEF DEVELOPMENT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt29CHIEF MARKETING OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt30VP, TECHNOLOGY & PMO
IRS990/Form990PartVIISectionAGrp/TitleTxt31VP HR
IRS990/Form990PartVIISectionAGrp/TitleTxt32VP NEW MARKETS PROGRAM
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Filings

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