Civic Intelligence

Mifos Initiative

EIN 45-3613178 • 501(c)3 • Crescent City, CA

View Organization Page

Profile

We provide education training and tools to enable charitable organizations and social enterprises to deliver financial services to the poor making financial inclusion more affordable accessible and effective to the 3 billion underbanked and unbanked in the world.

6777 Lower Lake RdCrescent City, CA 95531

https: mifos.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

34th percentile

0.01x

Higher debt load relative to assets than 34% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

24th percentile

0.00x

Higher debt load relative to revenue than 24% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

32nd percentile

-3.1%

Higher net margin than 32% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

13th percentile

-13%

Faster asset growth than 13% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

39th percentile

1.8%

Faster revenue growth than 39% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets34th percentile

Assets

Down

$616,867

Down $89,633 (-13%) from 2023

Liabilities

Down

$8,486

Down $3,138 (-27%) from 2023

Net Assets

Down

$608,381

Down $86,495 (-12%) from 2023

Operations
Liabilities / Revenue24th percentileNet Margin32nd percentile

Revenue

Up

$2,785,599

Up $48,581 (+1.8%) from 2023

Expenses

Up

$2,873,073

Up $50,743 (+1.8%) from 2023

Net Income

Down

-$87,474

Down $2,162 (-2.5%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth13th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$800K$600K$400K$200K$0Assets 2012: $36,482Liabilities 2012: $4,726Net Assets 2012: $31,7562012Assets 2013: $545,290Liabilities 2013: $5,815Net Assets 2013: $539,4752013Assets 2014: $202,074Liabilities 2014: $6,707Net Assets 2014: $195,3672014Assets 2015: $162,815Liabilities 2015: $12,834Net Assets 2015: $149,9812015Assets 2016: $45,489Liabilities 2016: $13,036Net Assets 2016: $32,4532016Assets 2017: $61,683Liabilities 2017: $4,603Net Assets 2017: $57,0802017Assets 2018: $97,594Liabilities 2018: $3,957Net Assets 2018: $93,6362018Assets 2019: $467,768Liabilities 2019: $270Net Assets 2019: $467,4982019Assets 2020: $108,541Liabilities 2020: $32,373Net Assets 2020: $76,1682020Assets 2021: $26,764Liabilities 2021: $20,086Net Assets 2021: $6,6782021Assets 2022: $789,916Liabilities 2022: $9,973Net Assets 2022: $779,9432022Assets 2023: $706,500Liabilities 2023: $11,624Net Assets 2023: $694,8762023Assets 2024: $616,867Liabilities 2024: $8,486Net Assets 2024: $608,3812024

Highlighted filing

2024

Assets$616,867
Liabilities$8,486
Net Assets$608,381
Open 2024 Filing

Operations Trend

Revenue Growth39th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2012: $335,154Expenses 2012: $303,398Net Income 2012: $31,7562012Revenue 2013: $933,796Expenses 2013: $423,827Net Income 2013: $509,9692013Revenue 2014: $25,014Expenses 2014: $380,453Net Income 2014: -$355,4392014Revenue 2015: $575,226Expenses 2015: $303,046Net Income 2015: $272,1802015Revenue 2016: $923,789Expenses 2016: $1,042,890Net Income 2016: -$119,1012016Revenue 2017: $486,150Expenses 2017: $461,523Net Income 2017: $24,6272017Revenue 2018: $426,028Expenses 2018: $389,239Net Income 2018: $36,7892018Revenue 2019: $713,841Expenses 2019: $339,981Net Income 2019: $373,8602019Revenue 2020: $71,465Expenses 2020: $462,794Net Income 2020: -$391,3292020Revenue 2021: $331,145Expenses 2021: $401,136Net Income 2021: -$69,9912021Revenue 2022: $2,252,051Expenses 2022: $1,481,287Net Income 2022: $770,7642022Revenue 2023: $2,737,018Expenses 2023: $2,822,330Net Income 2023: -$85,3122023Revenue 2024: $2,785,599Expenses 2024: $2,873,073Net Income 2024: -$87,4742024

Highlighted filing

2024

Revenue$2,785,599
Expenses$2,873,073
Net Income-$87,474
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$616,867
Liabilities
$8,486
Net assets
$608,381
Revenue
$2,785,599
Expenses
$2,873,073
Net income
-$87,474
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.01$0.61$2.79$2.87$0.09
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.71$0.01$0.69$2.74$2.82$0.09
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.79$0.01$0.78$2.25$1.48$0.77
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.03$0.02$0.01$0.33$0.40$0.07
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.11$0.03$0.08$0.07$0.46$0.39
2019Summary only. Only limited summary data is available for this year.$0.47$0.00$0.47$0.71$0.34$0.37
2018Summary only. Only limited summary data is available for this year.$0.10$0.00$0.09$0.43$0.39$0.04
2017Summary only. Only limited summary data is available for this year.$0.06$0.00$0.06$0.49$0.46$0.02
2016Summary only. Only limited summary data is available for this year.$0.05$0.01$0.03$0.92$1.04$0.12
2015Summary only. Only limited summary data is available for this year.$0.16$0.01$0.15$0.58$0.30$0.27
2014Summary only. Only limited summary data is available for this year.$0.20$0.01$0.20$0.03$0.38$0.36
2013Summary only. Only limited summary data is available for this year.$0.55$0.01$0.54$0.93$0.42$0.51
2012Summary only. Only limited summary data is available for this year.$0.04$0.00$0.03$0.34$0.30$0.03
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 17, 2025
Return Version
2024v5.1
Gross Receipts
$2,785,599
Mission and Program Overview

Mission

We provide education training and tools to enable charitable organizations and social enterprises to deliver financial services to the poor making financial inclusion more affordable accessible and effective to the 3 billion underbanked and unbanked in the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$706,561$616,928▼ $89,633
Rtn Earn Endowment Incm Other Fnds$694,876$608,381▼ $86,495
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Accounts Receivable$-90$-90→ $0
Total Assets$706,500$616,867▼ $89,633
Other Assets Total$29$29→ $0
Liabilities
Other Liabilities$3,264$5,898▲ $2,634
Accounts Payable and Accrued Expenses$8,360$2,588▼ $5,772
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$11,624$8,486▼ $3,138
Net Assets / Fund Balance
Total Net Assets Fund Balance$694,876$608,381▼ $86,495
Total Liabilities and Net Assets / Fund Balance$706,500$616,867▼ $89,633
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Edward CablePresident CEOFT$120,680$120,680

Board Members and Trustees

NameTitle
Min Tha GyawDirector
Shashi RaghunandanDirector
Zaheda BhoratDirector
Michael VorburgerDirector Secretary
Allison BallerDirector Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
BaaSFlow IncSoftware Development1752 NW Market Street, Dommasandra Sarjapur Main Road, Seattle, WA 98107, In$2,023,626
Brook IT Consulting LtdProject Management, Community Development, Outreach-$173,841
Fynarfin Tech Private LimitedSoftware Development50 Princes Street, Ipswich, Suffolk, Uk$133,338
Revenue and Support

Revenue Composition

Contributions and Grants
$466,487
Program Service Revenue
$2,308,295
Investment Income
$10,817
Other Revenue
$0
All Other Contributions
$466,487
Change in Net Assets
$-87,474
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,733,894
Salaries, Compensation, and Employee Benefits$139,179
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$2,668,011$0$0$2,668,011
Current Officers, Directors, Trustees, and Key Employees$120,680$0$0$120,680
Information Technology$23,107$224$0$23,331
Travel$23,295$0$0$23,295
Payroll Taxes$9,404$0$0$9,404
Other Employee Benefits$9,095$0$0$9,095
Insurance$0$6,719$0$6,719
Advertising$5,281$0$0$5,281
Fees for Services Accounting$0$4,087$0$4,087
Office Expenses$0$2,063$0$2,063
Conferences and Meetings$1,107$0$0$1,107
Total Functional Expenses$2,859,980$13,093$0$2,873,073
International Activity

International Summary

Offices
0
Employees
17
Spending
$2,668,011

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
North AmericaProgram servicesSoftware Dev Community Dev03$2,035,057
South AsiaProgram servicesSoftware Dev Community Dev06$270,912
Europe Including Iceland and GreenlandProgram servicesSoftware Dev Community Dev03$247,084
Central America and the CaribbeanProgram servicesSoftware Dev Community Dev02$51,064
Middle East and North AfricaProgram servicesCommunity Dev01$45,206
East Asia and the PacificProgram servicesCommunity Dev01$11,188
Sub-Saharan AfricaProgram servicesCommunity Dev01$7,500
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
State and Local Payroll Taxes$1,769
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Line 11A

“A copy of the Form 990 was circulated to board members via email.”

Part VI, Line 12C

“The policy is reviewed and renewed once each year by the board at the Annual Meeting. Throughout the year the employee President CEO evaluates business transactions agreements and relationships for compliance with the policy.”

Part VI, Line 15

“Our board are experienced non-profit and open source program executives with significant knowledge of current pay rates in the non-profit and open source sectors. They used this knowledge to determine that the Mifos Initiative compensation is appropriate.”

Part VI, Line 19

“We post such documents to our website - https: mifos.org and public resources like ProPublica and Guidestar.”

Part VI, line 9

“| Name of the person:, Address of the person:| Edward Cable, 6777 Lower Lake Rd, 6777 Lower Lake Rd, 6777 Lower Lake Rd, CA, 95531| Allison Baller, 1546 NW 56th Street #4, 1546 NW 56th Street #4, 1546 NW 56th Street #4, WA, 98107| Michael Vorburger, 1546 NW 56th Street #409, 1546 NW 56th Street #409, 1546 NW 56th Street #409, WA, 98107| Min Tha Gyaw, 1546 NW 56th Street #409, 1546 NW 56th Street #409, 1546 NW 56th Street #409, WA, 98107| Zaheda Bhorat, 1546 NW 56th Street #4, 1546 NW 56th Street #4, 1546 NW 56th Street #4, WA, 98107|”

Filing and Contact Details

Filer

Filer Name
Mifos Initiative
EIN
45-3613178
Phone
4844778649
Address
6777 Lower Lake Rd, Crescent City, CA 95531

Signing Officer

Name
Edward Cable
Title
President CEO
Phone
4844778649
Signed
2025-11-17

Organization Details

Principal Officer
Edward Cable
Formed
2011
Legal Domicile
Wa
Voting Board Members
6
Independent Board Members
5
Employees
1
Volunteers
175
Supplemental Narrative

Additional Explanations

Part IX, Line 11G

“Subcontractors - Software Development - USA: $1,997,310.24 | Software Development - Europe: $73,242.87 | Software Development - India: $96,110.00 | Software Development - Latin America: $46,291.71 | Subcontractors - Community Development - USA: $37,747.00 | Community Development - India: $174,801.85 | Community Development - Europe: $173,840.72 | Community Development - Latin America $4,772.25 | Community Development - Africa: $7,500.00 | Community Development - Australia: $11,187.86 | Community Development - UAE: $45,206.25”

Raw XML AppendixShowing 400 of 766 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/Desc0Software Dev DEV: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2024 we shipped the Mifos X 24.12 release in December which contained major new functional upstream contributions for improved configuration and rescheduling options for longer term loan products and services. These upstream contributions have additional testing coverage improved documentation and code refactoring to improve the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Our roadmap continues to prioritize modularity of the back-end to enable improved developer productivity and adoption across a wider range of inclusive financial services. We also launched a new product in December 2024 Mifos Gazelle which is a powerful deployment tool to educate and build awareness of digital public goods for financial inclusion by enabling governments and other adopters to rapidly install and configure the reference tools for evaluation and demonstration use cases. We completed enhancements to Payment Hub EE for bulk government to person G2P payments. Through our university intern programs we continued to refine the front-end and mobile apps for greater modularity and improved user experience for customer-facing activities. With Gazelle and these reference tools for the back-end front-end customers and payment orchestration we now have a full suite of digital public goods and an active upstream community to extend and maintain them. We continued participating in the Azure Credits for Open Source Projects for a fourth year to provide sandboxes to end users to evaluate and test our digital public goods for financial inclusion.Software Development Dev: Mifos X and Fineract are free & open source financial software developed to build the complete range of financial services required for effective financial inclusion at scale. They are delivered as APIs to enable rapid innovation and reference apps as examples of how to build microcredit microsaving and digital financial service applications. We catalyze and enable upstream contribution to these digital public goods creating a virtuous cycle of a global community collectively maintaining the software. In 2023 we shipped the Mifos X 23.12 release in December which contained significant upstream contributions providing greater scalability and support for greater precision and flexibility around lending and better tools for servicing customers. These upstream contributions have also yielded a brand new and more comprehensive test framework improving the quality and stability of the digital public good and overall developer experience for contributors increasing productivity. Within the Payment Hub EE our opensource payments orchestration software through our GovStack efforts we built in new functionalities around bulk processing of payments an Identity Account Mapping Service which is able to be adopted for use by the opensource community independently of PHEE and an improved user experience. By aligning Payment Hub EE we are enabling financial inclusion for citizens of governments adopting the software through a range of payment methods. Our class of Mifos and Google Summer of Code interns contributed in numerous ways around our web and mobile apps including the launch of Mojafos a tool for streamlining deployment of digital public goods for financial inclusion. We now have a strong suite of digital public goods and an active upstream community to extend and maintain them. We continued participating i
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IRS990/Form990PartVIISectionAGrp/PersonNm0Edward Cable
IRS990/Form990PartVIISectionAGrp/PersonNm1Michael Vorburger
IRS990/Form990PartVIISectionAGrp/PersonNm2Allison Baller
IRS990/Form990PartVIISectionAGrp/PersonNm3Shashi Raghunandan
IRS990/Form990PartVIISectionAGrp/PersonNm4Min Tha Gyaw
IRS990/Form990PartVIISectionAGrp/PersonNm5Zaheda Bhorat
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President CEO
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