Civic Intelligence

Mifos Initiative

990 • Fiscal year 2020 • EIN 45-3613178

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 22, 2022

Organization Profilehttps: mifos.org

View Organization Page

PO Box 127Crescent City, CA 95531

(484) 477-8649

Siviq Scores

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

Liabilities / Assets

84th percentile

0.30x

Higher debt load relative to assets than 84% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

0.45x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

2nd percentile

-548%

Higher net margin than 2% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

98th percentile

$95,940

Higher top officer pay than 98% of similar nonprofits.

Top officer pay equals 134.2% of source-year revenue.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

4th percentile

-77%

Faster asset growth than 4% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

5th percentile

-90%

Faster revenue growth than 5% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets84th percentile

Assets

Down

$108,541

Down $359,227 (-77%) from 2019

Net Assets

Down

$76,168

Down $391,330 (-84%) from 2019

Liabilities

Up

$32,373

Up $32,103 (+11890%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin2nd percentile

Revenue

Down

$71,465

Down $642,376 (-90%) from 2019

Expenses

Up

$462,794

Up $122,813 (+36%) from 2019

Net Income

Down

-$391,329

Down $765,189 (-205%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

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

$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

2020

Assets$108,541
Liabilities$32,373
Net Assets$76,168
Open 2020 Filing

Operations Trend

Revenue Growth5th percentile

Revenue, expenses, and net income across loaded years, with this 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

2020

Revenue$71,465
Expenses$462,794
Net Income-$391,329
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 22, 2022
Return Version
2020v4.0
Gross Receipts
$71,465
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.

We provided education training and tools to eanble 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$467,768$108,513▼ $359,255
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$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
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
Total Assets$467,768$108,541▼ $359,227
Other Assets Total$0$28▲ $28
Liabilities
Unsecured Notes Loans Payable$0$20,675▲ $20,675
Accounts Payable and Accrued Expenses$271$11,698▲ $11,427
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$271$32,373▲ $32,102
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$467,497$76,168▼ $391,329
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$467,497$76,168▼ $391,329
Total Liabilities and Net Assets / Fund Balance$467,768$108,541▼ $359,227
Compensation and Service Providers
Top Officer Pay98th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Edward CablePresident CEOFT$95,940$95,940

Board Members and Trustees

NameTitle
James DaileyDirector Chairman of the Board
Michael VorburgerDirector Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
DPC Consulting KFTSoftware DevelopmentGraphisoft Park D Fsz, Zahony u 7, Budapest, Hu$224,675
Revenue and Support

Revenue Composition

Contributions and Grants
$57,097
Program Service Revenue
$12,506
Investment Income
$1,862
Other Revenue
$0
All Other Contributions
$57,097
Change in Net Assets
$-391,329
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$349,706
Salaries, Compensation, and Employee Benefits$113,088
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$268,764$0$0$268,764
Current Officers, Directors, Trustees, and Key Employees$95,940$0$0$95,940
Information Technology$53,477$100$0$53,577
Travel$17,889$0$0$17,889
Payroll Taxes$7,630$0$0$7,630
Other Employee Benefits$7,410$0$0$7,410
Fees for Services Accounting$0$2,635$0$2,635
Insurance$0$2,590$0$2,590
Other Salaries and Wages$2,108$0$0$2,108
Advertising$2,058$0$0$2,058
Office Expenses$0$1,333$0$1,333
Fees for Services Legal$0$860$0$860
Total Functional Expenses$455,276$7,518$0$462,794
International Activity

International Summary

Offices
0
Employees
6
Spending
$268,764

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
Europe Including Iceland and GreenlandProgram servicesSoftware Development01$224,675
South AsiaProgram servicesSoftware Dev Community05$44,089
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
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 11B

“This Form 990 was emailed to all board members for review and comment.”

Part VI, Line 12C

“The policy is reviewed and renewed once year by the board at the Annual Meeting. Throughout the year the employee President CEO evalutes 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”

Part VI, line 9

“| Name of the person:, Address of the person:| Edward Cable, 6777 Lower Lake Rd, Crescent City, CA, 95531| James Dailey, 1752 NW Market Street, #105, Seattle, WA, 98107| Michael Vorburger, 1546 NW 56th Street #409, Seattle, WA, 98107|”

Filing and Contact Details

Filer

Filer Name
Mifos Initiative
EIN
45-3613178
In Care Of
% Edward Cable
Phone
4844778649
Address
PO Box 127, Crescent City, CA 95531

Signing Officer

Name
Edward Cable
Title
President CEO
Signed
2022-11-22
Discuss with paid preparer
No

Organization Details

Formed
2011
Legal Domicile
Wa
Voting Board Members
3
Independent Board Members
2
Employees
2
Volunteers
200
Supplemental Narrative

Additional Explanations

Part IX, Line 11G

“Subcontractors - Software Development - Europe - $224,675 Subcontractors - Software Development - India - $1,854 Subcontractors - Community Development - India - $42,235 Total - $268,764”

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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/MissionDesc0We provided education training and tools to eanble 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.
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IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Edward Cable
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IRS990/ProgSrvcAccomActy2Grp/Desc0Community Comm: The global community is made up of financial institutions local tech partners & volunteers who use support & develope the software respectively. We provide the tools framework governance & infrastructure for global collaboration & conduct outreach & advocacy to reach new users recruit new partners & volunteers. We started 2020 with 375 Mifos installations reaching a total poor client base of 14M clients & grew this to 18M+ clients by year-end primarily through adoption of open source tools by more digital-first financial institutions & fintechs. We are poised to grow our community further with the launch of the OpenG2P Initiative in 2020 which we are spearheading along with DSTI from Sierra Leone to enable governments to effectively digitize bulk cash transfers and social protection programs which have become all the more critical during COVID-19. Our reach and impact is heightened as we extend our reference open source tools to support government use cases around payments and accounts. We received continued recognition including Benzinga Global Fintech Awards Listmaker for Best API. We maintained our partner program with 150+ local deployment partners and several dozen innovators building solutions to lift people out of poverty. We continued additional technical assistance projects assisting with knowledge transfer and custom development for new solutions on Mifos X helping with sustainability and maintaining closeness to the requirements of the open source reference tools. We continued to utilize volunteers effectively across all disciplines including product management strategy and more. External contributions from intern programs were transformative again in building the next generation of open source contributors with 20 interns participating through Google Summer of Code.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Education Edu: In 2020 we still were able to make substantial progress in advancing our vision of democratizing financial services through an end to end open source architecture as well as the adoption of digital public goods for cross-sectoral poverty alleviation efforts despite the COVID-19 pandemic restricting international travel. Our open source building blocks for financial services to the poor Mifos and Fineract were selected by the UN-led Digital Public Goods Alliance as 2 of the 7 Financial Inclusion Community of Practice digital public goods DPGs. DPGs are defined as open source software open data open AI models open standards and open content that adhere to privacy and other applicable laws and best practices do no harm and help attain the Sustainable Development Goals. With the formal launch of Payment Hub EE we advocated for its adoption at 1 in-person Mojaloop convening in South Africa and three virtual convenings. We had a very strong presence in educating and advocating the open source sector to adopt open source for financial services and the benefits of upstream contribution in enabling a virtuous cycle by organizing 8 speaking sessions at the inaugural Fineract track at the virtual ApacheCon @Home in September 2020. Our leadership also spoke on democratizing financial services through open source at the OpenUp Summit in May 2020 and on leveraging open source for effective payments during the COVID-19 response at the Digital Development Forum in September 2020. We maintained our collaboration & training documenation & infrastructure.

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$108,541
Liabilities
$32,373
Net assets
$76,168
Revenue
$71,465
Expenses
$462,794
Net income
-$391,329
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
2020Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2020 filings • 501(c)3 • <$500k nonprofits