Civic Intelligence

Mortgage Resolution Fund LLC

990 • Fiscal year 2017 • EIN 45-3801619

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 14, 2018

Organization ProfileMORTGAGERESOLUTIONFUND.ORG
230 West Monroe Street Suite 1250Chicago, IL 60606

(202) 706-7500

Siviq Scores

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

Liabilities / Assets

98th percentile

2.24x

Higher debt load relative to assets than 98% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

88th percentile

1.37x

Higher debt load relative to revenue than 88% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Net Margin

52nd percentile

3.5%

Higher net margin than 52% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

35th percentile

$0

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2017

Asset Growth

1st percentile

-70%

Faster asset growth than 1% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

8th percentile

-34%

Faster revenue growth than 8% of similar nonprofits.

2017 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$2,609,105

Down $6,178,932 (-70%) from 2016

Net Assets

Up

-$3,231,312

Up $5,565,078 (+63%) from 2016

Liabilities

Down

$5,840,417

Down $11,744,010 (-67%) from 2016

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin52nd percentile

Revenue

Down

$4,271,415

Down $2,171,961 (-34%) from 2016

Expenses

Down

$4,120,077

Down $2,119,287 (-34%) from 2016

Net Income

Down

$151,338

Down $52,674 (-26%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$100M$50M$0-$50MAssets 2013: $61,582,742Liabilities 2013: $68,592,840Net Assets 2013: -$7,010,0982013Assets 2014: $33,346,220Liabilities 2014: $45,573,767Net Assets 2014: -$12,227,5472014Assets 2015: $24,450,925Liabilities 2015: $33,021,835Net Assets 2015: -$8,570,9102015Assets 2016: $8,788,037Liabilities 2016: $17,584,427Net Assets 2016: -$8,796,3902016Assets 2017: $2,609,105Liabilities 2017: $5,840,417Net Assets 2017: -$3,231,3122017Assets 2018: $63,396Liabilities 2018: $380,971Net Assets 2018: -$317,5752018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2017

Assets$2,609,105
Liabilities$5,840,417
Net Assets-$3,231,312
Open 2017 Filing

Operations Trend

Revenue Growth8th percentile

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

$30M$20M$10M$0-$10MRevenue 2013: $4,774,918Expenses 2013: $5,622,474Net Income 2013: -$847,5562013Revenue 2014: $25,415,365Expenses 2014: $24,419,093Net Income 2014: $996,2722014Revenue 2015: $21,912,169Expenses 2015: $17,546,293Net Income 2015: $4,365,8762015Revenue 2016: $6,443,376Expenses 2016: $6,239,364Net Income 2016: $204,0122016Revenue 2017: $4,271,415Expenses 2017: $4,120,077Net Income 2017: $151,3382017Revenue 2018: $1,456,150Expenses 2018: $35,917Net Income 2018: $1,420,2332018Revenue 2019: $0Expenses 2019: $3,986Net Income 2019: -$3,9862019

Highlighted filing

2017

Revenue$4,271,415
Expenses$4,120,077
Net Income$151,338
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 14, 2018
Return Version
2017v2.3
Gross Receipts
$4,271,415
Mission and Program Overview

Mission

To lessen the burdens of state & federal govt and to relieve the poor & distressed & promote social welfare by lessening neighborhood tensions increased by the foreclosure crisis

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$3,517,873$0▼ $3,517,873
Cash and Non-Interest-Bearing Accounts$2,050,193$2,490,925▲ $440,732
Land, Buildings, and Equipment, Net$18,619$0▼ $18,619
Total Assets$8,788,037$2,609,105▼ $6,178,932
Other Assets Total$3,201,352$118,180▼ $3,083,172
Liabilities
Mortgage Notes Payable Secured by Investment Property$14,851,277$3,365,875▼ $11,485,402
Accounts Payable and Accrued Expenses$1,675,698$1,415,818▼ $259,880
Escrow Account Liability$712,684$713,956▲ $1,272
Other Liabilities$344,768$344,768→ $0
Total Liabilities$17,584,427$5,840,417▼ $11,744,010
Net Assets / Fund Balance
Unrestricted Net Assets$-8,796,390$-3,231,312▲ $5,565,078
Total Net Assets Fund Balance$-8,796,390$-3,231,312▲ $5,565,078
Total Liabilities and Net Assets / Fund Balance$8,788,037$2,609,105▼ $6,178,932

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$279,283$279,283
Compensation and Service Providers
Top Officer Pay35th percentile

Board Members and Trustees

NameTitle
Steve SpearsChair,director/manager
Rob GrossingerDirector Manager
Tom BledsoeDirector Manager
Mary Jo BarrancoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,271,415
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$151,338
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,120,077
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$65,650--$65,650
Fees for Services Accounting-$41,407-$41,407
Other Expenses$18,619$3,374-$3,374
Insurance-$3,098-$3,098
Fees for Services Legal-$2,816-$2,816
Total Functional Expenses$4,060,561$59,516$0$4,120,077
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Notes Payable- Affiliates$344,768
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“No separate committee, only a board.”

Form 990, Part VI, Section B, Line 11B

“The entire borad is given a copy of the 990 return to review prior to filing the 990 return”

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

“An annual conflict of interest disclosure compliance is performed by the organization. This exercise requires each covered party to read the business ethics policy and complete the conflict of interest disclosure form identifying any possible conflicts known by the covered party.”

Form 990, Part VI, Section C, Line 19

“These documents are made available to public upon request”

Filing and Contact Details

Filer

Filer Name
Mortgage Resolution Fund LLC
EIN
45-3801619
Phone
2027067500
Address
230 WEST MONROE STREET SUITE 1250, CHICAGO, IL 60606

Signing Officer

Name
Steve Spears
Title
Tmp
Phone
2027067500
Signed
2018-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Spears
Formed
2011
Legal Domicile
De
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
7501 WISCONSIN AVENUE SUITE 400E, BETHESDA, MD 20814
Preparer
Ed Ryan CPA
Phone
3016529100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Impairment -319,330. Forgivness of debt 5,733,070.”

Financial Statement Notes

PART IV, LINE 2B:

“Custodial funds are held pursuant to the loan agreement with the investor, used for holding period cost of the mortgage portfolio.”

PART X, LINE 2:

“Mrf is exempt from federal income taxes under section 501(c)(3) of the internal revenue code ("irc"), except for unrelated business activities as defined in the irc. For the years ended december 31, 2017 and 2016, no unrelated business income was earned. Mrf is the single member of its two wholly owned for-profit subsidiaries. The subsidiaries are treated as disregarded entities under the irc whereby mrf reports the activities of these subsidiaries and the existence of their consolidated interest. Mrf's federal exempt organization business income tax returns are subject to examination by the irs, generally for three years after they were filed. While no income tax returns are currently being examined by the internal revenue service, tax years since 2014 remain open.”

Raw XML Appendix361 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/MissionDesc0MRF, LLC WAS ESTABLISHED TO LESSEN THE BURDENS OF STATE HOUSING AGENCIES, AS WELL AS THE FEDERAL GOVERNMENT, RELIEVE THE POOR AND DISTRESSED AND PROMOTE SOCIAL WELFARE THROUGH THE GOALS OF LESSENING NEIGHBORHOOD TENSIONS, COMBATING COMMUNITY DETERIORATION, AND ELIMINATING PREJUDICE AND DISCRIMINATION, ALL OF WHICH HAVE INCREASED AS A RESULT OF THE FORECLOSURE CRISIS. AS NOTED ABOVE, COMMUNITIES, PARTICULARLY LOW-INCOME AND MINORITY COMMUNITIES, HAVE ALREADY BEEN RAVAGED BY THE EFFECTS OF MILLIONS OF FORECLOSURES, AND CURRENT EFFORTS AND RESOURCES ARE SIMPLY NOT ADEQUATE TO ADDRESS THE IMPACT OF AN ADDITIONAL 12 MILLION HOMES IN DEFAULT OR SEVERE RISK THEREOF. TO ACCOMPLISH ITS PURPOSE, MRF WILL ASSIST STATE AGENCIES IN KEEPING FAMILIES IN THEIR HOMES AND STABILIZING NEIGHBORHOODS BY PURCHASING DELINQUENT MORTGAGE NOTES AT A DISCOUNT; PERMANENTLY MODIFYING THE MORTGAGES OF QUALIFYING HOUSEHOLDS TO AN AFFORDABLE LEVEL; AND PROVIDING HOUSEHOLDS NOT ELIGIBLE FOR MODIFICATION WITH SUPPORT T
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CUSTODIAL FUNDS ARE HELD PURSUANT TO THE LOAN AGREEMENT WITH THE INVESTOR, USED FOR HOLDING PERIOD COST OF THE MORTGAGE PORTFOLIO.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1MRF IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC"), EXCEPT FOR UNRELATED BUSINESS ACTIVITIES AS DEFINED IN THE IRC. FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016, NO UNRELATED BUSINESS INCOME WAS EARNED. MRF IS THE SINGLE MEMBER OF ITS TWO WHOLLY OWNED FOR-PROFIT SUBSIDIARIES. THE SUBSIDIARIES ARE TREATED AS DISREGARDED ENTITIES UNDER THE IRC WHEREBY MRF REPORTS THE ACTIVITIES OF THESE SUBSIDIARIES AND THE EXISTENCE OF THEIR CONSOLIDATED INTEREST. MRF'S FEDERAL EXEMPT ORGANIZATION BUSINESS INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2014 REMAIN OPEN.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO SEPARATE COMMITTEE, ONLY A BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ENTIRE BORAD IS GIVEN A COPY OF THE 990 RETURN TO REVIEW PRIOR TO FILING THE 990 RETURN
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2AN ANNUAL CONFLICT OF INTEREST DISCLOSURE COMPLIANCE IS PERFORMED BY THE ORGANIZATION. THIS EXERCISE REQUIRES EACH COVERED PARTY TO READ THE BUSINESS ETHICS POLICY AND COMPLETE THE CONFLICT OF INTEREST DISCLOSURE FORM IDENTIFYING ANY POSSIBLE CONFLICTS KNOWN BY THE COVERED PARTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THESE DOCUMENTS ARE MADE AVAILABLE TO PUBLIC UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4IMPAIRMENT -319,330. FORGIVNESS OF DEBT 5,733,070.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0MRF LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt1MRF LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0MRF ILLINOIS ONE LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt1MRF OHIO ONE LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0453805595
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN1371731121
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IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt10
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IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd1DE
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IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm1COLUMBIA
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd1MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd021044
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IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt02609105
IRS990/TotalAssetsGrp/BOYAmt08788037
IRS990/TotalAssetsGrp/EOYAmt02609105
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt059516
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04060561
IRS990/TotalFunctionalExpensesGrp/TotalAmt04120077
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt017584427
IRS990/TotalLiabilitiesEOYAmt05840417
IRS990/TotalLiabilitiesGrp/BOYAmt017584427
IRS990/TotalLiabilitiesGrp/EOYAmt05840417
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-3231312
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt04060561
IRS990/TotalProgramServiceRevenueAmt04271415
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04271415
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02609105
IRS990/TotReportableCompRltdOrgAmt00
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IRS990/UnrelatedBusIncmOverLimitInd00
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IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-3231312
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IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0MORTGAGERESOLUTIONFUND.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0STEVE SPEARS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TMP
ReturnHeader/BusinessOfficerGrp/PhoneNum02027067500
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-11-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MORTGAGE RESOLUTION FUND LLC
ReturnHeader/Filer/BusinessNameControlTxt0MORT
ReturnHeader/Filer/EIN0453801619
ReturnHeader/Filer/PhoneNum02027067500
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0209.3.217.20
ReturnHeader/FilingSecurityInformation/IPDt02018-11-14
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm010:07:53
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0221478099
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0COHNREZNICK LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07501 WISCONSIN AVENUE SUITE 400E
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0BETHESDA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd020814
ReturnHeader/PreparerPersonGrp/PhoneNum03016529100
ReturnHeader/PreparerPersonGrp/PreparationDt02018-11-14
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ED RYAN CPA
ReturnHeader/ReturnTs02018-11-14T14:35:19-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,609,105
Liabilities
$5,840,417
Net assets
-$3,231,312
Revenue
$4,271,415
Expenses
$4,120,077
Net income
$151,338
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.00$0.00$0.00$0.00$0.00$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.06$0.38$0.32$1.46$0.04$1.42
2017Detailed filing. Detailed filing data is available for this year.$2.61$5.84$3.23$4.27$4.12$0.15
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.79$17.6$8.80$6.44$6.24$0.20
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.5$33.0$8.57$21.9$17.5$4.37
2014Detailed filing. Detailed filing data is available for this year.$33.3$45.6$12.2$25.4$24.4$1.00
2013Summary only. Only limited summary data is available for this year.$61.6$68.6$7.01$4.77$5.62$0.85