Civic Intelligence

Mortgage Resolution Fund LLC

990 • Fiscal year 2018 • EIN 45-3801619

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 15, 2019

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

(410) 772-2559

Siviq Scores

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

Liabilities / Assets

100th percentile

6.01x

Higher debt load relative to assets than 100% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

69th percentile

0.26x

Higher debt load relative to revenue than 69% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

99th percentile

98%

Higher net margin than 99% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

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.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

1st percentile

-98%

Faster asset growth than 1% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

3rd percentile

-66%

Faster revenue growth than 3% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$63,396

Down $2,545,709 (-98%) from 2017

Net Assets

Up

-$317,575

Up $2,913,737 (+90%) from 2017

Liabilities

Down

$380,971

Down $5,459,446 (-93%) from 2017

Revenue And Expenses
Liabilities / Revenue69th percentileNet Margin99th percentile

Revenue

Down

$1,456,150

Down $2,815,265 (-66%) from 2017

Expenses

Down

$35,917

Down $4,084,160 (-99%) from 2017

Net Income

Up

$1,420,233

Up $1,268,895 (+838%) from 2017

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

2018

Assets$63,396
Liabilities$380,971
Net Assets-$317,575
Open 2018 Filing

Operations Trend

Revenue Growth3rd 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

2018

Revenue$1,456,150
Expenses$35,917
Net Income$1,420,233
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$1,456,150
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
Cash and Non-Interest-Bearing Accounts$2,490,925$63,396▼ $2,427,529
Land, Buildings, and Equipment, Net$0$0→ $0
Other Assets Total$118,180$0▼ $118,180
Total Assets$2,609,105$63,396▼ $2,545,709
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,365,875--
Escrow Account Liability$713,956$0▼ $713,956
Other Liabilities$344,768$344,768→ $0
Accounts Payable and Accrued Expenses$1,415,818$36,203▼ $1,379,615
Total Liabilities$5,840,417$380,971▼ $5,459,446
Net Assets / Fund Balance
Unrestricted Net Assets$-3,231,312$-317,575▲ $2,913,737
Total Net Assets Fund Balance$-3,231,312$-317,575▲ $2,913,737
Total Liabilities and Net Assets / Fund Balance$2,609,105$63,396▼ $2,545,709

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
$3,000
Investment Income
$0
Other Revenue
$1,453,150
Change in Net Assets
$1,420,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$35,917
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$3,650--$3,650
Fees for Services Accounting-$3,000-$3,000
Other Expenses$10,332$2,588-$2,588
Fees for Services Legal-$1,163-$1,163
Fees for Services Management-$648-$648
Total Functional Expenses$13,982$21,935$0$35,917
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 board 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 each member organization.”

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
4107722559
Address
230 WEST MONROE STREET SUITE 1250, CHICAGO, IL 60606

Signing Officer

Name
Mary Jo Barranco
Title
Treasurer
Phone
4107722559
Signed
2019-11-15
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
Glenn M Shelton
Phone
3016529100
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other fee: program service expenses 3,650. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,650.”

FORM 990, PART XI, LINE 9:

“Capital contributions 251,298. Impairment -54,011.”

Financial Statement Notes

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, 2018 and 2017, no unrelated business income was earned. Mrf is the single member of its wholly owned for-profit subsidiary. The subsidiary is treated as a disregarded entity under the irc whereby mrf reports the activities of the subsidiary and the existence of its 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 2015 remain open.”

Raw XML Appendix355 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/ExplanationTxt0MRF 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, 2018 AND 2017, NO UNRELATED BUSINESS INCOME WAS EARNED. MRF IS THE SINGLE MEMBER OF ITS WHOLLY OWNED FOR-PROFIT SUBSIDIARY. THE SUBSIDIARY IS TREATED AS A DISREGARDED ENTITY UNDER THE IRC WHEREBY MRF REPORTS THE ACTIVITIES OF THE SUBSIDIARY AND THE EXISTENCE OF ITS 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 2015 REMAIN OPEN.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO SEPARATE COMMITTEE, ONLY A BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ENTIRE BOARD 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 EACH MEMBER ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THESE DOCUMENTS ARE MADE AVAILABLE TO PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OTHER FEE: PROGRAM SERVICE EXPENSES 3,650. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,650.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CAPITAL CONTRIBUTIONS 251,298. IMPAIRMENT -54,011.
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 IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
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IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0DE
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0HOLD TITLE
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt00
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt011000 BROKEN LAND PKWY STE 700
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0COLUMBIA
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0MD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd021044
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt02609105
IRS990/TotalAssetsEOYAmt063396
IRS990/TotalAssetsGrp/BOYAmt02609105
IRS990/TotalAssetsGrp/EOYAmt063396
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt021935
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt013982
IRS990/TotalFunctionalExpensesGrp/TotalAmt035917
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05840417
IRS990/TotalLiabilitiesEOYAmt0380971
IRS990/TotalLiabilitiesGrp/BOYAmt05840417
IRS990/TotalLiabilitiesGrp/EOYAmt0380971
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-3231312
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-317575
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt013982
IRS990/TotalProgramServiceRevenueAmt03000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01453150
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01456150
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02609105
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt063396
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-3231312
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-317575
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0120 S LASALLE ST SUITE 1850
IRS990/USAddress/CityNm0CHICAGO
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060603
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0MORTGAGERESOLUTIONFUND.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02020-03-31 21:24:44Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MARY JO BARRANCO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum04107722559
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MORTGAGE RESOLUTION FUND LLC
ReturnHeader/Filer/BusinessNameControlTxt0MORT
ReturnHeader/Filer/EIN0453801619
ReturnHeader/Filer/PhoneNum04107722559
ReturnHeader/Filer/USAddress/AddressLine1Txt0230 WEST MONROE STREET SUITE 1250
ReturnHeader/Filer/USAddress/CityNm0CHICAGO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060606
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0AC9C47BB66A4442C9C14FAA30E68BA916E7F30C8
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0209.59.242.35
ReturnHeader/FilingSecurityInformation/IPDt02019-11-15
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm007:40:27
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/PreparationDt02019-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GLENN M SHELTON
ReturnHeader/ReturnTs02019-11-15T16:51:48-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$63,396
Liabilities
$380,971
Net assets
-$317,575
Revenue
$1,456,150
Expenses
$35,917
Net income
$1,420,233
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
2018Detailed filing. Detailed filing data is available for this year.$0.06$0.38$0.32$1.46$0.04$1.42
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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