Civic Intelligence

Ventana Fund

990 • Fiscal year 2019 • EIN 46-5367784

Oct 01, 2018 to Sep 30, 2019 • Filed on Aug 07, 2020

715 8th Street NWAlbuquerque, NM 87102

(505) 764-8400

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.15x

Higher debt load relative to assets than 42% of similar nonprofits.

2019 filings • NTEE S • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

70th percentile

1.35x

Higher debt load relative to revenue than 70% of similar nonprofits.

2019 filings • NTEE S • $5M-$10M nonprofits • Source year 2019

Net Margin

79th percentile

25%

Higher net margin than 79% of similar nonprofits.

2019 filings • NTEE S • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2019 filings • NTEE S • $5M-$10M nonprofits • Source year 2019

Asset Growth

70th percentile

7.6%

Faster asset growth than 70% of similar nonprofits.

2019 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

4th percentile

-60%

Faster revenue growth than 4% of similar nonprofits.

2019 filings • NTEE S • $5M-$10M nonprofits • Annualized from 2018 to 2019

Assets

Up

$5,832,056

Up $413,381 (+7.6%) from 2018

Net Assets

Up

$4,968,260

Up $159,181 (+3.3%) from 2018

Liabilities

Up

$863,796

Up $254,200 (+42%) from 2018

Revenue

Down

$642,220

Down $969,294 (-60%) from 2018

Expenses

Up

$483,039

Up $303,950 (+170%) from 2018

Net Income

Down

$159,181

Down $1,273,244 (-89%) from 2018

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2014: $1,615,649Liabilities 2014: $2,949Net Assets 2014: $1,612,7002014Assets 2015: $2,480,553Liabilities 2015: $3,032Net Assets 2015: $2,477,5212015Assets 2016: $3,052,616Liabilities 2016: $98Net Assets 2016: $3,052,5182016Assets 2017: $3,973,385Liabilities 2017: $596,731Net Assets 2017: $3,376,6542017Assets 2018: $5,418,675Liabilities 2018: $609,596Net Assets 2018: $4,809,0792018Assets 2019: $5,832,056Liabilities 2019: $863,796Net Assets 2019: $4,968,2602019Assets 2020: $11,242,030Liabilities 2020: $5,529,854Net Assets 2020: $5,712,1762020Assets 2021: $15,372,019Liabilities 2021: $9,597,519Net Assets 2021: $5,774,5002021Assets 2022: $19,712,945Liabilities 2022: $12,455,016Net Assets 2022: $7,257,9292022Assets 2023: $27,130,256Liabilities 2023: $19,177,308Net Assets 2023: $7,952,9482023Assets 2024: $38,718,982Liabilities 2024: $28,147,276Net Assets 2024: $10,571,7062024

Highlighted filing

2019

Assets$5,832,056
Liabilities$863,796
Net Assets$4,968,260

Operations Trend

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

$6.0M$4.0M$2.0M$0Revenue 2014: $1,630,333Expenses 2014: $17,633Net Income 2014: $1,612,7002014Revenue 2015: $920,103Expenses 2015: $55,282Net Income 2015: $864,8212015Revenue 2016: $630,756Expenses 2016: $55,759Net Income 2016: $574,9972016Revenue 2017: $457,391Expenses 2017: $133,255Net Income 2017: $324,1362017Revenue 2018: $1,611,514Expenses 2018: $179,089Net Income 2018: $1,432,4252018Revenue 2019: $642,220Expenses 2019: $483,039Net Income 2019: $159,1812019Revenue 2020: $1,167,574Expenses 2020: $479,240Net Income 2020: $688,3342020Revenue 2021: $578,725Expenses 2021: $516,401Net Income 2021: $62,3242021Revenue 2022: $2,361,969Expenses 2022: $878,540Net Income 2022: $1,483,4292022Revenue 2023: $1,842,784Expenses 2023: $1,147,765Net Income 2023: $695,0192023Revenue 2024: $4,099,688Expenses 2024: $1,480,930Net Income 2024: $2,618,7582024

Highlighted filing

2019

Revenue$642,220
Expenses$483,039
Net Income$159,181
Jump To
Filing Snapshot
Filing Period
Oct 1, 2018 to Sep 30, 2019
Signed
Aug 7, 2020
Return Version
2018v3.2
Gross Receipts
$642,220
Mission and Program Overview

Mission

Ventana fund provides early stage financing for affordable housing in new mexico's underserved communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,317,586$3,539,894▲ $1,222,308
Land, Buildings, and Equipment, Net-$1,283,925-
Savings and Temporary Cash Investments$2,923,788$709,974▼ $2,213,814
Cash and Non-Interest-Bearing Accounts$174,839$282,190▲ $107,351
Prepaid Expenses and Deferred Charges-$3,585-
Accounts Receivable-$1,764-
Total Assets$5,418,675$5,832,056▲ $413,381
Other Assets Total$2,462$10,724▲ $8,262
Liabilities
Mortgage Notes Payable Secured by Investment Property$350,000$545,061▲ $195,061
Deferred Revenue$257,156$285,789▲ $28,633
Accounts Payable and Accrued Expenses$2,440$27,546▲ $25,106
Other Liabilities-$5,400-
Total Liabilities$609,596$863,796▲ $254,200
Net Assets / Fund Balance
Permanently Rstr Net Assets$3,600,000$3,600,000→ $0
Temporarily Rstr Net Assets$876,660$845,142▼ $31,518
Unrestricted Net Assets$332,419$523,118▲ $190,699
Total Net Assets Fund Balance$4,809,079$4,968,260▲ $159,181
Total Liabilities and Net Assets / Fund Balance$5,418,675$5,832,056▲ $413,381

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$933,966$25,774$959,740
Land$349,959-$349,959
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$371,890
Program Service Revenue
$254,360
Investment Income
$15,970
Other Revenue
$0
Change in Net Assets
$159,181

Audited Revenue Reconciliation

Revenue per Audited Statements
$642,220
Total Revenue per Audited Statements
$642,220
Total Revenue per Form 990
$642,220
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$303,619
Grants and Similar Amounts Paid$179,420
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$179,420--$179,420
Fees for Services Other$80,863$66,595-$147,458
Depreciation Depletion$23,801$1,973-$25,774
Occupancy$18,216--$18,216
Interest$5,827$10,632-$16,459
Insurance$4,541$745-$5,286
Other Expenses$1,109$770-$770
All Other Expenses$487--$487
Advertising-$72-$72
Total Functional Expenses$402,252$80,787$0$483,039

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$483,039
Total Expenses per Audited Statements$483,039
Total Expenses per Form 990$483,039
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Wells Park Development LLCPleasant Hill, CA-Affordable Housing$152,625
Sheldon Family LLCAlbuquerque, NM-Affordable Housing$22,214
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
D Todd ClarkeBoard ChairBroker CommissionsNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$5,400
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 family members
No
Business relationship with organization members
Yes
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, Page 6, Part VI, Line 7A

The board of directors elects a nominating committee for selecting potential new directors. The nominating committee shall identify potential directors and present them to the full board. New directors may be elected at any meeting where there is a quorum of the board. The corporation may adopt additional policies and procedures to vet potential directors, validate their qualification, and assist the board in the selection process, provided that such policies and procedures are applied evenly and consistently to all potential new directors.

Form 990, Page 6, Part VI, Line 11B

The board will review and approve the form 990 at scheduled board meetings during the year.

Form 990, Page 6, Part VI, Line 12C

The conflict of interest policy, also known as the "code of conduct", is enforced by having board members submit new disclosures every year; those are kept on file by the managing entity. The board chair reminds the board to disclose any conflicts of interest prior to votes approving loans.

Form 990, Page 6, Part VI, Line 19

Ventana funds governing documents, conflict of interest policy, and financial statements will be available upon request by contacting any member of the board of directors at the contact information listed on the website, ventanafund.org.

Filing and Contact Details

Filer

Filer Name
Ventana Fund
EIN
46-5367784
Phone
5057648400
Address
715 8TH STREET NW, ALBUQUERQUE, NM 87102

Signing Officer

Name
D Todd Clarke
Title
Chair
Signed
2020-08-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
D Todd Clarke
Formed
2014
Legal Domicile
Nm
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
6

Preparer

Firm
Hinkle Landers Pc
Address
2500 9TH ST NW, ALBUQUERQUE, NM 87102-1055
Preparer
Farley Vener
Phone
5058838788
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 2

Provision of affordable housing to low-income individuals and families.

Form 990, Part IX, Line 11G

Management fees 0 7,876 0 contract services & prof fees 67,912 42,214 0 professional services 12,951 16,505 0 total 80,863 66,595 0

Financial Statement Notes

Schedule D, Page 3, Part X

Income taxes are not provided for in the financial statements since ventana is exempt from the federal and state income taxes under section 501(c)(3) of the internal revenue code and similar state provisions. Ventana is not classified as a private foundation. Ventana had no taxable unrelated business income for the years ended september 30, 2019 or 2018. Valencia is considered a disregarded entity for tax filing purposes and its accounts will be included in ventana's federal form 990. Valencia had no taxable unrelated business income for the year ended september 30, 2019. Ventana files its federal form 990 tax returns in the u.s. Federal jurisdiction and the online charitable registration in the office of the attorney general for the state of new mexico.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAXES ARE NOT PROVIDED FOR IN THE FINANCIAL STATEMENTS SINCE VENTANA IS EXEMPT FROM THE FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SIMILAR STATE PROVISIONS. VENTANA IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. VENTANA HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2019 OR 2018. VALENCIA IS CONSIDERED A DISREGARDED ENTITY FOR TAX FILING PURPOSES AND ITS ACCOUNTS WILL BE INCLUDED IN VENTANA'S FEDERAL FORM 990. VALENCIA HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEAR ENDED SEPTEMBER 30, 2019. VENTANA FILES ITS FEDERAL FORM 990 TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND THE ONLINE CHARITABLE REGISTRATION IN THE OFFICE OF THE ATTORNEY GENERAL FOR THE STATE OF NEW MEXICO.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0AFFORDABLE HOUSING
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1AFFORDABLE HOUSING
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0WELLS PARK DEVELOPMENT LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1SHELDON FAMILY LLC
IRS990ScheduleI/RecipientTable/RecipientEIN0832483307
IRS990ScheduleI/RecipientTable/RecipientEIN1850487306
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0PO BOX 23977
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt110710 SAN FRANCISCO RD NE
IRS990ScheduleI/RecipientTable/USAddress/CityNm0PLEASANT HILL
IRS990ScheduleI/RecipientTable/USAddress/CityNm1ALBUQUERQUE
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD CHAIR
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0BROKER COMMISSIONS
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0THE BOARD CHAIR WAS THE LISTING BROKER ON THE PROPERTY FOR SIX OF THE SEVENTEEN OUTSTANDING MORTGAE RECEIVABLES.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROVISION OF AFFORDABLE HOUSING TO LOW-INCOME INDIVIDUALS AND FAMILIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS ELECTS A NOMINATING COMMITTEE FOR SELECTING POTENTIAL NEW DIRECTORS. THE NOMINATING COMMITTEE SHALL IDENTIFY POTENTIAL DIRECTORS AND PRESENT THEM TO THE FULL BOARD. NEW DIRECTORS MAY BE ELECTED AT ANY MEETING WHERE THERE IS A QUORUM OF THE BOARD. THE CORPORATION MAY ADOPT ADDITIONAL POLICIES AND PROCEDURES TO VET POTENTIAL DIRECTORS, VALIDATE THEIR QUALIFICATION, AND ASSIST THE BOARD IN THE SELECTION PROCESS, PROVIDED THAT SUCH POLICIES AND PROCEDURES ARE APPLIED EVENLY AND CONSISTENTLY TO ALL POTENTIAL NEW DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD WILL REVIEW AND APPROVE THE FORM 990 AT SCHEDULED BOARD MEETINGS DURING THE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY, ALSO KNOWN AS THE "CODE OF CONDUCT", IS ENFORCED BY HAVING BOARD MEMBERS SUBMIT NEW DISCLOSURES EVERY YEAR; THOSE ARE KEPT ON FILE BY THE MANAGING ENTITY. THE BOARD CHAIR REMINDS THE BOARD TO DISCLOSE ANY CONFLICTS OF INTEREST PRIOR TO VOTES APPROVING LOANS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4VENTANA FUNDS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS WILL BE AVAILABLE UPON REQUEST BY CONTACTING ANY MEMBER OF THE BOARD OF DIRECTORS AT THE CONTACT INFORMATION LISTED ON THE WEBSITE, VENTANAFUND.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MANAGEMENT FEES 0 7,876 0 CONTRACT SERVICES & PROF FEES 67,912 42,214 0 PROFESSIONAL SERVICES 12,951 16,505 0 TOTAL 80,863 66,595 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 2, PART III, LINE 2
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
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