Civic Intelligence

Ventana Fund

990 • Fiscal year 2021 • EIN 46-5367784

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 05, 2022

Organization ProfileWWW.VENTANAFUND.ORG
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

77th percentile

0.62x

Higher debt load relative to assets than 77% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

92nd percentile

16.58x

Higher debt load relative to revenue than 92% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Net Margin

42nd percentile

11%

Higher net margin than 42% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

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

2021 filings • NTEE S • $10M-$25M nonprofits • Source year 2021

Asset Growth

87th percentile

37%

Faster asset growth than 87% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

2nd percentile

-50%

Faster revenue growth than 2% of similar nonprofits.

2021 filings • NTEE S • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets77th percentile

Assets

Up

$15,372,019

Up $4,129,989 (+37%) from 2020

Net Assets

Up

$5,774,500

Up $62,324 (+1.1%) from 2020

Liabilities

Up

$9,597,519

Up $4,067,665 (+74%) from 2020

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin42nd percentile

Revenue

Down

$578,725

Down $588,849 (-50%) from 2020

Expenses

Up

$516,401

Up $37,161 (+7.8%) from 2020

Net Income

Down

$62,324

Down $626,010 (-91%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth87th percentile

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

2021

Assets$15,372,019
Liabilities$9,597,519
Net Assets$5,774,500
Open 2021 Filing

Operations Trend

Revenue Growth2nd percentile

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

2021

Revenue$578,725
Expenses$516,401
Net Income$62,324
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 5, 2022
Return Version
2020v4.0
Gross Receipts
$578,725
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$7,769,607$11,514,430▲ $3,744,823
Savings and Temporary Cash Investments$1,892,673$1,833,516▼ $59,157
Land, Buildings, and Equipment, Net$1,249,026$1,214,126▼ $34,900
Cash and Non-Interest-Bearing Accounts$278,766$789,562▲ $510,796
Prepaid Expenses and Deferred Charges$1,501$6,910▲ $5,409
Accounts Receivable$963$2,571▲ $1,608
Total Assets$11,242,030$15,372,019▲ $4,129,989
Other Assets Total$49,494$10,904▼ $38,590
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,112,731$7,697,127▲ $2,584,396
Deferred Revenue-$1,833,158-
Accounts Payable and Accrued Expenses$412,023$59,983▼ $352,040
Other Liabilities$5,100$7,251▲ $2,151
Total Liabilities$5,529,854$9,597,519▲ $4,067,665
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,334,006$4,365,000▲ $30,994
Net Assets Without Donor Restrictions$1,378,170$1,409,500▲ $31,330
Total Net Assets Fund Balance$5,712,176$5,774,500▲ $62,324
Total Liabilities and Net Assets / Fund Balance$11,242,030$15,372,019▲ $4,129,989

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$864,167$95,573$959,740
Land$349,959-$349,959
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
D Todd ClarkeChair
Paul CassidyVice-chair
Catherine HummelMember
George MaestasMember
Peter GinerisMember
Robbie R LeveyMember
Shawn ColbertMember
Elizabeth BernalSecretary
Steve AnayaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,330
Program Service Revenue
$568,425
Investment Income
$3,970
Other Revenue
$0
All Other Contributions
$6,330
Change in Net Assets
$62,324

Audited Revenue Reconciliation

Revenue per Audited Statements
$578,725
Total Revenue per Audited Statements
$578,725
Total Revenue per Form 990
$578,725
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$516,401
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$122,367$148,829-$271,196
Interest-$111,184-$111,184
Depreciation Depletion$34,899--$34,899
Occupancy$24,588--$24,588
Insurance$5,822$4,625-$10,447
All Other Expenses$6,568$750-$7,318
Office Expenses-$6,589-$6,589
Other Expenses$14,626$4,650-$4,650
Total Functional Expenses$232,148$284,253$0$516,401

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$516,401
Total Expenses per Audited Statements$516,401
Total Expenses per Form 990$516,401
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$7,251
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 35% controlled entity
No
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 accept the form 990 over email and will approve 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
2022-08-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
D Todd Clarke
Formed
2014
Legal Domicile
Nm
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
9

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, Part IX, Line 11G

“Management fees 0 14,109 0 contract services & prof fees 105,333 134,720 0 professional services 17,034 0 0 total 122,367 148,829 0”

Financial Statement Notes

Schedule D, Page 3, Part X

“Income taxes are not provided for in the consolidated 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 and valencia is considered a disregarded entity for tax filing purposes. Ventana is not classified as a private foundation. Ventana had no taxable unrelated business income for the years ended september 30, 2021 or 2020. 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. As noted earlier, valencia is considered a disregarded entity for tax filing purposes and its accounts will be included in ventanas federal form 990. Valencia had no taxable unrelated business income for the years ended september 30, 2021 and 2020.”

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IRS990/ProgramServiceRevenueGrp/Desc0MORTGAGE INTEREST
IRS990/ProgramServiceRevenueGrp/Desc1RENT INCOME-VALENCIA PARK
IRS990/ProgramServiceRevenueGrp/Desc2LOAN FEES
IRS990/ProgramServiceRevenueGrp/Desc3OTHER OPERATING INCOME
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IRS990/ProgSrvcAccomActy2Grp/Desc0THROUGH ITS WHOLLY OWNED, SINGLE MEMBER LLC, VENTANA FUND OPERATES A 20- UNIT MULTI-FAMILY PROPERTY WHICH PROVIDES AFFORDABLE HOUSING TO LOW- INCOME INDIVIDUALS AND FAMILIES.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAXES ARE NOT PROVIDED FOR IN THE CONSOLIDATED 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 AND VALENCIA IS CONSIDERED A DISREGARDED ENTITY FOR TAX FILING PURPOSES. VENTANA IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. VENTANA HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2021 OR 2020. 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. AS NOTED EARLIER, VALENCIA IS CONSIDERED A DISREGARDED ENTITY FOR TAX FILING PURPOSES AND ITS ACCOUNTS WILL BE INCLUDED IN VENTANAS FEDERAL FORM 990. VALENCIA HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2021 AND 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalRevenuePerForm990Amt0578725
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IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0D TODD CLARKE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD CHAIR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0BROKER COMMISSIONS
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0THE BOARD CHAIR'S COMPANY WAS THE LISTING BROKER ON THE PROPERTY FOR SEVENTEEN OF THE TWENTY-SIX OUTSTANDING MORTGAGE RECEIVABLES AND RECEIVED COMPENSATION FOR SEVENTEEN OF THOSE SALES.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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/ExplanationTxt1THE BOARD WILL REVIEW AND ACCEPT THE FORM 990 OVER EMAIL AND WILL APPROVE AT SCHEDULED BOARD MEETINGS DURING THE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE 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/ExplanationTxt3VENTANA 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/ExplanationTxt4MANAGEMENT FEES 0 14,109 0 CONTRACT SERVICES & PROF FEES 105,333 134,720 0 PROFESSIONAL SERVICES 17,034 0 0 TOTAL 122,367 148,829 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0VENTANA FU
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0VALENCIA PARK LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0832948280
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IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NM
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0RENTAL
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IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt0715 8TH STREET NW
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$15,372,019
Liabilities
$9,597,519
Net assets
$5,774,500
Revenue
$578,725
Expenses
$516,401
Net income
$62,324
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$38.7$28.1$10.6$4.10$1.48$2.62
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.1$19.2$7.95$1.84$1.15$0.70
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.7$12.5$7.26$2.36$0.88$1.48
2021Detailed filing. Detailed filing data is available for this year.$15.4$9.60$5.77$0.58$0.52$0.06
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.2$5.53$5.71$1.17$0.48$0.69
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.83$0.86$4.97$0.64$0.48$0.16
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.42$0.61$4.81$1.61$0.18$1.43
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.97$0.60$3.38$0.46$0.13$0.32
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.05$0.00$3.05$0.63$0.06$0.57
2015Summary only. Only limited summary data is available for this year.$2.48$0.00$2.48$0.92$0.06$0.86
2014Summary only. Only limited summary data is available for this year.$1.62$0.00$1.61$1.63$0.02$1.61