Civic Intelligence

Ventana Fund

990 • Fiscal year 2024 • EIN 46-5367784

Oct 01, 2023 to Sep 30, 2024 • Filed on Jul 18, 2025

PO Box 25483Albuquerque, NM 87125

(505) 377-2053

Siviq Scores

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

Liabilities / Assets

84th percentile

0.73x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

95th percentile

6.87x

Higher debt load relative to revenue than 95% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

93rd percentile

64%

Higher net margin than 93% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

93rd percentile

43%

Faster asset growth than 93% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

94th percentile

122%

Faster revenue growth than 94% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Up

$38,718,982

Up $11,588,726 (+43%) from 2023

Net Assets

Up

$10,571,706

Up $2,618,758 (+33%) from 2023

Liabilities

Up

$28,147,276

Up $8,969,968 (+47%) from 2023

Revenue

Up

$4,099,688

Up $2,256,904 (+122%) from 2023

Expenses

Up

$1,480,930

Up $333,165 (+29%) from 2023

Net Income

Up

$2,618,758

Up $1,923,739 (+277%) from 2023

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

2024

Assets$38,718,982
Liabilities$28,147,276
Net Assets$10,571,706

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

2024

Revenue$4,099,688
Expenses$1,480,930
Net Income$2,618,758
Jump To
Filing Snapshot
Filing Period
Oct 1, 2023 to Sep 30, 2024
Signed
Jul 18, 2025
Return Version
2023v6.0
Gross Receipts
$4,099,688
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$21,566,532$28,927,024▲ $7,360,492
Savings and Temporary Cash Investments$4,708,883$9,285,410▲ $4,576,527
Cash and Non-Interest-Bearing Accounts$785,978$482,664▼ $303,314
Accounts Receivable$48,736--
Prepaid Expenses and Deferred Charges$13,122$16,419▲ $3,297
Total Assets$27,130,256$38,718,982▲ $11,588,726
Other Assets Total$7,005$7,465▲ $460
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,756,767$27,647,964▲ $11,891,197
Accounts Payable and Accrued Expenses$783,057$436,849▼ $346,208
Deferred Revenue$2,637,484$62,463▼ $2,575,021
Total Liabilities$19,177,308$28,147,276▲ $8,969,968
Net Assets / Fund Balance
Net Assets With Donor Restrictions$6,114,888$6,279,342▲ $164,454
Net Assets Without Donor Restrictions$1,838,060$4,292,364▲ $2,454,304
Total Net Assets Fund Balance$7,952,948$10,571,706▲ $2,618,758
Total Liabilities and Net Assets / Fund Balance$27,130,256$38,718,982▲ $11,588,726
Compensation and Service Providers

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Stelzner Winter Warburton FloresLegalPO BOX 528, Albuquerque, NM 87103$102,551
Revenue and Support

Revenue Composition

Contributions and Grants
$2,575,021
Program Service Revenue
$1,252,215
Investment Income
$272,452
Other Revenue
$0
Change in Net Assets
$2,618,758

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,099,688
Total Revenue per Audited Statements
$4,099,688
Total Revenue per Form 990
$4,099,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,169,535
Salaries, Compensation, and Employee Benefits$311,395
Total Fundraising Expense$20,800
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$463,331$95-$463,426
Fees for Services Other$135,163$213,071-$348,234
Other Salaries and Wages$124,072$123,808$17,801$265,681
Advertising$39,157$11,871-$51,028
Occupancy$31,156$13,156-$44,312
Office Expenses-$24,106-$24,106
Payroll Taxes$9,880$9,858$1,417$21,155
Other Employee Benefits$8,448$9,162$1,213$18,823
Information Technology-$10,783-$10,783
Insurance-$8,717-$8,717
Pension Plan Contributions$2,575$2,792$369$5,736
Travel$605$4,645-$5,250
All Other Expenses$3,837$1,295-$5,132
Other Expenses$20$3,342-$3,342
Total Functional Expenses$1,006,613$453,517$20,800$1,480,930

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,480,930
Total Expenses per Audited Statements$1,480,930
Total Expenses per Form 990$1,480,930
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-
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, Part VI

Process to elect board members: candidates to serve on ventana fund's board of directors are recommended by the sitting directors. Potential directors are identified and their curriculum vitae is presented 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 any meeting where there is a quorum of the board or by unanimous written consent of the board via email.

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 fund's governing documents, conflict of interest policy, and financial statements will be available upon request by contacting ventana fund's executive director at the contact information listed on the website, ventanafund.org.

Filing and Contact Details

Filer

Filer Name
Ventana Fund
EIN
46-5367784
Phone
5053772053
Address
PO BOX 25483, ALBUQUERQUE, NM 87125

Signing Officer

Name
D Todd Clarke
Title
Chair
Phone
5053772053
Signed
2025-07-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
D Todd Clarke
Formed
2014
Legal Domicile
Nm
Voting Board Members
13
Independent Board Members
13
Employees
3
Volunteers
13

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

Contract services & prof fees 135,163 213,071 0

Financial Statement Notes

Schedule D, Page 3, Part X

Income taxes are not provided for in the consolidated financial statements because ventana fund is exempt from federal and state income taxes under section 501(c)(3) of the internal revenue code and similar state provisions, and valencia park is considered a disregarded entity for tax filing purposes. Ventana fund is not classified as a private foundation. Ventana fund had no taxable unrelated business income for the years ended september 30, 2024 or 2023. Ventana fund files its federal form 990 tax returns in the u.s. Federal jurisdiction and the online charitable registration located on new mexico department of justices website.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAXES ARE NOT PROVIDED FOR IN THE CONSOLIDATED FINANCIAL STATEMENTS BECAUSE VENTANA FUND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SIMILAR STATE PROVISIONS, AND VALENCIA PARK IS CONSIDERED A DISREGARDED ENTITY FOR TAX FILING PURPOSES. VENTANA FUND IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. VENTANA FUND HAD NO TAXABLE UNRELATED BUSINESS INCOME FOR THE YEARS ENDED SEPTEMBER 30, 2024 OR 2023. VENTANA FUND FILES ITS FEDERAL FORM 990 TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND THE ONLINE CHARITABLE REGISTRATION LOCATED ON NEW MEXICO DEPARTMENT OF JUSTICES WEBSITE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0D TODD CLARKE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD CHAIR
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0BROKER COMMISSIONS
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0THE BOARD CHAIRS COMPANY SERVED AS THE LISTING BROKER FOR 17 OF THE 49 OUTSTANDING MORTGAGE RECEIVABLES. WHILE THE ORGANIZATION DID NOT PROVIDE DIRECT COMPENSATION TO THE BOARD CHAIRS COMPANY, THE COMPANY EARNED COMMISSIONS FROM THIRD-PARTY SELLERS AS PART OF THESE TRANSACTIONS. TO AVOID ANY CONFLICT OF INTEREST, THE BOARD CHAIR ABSTAINS FROM VOTING WHEN SUCH TRANSACTIONS ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PROCESS TO ELECT BOARD MEMBERS: CANDIDATES TO SERVE ON VENTANA FUND'S BOARD OF DIRECTORS ARE RECOMMENDED BY THE SITTING DIRECTORS. POTENTIAL DIRECTORS ARE IDENTIFIED AND THEIR CURRICULUM VITAE IS PRESENTED 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 APPROVE THE FORM 990 AT ANY MEETING WHERE THERE IS A QUORUM OF THE BOARD OR BY UNANIMOUS WRITTEN CONSENT OF THE BOARD VIA EMAIL.
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 FUND'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS WILL BE AVAILABLE UPON REQUEST BY CONTACTING VENTANA FUND'S EXECUTIVE DIRECTOR AT THE CONTACT INFORMATION LISTED ON THE WEBSITE, VENTANAFUND.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONTRACT SERVICES & PROF FEES 135,163 213,071 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0VENTANA FU

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