Civic Intelligence

First Southwest Community Fund

990 • Fiscal year 2021 • EIN 47-3061703

Jan 01, 2021 to Dec 31, 2021 • Filed on Sep 09, 2022

Organization ProfileN/A
PO Box 1139Alamosa, CO 81101

(970) 375-1100

Siviq Scores

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

Liabilities / Assets

91st percentile

0.92x

Higher debt load relative to assets than 91% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

16.47x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

12th percentile

-9.5%

Higher net margin than 12% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

25th percentile

$106,774

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 13.6% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

91st percentile

55%

Faster asset growth than 91% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

1st percentile

-82%

Faster revenue growth than 1% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$14,121,321

Up $5,012,681 (+55%) from 2020

Net Assets

Down

$1,154,201

Down $75,168 (-6.1%) from 2020

Liabilities

Up

$12,967,120

Up $5,087,849 (+65%) from 2020

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin12th percentile

Revenue

Down

$787,152

Down $3,512,153 (-82%) from 2020

Expenses

Down

$862,320

Down $2,988,454 (-78%) from 2020

Net Income

Down

-$75,168

Down $523,699 (-117%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$30M$20M$10M$0Assets 2017: $1,358,627Liabilities 2017: $824,716Net Assets 2017: $533,9112017Assets 2018: $2,840,005Liabilities 2018: $2,079,121Net Assets 2018: $760,8842018Assets 2019: $4,396,815Liabilities 2019: $3,615,977Net Assets 2019: $780,8382019Assets 2020: $9,108,640Liabilities 2020: $7,879,271Net Assets 2020: $1,229,3692020Assets 2021: $14,121,321Liabilities 2021: $12,967,120Net Assets 2021: $1,154,2012021Assets 2022: $19,365,408Liabilities 2022: $18,201,542Net Assets 2022: $1,163,8662022Assets 2023: $22,064,797Liabilities 2023: $19,201,576Net Assets 2023: $2,863,2212023Assets 2024: $22,751,175Liabilities 2024: $19,998,747Net Assets 2024: $2,752,4282024

Highlighted filing

2021

Assets$14,121,321
Liabilities$12,967,120
Net Assets$1,154,201
Open 2021 Filing

Operations Trend

Revenue Growth1st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $533,364Expenses 2017: $81,912Net Income 2017: $451,4522017Revenue 2018: $388,558Expenses 2018: $161,585Net Income 2018: $226,9732018Revenue 2019: $204,850Expenses 2019: $184,896Net Income 2019: $19,9542019Revenue 2020: $4,299,305Expenses 2020: $3,850,774Net Income 2020: $448,5312020Revenue 2021: $787,152Expenses 2021: $862,320Net Income 2021: -$75,1682021Revenue 2022: $867,703Expenses 2022: $858,038Net Income 2022: $9,6652022Revenue 2023: $3,246,368Expenses 2023: $1,547,013Net Income 2023: $1,699,3552023Revenue 2024: $1,537,313Expenses 2024: $1,648,106Net Income 2024: -$110,7932024

Highlighted filing

2021

Revenue$787,152
Expenses$862,320
Net Income-$75,168
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Sep 9, 2022
Return Version
2021v4.0
Gross Receipts
$787,152
Mission and Program Overview

Mission

First Southwest Community Fund supports the dedicated entrepreneurial spirit of rural Colorado, by investing in the people, culture and ideas that fuel innovation and financial knowledge in our community, with an emphasis on areas of greatest need.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$5,239,915$10,040,892▲ $4,800,977
Savings and Temporary Cash Investments$3,587,698$3,745,078▲ $157,380
Cash and Non-Interest-Bearing Accounts$180,600$286,596▲ $105,996
Accounts Receivable$72,163$0▼ $72,163
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$9,108,640$14,121,321▲ $5,012,681
Other Assets Total$28,264$48,755▲ $20,491
Liabilities
Other Liabilities$7,879,271$12,967,120▲ $5,087,849
Total Liabilities$7,879,271$12,967,120▲ $5,087,849
Net Assets / Fund Balance
Net Assets With Donor Restrictions$980,943$1,121,024▲ $140,081
Net Assets Without Donor Restrictions$248,426$33,177▼ $215,249
Total Net Assets Fund Balance$1,229,369$1,154,201▼ $75,168
Total Liabilities and Net Assets / Fund Balance$9,108,640$14,121,321▲ $5,012,681

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$980,943$78,450▲ $338,113$276,482$1,121,024
2020$737,258$243,685▲ $187,496$187,496$980,943
2019$705,966$19,954▲ $142,952$131,614$737,258
2018$534,243$226,973▲ $92,168$147,418$705,966
2017$82,459$451,450▲ $35,614$35,280$534,243
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Cassandra J Walker HarveyExecutive DirectorPT$106,774$106,774

Board Members and Trustees

NameTitle
Kent CurtisPresident
Dr Beverlee McclureDirector
Liza MarronDirector
Ty ColemanDirector
Christie SpearsSecretary
Mike RoqueTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$446,032
Program Service Revenue
$0
Investment Income
$339,078
Other Revenue
$2,042
Change in Net Assets
$-75,168

Audited Revenue Reconciliation

Revenue per Audited Statements
$787,152
Revenue Not Reported on Form 990
$69,124
Total Revenue per Audited Statements
$856,276
Total Revenue per Form 990
$787,152
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$574,510
Salaries, Compensation, and Employee Benefits$287,810
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$26,315$96,826-$123,141
Current Officers, Directors, Trustees, and Key Employees$22,840$83,934-$106,774
Payroll Taxes$11,049$40,655-$51,704
Interest$39,289--$39,289
All Other Expenses$1,956$29,477-$31,433
Fees for Services Accounting-$27,547-$27,547
Other Expenses$26,974$48,073-$26,974
Insurance-$9,351-$9,351
Travel-$6,937-$6,937
Pension Plan Contributions$1,323$4,868-$6,191
Advertising-$4,378-$4,378
Fees for Services Legal-$1,820-$1,820
Total Functional Expenses$508,454$353,866$0$862,320

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$931,444
Expenses per Audited Statements$862,320
Total Expenses per Form 990$862,320
Expenses Not Reported on Form 990$69,124
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Loans Payable$12,716,851
Current Loan Payable$218,915
Accrued Interest Payable$30,072
Escrow$1,282
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“No review was or will be conducted.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
First Southwest Community Fund
EIN
47-3061703
Phone
9703751100
Address
PO BOX 1139, ALAMOSA, CO 81101

Signing Officer

Name
Azarel Madrigal
Title
Executive Director
Signed
2022-09-09
Discuss with paid preparer
Yes

Organization Details

Formed
2015
Legal Domicile
Co
Voting Board Members
6
Independent Board Members
6
Employees
3

Preparer

Firm
Wall Smith Bateman Inc
Address
3001 Adcock Cir, Alamosa, CO 81101
Preparer
Ronald Simmons
Phone
7195893619
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“First Southwest Community Fund is exempt from federal income taxes on income substantially related to the Organization's exempt purpose under Section 501 (c)(3) of the Internal Revenue Code. Under Colorado state statutes, any organization receiving exemption from federal income taxes is also exempt from Colorado income taxes.First Southwest Community Fund files federal income tax returns. The Organizations policy for evaluating uncertain income tax positions is to only take income tax positions that are more likely than not to be sustained if the taxing authorities were to examine the positions. If applicable, the Organization classifies interest and penalties as interest expense.”

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt061898
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0290491
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0497750
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt05386548
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0339078
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt0208928
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0142952
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt062429
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0290491
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0497750
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt05386548
IRS990ScheduleA/TotalSupportAmt06175549
IRS990ScheduleA/UnrelatedBusinessNetIncm170Grp/TotalAmt00
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IRS990ScheduleD/CYEndwmtFundGrp/InvestmentEarningsOrLossesAmt0338113
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt0243685
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/EndYearBalanceAmt0980943
IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/InvestmentEarningsOrLossesAmt0187496
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IRS990ScheduleD/CYMinus2YrEndwmtFundGrp/ContributionsAmt019954
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0First Southwest Community Fund is exempt from federal income taxes on income substantially related to the Organization's exempt purpose under Section 501 (c)(3) of the Internal Revenue Code. Under Colorado state statutes, any organization receiving exemption from federal income taxes is also exempt from Colorado income taxes.First Southwest Community Fund files federal income tax returns. The Organizations policy for evaluating uncertain income tax positions is to only take income tax positions that are more likely than not to be sustained if the taxing authorities were to examine the positions. If applicable, the Organization classifies interest and penalties as interest expense.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalLiabilityAmt012967120
IRS990ScheduleD/TotalRevenuePerForm990Amt0787152
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0856276
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IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0No review was or will be conducted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotalLiabilitiesBOYAmt07879271

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$14,121,321
Liabilities
$12,967,120
Net assets
$1,154,201
Revenue
$787,152
Expenses
$862,320
Net income
-$75,168
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.8$20.0$2.75$1.54$1.65$0.11
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.1$19.2$2.86$3.25$1.55$1.70
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.4$18.2$1.16$0.87$0.86$0.01
2021Detailed filing. Detailed filing data is available for this year.$14.1$13.0$1.15$0.79$0.86$0.08
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.11$7.88$1.23$4.30$3.85$0.45
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.40$3.62$0.78$0.20$0.18$0.02
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.84$2.08$0.76$0.39$0.16$0.23
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.36$0.82$0.53$0.53$0.08$0.45
Peer Organizations

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