Civic Intelligence

First Southwest Community Fund

990 • Fiscal year 2024 • EIN 47-3061703

Jan 01, 2024 to Dec 31, 2024 • Filed on May 11, 2025

Organization Profilewww.fswcf.org
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

90th percentile

0.88x

Higher debt load relative to assets than 90% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

97th percentile

13.01x

Higher debt load relative to revenue than 97% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

21st percentile

-7.2%

Higher net margin than 21% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

36th percentile

$146,436

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

43rd percentile

3.1%

Faster asset growth than 43% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

4th percentile

-53%

Faster revenue growth than 4% of similar nonprofits.

2024 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$22,751,175

Up $686,378 (+3.1%) from 2023

Net Assets

Down

$2,752,428

Down $110,793 (-3.9%) from 2023

Liabilities

Up

$19,998,747

Up $797,171 (+4.2%) from 2023

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin21st percentile

Revenue

Down

$1,537,313

Down $1,709,055 (-53%) from 2023

Expenses

Up

$1,648,106

Up $101,093 (+6.5%) from 2023

Net Income

Down

-$110,793

Down $1,810,148 (-107%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth43rd 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

2024

Assets$22,751,175
Liabilities$19,998,747
Net Assets$2,752,428
Open 2024 Filing

Operations Trend

Revenue Growth4th 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

2024

Revenue$1,537,313
Expenses$1,648,106
Net Income-$110,793
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 11, 2025
Return Version
2024v5.1
Gross Receipts
$1,537,313
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$13,491,174$12,244,695▼ $1,246,479
Savings and Temporary Cash Investments$7,996,595$10,106,932▲ $2,110,337
Accounts Receivable$147,664$250,000▲ $102,336
Cash and Non-Interest-Bearing Accounts$333,332$77,480▼ $255,852
Prepaid Expenses and Deferred Charges$900$4,610▲ $3,710
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-
Total Assets$22,064,797$22,751,175▲ $686,378
Other Assets Total$95,132$67,458▼ $27,674
Liabilities
Other Liabilities$17,967,487$19,115,355▲ $1,147,868
Deferred Revenue$1,063,043$865,954▼ $197,089
Accounts Payable and Accrued Expenses$171,046$17,438▼ $153,608
Total Liabilities$19,201,576$19,998,747▲ $797,171
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,922,491$3,173,684▲ $251,193
Net Assets Without Donor Restrictions$-59,270$-421,256▼ $361,986
Total Net Assets Fund Balance$2,863,221$2,752,428▼ $110,793
Total Liabilities and Net Assets / Fund Balance$22,064,797$22,751,175▲ $686,378

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2024$2,922,491$340,560▲ $586,533$675,900$3,173,684
2023$1,111,086$2,189,119▲ $504,968$882,682$2,922,491
2022$1,121,024$16,118▲ $376,357$402,413$1,111,086
2021$980,943$78,450▲ $338,113$276,482$1,121,024
2020$737,258$243,685▲ $187,496$187,496$980,943
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Rosaura McdonoughExecutive DirectorFT$146,101$335$146,436

Board Members and Trustees

NameTitle
Kent CurtisPresident
Beatriz Garcia WaddellDirector
Erin KeckDirector
Joseph DesrosiersDirector
Kristy EsquibelDirector
Marco G LuceroDirector
Sherry WanerDirector
Sonia PerezDirector
Christie SpearsSecretary
Jason MedinaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$935,843
Program Service Revenue
$0
Investment Income
$601,470
Other Revenue
$0
All Other Contributions
$154
Change in Net Assets
$-110,793

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,537,313
Total Revenue per Audited Statements
$1,537,313
Total Revenue per Form 990
$1,537,313
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,106,361
Salaries, Compensation, and Employee Benefits$541,745
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$201,301$99,148-$300,449
Current Officers, Directors, Trustees, and Key Employees$98,112$48,324-$146,436
Interest$118,871--$118,871
Fees for Services Accounting$108,509--$108,509
All Other Expenses$71,272$16,022-$87,294
Other Expenses$66,837$73,824-$73,824
Other Employee Benefits$35,406$17,439-$52,845
Travel$9,588$40,206-$49,794
Payroll Taxes$24,629$12,131-$36,760
Advertising$26,665$406-$27,071
Fees for Services Legal$15,401--$15,401
Fees for Services Other$14,220--$14,220
Insurance-$11,764-$11,764
Pension Plan Contributions$3,521$1,734-$5,255
Total Functional Expenses$1,257,225$390,881$0$1,648,106

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,648,106
Total Expenses per Audited Statements$1,648,106
Total Expenses per Form 990$1,648,106
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$18,125,069
Current Loan Payable$990,286
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, Section B, Line 11B

“No review was or will be conducted.”

Form 990, Part VI, Section C, Line 19

“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
Rosy Mcdonough
Title
Executive Director
Signed
2025-05-11
Discuss with paid preparer
Yes

Organization Details

Formed
2015
Legal Domicile
Co
Voting Board Members
10
Independent Board Members
10
Employees
8

Preparer

Firm
Wall Smith Bateman Inc
Address
3001 Adcock Cir, Alamosa, CO 81101
Preparer
Ronald Simmons CPA
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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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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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,751,175
Liabilities
$19,998,747
Net assets
$2,752,428
Revenue
$1,537,313
Expenses
$1,648,106
Net income
-$110,793
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$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
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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