Civic Intelligence

Catalyst Impact Fund Inc

EIN 85-0681665 • 501(c)3 • San Diego, CA

Profile

The Catalyst Impact Fund's purpose is to develop and facilitate innovative solutions, programs, and opportunities to address housing and other socioeconomic concerns for America's essential workforce.

501 W Broadway Ste 1540San Diego, CA 92101

www.catalysthousing.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

94th percentile

1.01x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

31.20x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

5th percentile

-46%

Higher net margin than 5% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

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

501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

100th percentile

496444%

Faster asset growth than 100% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

100th percentile

59240%

Faster revenue growth than 100% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$92,977,869

Up $92,959,144 (+496444%) from 2023

Liabilities

Up

$94,361,587

Up $94,341,080 (+460043%) from 2023

Net Assets

Down

-$1,383,718

Down $1,381,936 (-77550%) from 2023

Operations
Liabilities / Revenue99th percentileNet Margin5th percentile

Revenue

Up

$3,024,576

Up $3,019,479 (+59240%) from 2023

Expenses

Up

$4,406,512

Up $4,334,579 (+6026%) from 2023

Net Income

Down

-$1,381,936

Down $1,315,100 (-1968%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth100th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0-$50MAssets 2020: $73,901Liabilities 2020: $0Net Assets 2020: $73,9012020Assets 2021: $86,152Liabilities 2021: $0Net Assets 2021: $86,1522021Assets 2022: $65,054Liabilities 2022: $0Net Assets 2022: $65,0542022Assets 2023: $18,725Liabilities 2023: $20,507Net Assets 2023: -$1,7822023Assets 2024: $92,977,869Liabilities 2024: $94,361,587Net Assets 2024: -$1,383,7182024

Highlighted filing

2024

Assets$92,977,869
Liabilities$94,361,587
Net Assets-$1,383,718
Open 2024 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2020: $100,630Expenses 2020: $26,729Net Income 2020: $73,9012020Revenue 2021: $101,309Expenses 2021: $89,058Net Income 2021: $12,2512021Revenue 2022: $100,000Expenses 2022: $121,098Net Income 2022: -$21,0982022Revenue 2023: $5,097Expenses 2023: $71,933Net Income 2023: -$66,8362023Revenue 2024: $3,024,576Expenses 2024: $4,406,512Net Income 2024: -$1,381,9362024

Highlighted filing

2024

Revenue$3,024,576
Expenses$4,406,512
Net Income-$1,381,936
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$92,977,869
Liabilities
$94,361,587
Net assets
-$1,383,718
Revenue
$3,024,576
Expenses
$4,406,512
Net income
-$1,381,936
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$93.0$94.4$1.38$3.02$4.41$1.38
2023Detailed filing. Detailed filing data is available for this year.$0.02$0.02$0.00$0.01$0.07$0.07
2022Detailed filing. Detailed filing data is available for this year.$0.07$0.00$0.07$0.10$0.12$0.02
2021Detailed filing. Detailed filing data is available for this year.$0.09$0.00$0.09$0.10$0.09$0.01
2020Detailed filing. Detailed filing data is available for this year.$0.07$0.00$0.07$0.10$0.03$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 24, 2025
Return Version
2024v5.0
Gross Receipts
$3,555,672
Mission and Program Overview

Mission

The Essential Housing Fund combats escalating income inequality and prohibitive housing costs that exclude our essential workforce from living, engaging and thriving within the very communities they serve.

The Catalyst Impact Fund's purpose is to develop and facilitate innovative solutions, programs, and opportunities to address housing and other socioeconomic concerns for America's essential workforce.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$79,299,127-
Loans From Officers Directors-$2,000,000-
Cash and Non-Interest-Bearing Accounts$14,259$1,022,511▲ $1,008,252
Prepaid Expenses and Deferred Charges-$160,564-
Accounts Receivable$4,466$66,139▲ $61,673
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$18,725$92,977,869▲ $92,959,144
Other Assets Total-$12,429,528-
Liabilities
Tax Exempt Bond Liabilities-$79,245,105-
Unsecured Notes Loans Payable-$10,000,000-
Other Liabilities$20,507$2,789,450▲ $2,768,943
Accounts Payable and Accrued Expenses-$185,458-
Deferred Revenue-$141,574-
Total Liabilities$20,507$94,361,587▲ $94,341,080
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$224,882-
Net Assets Without Donor Restrictions$-1,782$-1,608,600▼ $1,606,818
Total Net Assets Fund Balance$-1,782$-1,383,718▼ $1,381,936
Total Liabilities and Net Assets / Fund Balance$18,725$92,977,869▲ $92,959,144

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$69,965,142$984,476$70,949,618
Land$8,750,000-$8,750,000
Other Land Buildings$583,985$52,680$636,665
Other Assets Org$12,203,768--
Compensation and Service Providers
Top Officer Pay6th percentile

Board Members and Trustees

NameTitle
Annie KooPresident
Chris TokarskiDirector
Missy NarulaDirector
Nina TranDirector
Linda AssanteSecretary
Steve LefkovitsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Catalyst Housing Group LLCasset management548 Market St PMB 52392, San Francisco, CA 94104-5401$104,166
Revenue and Support

Revenue Composition

Contributions and Grants
$392,830
Program Service Revenue
$2,548,098
Investment Income
$234,628
Other Revenue
$-150,980
All Other Contributions
$392,830
Change in Net Assets
$-1,381,936

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,555,672
Revenue Not Reported on Financial Statements
$-531,096
Other Revenue Adjustments
$-531,096
Total Revenue per Audited Statements
$3,555,672
Total Revenue per Form 990
$3,024,576
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,265,227
Salaries, Compensation, and Employee Benefits$125,625
Grants and Similar Amounts Paid$15,660
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$2,090,860--$2,090,860
Depreciation Depletion$921,825--$921,825
Fees for Services Management$145,523--$145,523
Other Expenses$112,292--$112,292
Other Salaries and Wages$102,342--$102,342
All Other Expenses$21,439$76,491-$97,930
Insurance$97,806--$97,806
Fees for Services Legal$33,221--$33,221
Advertising$17,259--$17,259
Other Employee Benefits$16,930--$16,930
Office Expenses$13,858$2,866-$16,724
Grants to Domestic Individuals$15,660--$15,660
Payroll Taxes$6,353--$6,353
Fees for Services Accounting-$6,161-$6,161
Fees for Services Other$1,831--$1,831
Conferences and Meetings-$1,629-$1,629
Total Functional Expenses$4,319,365$87,147$0$4,406,512

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,961,094
Expenses per Audited Statements$4,406,512
Total Expenses per Form 990$4,406,512
Expenses Not Reported on Form 990$554,582
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
-See Part Vreimbursement payableNo$154,324
-See Part Vasset management feeNo$104,166

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$2,000,000-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
accrued interest payable-bonds$2,100,012
tenant security deposits$226,670
accrued interest payable-unsec loans$208,444
due to affiliates$154,324
current maturities of LT debt$100,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACalifornia Municipal Fina2024-01-31$80,885,000affordable housing project

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$80,885,000---

Bond Financing Compliance

Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“A copy of the Form 990 was provided to the officers and directors for review and comment prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Upon engagement, election, or hiring, directors, officers, and key employees agree to comply with the conflict of interest policy and to disclose any conflicts of interest, which are then handled in accordance with the policy.”

Form 990, Part VI, Section C, Line 18

“The organization's Form 1023 and Form 990 returns are accessible to the public through the California Attorney General Charities Registry. The organization can also make such documents available upon written request.”

Form 990, Part VI, Section C, Line 19

“Documents subject to public disclosure or inspection are accessible through the California Attorney General Charities Registry or can be made available upon written request to the organization.”

Filing and Contact Details

Filer

Filer Name
Catalyst Impact Fund Inc
EIN
85-0681665
Phone
9566485957
Address
501 W Broadway Ste 1540, San Diego, CA 92101

Signing Officer

Name
Annie Koo
Title
President
Signed
2025-02-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Annie Koo
Formed
2020
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
0

Preparer

Firm
Tovella Dowling PC
Address
600 W Broadway Ste 660 San Diego, San Diego, CA 92101
Preparer
Julie U Nguyen Esq
Phone
6199309332
Supplemental Narrative

Additional Explanations

Schedule D, Parts XI - XIII

“The organization had independent audited financial statements prepared for the period July 1, 2023 through June 30, 2024 to comply with certain financing requirements. This audit period includes the 6-month short period covered by this return (January 1, 2024 through June 30, 2024). Differences between amounts reported in the audited financial statements and this return are attributable to the different reporting periods, with a net difference of $23,486 representing expenses that occurred prior to the short period.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization qualifies as a tax-exempt corporation under Section 501(c)(3) of the Internal Revenue Code. The operations of the Subsidiary are included in the annual information return of the Organization and, therefore, are not subject to income tax, except on net income derived from unrelated business activities. During the year ended June 30, 2024, the Organization and Subsidiary had income derived from unrelated business activities which is solely attributable to the commercial lease that is debt financed and unrelated business expenses, related to interest, depreciation, and other related expenses, that offsets this income. No provision or liability for income taxes is reflected in the consolidated financial statements. The Organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. The Organization is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Generally, income tax returns filed by the Organization are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2021 remain open.”

Part XII, Line 2D: Other expenses and losses per audited F/S

“2023 Expenses Excluded from Short Period $23486 Unrelated Rental Expenses $531096”

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IRS990/MissionDesc0The Catalyst Impact Fund's purpose is to develop and facilitate innovative solutions, programs, and opportunities to address housing and other socioeconomic concerns for America's essential workforce.
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IRS990/OtherExpensesGrp/Desc0real estate taxes
IRS990/OtherExpensesGrp/Desc1utilities
IRS990/OtherExpensesGrp/Desc2fiscal sponsorship program
IRS990/OtherExpensesGrp/Desc3repairs & maintenance
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IRS990/PrincipalOfficerNm0Annie Koo
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IRS990/ProgSrvcAccomActy2Grp/Desc0Fiscal Sponsorship: The Organization serves as fiscal sponsor to JDL Strategies, LLC, supporting its charitable project to assess land banking as a solution for community-centered affordable housing production and preservation in Marin County, California. As fiscal sponsor, the Organization receives and administers charitable contributions and grants for the project, ensuring proper oversight and disbursement of funds for project-related expenses.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Grantmaking: Under its mission to serve essential workers and their families, the organization has made grants since its founding to subsidize rent costs for Marin County's public school teachers and other educators under its Rent Relief Grant Program. The program is currently carried out in collaboration with Serenity at Larkspur Apartments, and the grants are applied directly toward rent expenses.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization qualifies as a tax-exempt corporation under Section 501(c)(3) of the Internal Revenue Code. The operations of the Subsidiary are included in the annual information return of the Organization and, therefore, are not subject to income tax, except on net income derived from unrelated business activities. During the year ended June 30, 2024, the Organization and Subsidiary had income derived from unrelated business activities which is solely attributable to the commercial lease that is debt financed and unrelated business expenses, related to interest, depreciation, and other related expenses, that offsets this income. No provision or liability for income taxes is reflected in the consolidated financial statements. The Organization believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. The Organization is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Generally, income tax returns filed by the Organization are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2021 remain open.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt12023 Expenses Excluded from Short Period $23486 Unrelated Rental Expenses $531096
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d: Other expenses and losses per audited F/S
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