Civic Intelligence

Somosvc

990 • Fiscal year 2023 • EIN 86-3684224

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

3277 S White Road 900San Jose, CA 95148

(626) 552-8469

Siviq Scores

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

Liabilities / Assets

78th percentile

0.24x

Higher debt load relative to assets than 78% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

78th percentile

0.23x

Higher debt load relative to revenue than 78% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

8th percentile

-42%

Higher net margin than 8% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

95th percentile

$174,798

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 34.3% of source-year revenue.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

12th percentile

-18%

Faster asset growth than 12% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

96th percentile

235%

Faster revenue growth than 96% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Assets

Down

$480,127

Down $103,288 (-18%) from 2022

Net Assets

Down

$364,713

Down $213,427 (-37%) from 2022

Liabilities

Up

$115,414

Up $110,139 (+2088%) from 2022

Revenue

Up

$509,844

Up $357,703 (+235%) from 2022

Expenses

Up

$723,271

Up $602,753 (+500%) from 2022

Net Income

Down

-$213,427

Down $245,050 (-775%) from 2022

Historical Trend

Balance Sheet Trend

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

$600K$400K$200K$0Assets 2021: $585,976Liabilities 2021: $88Net Assets 2021: $585,8882021Assets 2022: $583,415Liabilities 2022: $5,275Net Assets 2022: $578,1402022Assets 2023: $480,127Liabilities 2023: $115,414Net Assets 2023: $364,7132023Assets 2024: $333,258Liabilities 2024: $51,170Net Assets 2024: $282,0882024

Highlighted filing

2023

Assets$480,127
Liabilities$115,414
Net Assets$364,713

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2021: $600,000Expenses 2021: $14,112Net Income 2021: $585,8882021Revenue 2022: $152,141Expenses 2022: $120,518Net Income 2022: $31,6232022Revenue 2023: $509,844Expenses 2023: $723,271Net Income 2023: -$213,4272023Revenue 2024: $494,492Expenses 2024: $577,117Net Income 2024: -$82,6252024

Highlighted filing

2023

Revenue$509,844
Expenses$723,271
Net Income-$213,427
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.1
Gross Receipts
$509,844
Mission and Program Overview

Mission

We aim to increase the representation of latino and latina ("latinx") professionals in venture capital, help latinx venture investors build their careers and networks, and improve access to capital for latinx-led venture firms.

Increase the representation of latinx professionals in venture capital, help latinx venture investors build their careers and networks, and improve access to capital for latinx-led venture firms. When venture investors are empowered to show up as their authentic selves, the flow of capital from limited partners to venture capitalists and ultimately to startup founders becomes more diversified impactful, and representative of u.s. Demographics.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$333,415$379,758▲ $46,343
Accounts Receivable$250,000$100,369▼ $149,631
Total Assets$583,415$480,127▼ $103,288
Liabilities
Deferred Revenue$0$65,000▲ $65,000
Accounts Payable and Accrued Expenses$5,275$50,414▲ $45,139
Total Liabilities$5,275$115,414▲ $110,139
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$353,140$364,713▲ $11,573
Net Assets With Donor Restrictions$225,000$0▼ $225,000
Total Net Assets Fund Balance$578,140$364,713▼ $213,427
Total Liabilities and Net Assets / Fund Balance$583,415$480,127▼ $103,288
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mariela SalasExecutive Director/secretaryFT$121,631$53,167$174,798

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$477,010
Program Service Revenue
$32,834
Investment Income
$0
Other Revenue
$0
All Other Contributions
$477,010
Change in Net Assets
$-213,427
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$432,855
Salaries, Compensation, and Employee Benefits$290,416
Total Fundraising Expense$32,661
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$131,098$26,220$17,480$174,798
Other Salaries and Wages$69,695$13,939$9,293$92,927
Fees for Services Other$52,348--$52,348
Travel$41,080--$41,080
Fees for Services Accounting-$32,563-$32,563
Payroll Taxes$13,434$2,687$1,791$17,912
Information Technology$10,938-$1,352$12,290
Office Expenses$5,983$75$1,414$7,472
Advertising$4,210-$520$4,730
Occupancy$2,496$499$333$3,328
Other Employee Benefits$2,261$452$301$3,014
Pension Plan Contributions$1,324$264$177$1,765
Other Expenses$276,732$1,234-$1,234
Insurance-$1,078-$1,078
Total Functional Expenses$611,599$79,011$32,661$723,271
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
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, Section A, Line 8B

The organization does not have any committees with authority to act on behalf of the governing body.

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

The executive director, president, and treasurer will review the form 990 before it is filed with the irs.

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

All officers and directors are required to sign a conflict of interest policy statement on an annual basis. In connection with any actual or possible reported conflict of interest, an interested person must disclose the existence of the interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing body delegated powers. After disclosure of the interest and all material facts, the interested person shall leave the governing body or committee meeting while the determination of a conflict of interest is discussed and voted upon by the remaining directors or committee members. The governing body or designated committee conducts periodic reviews to ensure that the organization does not engage in activities that could jeopardize its tax-exempt status. A conflicted member is prohibited from participating in that deliberation and decision.

Form 990, Part VI, Section B, Line 15A

The executive director's salary was determined by the board of directors based on public records for comparable roles at other nonprofits in addition to a standard budget to salary ratio. This process was last undertaken in 2022.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Somosvc
EIN
86-3684224
Phone
6265528469
Address
3277 S WHITE ROAD 900, SAN JOSE, CA 95148

Signing Officer

Name
Eddie Lopez
Title
Treasurer
Phone
6265528469
Signed
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mariela Salas
Formed
2021
Legal Domicile
CA
Voting Board Members
13
Independent Board Members
12
Employees
2
Volunteers
25

Preparer

Firm
Wegner Cpas Llp
Address
230 PARK AVE FL 3, NEW YORK, NY 10169-0005
Preparer
Yigit Uctum CPA
Phone
2125511724
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IRS990/Form990PartVIISectionAGrp/TitleTxt0EXECUTIVE DIRECTOR/SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT
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IRS990/MissionDesc0WE AIM TO INCREASE THE REPRESENTATION OF LATINO AND LATINA ("LATINX") PROFESSIONALS IN VENTURE CAPITAL, HELP LATINX VENTURE INVESTORS BUILD THEIR CAREERS AND NETWORKS, AND IMPROVE ACCESS TO CAPITAL FOR LATINX-LED VENTURE FIRMS.
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IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt073248
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt012141
IRS990/PYRevenuesLessExpensesAmt031623
IRS990/PYSalariesCompEmpBnftPaidAmt047270
IRS990/PYTotalExpensesAmt0120518
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0152141
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0-213427
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt032834
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE 2020 COLUMN ON SCHEDULE A, PART II REPRESENTS THE SHORT TAX YEAR BEGINNING MARCH 1, 2021 AND ENDING SEPTEMBER 30, 2021. THE 2022 COLUMN ON SCHEDULE A, PART II REPRESENTS THE SHORT TAX YEAR BEGINNING OCTOBER 1, 2022 AND ENDING DECEMBER 31, 2022.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0PART II, SHORT YEAR EXPLANATION:
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0477010
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0140000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt052500
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0600000
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt01269510
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt052304
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt0327630
IRS990ScheduleA/SubstantialContributorsTotAmt0941880
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0477010
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0140000
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt052500
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0600000
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01269510
IRS990ScheduleA/TotalSupportAmt01269510
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0121631
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount030495
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt06000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt016672
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MARIELA SALAS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR/SECRETARY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0174798
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE EXECUTIVE DIRECTOR, PRESIDENT, AND TREASURER WILL REVIEW THE FORM 990 BEFORE IT IS FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL OFFICERS AND DIRECTORS ARE REQUIRED TO SIGN A CONFLICT OF INTEREST POLICY STATEMENT ON AN ANNUAL BASIS. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE REPORTED CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BODY DELEGATED POWERS. AFTER DISCLOSURE OF THE INTEREST AND ALL MATERIAL FACTS, THE INTERESTED PERSON SHALL LEAVE THE GOVERNING BODY OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON BY THE REMAINING DIRECTORS OR COMMITTEE MEMBERS. THE GOVERNING BODY OR DESIGNATED COMMITTEE CONDUCTS PERIODIC REVIEWS TO ENSURE THAT THE ORGANIZATION DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS. A CONFLICTED MEMBER IS PROHIBITED FROM PARTICIPATING IN THAT DELIBERATION AND DECISION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE EXECUTIVE DIRECTOR'S SALARY WAS DETERMINED BY THE BOARD OF DIRECTORS BASED ON PUBLIC RECORDS FOR COMPARABLE ROLES AT OTHER NONPROFITS IN ADDITION TO A STANDARD BUDGET TO SALARY RATIO. THIS PROCESS WAS LAST UNDERTAKEN IN 2022.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0583415
IRS990/TotalAssetsEOYAmt0480127
IRS990/TotalAssetsGrp/BOYAmt0583415
IRS990/TotalAssetsGrp/EOYAmt0480127
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt0477010
IRS990/TotalEmployeeCnt02
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt032661
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt079011
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0611599
IRS990/TotalFunctionalExpensesGrp/TotalAmt0723271
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05275
IRS990/TotalLiabilitiesEOYAmt0115414
IRS990/TotalLiabilitiesGrp/BOYAmt05275
IRS990/TotalLiabilitiesGrp/EOYAmt0115414
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0578140
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0364713
IRS990/TotalOtherCompensationAmt022672
IRS990/TotalProgramServiceExpensesAmt0611599
IRS990/TotalProgramServiceRevenueAmt032834
IRS990/TotalReportableCompFromOrgAmt0152126
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt032834
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0509844
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0583415
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0480127
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt041080
IRS990/TravelGrp/TotalAmt041080
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X

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