Civic Intelligence

Utah Microenterprise Loan Fund

990 • Fiscal year 2020 • EIN 87-0495534

Oct 01, 2019 to Sep 30, 2020 • Filed on Jul 29, 2021

Organization ProfileWWW.UMLF.COM
154 East Ford Avenue Ste ASalt Lake City, UT 84115

(801) 746-1180

Siviq Scores

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

Liabilities / Assets

85th percentile

0.74x

Higher debt load relative to assets than 85% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

95th percentile

6.33x

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

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

8th percentile

-40%

Higher net margin than 8% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

45th percentile

$110,334

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 15.2% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

7th percentile

-11%

Faster asset growth than 7% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

69th percentile

12%

Faster revenue growth than 69% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets85th percentile

Assets

Down

$6,216,254

Down $747,002 (-11%) from 2019

Net Assets

Down

$1,634,239

Down $286,126 (-15%) from 2019

Liabilities

Down

$4,582,015

Down $460,876 (-9.1%) from 2019

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin8th percentile

Revenue

Up

$723,980

Up $78,945 (+12%) from 2019

Expenses

Up

$1,010,106

Up $269,323 (+36%) from 2019

Net Income

Down

-$286,126

Down $190,378 (-199%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $4,579,766Liabilities 2011: $2,520,148Net Assets 2011: $2,059,6182011Assets 2012: $5,464,369Liabilities 2012: $2,766,060Net Assets 2012: $2,698,3092012Assets 2013: $5,592,338Liabilities 2013: $2,867,599Net Assets 2013: $2,724,7392013Assets 2014: $5,489,860Liabilities 2014: $2,764,116Net Assets 2014: $2,725,7442014Assets 2015: $5,466,544Liabilities 2015: $2,717,204Net Assets 2015: $2,749,3402015Assets 2016: $5,491,535Liabilities 2016: $2,963,967Net Assets 2016: $2,527,5682016Assets 2017: $6,367,158Liabilities 2017: $4,204,273Net Assets 2017: $2,162,8852017Assets 2018: $6,539,239Liabilities 2018: $4,518,209Net Assets 2018: $2,021,0302018Assets 2019: $6,963,256Liabilities 2019: $5,042,891Net Assets 2019: $1,920,3652019Assets 2020: $6,216,254Liabilities 2020: $4,582,015Net Assets 2020: $1,634,2392020Assets 2021: $5,421,781Liabilities 2021: $4,008,855Net Assets 2021: $1,412,9262021Assets 2022: $4,809,581Liabilities 2022: $3,568,850Net Assets 2022: $1,240,7312022Assets 2023: $3,991,904Liabilities 2023: $3,276,458Net Assets 2023: $715,4462023Assets 2024: $2,697,693Liabilities 2024: $2,574,332Net Assets 2024: $123,3612024

Highlighted filing

2020

Assets$6,216,254
Liabilities$4,582,015
Net Assets$1,634,239
Open 2020 Filing

Operations Trend

Revenue Growth69th percentile

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

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2011: $641,8252011Expenses 2012: $477,5512012Expenses 2013: $580,1822013Revenue 2014: $508,089Expenses 2014: $507,084Net Income 2014: $1,0052014Revenue 2015: $524,167Expenses 2015: $500,571Net Income 2015: $23,5962015Revenue 2016: $442,197Expenses 2016: $663,969Net Income 2016: -$221,7722016Revenue 2017: $580,099Expenses 2017: $944,782Net Income 2017: -$364,6832017Revenue 2018: $622,103Expenses 2018: $763,958Net Income 2018: -$141,8552018Revenue 2019: $645,035Expenses 2019: $740,783Net Income 2019: -$95,7482019Revenue 2020: $723,980Expenses 2020: $1,010,106Net Income 2020: -$286,1262020Revenue 2021: $701,489Expenses 2021: $922,802Net Income 2021: -$221,3132021Revenue 2022: $784,855Expenses 2022: $957,050Net Income 2022: -$172,1952022Revenue 2023: $547,707Expenses 2023: $1,072,992Net Income 2023: -$525,2852023Revenue 2024: $550,159Expenses 2024: $1,142,244Net Income 2024: -$592,0852024

Highlighted filing

2020

Revenue$723,980
Expenses$1,010,106
Net Income-$286,126
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2019 to Sep 30, 2020
Signed
Jul 29, 2021
Return Version
2019v5.0
Gross Receipts
$817,996
Mission and Program Overview

Mission

Provide funding and management assistance to new and existing businesses that are not able to access traditional sources of funding; including those who are members of the low/moderate income community.

Make small micro-loans to new business owners.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,592,014$2,610,393▲ $18,379
Investments Program Related$2,506,823$1,973,407▼ $533,416
Cash and Non-Interest-Bearing Accounts$1,450,039$1,304,061▼ $145,978
Land, Buildings, and Equipment, Net$372,967$255,116▼ $117,851
Pledges and Grants Receivable$33,979$55,132▲ $21,153
Accounts Receivable$1,220$8,016▲ $6,796
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$6,963,256$6,216,254▼ $747,002
Other Assets Total$6,214$10,129▲ $3,915
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,755,763$4,182,421▼ $573,342
Deferred Revenue$162,963$343,921▲ $180,958
Accounts Payable and Accrued Expenses$24,789$29,662▲ $4,873
Other Liabilities$99,376$26,011▼ $73,365
Total Liabilities$5,042,891$4,582,015▼ $460,876
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,674,274$1,476,915▼ $197,359
Net Assets With Donor Restrictions$246,091$157,324▼ $88,767
Total Net Assets Fund Balance$1,920,365$1,634,239▼ $286,126
Total Liabilities and Net Assets / Fund Balance$6,963,256$6,216,254▼ $747,002

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$191,137$239,539$430,676
Equipment$9,779$54,690$64,469
Land$54,200-$54,200
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Danielle LowerExecutive DirectorFT$96,005$14,329$110,334

Board Members and Trustees

NameTitle
Roger ChristensenChair
Ryan JonesVice Chair
Alysa PetersonBoard Member
Brad KoffordBoard Member
Don PoultonBoard Member
Doug LundBoard Member
Jim WelchBoard Member
Ramez HaltehBoard Member
Robert ChristensenBoard Member
Sam RobertsBoard Member
Todd JonesBoard Member
Lori FikeSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$356,193
Program Service Revenue
$292,276
Investment Income
$73,111
Other Revenue
$2,400
All Other Contributions
$258,680
Change in Net Assets
$-286,126

Audited Revenue Reconciliation

Revenue per Audited Statements
$723,980
Total Revenue per Audited Statements
$723,980
Total Revenue per Form 990
$723,980
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$580,813
Salaries, Compensation, and Employee Benefits$429,293
Total Fundraising Expense$61,828
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$240,666$16,206$5,284$262,156
Current Officers, Directors, Trustees, and Key Employees$16,825$61,692$33,650$112,167
Interest$77,249--$77,249
Office Expenses$28,225$6,732$3,671$38,628
Payroll Taxes$24,841$7,141$3,558$35,540
Depreciation Depletion$15,990$5,075$2,768$23,833
Occupancy$14,085$3,406$1,858$19,349
Fees for Services Other$12,847$3,693$1,840$18,380
Fees for Services Accounting-$18,150-$18,150
Other Employee Benefits$12,700$1,218$482$14,400
Pension Plan Contributions$5,030--$5,030
Insurance$2,934$723$394$4,051
Conferences and Meetings$2,875$686$374$3,935
Advertising$3,784--$3,784
Other Expenses$2,605$621$339$3,565
Total Functional Expenses$808,985$139,293$61,828$1,010,106

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,010,106
Total Expenses per Audited Statements$1,010,106
Total Expenses per Form 990$1,010,106
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
Undisbursed Loan Proceeds$26,011
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
Yes
Other officer compensation reviewed
Yes
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, Line 11B: Form 990 Review Process

“Form 990 is subject to board review and approval before filing.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board makes the decision regarding executive director compensation. The executive director determines compensation for other employees. These decisions are approved by the board.”

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

“The governing documents, policies, and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Utah Microenterprise Loan Fund
EIN
87-0495534
Phone
8017461180
Address
154 EAST FORD AVENUE STE A, SALT LAKE CITY, UT 84115

Signing Officer

Name
Doug Keefe
Title
Executive Director
Signed
2021-07-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Doug Keefe
Formed
1991
Legal Domicile
Ut
Voting Board Members
12
Independent Board Members
12
Employees
6
Volunteers
39

Preparer

Firm
Carver Florek & James Cpas
Address
2246 N UNIVERSITY PARK BLVD, LAYTON, UT 84041
Preparer
Rebecca Balaich CPA
Phone
8019261177
Supplemental Narrative

Financial Statement Notes

Part IV, Line 1B: Why is organization an agent, trustee, custodian or other intermediary for contrib

“The Fund services loans for a local governmental entity. Besides the loan origination function, the Funds duties with respect to these loans receivable are limited to collection services for a fee. The Fund does not bear any economic risk of loss for these loans and is not the legal owner. Accordingly, the Fund has not recorded these loans in the accompanying financial statements.”

Part X : FIN48 Footnote

“The Fund is organized as a nonprofit corporation in accordance with the laws of the State of Utah and has been recognized by the Internal Revenue Service (IRS) as exempt from federal income taxes under Section 501(a) of the Internal Revenue Code as an organization described in Section 501(c)(3), qualifies for the charitable contribution deduction under Section 170(b)(1)(A)(vi), and has been determined not to be a private foundation under Section 509(a)(1). The Fund is annually required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS. In addition, the Fund is subject to income tax on net income that is derived from business activities that are unrelated to their exempt purpose. The Fund has determined it is not subject to unrelated business income tax and has not filed an Exempt Organization Business Income Tax Return (Form 990-T) with the IRS. The Fund believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Fund would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred.”

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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0482
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt014400
IRS990/OtherExpensesGrp/Desc0LOAN LOSSES
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IRS990/OtherExpensesGrp/Desc3Dues & Subscriptions
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt023126

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,216,254
Liabilities
$4,582,015
Net assets
$1,634,239
Revenue
$723,980
Expenses
$1,010,106
Net income
-$286,126
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.70$2.57$0.12$0.55$1.14$0.59
2023Detailed filing. Detailed filing data is available for this year.$3.99$3.28$0.72$0.55$1.07$0.53
2022Detailed filing. Detailed filing data is available for this year.$4.81$3.57$1.24$0.78$0.96$0.17
2021Detailed filing. Detailed filing data is available for this year.$5.42$4.01$1.41$0.70$0.92$0.22
2020Detailed filing. Detailed filing data is available for this year.$6.22$4.58$1.63$0.72$1.01$0.29
2019Detailed filing. Detailed filing data is available for this year.$6.96$5.04$1.92$0.65$0.74$0.10
2018Detailed filing. Detailed filing data is available for this year.$6.54$4.52$2.02$0.62$0.76$0.14
2017Detailed filing. Detailed filing data is available for this year.$6.37$4.20$2.16$0.58$0.94$0.36
2016Detailed filing. Detailed filing data is available for this year.$5.49$2.96$2.53$0.44$0.66$0.22
2015Detailed filing. Detailed filing data is available for this year.$5.47$2.72$2.75$0.52$0.50$0.02
2014Detailed filing. Detailed filing data is available for this year.$5.49$2.76$2.73$0.51$0.51$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.59$2.87$2.72$0.58
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.46$2.77$2.70$0.48
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.58$2.52$2.06$0.64