Civic Intelligence

Utah Microenterprise Loan Fund

990 • Fiscal year 2021 • EIN 87-0495534

Oct 01, 2020 to Sep 30, 2021 • Filed on Aug 11, 2022

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

87th percentile

0.74x

Higher debt load relative to assets than 87% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

95th percentile

5.71x

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

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

7th percentile

-32%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

45th percentile

$107,938

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 15.4% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

5th percentile

-13%

Faster asset growth than 5% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

25th percentile

-3.1%

Faster revenue growth than 25% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$5,421,781

Down $794,473 (-13%) from 2020

Net Assets

Down

$1,412,926

Down $221,313 (-14%) from 2020

Liabilities

Down

$4,008,855

Down $573,160 (-13%) from 2020

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin7th percentile

Revenue

Down

$701,489

Down $22,491 (-3.1%) from 2020

Expenses

Down

$922,802

Down $87,304 (-8.6%) from 2020

Net Income

Up

-$221,313

Up $64,813 (+23%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth5th 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

2021

Assets$5,421,781
Liabilities$4,008,855
Net Assets$1,412,926
Open 2021 Filing

Operations Trend

Revenue Growth25th 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

2021

Revenue$701,489
Expenses$922,802
Net Income-$221,313
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2020 to Sep 30, 2021
Signed
Aug 11, 2022
Return Version
2020v4.0
Gross Receipts
$701,489
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,610,393$2,220,543▼ $389,850
Cash and Non-Interest-Bearing Accounts$1,304,061$1,493,381▲ $189,320
Investments Program Related$1,973,407$1,365,469▼ $607,938
Land, Buildings, and Equipment, Net$255,116$232,389▼ $22,727
Pledges and Grants Receivable$55,132$98,905▲ $43,773
Accounts Receivable$8,016$521▼ $7,495
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$6,216,254$5,421,781▼ $794,473
Other Assets Total$10,129$10,573▲ $444
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,182,421$3,611,342▼ $571,079
Deferred Revenue$343,921$299,061▼ $44,860
Accounts Payable and Accrued Expenses$29,662$96,431▲ $66,769
Other Liabilities$26,011$2,021▼ $23,990
Total Liabilities$4,582,015$4,008,855▼ $573,160
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,476,915$1,340,962▼ $135,953
Net Assets With Donor Restrictions$157,324$71,964▼ $85,360
Total Net Assets Fund Balance$1,634,239$1,412,926▼ $221,313
Total Liabilities and Net Assets / Fund Balance$6,216,254$5,421,781▼ $794,473

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$174,547$256,130$430,677
Equipment$3,642$60,826$64,468
Land$54,200-$54,200
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Danielle LowerExecutive DirectorFT$92,181$15,757$107,938

Board Members and Trustees

NameTitle
Roger ChristensenChair
Ryan JonesVice Chair
Doug Keefe2021 Exec. Director
Alysa PetersonBoard Member
Don PoultonBoard Member
Doug LundBoard Member
Jim WelchBoard Member
Lynette McelprangBoard Member
Ramez HaltehBoard Member
Robert ChristensenBoard Member
Sam RobertsBoard Member
Todd JonesBoard Member
Lori FikeSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$430,721
Program Service Revenue
$257,001
Investment Income
$11,133
Other Revenue
$2,634
All Other Contributions
$205,107
Change in Net Assets
$-221,313

Audited Revenue Reconciliation

Revenue per Audited Statements
$701,489
Total Revenue per Audited Statements
$701,489
Total Revenue per Form 990
$701,489
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$491,274
Other Expenses$431,528
Total Fundraising Expense$73,199
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$160,125$109,336$5,403$274,864
Current Officers, Directors, Trustees, and Key Employees$24,256$84,397$46,034$154,687
Interest$63,851--$63,851
Fees for Services Other$22,415$22,427$5,868$50,710
Office Expenses$30,642$8,715$4,222$43,579
Advertising$42,766--$42,766
Payroll Taxes$18,208$18,217$4,766$41,191
Depreciation Depletion$15,909$4,545$2,273$22,727
Fees for Services Accounting-$18,670-$18,670
Occupancy$12,131$3,466$1,733$17,330
Other Employee Benefits$7,237$5,321$643$13,201
Pension Plan Contributions$7,331--$7,331
Other Expenses$3,940$1,120$543$5,603
Conferences and Meetings$3,665$1,042$505$5,212
Insurance$2,699$772$386$3,857
Total Functional Expenses$569,878$279,725$73,199$922,802

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$922,802
Total Expenses per Audited Statements$922,802
Total Expenses per Form 990$922,802
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$2,021
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
2022-08-11
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
37

Preparer

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

Additional Explanations

Form 990, Part XII, Line 2: Change of Oversight or Selection Process

“Executive director requests bids from at least 3 independent auditors and presents all bids to the board of directors for approval and selection.”

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/Form990PartVIISectionAGrp/TitleTxt0Executive Dir.
IRS990/Form990PartVIISectionAGrp/TitleTxt1CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt132021 EXEC. DIR.
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IRS990/InterestGrp/TotalAmt063851
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt0232389
IRS990/LandBldgEquipCostOrOtherBssAmt0549345
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0PROVIDE 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.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt02400
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt02400
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IRS990/OccupancyGrp/ManagementAndGeneralAmt03466
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IRS990/OfficeExpensesGrp/FundraisingAmt04222
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IRS990/OfficeExpensesGrp/TotalAmt043579
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt010573
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0643
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt05321
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt07237
IRS990/OtherEmployeeBenefitsGrp/TotalAmt013201
IRS990/OtherExpensesGrp/Desc0LOAN LOSSES
IRS990/OtherExpensesGrp/Desc1BORROWER SUPPORT, LOAN
IRS990/OtherExpensesGrp/Desc2Dues & Subscriptions
IRS990/OtherExpensesGrp/Desc3MISC
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IRS990/OtherExpensesGrp/FundraisingAmt1543
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt01697
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt11120
IRS990/OtherExpensesGrp/ProgramServicesAmt0117821
IRS990/OtherExpensesGrp/ProgramServicesAmt130913
IRS990/OtherExpensesGrp/ProgramServicesAmt25969
IRS990/OtherExpensesGrp/ProgramServicesAmt33940
IRS990/OtherExpensesGrp/TotalAmt0117821
IRS990/OtherExpensesGrp/TotalAmt130913
IRS990/OtherExpensesGrp/TotalAmt28489
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IRS990/OtherRevenueTotalAmt0234
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt05403
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0109336
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0160125
IRS990/OtherSalariesAndWagesGrp/TotalAmt0274864
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt04766
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt018217
IRS990/PayrollTaxesGrp/ProgramServicesAmt018208
IRS990/PayrollTaxesGrp/TotalAmt041191
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt07331
IRS990/PensionPlanContributionsGrp/TotalAmt07331
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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt098905
IRS990/PoliticalCampaignActyInd0false
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IRS990/PYTotalRevenueAmt0723980
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-221313
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IRS990/RelatedEntityInd0false
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0310774
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0324573
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0305023
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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt025914
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt018031
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt012817

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,421,781
Liabilities
$4,008,855
Net assets
$1,412,926
Revenue
$701,489
Expenses
$922,802
Net income
-$221,313
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