Rocky Mountain Microfinance Institute
- Assets
- $3.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 28
- Location
- Denver, CO
- Founding
- 03/2010
- Data as of
- 09/2021
- EIN
- 26-3218152
Organization Overview
Rocky Mountain Microfinance Institute is located in Denver, CO. The organization was established in 2010. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2021, Rocky Mountain Microfinance Institute employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rocky Mountain Microfinance Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Rocky Mountain Microfinance Institute generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 26.5% each year . All expenses for the organization totaled $1.7m during the year ending 09/2021. While expenses have increased by 19.6% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
RMMFI CREATES THE SPACE FOR COMMUNITIES AND PEOPLE OF ALL BACKGROUNDS TO REALIZE THEIR UNIQUE POTENTIAL THROUGH THE POWER OF ENTREPRENEURSHIP. RMMFI INVESTS IN ENTREPRENEURS' PERSONAL AND BUSINESS DEVELOPMENT THROUGH A PROVEN MIX OF CLASSROOM, COACHING, CAPITAL, AND COMMUNITY. SINCE 2008, RMMFI HAS SUPPORTED THE LAUNCH OR EXPANSION OF MORE THAN 300 BUSINESSES IN COLORADO, 90% OF WHICH ARE OWNED BY WOMEN AND/OR PEOPLE OF COLOR, AND LENT OVER $878,000 THROUGH MORE THAN 300 LOANS WITH A 94% REPAYMENT RATE. INTENTIONALLY BUILT ALONG THE IDEA, LAUNCH, AND THRIVE BUSINESS INCUBATOR PATHWAY, RMMFI'S PROGRAMS HELP ENTREPRENEURS BUILD STRONG FOUNDATIONS IN BOTH THEIR BUSINESSES AND THEIR LIVES. RMMFI'S HOLISTIC APPROACH BRINGS PEOPLE, BUSINESSES, AND COMMUNITIES TOGETHER TO ALLOW INDIVIDUALS TO TAP INTO THE SOCIAL AND ECONOMIC BENEFITS OF BUSINESS OWNERSHIP AND CREATE IMPACT FOR THEIR BUSINESS, THEIR HOUSEHOLD, AND THEIR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IDEA - EVERY ENTREPRENEUR'S JOURNEY STARTS WITH AN IDEA. WHETHER IN BUSINESS FOR A WHILE AND HAVEN'T SEEN THE RESULTS THEY'VE WANTED OR HAVE MULTIPLE IDEAS AND CAN'T DECIDE WHICH TO PURSUE, THE IDEA PHASE OF RMMFI'S PROGRAMMING HELPS BUILD THE FOUNDATIONS NEEDED FOR SUCCESS. IN IDEA, QUALIFIED ENTREPRENEURS CAN RECEIVE: COHORT-BASED PROGRAMMING, MENTORSHIP, AND SEED CAPITAL.LAUNCH - AFTER COMPLETING THE IDEA PHASE, RMMFI INVITES QUALIFIED ENTREPRENEURS TO CONTINUE THEIR BUSINESS JOURNEY IN THE LAUNCH PHASE. JUST LIKE IT SOUNDS, LAUNCH IS ALL ABOUT HELPING GET BUSINESSES UP AND RUNNING WITH AN ACTIONABLE PLANS AND ALL THE TOOLS AND SUPPORT THEY NEED. THE LAUNCH PHASE BEGINS WITH BUSINESS LAUNCH BOOT CAMP, A 12-WEEK INTENSIVE PROGRAM OFFERED THREE TIMES A YEAR TO 10 COMMITTED ENTREPRENEURS. FOLLOWING GRADUATION FROM BUSINESS LAUNCH BOOT CAMP, WE WORK WITH ENTREPRENEURS TO CREATE AND UPDATE LAUNCH PLANS THAT HELP THEM SET TANGIBLE BUSINESS GOALS FOR THE NEXT YEAR AND KEEP THEM CONNECTED TO ONGOING SUPPORT. ADDITIONAL GRADUATE RESOURCES INCLUDE A PEER SUPPORT GROUP, SKILL-BUILDING WORKSHOPS, A FREE COWORKING SPACE, VIRTUAL AND LIVE MARKETPLACES, AND PROMOTION THROUGH RMMFI'S BUSINESS DIRECTORY. IN TOTAL, THE LAUNCH PHASE OF RMMFI PROGRAMMING LASTS 15 MONTHS.THRIVE - ONCE ENTREPRENEURS HAVE SUCCESSFULLY LAUNCHED THEIR BUSINESS, THE THRIVE PHASE HELPS THEM GROW AND SUSTAIN IT. IN ADDITION TO RESOURCES OFFERED IN THE LAUNCH PHASE, ENTREPRENEURS IN THRIVE HAVE ACCESS TO: PEER NETWORKS, ADDITIONAL COHORT-BASED PROGRAMMING, ACCESS TO CAPITAL UP TO $75,000, AND SPECIALIZED PROGRAMMING TO MEET THE UNIQUE NEEDS OF THE ENTREPRENEUR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rob Smith CEO | Officer | 50 | $145,216 |
Jarrod Schleiger Chair | OfficerTrustee | 3 | $0 |
Ravi Duggirila Treasurer | OfficerTrustee | 3 | $0 |
Jay Whisenton Secretary | OfficerTrustee | 3 | $0 |
Justin Ball Board Member | Trustee | 2 | $0 |
Edgar Aguilar Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $333,146 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,979,080 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,312,226 |
| Total Program Service Revenue | $372,219 |
| Investment income | $1,570 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,686,015 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,875 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $144,000 |
| Compensation of current officers, directors, key employees. | $57,600 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,016,677 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,890 |
| Payroll taxes | $92,232 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,473 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $91,345 |
| Advertising and promotion | $0 |
| Office expenses | $14,054 |
| Information technology | $44,044 |
| Royalties | $0 |
| Occupancy | $19,085 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,845 |
| Interest | $14,053 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,764 |
| Insurance | $3,115 |
| All other expenses | $9,190 |
| Total functional expenses | $1,659,971 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $343,697 |
| Savings and temporary cash investments | $1,726,787 |
| Pledges and grants receivable | $1,025,500 |
| Accounts receivable, net | $4,626 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $143,239 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,639 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,248,488 |
| Accounts payable and accrued expenses | $80,078 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $400,000 |
| Other liabilities | $0 |
| Total liabilities | $480,078 |
| Net assets without donor restrictions | $1,232,571 |
| Net assets with donor restrictions | $1,535,839 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,248,488 |
Grants Awarded
Over the last fiscal year, Rocky Mountain Microfinance Institute has awarded $78,100 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Aurora, CO PURPOSE: GENERAL OPERATING | $44,000 |
Aurora, CO PURPOSE: GENERAL OPERATING | $34,100 |
Grants Recieved
Over the last fiscal year, we have identified 20 grants that Rocky Mountain Microfinance Institute has recieved totaling $472,233.
| Awarding Organization | Amount |
|---|---|
Kaiser Foundation Health Plan Of Colorado Oakland, CA PURPOSE: Rmmfi's Idea, Launch, Thrive Program - Generationa | $80,000 |
Dakota Foundation Dtd 122997 Holaday A Bart Ttee Jamestown, ND PURPOSE: PROVIDE MICRO LOANS TO UNDERSERVED ENTREPRENEURS | $70,000 |
Denver Foundation Denver, CO PURPOSE: GENERAL OPERATING SUPPORT | $54,000 |
Nord Family Foundation Amherst, OH PURPOSE: EVALUATION AND LEARNING INITIATIVE | $50,000 |
Gates Family Foundation Denver, CO PURPOSE: PROJECT SUPPORT | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $35,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Central Nebraska Community Action Partnership Inc Loup City, NE | $11,182,517 | $15,277,585 |
Urban Land Conservancy Denver, CO | $141,352,888 | $31,846,899 |
Center For People In Need Inc Lincoln, NE | $4,396,742 | $7,753,507 |
Las Sendas Community Association Scottsdale, AZ | $18,217,968 | $6,434,720 |
First Nations Oweesta Corporation Longmont, CO | $63,460,575 | $8,550,611 |
Southwest Oklahoma Community Action Group Inc Altus, OK | $4,395,408 | $6,280,585 |
Telluride Mountain Village Owners Association Mountain Village, CO | $58,036,746 | $18,777,626 |
Cplc New Mexico Inc Phoenix, AZ | $8,008,132 | $5,703,819 |
The Alliance For Economic Development Of Oklahoma City Inc Oklahoma City, OK | $832,261 | $5,568,089 |
Viridian Residential Association Scottsdale, AZ | $3,949,158 | $4,903,376 |
Vistancia Village A Community Association Scottsdale, AZ | $3,845,113 | $4,265,306 |
Centerra Public Improvement Collection Corporation Loveland, CO | $379,662 | $2,826,725 |