Ica Fund
- Assets
- $19.4m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 26
- Location
- Oakland, CA
- Founding
- 04/2003
- Data as of
- 12/2022
- EIN
- 47-0898054
Organization Overview
Ica Fund is located in Oakland, CA. The organization was established in 2003. 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 12/2022, Ica Fund employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ica Fund 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 12/2022, Ica Fund generated $6.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.6% each year . All expenses for the organization totaled $4.4m during the year ending 12/2022. While expenses have increased by 13.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE COACHING, CONNECTIONS, AND CAPITAL TO GROW SAN FRANCISCO BAY AREA BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1 NEW CONVERTIBLE LOAN, 4 NEW WORKING CAPITAL LOAN, 9 NEW IMPACT NOTES DEPLOYED TO SMALL BUSINESS.
75 ENTREPRENEURS SERVED THROUGH EDUCATION OFFERINGS.
193.3 HOURS OF ADVISING HOURS PROVIDED TO SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jack Russi Co-Chair | OfficerTrustee | 2 | $0 |
Jim Harris Co-Chair, Investment Committee Chair | OfficerTrustee | 2 | $0 |
Jim King Development Committee Chair | OfficerTrustee | 2 | $0 |
Dennis Green Audit Committee Chair | OfficerTrustee | 2 | $0 |
Wilbur Hobbs Treasurer, Finance Committee Chair | OfficerTrustee | 2 | $0 |
Justina Lai Board Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,386,491 |
| Noncash contributions included in lines 1a–1f | $1,104 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,386,491 |
| Total Program Service Revenue | $271,665 |
| Investment income | $0 |
| 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 | $6,663,281 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $844,222 |
| Compensation of current officers, directors, key employees. | $44,060 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,456,428 |
| Pension plan accruals and contributions | $115,939 |
| Other employee benefits | $235,900 |
| Payroll taxes | $151,608 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,313 |
| Fees for services: Accounting | $76,435 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $182,043 |
| Advertising and promotion | $40,484 |
| Office expenses | $238,869 |
| Information technology | $29,957 |
| Royalties | $0 |
| Occupancy | $82,621 |
| Travel | $32,141 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,073 |
| Interest | $758,120 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $16,494 |
| All other expenses | $0 |
| Total functional expenses | $4,401,992 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,184,070 |
| Savings and temporary cash investments | $5,115,683 |
| Pledges and grants receivable | $710,373 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,080 |
| Investments—other securities | $0 |
| Investments—program-related | $10,197,738 |
| Intangible assets | $53,835 |
| Other assets | $108,521 |
| Total assets | $19,371,300 |
| Accounts payable and accrued expenses | $392,811 |
| 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 | $6,000,000 |
| Other liabilities | $0 |
| Total liabilities | $6,392,811 |
| Net assets without donor restrictions | $10,349,827 |
| Net assets with donor restrictions | $2,628,662 |
| 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 | $19,371,300 |
Grants Awarded
Over the last fiscal year, Ica Fund has awarded $126,843 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
WORKING SOLUTIONS CDFI PURPOSE: GENERAL SUPPORT | $75,000 |
MILLS COLLEGE PURPOSE: GENERAL SUPPORT | $51,843 |