Overview
What is Mission Asset Fund?
Mission Asset Fund is a nonprofit organization situated in San Francisco, California. Their primary objective is to assist immigrants and low-income individuals in enhancing their financial capabilities across the United States. During the COVID-19 pandemic, they established the COVID-19 Rapid Response Fund, a national financial relief fund providing direct cash assistance to eligible individuals, such as low-wage workers, California public college students, and immigrant families excluded from federal support. Rather than relying on first-come, first-served or lottery systems that may disadvantage those with better resources, they implemented a financial equity framework to direct resources to those experiencing the most significant financial hardship. Over an 18-month period, they disbursed over 65,000 grants worth $40 million. Additionally, they launched Resources Finder, an online tool to connect individuals with relevant resources they may be eligible for. Mission Asset Fund aims to help people become visible, active, and successful in their financial lives.
Official website here: www.missionassetfund.org
What are the reviews and ratings of this charity?
94% rating from Charity Navigator.
Mission Asset Fund (MAF) has received a commendable Four-Star out of Four Star rating from Charity Navigator, reflecting its strong performance in accountability and transparency. With an impressive 95% in the Accountability & Finance category, the organization demonstrates effective financial management and commitment to its mission. The independence and leadership of the board, coupled with a high program expense ratio, indicate that a significant portion of funds is directed towards its programs, enhancing its credibility.
User feedback highlights MAF's positive impact on its clients, particularly in helping them build credit and achieve financial literacy. Many reviews commend the organization for its friendly and knowledgeable staff, as well as the effectiveness of its programs, such as the Lending Circles which facilitate saving and credit improvement. Clients express gratitude for the valuable financial education provided, which encompasses diverse topics like budgeting, loans, and long-term financial planning.
However, there is a noted limitation in the absence of a whistleblower policy, which may raise concerns about internal oversight. Nevertheless, the overwhelming majority of reviews rave about the organization’s dedication to empowering underserved communities and its innovative approach to financial inclusion, illustrating MAF's significant role in fostering economic stability among its clients.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Mission Asset Fund legitimate?
Mission Asset Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mission Asset Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $758,734
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,688,070
For more financial information, click here
Official website here: www.missionassetfund.org
What is the mission statement of Mission Asset Fund?
The Mission Asset Fund's mission is centered around helping immigrants and low-income individuals improve their financial capabilities across the United States. Their objective is to assist people in becoming visible, active, and successful in their financial lives. In response to the COVID-19 pandemic, they established the COVID-19 Rapid Response Fund, a nationwide financial relief fund providing direct cash assistance to various groups, including low-wage workers, California public college students, and immigrant families excluded from federal support. Instead of distributing grants through a first-come, first-served basis or lottery systems, which can exacerbate inequality, they developed a financial equity framework to direct resources to those facing the greatest financial hardship. Over an 18-month period, the organization disbursed over 65,000 grants totaling $40 million in direct relief. Furthermore, they established Resources Finder, a new online tool to match individuals with relevant resources they may be eligible for.
Official website here: www.missionassetfund.org
Who is the CEO of Mission Asset Fund?
Jose Quinonez is the Founder & Ceo of Mission Asset Fund. The CEO's salary of Mission Asset Fund is $153,561 and their total compensation is $162,217.
Official website here: www.missionassetfund.org
What is the revenue of Mission Asset Fund?
Mission Asset Fund's revenue in 2022 was $9,021,043.
Official website here: www.missionassetfund.org
Who are the executives of Mission Asset Fund and what are their salaries?
The average compensation at Mission Asset Fund during 2022 was $89,292. There are 61 employees and 54 volunteers at Mission Asset Fund.
Here are 18 key members and their salaries (Mission Asset Fund's CEO's salary is $153,561 and their total compensation is $162,217):
- Compensation: $250,000
- Related: $0
- Other: $46,724
- Compensation: $233,375
- Related: $0
- Other: $49,010
- Compensation: $149,967
- Related: $0
- Other: $29,658
- Compensation: $153,561
- Related: $0
- Other: $8,656
- Compensation: $132,614
- Related: $0
- Other: $17,469
- Compensation: $125,525
- Related: $0
- Other: $24,013
- Compensation: $117,334
- Related: $0
- Other: $26,858
- Compensation: $129,664
- Related: $0
- Other: $11,656
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.missionassetfund.org
Where can I find the form 990 for Mission Asset Fund?
Mission Asset Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.missionassetfund.org
Learn more at the official website: www.missionassetfund.org
Mission Statement of Mission Asset Fund
Mission Asset Fund, a nonprofit organization, is committed to improving the financial capabilities of immigrants and low-income individuals across the United States. Their mission is to help individuals become visible, active, and successful in their financial lives. In pursuit of this goal, the organization takes a unique approach. Instead of relying on first-come, first-served or lottery systems to distribute emergency grants, which can exacerbate inequality, Mission Asset Fund employs a financial equity framework. This framework ensures that resources are directed towards those who are facing the most significant financial hardships.
During the COVID-19 pandemic, Mission Asset Fund demonstrated its commitment to this mission by establishing the COVID-19 Rapid Response Fund. This nationwide financial relief fund provided direct cash assistance to low-wage workers, California public college students, and immigrant families excluded from federal support. Over an 18-month period, the organization disbursed over 65,000 grants totaling $40 million in direct relief. Beyond grants, Mission Asset Fund also introduced Resources Finder, a new online tool to connect individuals with relevant resources they may be eligible for. This comprehensive approach to financial assistance and resource allocation reflects Mission Asset Fund's dedication to helping its target population improve their financial standing.
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Impact
October, 2024
Mission Asset Fund has made a significant impact by enhancing the financial capabilities of immigrants and low-income individuals across the United States. In response to the economic challenges posed by the COVID-19 pandemic, the organization launched the COVID-19 Rapid Response Fund, which provided direct cash assistance to low-wage workers, California public college students, and immigrant families who were excluded from federal support.
Instead of using traditional grant distribution methods that often disadvantage those with fewer resources, Mission Asset Fund implemented a Financial Equity Framework. This innovative approach directed assistance to applicants facing the greatest financial hardships, ensuring that help reached those who needed it most. Over the course of 18 months, more than 65,000 grants were disbursed, totaling $40 million in direct relief.
In addition to financial support, Mission Asset Fund developed the Resources Finder, an online tool that helps individuals identify programs and benefits they may qualify for, furthering their ability to improve their financial situations. Through these efforts, Mission Asset Fund has played a crucial role in fostering community improvement and empowering marginalized populations to achieve financial stability and success.
This information is meant to be a general summary of Mission Asset Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1,250,668
- Program Service Revenue: $253,353
- Gross Receipts: $23,518,002
Assets and Liabilities:
- Total Assets: $43,085,680
- Total Liabilities: $4,321,761
- Net Assets: $38,763,919
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE & LICENSE FEES
Revenue
$183,625
CONFERENCE, SEMINARS, & OTHER
Revenue
$69,728
Organization Details
Founding Year
2007
Phone
(888) 274-4808Principal Officer
Jose Quinonez
Main Address
3269 MISSION STREET, SAN FRANCISCO, CA, 94110
Website
www.missionassetfund.orgNTEE Category
Code: S31 - Community improvement
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