Overview
What is Icafund?
Icafund is a nonprofit organization situated in Oakland, California, specifically at 1714 Franklin Street 100-174. Their primary mission is to promote the growth of small businesses in the San Francisco Bay Area by providing coaching, connections, and capital. Icafund aims to bridge the racial and gender wealth gaps by investing in entrepreneurs who often struggle to access capital and business services. They work with low-income entrepreneurs, entrepreneurs of color, women entrepreneurs, and those who have been previously excluded from such resources, helping them develop their businesses, create jobs, and build wealth. In the past year, they have deployed 1 new convertible loan, 4 new working capital loans, and 9 new impact notes to support these businesses.
Official website here: www.ica.fund
What are the reviews and ratings of this charity?
Charity Navigator rating: 98%, Four-Star out of Four Star rating.
Icafund has received an impressive Four-Star rating from Charity Navigator, reflecting its strong accountability and financial management. With an Accountability & Finance score of 99 and a Culture & Community score of 95, the organization demonstrates a high level of transparency and effectiveness in its operations. The presence of 100% independent board members and a comprehensive set of policies further enhances its credibility.
The organization excels in its financial practices, evidenced by a program expense ratio of 80.20% and a fundraising efficiency ratio of only $0.08, indicating that a large portion of funds is directed towards programs rather than administrative costs. Additionally, it has no reported issues with asset diversion and maintains a robust working capital ratio of 3.69 years, suggesting good financial health and sustainability.
User feedback is overwhelmingly positive, with a perfect score in constituent feedback, collection, and usage, highlighting Icafund's commitment to engaging with and responding to the needs of its community. While the data does not indicate any significant limitations, the organization seems well-positioned to continue its impactful work in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Icafund legitimate?
Icafund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Icafund 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: $1,249,949
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,552,892
For more financial information, click here
Official website here: www.ica.fund
What is the mission statement of Icafund?
Icafund's mission is centered around promoting business growth and addressing wealth disparities. The organization provides coaching, connections, and capital to entrepreneurs in the San Francisco Bay Area, with a focus on low-income individuals, entrepreneurs of color, women entrepreneurs, and those who have struggled to access capital and business services. By supporting these entrepreneurs, Icafund aims to help them grow their businesses, create job opportunities, and build wealth for themselves and their employees. Additionally, the corporation engages in charitable activities aligned with its purpose, as permitted by law.
Official website here: www.ica.fund
Who is the CEO of Icafund?
Allison Kelly is the CEO of Icafund The CEO's salary of Icafund is $297,486 and their total compensation is $333,824.
Official website here: www.ica.fund
What is the revenue of Icafund?
Icafund's revenue in 2023 was $5,480,854.
Official website here: www.ica.fund
Who are the executives of Icafund and what are their salaries?
The average compensation at Icafund during 2023 was $107,802. There are 26 employees and 23 volunteers at Icafund.
Here are 24 key members and their salaries (Icafund's CEO's salary is $297,486 and their total compensation is $333,824):
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- Compensation: $297,486
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- Other: $36,338
- Compensation: $218,855
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- Other: $23,901
- Compensation: $226,845
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- Other: $37,731
- Compensation: $216,690
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- Other: $19,909
- Compensation: $156,782
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- Other: $15,412
- Compensation: $121,250
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- Other: $11,618
- Compensation: $127,199
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- Other: $22,610
- Compensation: $111,622
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- Compensation: $121,350
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- Other: $10,971
- Compensation: $104,414
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- Other: $11,216
Official website here: www.ica.fund
Where can I find the form 990 for Icafund?
Icafund's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ica.fund
Learn more at the official website: www.ica.fund
Mission Statement of Icafund
Icafund, a corporation based in the San Francisco Bay Area, is committed to accelerating the growth of businesses. They achieve this by providing mentorship and investments to entrepreneurs. The organization's primary mission is to bridge racial and gender wealth gaps. Icafund focuses on supporting low-income entrepreneurs, entrepreneurs of color, women entrepreneurs, and those who have struggled to access capital and business services. By doing so, Icafund empowers these entrepreneurs to grow their businesses, create job opportunities, and build wealth for themselves and their employees. Additionally, Icafund engages in charitable activities that align with its purpose, as permitted by law. This nonprofit corporation is dedicated to making a significant impact in the business community by fostering growth and equality.
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Impact
July, 2024
Icafund accelerates great businesses through mentorship and investments to close the racial and gender wealth gaps, providing coaching, connections, and capital to entrepreneurs in the nine-county San Francisco Bay Area. By deploying new convertible loans, working capital loans, and impact notes to small businesses, Icafund contributes significantly to fostering economic growth and opportunity in the Oakland, CA community. Through its work with low-income entrepreneurs, entrepreneurs of color, women entrepreneurs, and those who struggle to access traditional avenues of capital and business services, Icafund helps entrepreneurs grow their businesses, create employment opportunities, and build wealth for themselves and their employees. This impactful organization not only supports the growth of local businesses but also plays a key role in community improvement initiatives.
This information is meant to be a general summary of Icafund. 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 2023.
- Program Service Revenue: $231,794
- Gross Receipts: $5,481,934
Assets and Liabilities:
- Total Assets: $19,371,300
- Total Liabilities: $6,392,811
- Net Assets: $12,978,489
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM RELATED INVEST
Revenue
$231,794
Organization Details
Founding Year
1996
Principal Officer
Allison Kelly
Website
www.ica.fundNTEE Category
Code: S20 - Community improvement
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