Overview
What is Utah Microenterprise Loan Fund?
Utah Microenterprise Loan Fund is a nonprofit organization situated in Salt Lake City, Utah. Their primary purpose is to provide financial and support resources to disadvantaged individuals who wish to establish or expand small businesses. They offer loans up to $50,000 to individuals who lack the necessary resources to do so. During the fiscal year, they made 52 such loans totaling $1,576,034. Their mission involves offering funding and management assistance to businesses that struggle to access traditional sources of funding, particularly those within the low/moderate income community. The organization employs a small team of eight individuals.
Official website here: www.umlf.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76%, Three-Star out of Four Star rating.
The Utah Microenterprise Loan Fund has been evaluated with a focus on accountability and finance, receiving a commendable score of 76%. This rating indicates that the organization demonstrates a solid commitment to financial transparency and responsible governance, reflected in their independent board structure and effective oversight measures. Key strengths include a fully independent board and a strong financial statement audit process.
Despite its strengths, there are notable areas for improvement. The nonprofit is missing a whistleblower policy and has not posted its tax form on its website as required, which impacted its overall score. Additionally, while the organization has a favorable program expense ratio of nearly 70%, its liabilities to assets ratio of 74.20% suggests potential financial strain that merits attention.
In summary, the Utah Microenterprise Loan Fund is recognized for its financial accountability and independent governance, but it would benefit from addressing its policy gaps and enhancing transparency regarding its financial documents.
This AI summary has been generated from information found on Charity Navigator.
Is Utah Microenterprise Loan Fund legitimate?
Utah Microenterprise Loan Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Utah Microenterprise Loan 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: $134,656
Professional Fundraising Fees: $0
Other Salaries and Wages: $331,406
For more financial information, click here
Official website here: www.umlf.com
What is the mission statement of Utah Microenterprise Loan Fund?
The Utah Microenterprise Loan Fund's mission is to provide funding and management assistance to new and existing businesses that struggle to secure traditional financing sources. This includes supporting businesses owned by individuals in the low/moderate income community. Through its services, the fund offers loans of up to $50,000 to financially and socially disadvantaged individuals who wish to start or expand a small business, but lack sufficient resources to do so. During the fiscal year, 52 loans were granted in total, amounting to $1,576,034.
Official website here: www.umlf.com
Who is the CEO of Utah Microenterprise Loan Fund?
Doug Keefe is the Executive Dir. of Utah Microenterprise Loan Fund.
Official website here: www.umlf.com
What is the revenue of Utah Microenterprise Loan Fund?
Utah Microenterprise Loan Fund's revenue in 2022 was $784,855.
Official website here: www.umlf.com
Who are the executives of Utah Microenterprise Loan Fund and what are their salaries?
The average compensation at Utah Microenterprise Loan Fund during 2022 was $58,258. There are 8 employees and 37 volunteers at Utah Microenterprise Loan Fund.
Here are 21 key members and their salaries:
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- Other: $13,243
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Official website here: www.umlf.com
Where can I find the form 990 for Utah Microenterprise Loan Fund?
Utah Microenterprise Loan Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.umlf.com
Learn more at the official website: www.umlf.com
Mission Statement of Utah Microenterprise Loan Fund
Utah Microenterprise Loan Fund is an organization dedicated to providing funding and management assistance to new and existing businesses that struggle to secure traditional sources of financing. This includes individuals from the low/moderate income community. Their mission is to bridge this financial gap, enabling financially and socially disadvantaged individuals to start or expand small businesses, even if they lack sufficient resources to do so. In the recent fiscal year, the fund granted 52 loans totaling $1,576,034 to support these entrepreneurs.
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Impact
July, 2024
Utah Microenterprise Loan Fund provides essential funding and management assistance to both new and existing businesses that face challenges in accessing traditional sources of funding. This includes individuals from low and moderate-income communities who may struggle to secure loans through conventional channels. In the fiscal year detailed, the organization facilitated 52 loans amounting to $1,576,034, supporting financially and socially disadvantaged individuals in starting or expanding small businesses. By offering loans of up to $50,000, Utah Microenterprise Loan Fund is making a tangible impact on empowering entrepreneurs and fostering economic growth within underserved communities.
This information is meant to be a general summary of Utah Microenterprise Loan 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: $3,926
- Program Service Revenue: $231,834
- Gross Receipts: $784,855
Assets and Liabilities:
- Total Assets: $4,809,581
- Total Liabilities: $3,568,850
- Net Assets: $1,240,731
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN FEES
Revenue
$46,623
LOAN INTEREST
Revenue
$185,211
Organization Details
Founding Year
1991
Phone
(801) 746-1180Principal Officer
Doug Keefe
Main Address
154 EAST FORD AVENUE STE A, SALT LAKE CITY, UT, 84115
Website
www.umlf.comNTEE Category
Code: W60Z - Public benefit
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