Icafund

Nonprofit profile at a glance

EIN
470898054
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Oakland, CA, USA
Phone
5102710142
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$7,717,480
Expenses
$6,947,208
Assets
$23,929,138
Liabilities
$12,434,317

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • ALLISON KELLY (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • ALLISON KELLY (CHIEF EXECUTIVE OFFICER): $357,903 total reported compensation
  • JOHN GOUGH (CHIEF INVESTMENT OFFICER): $270,734 total reported compensation
  • DIANNA TREMBLAY (CHIEF PROGRAM OFFICER): $254,929 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Ica fund accelerates great businesses through mentoring and investments to catalyze value in local markets and create community wealth.

What it reported doing in 2024

3 new working capital loans, 1 new convertible note, 2 new equity investments, 3 new safe notes, 7 new impact notes deployed to small businesses.

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 55
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.1%; rating input score 74
  • Program expense ratio: 82.3%; rating input score 82
  • Fundraising efficiency: $8.3 raised per $1 spent on fundraising; rating input score 32; 32nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 3.44; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 27.4%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: 16.8% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 15.8% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: 22.3% per year; rating input score 100; 87th percentile among comparable filings

Details

  • Where the money goes: 74.1% of revenue deployed · 82.3% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $5.7M in reported program spending
  • Leadership: top reported pay $358K · 22 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 32/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.