Iowa Center Loan Fund

Nonprofit profile at a glance

EIN
862366457
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
Des Moines, IA, USA
Phone
5152830940
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Small Business Development

Reported finances

Revenue
$369,185
Expenses
$369,185
Assets
$2,064,442
Liabilities
$2,064,442

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

Leadership & pay

7 people listed

Executive titles in this filing

  • MILLIGAN MEGAN (PRESIDENT)

Highest reported compensation

  • MILLIGAN MEGAN (PRESIDENT): $147,256 total reported compensation
  • VENALES JOSE (DIRECTOR OF CREDIT): $111,062 total reported compensation
  • WISKUS DONNELL (VP OF FINANCE): $107,880 total reported compensation

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

Overview

Mission

The mission of the Iowa center loan fund cdfi is to reduce proverty and inequality and further community development by providing access to capital to iowans starting or expanding a business who do not have access to traditional forms of financial assistance. The loan fund serves low-income business owners, business owners who live in economically distressed areas and otherwise diverse or historically-disadvantaged business owners. The loan fund will provide responsible, affordable lending to expand economic opportunity. In addition to financing, the Iowa center loan fund provides applicants with technical assistance, connects clients with necessary business services and offers credit counseling to improve credit history.

What it reported doing in 2024

The organization provides new or growing small businesses with access to capital. The program provides fixed interest rate loans with up to 5-year terms and no down payments required.

Operating model

Revenue model
Donor-supported. 73% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 92
  • Accountability: 86
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 0%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 5.59; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 6.7%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 17.1% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 41.4% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 56.8% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 4 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $369K in reported program spending
  • Leadership: top reported pay $147K · 7 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • 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.

Key Signals

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

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.