MAF
Legal name: Mission Asset Fund
Nonprofit profile at a glance
- EIN
- 208993652
- IRS 990 coverage
- 2015–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- San Francisco, CA, USA
- Phone
- (888) 274 4808
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $9,705,660
- Expenses
- $12,709,815
- Assets
- $26,969,177
- Liabilities
- $1,816,178
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
20 people listed
Executive titles in this filing
- DAVE KRIMM (BOARD PRESIDENT)
- ELIZABETH IRONS SEEM (BOARD VICE PRESIDENT)
- JOSE QUINONEZ (FOUNDER & CEO)
- JENNIFER BROOKS (FOUNDER & CEO - THE NURTURE BUSINESS)
Highest reported compensation
- JOSE QUINONEZ (FOUNDER & CEO): $398,201 total reported compensation
- DANIELA SALAS (CO-FOUNDER & COO): $376,961 total reported compensation
- JOANNA CORTEZ HERNANDEZ (CHIEF INNOVATIONS OFFICER): $233,396 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To create a fair financial system that works for everyone.
What it reported doing in 2024
Lending circles - launched in 2008, the lending circles social loan program is rooted in the global tradition of group lending and designed to help low-income families build credit, reduce debt, and strengthen their financial security. Delivered in partnership with a nationwide network of nonprofit organizations, the program operates both through direct services in California and across the u.s. Lending circles are paired with timely, actionable, and culturally relevant financial education. Recognized for its innovation and impact, the program has helped thousands of participants access safe, affordable capital and successfully integrate into the u.s. Financial system.emergency grants - the organization created a national financial relief initiative to provide direct cash assistance to low-wage workers, California public college students, and immigrant families excluded from traditional safety nets. Rather than relying on first-come, first-served or lottery systems, the organization developed a financial equity framework to equitably distribute resources to those facing the greatest hardship. Over an 18-month period, more than 65,000 grants totaling $40 million were disbursed. In addition, the organization launched resources finder, an online tool that helps individuals identify and access relevant financial support and services.
Operating model
- Revenue model
- Donor-supported. 69% of the money available for current operations came from contributions and gifts.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 70% for direct work, and 30% for grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 91
- Transparency & Controls: 83
- Accountability: 95
- Sustainability: 30
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 87.5%; rating input score 88
- Fundraising efficiency: $17.14 raised per $1 spent on fundraising; rating input score 55; 55th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 3 of 6 controls in place; rating input score 50
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- 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: Fail
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -31%; rating input score 4; 4th percentile among comparable filings
- Total-asset coverage ratio: 2.12; rating input score 64; 64th percentile among comparable filings
- Liabilities to assets ratio: 0.07; rating input score 66; 66th percentile among comparable filings
- Officer compensation ratio: 16.2%; rating input score 17; 17th percentile among comparable filings
Growth
- Program expense growth: 18.2% per year; rating input score 100; 83rd percentile among comparable filings
- Revenue growth: 12.4% per year; rating input score 100; 76th percentile among comparable filings
- Asset growth: 22% per year; rating input score 100; 86th percentile among comparable filings
Details
- What they do: 5 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 100% of revenue deployed · 87.5% of spending went to programs
- Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $11.1M in reported program spending
- Leadership: top reported pay $398K · 20 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 2 contractors listed · $539K reported
- Consistency: 38 of 38 current checks pass
- Schedules: 8 filed schedules · includes major donors, grants, and executive pay
- Filing history: 10 filing years from 2015 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 4/100.
- Review — Financial Efficiency: Fundraising efficiency scored 55/100.
- Review — Accountability: Governance controls: Whistleblower policy not reported.
- High — Sustainability: Officer compensation ratio scored 17/100.