Pace Finance Corporation

Nonprofit profile at a glance

EIN
271285566
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Los Angeles, CA, USA
Phone
2133533982
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$2,972,756
Expenses
$1,889,964
Assets
$20,860,862
Liabilities
$4,429,989

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

Leadership & pay

4 people listed

Executive titles in this filing

  • KERRY DOI (PRESIDENT)

Highest reported compensation

  • KERRY DOI (PRESIDENT): $474,979 total reported compensation
  • WILLIAM CHUN (CFO): $307,600 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 provide financial services and products to low and moderate income communities.

What it reported doing in 2024

R

Operating model

Revenue model
Grant-funded. 79% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for grants.

The verdict

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 79
  • Accountability: 71
  • Sustainability: 82
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 56.1%; rating input score 56
  • Program expense ratio: 88.3%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • 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: 50%; rating input score 50; 8th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: 36.4%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 11.04; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 0.5%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 24.3% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 14% per year; rating input score 100; 79th percentile among comparable filings
  • Asset growth: 23.5% per year; rating input score 100; 88th percentile among comparable filings

Details

  • Where the money goes: 56.1% of revenue deployed · 88.3% of spending went to programs
  • Governance: 2 of 4 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $475K · 4 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • 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 — Financial Efficiency: Mission deployment rate scored 56/100.
  • Review — Accountability: Independent voting board scored 50/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.