The Mifos Initiative

End Poverty One Line of Code at a Time

aka The Community for Open Source Microfinance | Seattle, WA | www.mifos.org

GuideStar Charity Check

EIN: 45-3613178

Contributions tax deductible
as of September 2024

IRS BMF 509(a)(1)
as of September 09, 2024

View summary

Charity Check report

Mission

Global 501(c)3 fintech non-profit leveraging the cloud, mobile & open source community to democratize financial services & digitally transform the world’s 3B underbanked. We scale the impact of inclusive fintech through an open community to advance financial health. Pioneering open banking technology the past 15 years, we've transformed the entire sector from microfinance to financial inclusion to digital financial services. We guide the community, steer the roadmap & steward the ecosystem building solutions on Mifos & Apache Fineract. Our building blocks for banking, recognized as digital public goods to achieve the SDG of No Poverty, make core banking commoditized infrastructure, empowering any organization, anywhere to embed any financial service to any customer via any channel.

Ruling year info

2013

President/CEO

Mr. Edward Cable

Main address

1546 NW 56th Street #409

Seattle, WA 98107 USA

Show more contact info

Formerly known as

Community for Open Source Microfinance

EIN

45-3613178

Subject area info

Nonprofits

Economic development

Population served info

Economically disadvantaged people

NTEE code info

Economic Development (S30)

Voluntarism Promotion (T40)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Show Forms 990

Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Providing responsible and appropriate access to financial services for the 2 billion unbanked and 4 billion unbanked worldwide.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Technology for Financial Inclusion

Mifos is an open source technology platform helping financial institutions deliver services to the world’s 2 billion poor and unbanked. It solves the current challenges the poor face of core banking systems that are too expensive, too complex, and/ or lack support from local stakeholders and institutions.

Mifos can be deployed in any environment: cloud or on-premise, online or offline, on a mobile or a PC; it can be adopted to support any type of organization, delivery channel, product, service, or methodology. For an organization, big or small, it offers services ranging from client data management (know your customer, KYC), loan and savings portfolio management, integrated real-time accounting and social and financial reporting needed to bring digital financial services together in a modern connected world. The platform is completely open via the Apache Software Foundation as Fineract.

Thanks to generous support from Silicon Valley, the Mifos was redesigned and built around an API-centric, cloud-based software architecture. It is now a modern, connected core banking system to help responsible financial services organizations around the world to bring basic financial services to the poor.

Population(s) Served

Economically disadvantaged people

Where we work

Videos

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of microloan borrowers

Totals By Year

Population(s) Served

Related Program

Technology for Financial Inclusion

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

Represents clients served by institutions using Mifos/Fineract APIs for their solutions.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

What is the organization aiming to accomplish?

The goal of The Mifos Initiative is very simple and very straightforward. We plan to disrupt traditional financial delivery processes by deploying free and open source technology designed to specifically target the unbanked and under-banked in this world. Our goal is to help eliminate poverty by financially including the base of the financial pyramid.

What are the organization's key strategies for making this happen?

The Mifos Initiative has been built from its very roots to be flexible and interactive. It brings together the collective expertise from our global community, each of whom provide unique skills to lead this initiative. The community developed specifically to meet the challenges facing financial inclusion today. Since its emergence from the Grameen Foundation in 2011, the exclusive focus has been on the challenges and requirements for success in the new world. It's all we do.

Software development is managed by the core Mifos team. They maintain the system architecture and manage the development roadmap in a collaborative fashion in the Mifos community.

The Mifos Certified Partners deploy the system in the field and contribute back to the community. These partners are local IT and service companies that build their businesses by deploying Mifos X in developing regions. They are the key customer support contact on the ground. They also contribute code and feature enhancements back to the community. This keeps Mifos X modern and pertinent to end user needs regardless of country or business structure.

The Mifos Initiative also has an extremely strong volunteer network that contributes code, writes user documentation, provides marketing and sales assistance, assists with outreach and assists with funding.

Together, these three legs Core - Partners - Volunteers make for a very stable platform to catalyze the financial inclusion communities with effective and impactful digital services.

What are the organization's capabilities for doing this?

We have a strong community of developers, organizational management and volunteers from very prestigious backgrounds. The Mifos Initiative is guided by a board of technology and financial inclusion experts including Paul Maritz, former EVP of Microsoft and current CEO of Pivotal, Suresh Krishna, Managing Director of Grameen Koota, open source luminary, Dave Neary of Red Hat, James Dailey, the original Mifos founder, and Zaheda Bhorat, open source leader who recently headed the UK open source initiative. Mifos is supported with volunteers and in-kind support from technology companies like Google, ThoughtWorks, Microsoft Open Technologies, VMware, RedHat, WalMart ECommerce, LinkedIn, HP, and Canonical.

Our very small administrative staff, supplemented by university interns manage the Mifos Community to coordinate and share information, plan trainings and link people together.

We have a contributor who writes best business practice policy and procedure documentation for successful and sustainable practice in even the most remote areas. A full set of training videos is in development for both the technical IT professionals and the end users.

What have they accomplished so far and what's next?

Progress
Companies all around the world with diverse business models use Mifos to meet today's and tomorrow's new challenges. A few intriguing and impactful ways the Mifos X platform is being used now and imagine what the future can bring.

Financial Institutions
Any financial organization - SACCO, Savings Group, Lending Group, Co-Operative, Bank - any of these traditional financial institutions can use Mifos X within hours of downloading the platform from the cloud repository. Because of the ease of use, the full suite of open source technical and end user documentation, even the smallest financial institutions can install and run Mifos X
Deployment Partners
The Deployment Partner Model provides business opportunities for both small and large service providers. Mifos X can be hosted in the cloud or installed on servers to support several organizations at the same time. Since Mifos X is an open source platform, the vendor benefits by not having to develop and maintain a financial platform and the community benefits by having more financial services available to them.

Solution Partner Model
The Solution Partner Model is a big win for companies that want to build their solution on the Mifos X platform. Our solution partners use the Mifos X core system and build bold new solutions on top. One of our most successful Solution Partners, is making dramatic impact to more than 24 financial institutions in Sub-Saharan Africa.

New Delivery Channels
The open architecture of Mifos X has opened the doors to creative disruptive thinking in the financial inclusion world. One user is developing a country-wide fully electronic money based banking platform in Latin America. With full mission alignment, outreach to the rural populations will be dramatic.

Online Marketplace/ P2P Lending
Mifos X can be the backbone of any peer-to-peer lending platform. Scaling in the cloud, it provides one extensible client profile that can fluidly generate financial and social performance results in real time.

Financials

The Mifos Initiative

Fiscal year: Jan 01 - Dec 31

Financial documents

Revenue vs. expenses: breakdown

SOURCE: IRS Form 990

NET GAIN/LOSS: in

Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022

SOURCE: IRS Form 990

79.20

Average of 197.52 over 10 years

Months of cash in 2022

SOURCE: IRS Form 990

6.4

Average of 5.3 over 10 years

Fringe rate in 2022

SOURCE: IRS Form 990

18%

Average of 13% over 10 years

Funding sources

Source: IRS Form 990

Assets & liabilities

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Digitizing IRS form 990 data

The Mifos Initiative

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: Download Data

Revenue
Contributions	$335,110
Government Grants	$0
Program Services	$0
Investments	$44
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$335,154

Expenses
Program Services	$301,226
Administration	$2,172
Fundraising	$0
Total Expenses	$303,398
Net Gain/Loss	$31,756

Functional expenses
Accounting Fees	$0
Advertising & Promotion	$0
Information Technology Expenses	$1,153
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$931,760
Government Grants	$0
Program Services	$1,850
Investments	$186
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$933,796

Expenses
Program Services	$413,578
Administration	$10,249
Fundraising	$0
Total Expenses	$423,827
Net Gain/Loss	$509,969

Functional expenses
Accounting Fees	$976
Advertising & Promotion	$777
Information Technology Expenses	$259,527
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$22,541
Government Grants	$0
Program Services	$2,000
Investments	$274
Special Events	$0
Sales	$200
Other	$0
Total Revenue	$25,015

Expenses
Program Services	$329,072
Administration	$51,382
Fundraising	$0
Total Expenses	$380,454
Net Gain/Loss	($355,439)

Functional expenses
Accounting Fees	$1,113
Advertising & Promotion	$2,387
Information Technology Expenses	$10,632
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$873,970
Government Grants	$0
Program Services	$49,819
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$923,789

Expenses
Program Services	$977,452
Administration	$65,439
Fundraising	$0
Total Expenses	$1,042,891
Net Gain/Loss	($119,102)

Functional expenses
Accounting Fees	$5,221
Advertising & Promotion	$5,623
Information Technology Expenses	$32,297
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$213
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$352,223
Government Grants	$0
Program Services	$133,927
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$486,150

Expenses
Program Services	$444,714
Administration	$16,810
Fundraising	$0
Total Expenses	$461,523
Net Gain/Loss	$24,627

Functional expenses
Accounting Fees	$5,904
Advertising & Promotion	$1,248
Information Technology Expenses	$18,437
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$333
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$283,975
Government Grants	$0
Program Services	$142,054
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$426,029

Expenses
Program Services	$385,001
Administration	$4,238
Fundraising	$0
Total Expenses	$389,239
Net Gain/Loss	$36,790

Functional expenses
Accounting Fees	$2,735
Advertising & Promotion	$4,639
Information Technology Expenses	$20,401
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$331
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$76,771
Government Grants	$0
Program Services	$37,071
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$713,842

Expenses
Program Services	$334,778
Administration	$5,204
Fundraising	$0
Total Expenses	$339,982
Net Gain/Loss	$373,860

Functional expenses
Accounting Fees	$2,592
Advertising & Promotion	$2,951
Information Technology Expenses	$32,962
Insurance Expenses	$0
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$10
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$57,097
Government Grants	$0
Program Services	$12,506
Investments	$1,862
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$71,465

Expenses
Program Services	$455,276
Administration	$7,518
Fundraising	$0
Total Expenses	$462,794
Net Gain/Loss	($391,329)

Functional expenses
Accounting Fees	$2,635
Advertising & Promotion	$2,058
Information Technology Expenses	$53,577
Insurance Expenses	$2,590
Interest Expenses	$0
Investment Management Fees	$0
Legal Fees	$860
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$115,414
Government Grants	$41,917
Program Services	$173,814
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$331,145

Expenses
Program Services	$380,204
Administration	$20,932
Fundraising	$0
Total Expenses	$401,136
Net Gain/Loss	($69,991)

Functional expenses
Accounting Fees	$13,667
Advertising & Promotion	$3,419
Information Technology Expenses	$40,813
Insurance Expenses	$2,800
Interest Expenses	$1,195
Investment Management Fees	$0
Legal Fees	$1,000
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$41,967
Government Grants	$0
Program Services	$2,210,084
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$2,252,051

Expenses
Program Services	$1,467,671
Administration	$13,616
Fundraising	$0
Total Expenses	$1,481,287
Net Gain/Loss	$770,764

Functional expenses
Accounting Fees	$3,365
Advertising & Promotion	$1,848
Information Technology Expenses	$11,776
Insurance Expenses	$5,782
Interest Expenses	$247
Investment Management Fees	$0
Legal Fees	$2,295
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

The Mifos Initiative

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: Download Data

Assets	Jan 01, 2012	Dec 31, 2012	Change
Contributions	$335,110
Cash & Equivalents	$0	$36,482	$36,482
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$0	$0
Total Assets	$0	$36,483	$36,483

Liabilities	Jan 01, 2012	Dec 31, 2012	Change
Accounts Payable	$0	$4,727	$4,727
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$0	$4,727	$4,727

Fund balance	Jan 01, 2012	Dec 31, 2012	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$0	$31,756	$31,756

Assets	Jan 01, 2013	Dec 31, 2013	Change
Contributions	$931,760
Cash & Equivalents	$36,482	$545,291	$508,809
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$0	$0
Total Assets	$36,483	$545,291	$508,808

Liabilities	Jan 01, 2013	Dec 31, 2013	Change
Accounts Payable	$4,655	$5,816	$1,161
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$4,655	$5,816	$1,161

Fund balance	Jan 01, 2013	Dec 31, 2013	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$36,483	$545,291	$508,808

Assets	Jan 01, 2014	Dec 31, 2014	Change
Contributions	$22,541
Cash & Equivalents	$545,291	$202,075	($343,216)
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$0	$0
Total Assets	$545,291	$202,075	($343,216)

Liabilities	Jan 01, 2014	Dec 31, 2014	Change
Accounts Payable	($5,516)	$6,707	$12,223
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	($5,516)	$6,707	$12,223

Fund balance	Jan 01, 2014	Dec 31, 2014	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$550,807	$195,368	($355,439)

Assets	Jan 01, 2016	Dec 31, 2016	Change
Contributions	$873,970
Cash & Equivalents	$164,389	$45,489	($118,900)
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$0	$0
Total Assets	$164,389	$45,489	($118,900)

Liabilities	Jan 01, 2016	Dec 31, 2016	Change
Accounts Payable	$12,834	$13,036	$202
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$12,834	$13,036	$202

Fund balance	Jan 01, 2016	Dec 31, 2016	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$151,555	$32,453	($119,102)

Assets	Jan 01, 2017	Dec 31, 2017	Change
Contributions	$352,223
Cash & Equivalents	$45,489	$60,810	$15,321
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$874	$874
Total Assets	$45,489	$61,684	$16,195

Liabilities	Jan 01, 2017	Dec 31, 2017	Change
Accounts Payable	$13,036	$4,604	($8,432)
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$13,036	$4,604	($8,432)

Fund balance	Jan 01, 2017	Dec 31, 2017	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$32,453	$5,708,002	$5,675,549

Assets	Jan 01, 2018	Dec 31, 2018	Change
Contributions	$283,975
Cash & Equivalents	$60,810	$97,595	$36,785
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$874	$0	($874)
Total Assets	$61,684	$97,595	$35,911

Liabilities	Jan 01, 2018	Dec 31, 2018	Change
Accounts Payable	$4,604	$3,958	($646)
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$4,604	$3,958	($646)

Fund balance	Jan 01, 2018	Dec 31, 2018	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$0	$0	$0
Net Assets	$57,080	$93,637	$36,557

Assets	Jan 01, 2019	Dec 31, 2019	Change
Contributions	$76,771
Cash & Equivalents	$97,595	$467,768	$370,173
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$0	$0	$0
Total Assets	$97,595	$467,768	$370,173

Liabilities	Jan 01, 2019	Dec 31, 2019	Change
Accounts Payable	$3,958	$271	($3,687)
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$3,958	$271	($3,687)

The Mifos Initiative

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of The Mifos Initiative’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Fiscal year: Jan 01 - Dec 31 View full report Download data

Business model indicators

Profitability	2018	2019	2020	2021	2022
Unrestricted surplus (deficit) before depreciation	$36,557	$373,860	-$391,329	-$69,491	$773,265
As % of expenses	9.4%	110.0%	-84.6%	-17.3%	52.2%
Unrestricted surplus (deficit) after depreciation	$36,557	$373,860	-$391,329	-$69,491	$773,265
As % of expenses	9.4%	110.0%	-84.6%	-17.3%	52.2%

Revenue composition
Total revenue (unrestricted & restricted)	$426,029	$713,842	$71,465	$331,145	$2,252,051
Total revenue, % change over prior year	-12.4%	67.6%	-90.0%	363.4%	580.1%
Program services revenue	33.3%	5.2%	17.5%	52.5%	98.1%
Membership dues	0.0%	0.0%	0.0%	0.0%	0.0%
Investment income	0.0%	0.0%	2.6%	0.0%	0.0%
Government grants	0.0%	0.0%	0.0%	12.7%	0.0%
All other grants and contributions	66.7%	10.8%	79.9%	34.9%	1.9%
Other revenue	0.0%	0.0%	0.0%	0.0%	0.0%

Expense composition
Total expenses before depreciation	$389,239	$339,982	$462,794	$401,136	$1,481,287
Total expenses, % change over prior year	-15.7%	-12.7%	36.1%	-13.3%	269.3%
Personnel	29.3%	29.6%	24.4%	26.8%	7.2%
Professional fees	59.3%	56.4%	58.8%	60.7%	0.4%
Occupancy	0.0%	0.0%	0.0%	0.0%	0.0%
Interest	0.0%	0.0%	0.0%	0.3%	0.0%
Pass-through	0.0%	0.0%	0.0%	0.0%	0.0%
All other expenses	11.4%	14.0%	16.7%	12.2%	92.4%

Full cost components (estimated)	2018	2019	2020	2021	2022
Total expenses (after depreciation)	$389,239	$339,982	$462,794	$401,136	$1,481,287
One month of savings	$32,437	$28,332	$38,566	$33,428	$123,441
Debt principal payment	$0	$0	$0	$20,675	$0
Fixed asset additions	$0	$0	$0	$0	$0
Total full costs (estimated)	$421,676	$368,314	$501,360	$455,239	$1,604,728

Capital structure indicators

Liquidity	2018	2019	2020	2021	2022
Months of cash	3.0	16.5	2.8	0.8	6.4
Months of cash and investments	3.0	16.5	2.8	0.8	6.4
Months of estimated liquid unrestricted net assets	2.9	16.5	2.0	0.2	6.3

Balance sheet composition	2018	2019	2020	2021	2022
Cash	$97,595	$467,768	$108,513	$26,825	$789,977
Investments	$0	$0	$0	$0	$0
Receivables	$0	$0	$0	-$90	-$90
Gross land, buildings, equipment (LBE)	$0	$0	$0	$0	$0
Accumulated depreciation (as a % of LBE)	0.0%	0.0%	0.0%	0.0%	0.0%
Liabilities (as a % of assets)	4.1%	0.1%	29.8%	75.0%	1.3%
Unrestricted net assets	$0	$0	$76,168	$6,678	$0
Temporarily restricted net assets	$0	N/A	N/A	N/A	N/A
Permanently restricted net assets	$0	N/A	N/A	N/A	N/A
Total restricted net assets	$0	$0	$0	$0	$0
Total net assets	$93,637	$467,497	$76,168	$6,678	$779,943

Key data checks

Key data checks	2018	2019	2020	2021	2022
Material data errors	No	No	No	No	No

Operations

The people, governance practices, and partners that make the organization tick.

Documents

Letter of Determination

Form 1023/1024 is not available for this organization

President/CEO

Mr. Edward Cable

LinkedIn profile

Ed has been a part of the Mifos project since 2007 in its early days at Grameen Foundation. He oversaw the open source community, connecting its members worldwide with the tools, support, and engagement needed to build and use Mifos. Leading the growth of this burgeoning community, he saw the dedication and persistence of its members and decided to found COSM (now the Mifos Initiative) to unite their efforts and help them collectively fulfill the vision Grameen Foundation set out to achieve. Prior to this, he graduated from the Wharton School at the University of Pennsylvania where he led marketing for the nation’s largest student-run credit union and discovered his passion for technology-driven international development in their budding social entrepreneurship program. When he’s not watching over the Mifos community, he’s tending to another community of sorts, his mini-farmhouse of animals – chickens, bunnies, dogs, goats, cats, birds, and fish

Number of employees

Source: IRS Form 990

The Mifos Initiative

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation

Other

Show data for fiscal year

Compensation data

Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

The Mifos Initiative

Board of directors
as of 01/18/2024

SOURCE: Self-reported by organization

Board of directors data

Download the most recent year of board of directors data for this organization

Board chair

Mr. Michael Vorburger

Zaheda Bhorat

AWS

Allison Baller

Federal Reservee

Edward Cable

The Mifos Initiative

Michael Vorburger

Min Tha Gyaw

Thitsaworks

Shashi Raghunandan

Oaken

Organizational demographics

SOURCE: Self-reported; last updated 1/18/2024

Candid has made improvements to the race and ethnicity options.

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Race & ethnicity

Multi-Racial/Multi-Ethnic (2+ races/ethnicities)

Gender identity

Male, Not transgender

Sexual orientation

Heterosexual or Straight

Disability status

Person without a disability

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

Contractors

Fiscal year ending

There are no fundraisers recorded for this organization.

The Mifos Initiative

End Poverty One Line of Code at a Time

Mission

Is this your nonprofit?

Programs and results

What we aim to solve

Our programs

Technology for Financial Inclusion

Where we work

Our results

Evaluation documents

Number of microloan borrowers

Totals By Year

Population(s) Served

Related Program

Type of Metric

Direction of Success

Context Notes

Goals & Strategy

Charting impact

What is the organization aiming to accomplish?

What are the organization's key strategies for making this happen?

What are the organization's capabilities for doing this?

What have they accomplished so far and what's next?

Financials

Financial documents

Revenue vs. expenses: breakdown

Liquidity in 2022 info

79.20

Months of cash in 2022 info

6.4

Fringe rate in 2022 info

18%

Funding sources info

Assets & liabilities info

Financial data

Digitizing IRS form 990 data

The Mifos Initiative

The Mifos Initiative

The Mifos Initiative

Business model indicators

Capital structure indicators

Key data checks

Operations

Documents

President/CEO

Mr. Edward Cable

Number of employees

The Mifos Initiative

Compensation data

The Mifos Initiative

Board of directors data

Mr. Michael Vorburger

Organizational demographics

Leadership

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

Disability

Contractors

Liquidity in 2022

Months of cash in 2022

Fringe rate in 2022

Funding sources

Assets & liabilities