PLATINUM2023

MISSION ASSET FUND

We are on a mission to help people become visible, active, and successful in their financial lives.

aka MAF   |   San Francisco, CA   |  missionassetfund.org
GuideStar Charity Check

MISSION ASSET FUND

EIN: 20-8993652


Mission

Mission Asset Fund (MAF) is on a mission to help people become visible, active, and successful in their financial lives.

Ruling year info

2008

Chief Executive Officer

Mr. Jose Quinonez

Chief Operating Officer

Ms. Daniela Salas

Main address

3269 Mission St

San Francisco, CA 94110 USA

Show more contact info

EIN

20-8993652

Subject area info

Economic development

Financial services

Population served info

Ethnic and racial groups

Immigrants and migrants

Economically disadvantaged people

NTEE code info

Economic Development (S30)

Financial Institutions/Services (Non-Government Related) (W60)

Minority Rights (R22)

What we aim to solve

SOURCE: Self-reported by organization

Millions of people in the U.S. live in the financial shadows: more than 14 million are unbanked and 49 million are underbanked, relying on high-cost fringe lenders when they are unable to access mainstream banking services. Another 45 million are credit invisible or have credit files too thin to score. For people who are financially invisible, it can be nearly impossible to rent an apartment, get a loan, and sometimes even get a job - and even more challenging to build financial stability and weather financial hardships. They are targeted by predatory lenders who entrap them in a cycle of debt and keep them from reaching their full economic potential. The best solutions are found in the hidden strengths of marginalized communities. MAF is building programs and services to meet the complex needs of low-income communities.

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?

Lending Circles

MAF’s signature program transforms a time-honored tradition of social lending into an innovative credit-building activity. Lending Circles bring together community members to form zero-interest, rotating small dollar social loans. MAF acts as the loan servicer – ensuring that everyone in the circle receives their loan – and reports the payment activity of each borrower to the three major U.S. credit bureaus.

Population(s) Served
Economically disadvantaged people
Immigrants and migrants
Ethnic and racial groups

People’s financial lives have to do with much more than finances. For many, legal status is a large barrier to accessing financial products and services, career opportunities and support for their families. MAF’s zero-interest Immigration Loans help people cover the costs of applying for a change of status while building credit, including citizenship, legal permanent residency, and DACA application fees.

Population(s) Served
Immigrants and migrants

MAF’s Business Microloans provide flexible and affordable capital for small business owners and entrepreneurs in California. With zero-interest $2,500 microloans, entrepreneurs can use the money to take their businesses to the next level—whether they are establishing or expanding their operations—all while building credit.

Population(s) Served
Immigrants and migrants
Ethnic and racial groups
Economically disadvantaged people

Free and open to the public, MAF pairs credit-building loans with financial services to help people achieve their financial goals.

- Charlas Financieras (Financial Chats): Weekly livestreamed conversations hosted on Zoom and Facebook Live. These conversations cover timely financial topics such as building credit, and starting a business. Sessions are hosted in both English and Spanish.

- Financial Coaching: One-on-one sessions with MAF’s financial coaches. Together with MAF’s in-house financial coaches, participants set up a plan of action or navigate topics such as credit building, budgeting, and paying down debt.

- MyMAF: MAF’s free and virtual coach in your pocket. This in-house financial education app covers topics such as building savings, buying a house, starting a business, and more. Available in both Spanish and English.

Population(s) Served
Immigrants and migrants
Ethnic and racial groups
Economically disadvantaged people

Launched in 2021, MAF’s Immigrant Families Recovery Fund is providing long-term support to immigrant families with children who were denied federal relief. With $25M in seed funding, the Immigrant Families Recovery Fund provides 3,000 families with a guaranteed income of $400 for up to 24 months. Participants receive direct cash, one-on-one financial coaching, self-advocacy training, and access to MAF’s suite of zero interest, credit-building loans to help rebuild their financial lives faster.

Population(s) Served
Economically disadvantaged people
Immigrants and migrants

Where we work

Awards

California Affiliate of the Year 2021

UnidosUS

Most Admired CEO (José Quiñonez) 2020

San Francisco Business Times

MacArthur Fellow Genius Award (José Quiñonez) 2016

MacArthur Foundation

Family Strengthening Award 2015

NCLR

John R. May Community Leadership Award 2014

San Francisco Community Foundation

LGBT Ally Award 2014

San Francisco LGBT Center

Leadership Award (José Quiñonez) 2013

James Irvine Foundation

Neighborhood Excellence Award 2012

Bank of America

Maestro Award 2012

Latino Leaders Magazine

Affiliations & memberships

Federal Reserve Bank of San Francisco Community Advisory Council, Board Chair 2021

Guaranteed Income Community of Practice, Member 2021

Experian Consumer Advisory Council, Member 2021

Capital One Consumer Advisory Council, Member 2021

Aspen Consumer Insights Collaborative, Member 2021

Financial Literacy Advisory Committee, California State Controller's Office 2013

Our results

SOURCE: Self-reported by organization

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

Total Active Loan Volume

This metric is no longer tracked.
Totals By Year
Related Program

Lending Circles

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of Active Loans

This metric is no longer tracked.
Totals By Year
Related Program

Lending Circles

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Total Hours of Financial Education Completed

This metric is no longer tracked.
Totals By Year
Related Program

Lending Circles

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

One hundred percent of MAF's Lending Circles clients complete online or in-person financial education courses.

Number of loans issued

This metric is no longer tracked.
Totals By Year
Related Program

Lending Circles

Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

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.

Based in San Francisco, Mission Asset Fund (MAF) helps low-income and immigrant communities become visible, active, and successful in their financial lives. MAF’s award-winning Lending Circles formalize the global tradition of social lending, combining zero-interest, small dollar loans with financial education to help people build credit, save money, and improve their financial health. MAF’s client-focused approach to design and development reflects the organization’s core values: meeting people where they are, respecting their expertise and priorities, and building on their strengths and innovations. Responding to the pressing needs of low-income and immigrant communities, MAF offers programs and services to help people launch small businesses, cover immigration application fees, and access digital financial services. MAF brings these programs to low-income and immigrant communities across the U.S. through a national network of nonprofit partners and technology-based solutions, including MAF’s own mobile app.

Across the organization's work in programs, research, and technology, MAF is striving to uproot the conventional narrative around people living in poverty. Instead, MAF serves them an alternative – a reality acknowledging that people are financial savvy, experts in their own lives, and innovative in their approach to managing their money.

MAF is bringing our credit-building loans and culturally relevant financial education to low-income and immigrant communities across the U.S. We are doing this by scaling intelligently: combining the power of technology and community to enable people across the country to access MAF’s Lending Circles programs and financial education. MAF began building its network in 2011 with 5 nonprofit partners in the Bay Area; by 2021, the network had grown to 78 partners in 21 U.S. states and Washington D.C. While MAF will continue growing its partnership network, scaling through technology is also a growing focus. In 2018, MAF launched the MyMAF app, a mobile application designed to deliver culturally-relevant, bilingual financial education and planning tools to those whom the mainstream institutions overlook.

MAF continues to learn and evolve to serve the needs of low-income and immigrant communities. In 2017, this included adding an emergency program for immigrants navigating abrupt changes in immigration policy; in 2018, MAF’s immigration loan portfolio expanded to cover a variety of USCIS fees; in 2019, MAF launched a new client application and continued work on the MyMAF app to improve the reach and accessibility of its programs; and in 2020, MAF launched a nationwide COVID-19 relief program to offer direct cash assistance to low wage workers, students, and immigrant families excluded from federal relief.

MAF has played a significant role in local, regional, and federal thought leadership since our inception – through board appointments, policy sponsorship, and media attention. MAF’s in-house R&D lab – the MAF Lab – produces research and leverages design processes that serve as a model for other practitioners in the field. MAF channels these learnings into actionable market and policy solutions to bring down the barriers that keep people from achieving their full economic potential. MAF will continue to be a strong, leading voice in the field of socially responsible financial services on a national scale, fortifying our presence in industry knowledge sharing, collaborative efforts, policy advocacy, design, and implementation.

Staff: MAF brings together a talented, technologically savvy, and multilingual team to serve low-income and immigrant communities with empathy and respect. Staff contribute diverse perspectives and skills from their work across the fields of immigrant rights, community development, technology, and public policy. The members of MAF’s staff reflect the communities MAF serves, and their empathy and respect stems from experiencing shared challenges.

Programs: MAF’s signature Lending Circles program transforms a time-honored tradition of social lending into an innovative credit-building activity. Since starting Lending Circles, MAF has expanded to provide a suite of financial programs that combine zero-interest, small dollar loans with financial education and coaching. Working in collaboration with 78 nonprofit partners across 21 U.S. states and the District of Columbia, our programs are helping low income and immigrant families build credit, increase savings, and start small businesses.

MyMAF: MyMAF enables MAF to bring reliable, culturally-relevant products and services to low-income and immigrant communities across the country. With the app, users can access the financial education, tools, and resources that are relevant to their lives, when and where they want, and in their preferred language. The app enables users to track their program participation and progress toward self-defined goals.

MAF Lab: MAF’s in-house tech team (MAF Lab) designs products and services specifically for the people that mainstream financial institutions overlook. The Lab employs best in class design thinking practices to build MAF’s cutting-edge financial tools and services that adapt to the needs of low income and immigrant communities.

Research: MAF’s research leverages the rich data and insights gathered while serving over 10,000 clients. MAF shares learnings with the broader community to illuminate the strength and innovations found within low-income and immigrant communities. In doing so, this work enables MAF to model and advocate best practices among other practitioners and financial service providers. At the same time, it provides a platform for MAF to guide policy development in ways that address the challenges people in low-income and immigrant communities face in their financial lives.

Policy: MAF’s policy work is focused on bringing effective solutions to scale. In collaboration with California policymakers, MAF has been able to expand the asset-building field for nonprofits delivering safe, affordable, and effective financial education and products. MAF’s policy initiatives include sponsorship for SB 896, which established a new regulatory framework for California nonprofit providers delivering zero-interest credit-building loans, and SB 455, which will create the California Financial Empowerment Fund to support a statewide infrastructure of nonprofits delivering effective financial education and empowerment tools.

In the past 14 years, MAF has provided more than 14,500 zero-interest loans totaling nearly $13M, delivered financial education and coaching to over 85,000 low-income people, and awarded $4.3 million in grants to 8,700 DACA recipients across the U.S. MAF’s zero-interest loans have saved clients $2 million in fees and interest. In 2020, our work took on new urgency as we stepped up during the COVID-19 pandemic to provide more than $40M in direct cash assistance to low wage workers, students, and immigrant families excluded from federal assistance. Over 75 partners in MAF’s affiliate network are bringing Lending Circles and other critical financial resources to 21 states and Washington D.C.

MAF’s Lending Circle programs are helping people across the country step out of the financial shadows: 90 percent of clients without a credit score establish one for the first time during their Lending Circle, and, on average, clients reduce debt by $1,000 and unlock three additional tradelines. MAF’s Lending Circle programs boast a 99.3 percent repayment rate, well above the 80 – 85 percent microlending industry standard.

In 2021, MAF is focused on designing and launching a new Immigrant Families Recovery Program to provide long-term support to immigrant families with children who were denied federal relief. The Fund will provide 3,000 families across the country with a guaranteed income of $400 for up to 24 months to help them rebuild and recover from the COVID-19 crisis. But we're doing even more, pairing cash with one-on-one financial coaching, self-advocacy training, and access to MAF’s suite of zero interest, credit-building loans to help rebuild their financial lives faster.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

  • Which of the following feedback practices does your organization routinely carry out?

    We collect feedback from the people we serve at least annually, We take steps to get feedback from marginalized or under-represented people, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive, We share the feedback we received with the people we serve, We tell the people who gave us feedback how we acted on their feedback, We ask the people who gave us feedback how well they think we responded

  • What challenges does the organization face when collecting feedback?

    We don't have any major challenges to collecting feedback

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2022 info

SOURCE: IRS Form 990

9.38

Average of 8.39 over 10 years

Months of cash in 2022 info

SOURCE: IRS Form 990

4.3

Average of 11.5 over 10 years

Fringe rate in 2022 info

SOURCE: IRS Form 990

21%

Average of 20% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

MISSION ASSET FUND

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

MISSION ASSET FUND

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: cloud_download Download Data

MISSION ASSET FUND

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of MISSION ASSET FUND’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.

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Business model indicators

Profitability info 2018 2019 2020 2021 2022
Unrestricted surplus (deficit) before depreciation $1,556,561 $618,480 $3,855,739 $38,088,977 -$12,439,837
As % of expenses 35.3% 15.1% 11.6% 176.5% -62.4%
Unrestricted surplus (deficit) after depreciation $1,499,436 $461,587 $3,651,968 $37,956,025 -$12,513,473
As % of expenses 33.5% 10.9% 10.9% 174.8% -62.6%
Revenue composition info
Total revenue (unrestricted & restricted) $5,680,938 $5,786,910 $41,604,479 $57,826,731 $9,021,043
Total revenue, % change over prior year -23.2% 1.9% 618.9% 39.0% -84.4%
Program services revenue 4.7% 4.6% 0.5% 0.3% 2.8%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 0.0% 0.2% 0.2% 0.8% 14.4%
Government grants 7.6% 6.3% 10.7% 6.0% 28.2%
All other grants and contributions 87.7% 89.0% 88.6% 92.8% 55.1%
Other revenue 0.0% 0.0% 0.0% 0.0% -0.5%
Expense composition info
Total expenses before depreciation $4,414,826 $4,082,735 $33,213,048 $21,576,162 $19,926,409
Total expenses, % change over prior year -14.1% -7.5% 713.5% -35.0% -7.6%
Personnel 49.1% 62.9% 11.0% 23.0% 33.1%
Professional fees 3.6% 3.6% 2.5% 1.6% 2.8%
Occupancy 3.9% 4.4% 0.6% 0.9% 1.0%
Interest 0.0% 0.0% 0.0% 0.1% 0.1%
Pass-through 24.1% 3.7% 82.2% 66.8% 47.8%
All other expenses 19.3% 25.5% 3.6% 7.6% 15.2%
Full cost components (estimated) info 2018 2019 2020 2021 2022
Total expenses (after depreciation) $4,471,951 $4,239,628 $33,416,819 $21,709,114 $20,000,045
One month of savings $367,902 $340,228 $2,767,754 $1,798,014 $1,660,534
Debt principal payment $0 $112,500 $0 $568,800 $20,000
Fixed asset additions $0 $164,818 $254,879 $0 $77,429
Total full costs (estimated) $4,839,853 $4,857,174 $36,439,452 $24,075,928 $21,758,008

Capital structure indicators

Liquidity info 2018 2019 2020 2021 2022
Months of cash 16.4 15.9 4.2 8.7 4.3
Months of cash and investments 17.3 23.0 6.0 29.7 24.8
Months of estimated liquid unrestricted net assets 9.8 12.0 2.8 25.4 19.9
Balance sheet composition info 2018 2019 2020 2021 2022
Cash $6,044,528 $5,414,764 $11,596,958 $15,608,939 $7,090,018
Investments $333,326 $2,416,705 $5,014,114 $37,748,353 $34,025,268
Receivables $179,437 $116,120 $707,524 $675,258 $835,541
Gross land, buildings, equipment (LBE) $93,485 $117,126 $192,871 $200,871 $234,775
Accumulated depreciation (as a % of LBE) 76.9% 74.8% 58.2% 68.1% 71.1%
Liabilities (as a % of assets) 10.3% 7.1% 10.0% 5.6% 10.0%
Unrestricted net assets $3,634,320 $4,095,907 $7,747,875 $45,703,900 $33,190,427
Temporarily restricted net assets $2,631,249 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 $2,631,249 $3,716,944 $8,252,636 $5,775,399 $5,573,492
Total net assets $6,265,569 $7,812,851 $16,000,511 $51,479,299 $38,763,919

Key data checks

Key data checks info 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
Form 1023/1024 is not available for this organization

Chief Executive Officer

Mr. Jose Quinonez

CEO Jose Quiñonez is a graduate of Princeton University’s Woodrow Wilson School and the University of California at Davis. A former legislative assistant for Congressman Ruben Hinojosa and a nonprofit lobbyist in Washington, D.C., Jose is a passionate advocate for immigration, hunger and welfare reform. José was selected as the inaugural Chair of CFPB’s Consumer Advisory Board; elected as an Ashoka Fellow; selected to the Aspen Institute Fellowship for Emerging Nonprofit Leaders; received the 2016 MacArthur Foundation “Genius” Award; received the 2013 James Irvine Leadership Award; received the 2012 Bank of American's Neighborhood Excellence Award; and received the 2012 Latino Leader Magazine SF Maestro Award. Jose also serves as Vice Chair of the Board for Credit Builders Alliance, member of the Experian Consumer Advisory Council, and member of the Capital One Consumer Advisory Council.

Chief Operating Officer

Daniela Salas

Chief Operating Officer Daniela Salas has been a key member of MAF's staff since the organization started. Responsible for the startup and implementation of Lending Circles, she also oversees the operations, programs, and serves as the technology officer. Daniela previously worked for Operation Hope, a worldwide nonprofit social investment banking and financial literacy empowerment organization.

Number of employees

Source: IRS Form 990

MISSION ASSET FUND

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
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Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

MISSION ASSET FUND

Highest paid employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of highest paid employee data for this organization

MISSION ASSET FUND

Board of directors
as of 12/21/2023
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. David Krimm

Noe Valley Advisors

Term: 2016 -

Aquilina Soriano-Versoza

Pilipino Workers Center

David Krimm

Noe Valley Advisors

Jessica Leggett

Seven + Gold LLC

Salvador Torres

32 Advisors

Stephan Waldstrom

RPX Corp

Elizabeth Irons Seem

Google

Sagar Shah

Jorge Blandón

Arrow Impact

Monica Issar

J.P. Morgan Wealth Management

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes

Organizational demographics

SOURCE: Self-reported; last updated 12/21/2023

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
Hispanic/Latino/Latina/Latinx
Gender identity
Male

The organization's co-leader identifies as:

Race & ethnicity
Hispanic/Latino/Latina/Latinx
Gender identity
Female

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 10/12/2021

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We disaggregate data by demographics, including race, in every policy and program measured.

Contractors

Fiscal year ending

Professional fundraisers

Fiscal year ending

SOURCE: IRS Form 990 Schedule G

Solicitation activities
Gross receipts from fundraising
Retained by organization
Paid to fundraiser