Utah Microenterprise Loan Fund

Making the dreams of Utah small business owners a reality since 1991.

aka Utah Microloan Fund | South Salt Lake, UT | www.umlg.org

GuideStar Charity Check

EIN: 87-0495534

Contributions tax deductible
as of September 2023

IRS BMF 509(a)(1)
as of September 18, 2023

View summary

Charity Check report

Mission

PROVIDE FUNDING AND MANAGEMENT ASSISTANCE TO NEW AND EXISTING BUSINESSES THAT ARE NOT ABLE TO ACCESS TRADITIONAL SOURCES OF FUNDING; INCLUDING THOSE WHO ARE MEMBERS OF THE LOW/MODERATE INCOME COMMUNITY.

Ruling year info

1992

Executive Director

Doug Keefe

Main address

154 E Ford Ave Ste A

South Salt Lake, UT 84115 USA

Show more contact info

Formerly known as

Utah Microenterprise Loan Fund

EIN

87-0495534

Subject area info

Continuing education

Rural development

Job creation and workforce development

Microfinance

Sustainable finance

Show more subject areas

Population served info

LGBTQ people

Heterosexuals

Women

Men

Ethnic and racial groups

Show more populations served

NTEE code info

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

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

Blog

Programs and results

What we aim to solve

This profile needs more info.

If it is your nonprofit, add a problem overview.

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?

Microloan Program

Since 1991 we have helped make dreams a reality by providing business training and microloans up to $50k to Utah entrepreneurs who are trying to start or grow their own business.

The Utah Microloan Fund is a Community Development Financial Institution focusing on serving underserved communities throughout Utah to find the funding they need to grow. Located in Salt Lake City, we serve the entire state of Utah.

Terms:
- $5,000, up to $50,000
- Fixed Rate
- Up to 6-year loan term
- Available for working capital, equipment, inventory, property improvements, business purchase, etc.

We help people who:
- Have a great idea but need funding to get started
- Don’t have enough collateral or cash flow for a traditional bank loan
- Have had life events that have had a negative impact on their credit history
- Have ITIN status and need access to funding
- Need access to economical business training and mentoring

Population(s) Served

Ethnic and racial groups

LGBTQ people

Women

Low-income people

Immigrants

Where we work

Awards

2023 Microlender of the Year 2023

Small Business Administration

Affiliations & memberships

Small Business Administration 2023

External reviews

Financials

Utah Microenterprise Loan Fund

Fiscal year: Oct 01 - Sep 30

Financial documents

Yes, financials were audited by an independent accountant.

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

0.77

Average of 1.33 over 10 years

Months of cash in 2022

SOURCE: IRS Form 990

35.1

Average of 64 over 10 years

Fringe rate in 2022

SOURCE: IRS Form 990

15%

Average of 14% 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

Utah Microenterprise Loan Fund

Revenue & expenses

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990 info

Fiscal year ending: Download Data

Revenue
Contributions	$156,405
Government Grants	$631,000
Program Services	$132,470
Investments	$67,714
Special Events	$0
Sales	$0
Other	$12,699
Total Revenue	$1,000,288

Expenses
Program Services	$539,556
Administration	$129,080
Fundraising	$40,035
Total Expenses	$708,671
Net Gain/Loss	$291,617

Functional expenses
Accounting Fees	$7,539
Advertising & Promotion	$17,105
Information Technology Expenses	$0
Insurance Expenses	$3,143
Interest Expenses	$46,016
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$2,728
Professional Fundraising Expenses	$0

Revenue
Contributions	$157,969
Government Grants	$699,300
Program Services	$139,913
Investments	$26,529
Special Events	$0
Sales	$0
Other	$14,412
Total Revenue	$1,038,123

Expenses
Program Services	$473,325
Administration	$133,435
Fundraising	$39,674
Total Expenses	$646,434
Net Gain/Loss	$391,689

Functional expenses
Accounting Fees	$8,776
Advertising & Promotion	$14,255
Information Technology Expenses	$0
Insurance Expenses	$2,371
Interest Expenses	$47,640
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$2,721
Professional Fundraising Expenses	$0

Revenue
Contributions	$253,427
Government Grants	$101,122
Program Services	$173,843
Investments	$20,523
Special Events	$0
Sales	$0
Other	$3,420
Total Revenue	$552,335

Expenses
Program Services	$489,963
Administration	$134,827
Fundraising	$17,035
Total Expenses	$641,825
Net Gain/Loss	($89,490)

Functional expenses
Accounting Fees	$9,203
Advertising & Promotion	$13,523
Information Technology Expenses	$0
Insurance Expenses	$2,553
Interest Expenses	$49,260
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$2,273
Professional Fundraising Expenses	$0

Revenue
Contributions	$171,600
Government Grants	$718,000
Program Services	$189,889
Investments	$18,226
Special Events	$0
Sales	$0
Other	$18,527
Total Revenue	$1,116,242

Expenses
Program Services	$321,729
Administration	$141,549
Fundraising	$14,273
Total Expenses	$477,551
Net Gain/Loss	$638,691

Functional expenses
Accounting Fees	$9,394
Advertising & Promotion	$6,976
Information Technology Expenses	$0
Insurance Expenses	$2,574
Interest Expenses	$63,625
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$2,273
Professional Fundraising Expenses	$0

Revenue
Contributions	$272,197
Government Grants	$112,000
Program Services	$189,878
Investments	$15,151
Special Events	$0
Sales	$0
Other	$17,386
Total Revenue	$606,612

Expenses
Program Services	$417,284
Administration	$146,284
Fundraising	$16,614
Total Expenses	$580,182
Net Gain/Loss	$26,430

Functional expenses
Accounting Fees	$10,355
Advertising & Promotion	$10,940
Information Technology Expenses	$0
Insurance Expenses	$2,612
Interest Expenses	$64,739
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$3,311
Professional Fundraising Expenses	$0

Revenue
Contributions	$196,000
Government Grants	$111,853
Program Services	$163,931
Investments	$15,045
Special Events	$0
Sales	$0
Other	$21,260
Total Revenue	$508,089

Expenses
Program Services	$353,967
Administration	$138,480
Fundraising	$14,637
Total Expenses	$507,084
Net Gain/Loss	$1,005

Functional expenses
Accounting Fees	$12,145
Advertising & Promotion	$15,484
Information Technology Expenses	$0
Insurance Expenses	$2,618
Interest Expenses	$65,347
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$1,356
Professional Fundraising Expenses	$0

Revenue
Contributions	$221,500
Government Grants	$114,645
Program Services	$146,197
Investments	$14,935
Special Events	$0
Sales	$0
Other	$26,890
Total Revenue	$524,167

Expenses
Program Services	$382,087
Administration	$105,707
Fundraising	$12,777
Total Expenses	$500,571
Net Gain/Loss	$23,596

Functional expenses
Accounting Fees	$13,334
Advertising & Promotion	$23,223
Information Technology Expenses	$0
Insurance Expenses	$3,334
Interest Expenses	$60,713
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$4,973
Professional Fundraising Expenses	$0

Revenue
Contributions	$164,000
Government Grants	$83,007
Program Services	$154,560
Investments	$17,504
Special Events	$0
Sales	$0
Other	$23,126
Total Revenue	$442,197

Expenses
Program Services	$546,417
Administration	$106,851
Fundraising	$10,701
Total Expenses	$663,969
Net Gain/Loss	($221,772)

Functional expenses
Accounting Fees	$31,436
Advertising & Promotion	$21,521
Information Technology Expenses	$0
Insurance Expenses	$3,060
Interest Expenses	$60,810
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$4,904
Professional Fundraising Expenses	$0

Revenue
Contributions	$230,829
Government Grants	$74,194
Program Services	$210,307
Investments	$25,932
Special Events	$0
Sales	$0
Other	$38,837
Total Revenue	$580,099

Expenses
Program Services	$795,923
Administration	$132,038
Fundraising	$16,821
Total Expenses	$944,782
Net Gain/Loss	($364,683)

Functional expenses
Accounting Fees	$14,378
Advertising & Promotion	$21,484
Information Technology Expenses	$0
Insurance Expenses	$3,923
Interest Expenses	$58,462
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$5,724
Professional Fundraising Expenses	$0

Revenue
Contributions	$312,780
Government Grants	$11,793
Program Services	$238,074
Investments	$12,817
Special Events	$0
Sales	$0
Other	$46,639
Total Revenue	$622,103

Expenses
Program Services	$619,382
Administration	$124,104
Fundraising	$20,472
Total Expenses	$763,958
Net Gain/Loss	($141,855)

Functional expenses
Accounting Fees	$38,768
Advertising & Promotion	$13,795
Information Technology Expenses	$0
Insurance Expenses	$4,129
Interest Expenses	$74,765
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$2,959
Professional Fundraising Expenses	$0

Revenue
Contributions	$239,380
Government Grants	$71,394
Program Services	$282,398
Investments	$18,031
Special Events	$0
Sales	$0
Other	$33,832
Total Revenue	$645,035

Expenses
Program Services	$558,695
Administration	$131,558
Fundraising	$50,530
Total Expenses	$740,783
Net Gain/Loss	($95,748)

Functional expenses
Accounting Fees	$27,368
Advertising & Promotion	$7,583
Information Technology Expenses	$0
Insurance Expenses	$3,789
Interest Expenses	$73,571
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$6,879
Professional Fundraising Expenses	$0

Revenue
Contributions	$258,680
Government Grants	$97,513
Program Services	$292,276
Investments	$75,511
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$723,980

Expenses
Program Services	$808,985
Administration	$139,293
Fundraising	$61,828
Total Expenses	$1,010,106
Net Gain/Loss	($286,126)

Functional expenses
Accounting Fees	$18,150
Advertising & Promotion	$3,784
Information Technology Expenses	$0
Insurance Expenses	$4,051
Interest Expenses	$77,249
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$5,030
Professional Fundraising Expenses	$0

Revenue
Contributions	$205,107
Government Grants	$225,614
Program Services	$257,001
Investments	$13,533
Special Events	$0
Sales	$0
Other	$234
Total Revenue	$701,489

Expenses
Program Services	$569,878
Administration	$279,725
Fundraising	$73,199
Total Expenses	$922,802
Net Gain/Loss	($221,313)

Functional expenses
Accounting Fees	$18,670
Advertising & Promotion	$42,766
Information Technology Expenses	$0
Insurance Expenses	$3,857
Interest Expenses	$63,851
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$7,331
Professional Fundraising Expenses	$0

Revenue
Contributions	$473,525
Government Grants	$73,370
Program Services	$231,834
Investments	$6,126
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$784,855

Expenses
Program Services	$629,470
Administration	$255,133
Fundraising	$72,447
Total Expenses	$957,050
Net Gain/Loss	($172,195)

Functional expenses
Accounting Fees	$19,000
Advertising & Promotion	$49,695
Information Technology Expenses	$0
Insurance Expenses	$4,015
Interest Expenses	$49,432
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$9,165
Professional Fundraising Expenses	$0

Utah Microenterprise Loan Fund

Balance sheet

Fiscal Year: Oct 01 - Sep 30

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	Oct 01, 2008	Sep 30, 2009	Change
Contributions	$156,405
Cash & Equivalents	$2,409,147	$2,806,649	$397,502
Accounts Receivable	$1,029,619	$901,842	($127,777)
Pledges & Grants Receivable	$53,375	$65,491	$12,116
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)	$361,253	$343,172	($18,081)
Other	$7,183	$4,527	($2,656)
Total Assets	$3,860,577	$4,121,681	$261,104

Liabilities	Oct 01, 2008	Sep 30, 2009	Change
Accounts Payable	$92,355	$67,002	($25,353)
Grants Payable	$0	$0	$0
Deferred Revenue	$73,711	$77,361	$3,650
Loans and Notes	$2,228,709	$2,219,898	($8,811)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$1	$1
Total Liabilities	$2,394,775	$2,364,262	($30,513)

Fund balance	Oct 01, 2008	Sep 30, 2009	Change
Temporarily Restricted Net Assets	$78,870	$246,460	$167,590
Permanently Restricted Net Assets	$604,769	$561,635	-$43,134
Total Restricted Net Assets	$683,639	$808,095	$124,456
Unrestricted Net Assets	$782,163	$949,324	$167,161
Net Assets	$1,465,802	$1,757,419	$291,617

Assets	Oct 01, 2009	Sep 30, 2010	Change
Contributions	$157,969
Cash & Equivalents	$2,806,649	$3,015,026	$208,377
Accounts Receivable	$901,842	$1,041,553	$139,711
Pledges & Grants Receivable	$65,491	$82,259	$16,768
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)	$343,172	$350,209	$7,037
Other	$4,527	$5,092	$565
Total Assets	$4,121,681	$4,494,139	$372,458

Liabilities	Oct 01, 2009	Sep 30, 2010	Change
Accounts Payable	$67,002	$80,578	$13,576
Grants Payable	$0	$0	$0
Deferred Revenue	$77,361	$85,041	$7,680
Loans and Notes	$2,219,898	$2,179,412	($40,486)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$1	$0	($1)
Total Liabilities	$2,364,262	$2,345,031	($19,231)

Fund balance	Oct 01, 2009	Sep 30, 2010	Change
Temporarily Restricted Net Assets	$246,460	$570,598	$324,138
Permanently Restricted Net Assets	$561,635	$492,091	-$69,544
Total Restricted Net Assets	$808,095	$1,062,689	$254,594
Unrestricted Net Assets	$949,324	$1,086,419	$137,095
Net Assets	$1,757,419	$2,149,108	$391,689

Assets	Oct 01, 2010	Sep 30, 2011	Change
Contributions	$253,427
Cash & Equivalents	$3,015,026	$2,823,176	($191,850)
Accounts Receivable	$1,041,553	$1,390,217	$348,664
Pledges & Grants Receivable	$82,259	$25,000	($57,259)
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)	$350,209	$335,831	($14,378)
Other	$5,092	$5,542	$450
Total Assets	$4,494,139	$4,579,766	$85,627

Liabilities	Oct 01, 2010	Sep 30, 2011	Change
Accounts Payable	$80,578	$70,657	($9,921)
Grants Payable	$0	$0	$0
Deferred Revenue	$85,041	$108,031	$22,990
Loans and Notes	$2,179,412	$2,341,460	$162,048
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$2,345,031	$2,520,148	$175,117

Utah Microenterprise Loan Fund

Financial trends analysis Glossary & formula definitions

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990 info

This snapshot of Utah Microenterprise Loan 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.

Created in partnership with

Fiscal year: Oct 01 - Sep 30 View full report Download data

Business model indicators

Profitability	2018	2019	2020	2021	2022
Unrestricted surplus (deficit) before depreciation	$49,505	$29,992	-$173,526	-$113,226	-$91,086
As % of expenses	6.7%	4.2%	-17.6%	-12.6%	-9.7%
Unrestricted surplus (deficit) after depreciation	$25,826	$3,658	-$197,359	-$135,953	-$110,405
As % of expenses	3.4%	0.5%	-19.5%	-14.7%	-11.5%

Revenue composition
Total revenue (unrestricted & restricted)	$622,103	$645,035	$723,980	$701,489	$784,855
Total revenue, % change over prior year	7.2%	3.7%	12.2%	-3.1%	11.9%
Program services revenue	38.3%	43.8%	40.4%	36.6%	29.5%
Membership dues	0.0%	0.0%	0.0%	0.0%	0.0%
Investment income	2.1%	2.8%	3.6%	1.6%	0.5%
Government grants	1.9%	11.1%	13.5%	32.2%	9.3%
All other grants and contributions	50.3%	37.1%	35.7%	29.2%	60.3%
Other revenue	7.5%	5.2%	6.9%	0.4%	0.3%

Expense composition
Total expenses before depreciation	$740,279	$714,449	$986,273	$900,075	$937,731
Total expenses, % change over prior year	-19.3%	-3.5%	38.0%	-8.7%	4.2%
Personnel	37.3%	53.1%	43.5%	54.6%	57.0%
Professional fees	13.1%	7.6%	3.7%	7.7%	11.0%
Occupancy	2.8%	2.6%	2.0%	1.9%	2.0%
Interest	10.1%	10.3%	7.8%	7.1%	5.3%
Pass-through	0.0%	0.0%	0.0%	0.0%	0.0%
All other expenses	36.7%	26.4%	43.0%	28.7%	24.7%

Full cost components (estimated)	2018	2019	2020	2021	2022
Total expenses (after depreciation)	$763,958	$740,783	$1,010,106	$922,802	$957,050
One month of savings	$61,690	$59,537	$82,189	$75,006	$78,144
Debt principal payment	$0	$0	$573,342	$571,079	$266,435
Fixed asset additions	$51,327	$0	$0	$0	$0
Total full costs (estimated)	$876,975	$800,320	$1,665,637	$1,568,887	$1,301,629

Capital structure indicators

Liquidity	2018	2019	2020	2021	2022
Months of cash	65.8	67.9	47.6	49.5	35.1
Months of cash and investments	65.8	110.0	71.6	67.7	58.1
Months of estimated liquid unrestricted net assets	27.1	28.1	18.0	17.9	15.7

Balance sheet composition	2018	2019	2020	2021	2022
Cash	$4,057,632	$4,042,053	$3,914,454	$3,713,924	$2,740,638
Investments	$0	$2,506,823	$1,973,407	$1,365,469	$1,801,207
Receivables	$2,074,778	$35,199	$63,148	$99,426	$37,825
Gross land, buildings, equipment (LBE)	$706,615	$652,547	$549,345	$549,345	$546,457
Accumulated depreciation (as a % of LBE)	43.1%	42.8%	53.6%	57.7%	60.0%
Liabilities (as a % of assets)	69.1%	72.4%	73.7%	73.9%	74.2%
Unrestricted net assets	$1,670,616	$1,674,274	$1,476,915	$1,340,962	$1,230,557
Temporarily restricted net assets	$350,414	$246,091	N/A	N/A	N/A
Permanently restricted net assets	$0	$0	N/A	N/A	N/A
Total restricted net assets	$350,414	$246,091	$157,324	$71,964	$10,174
Total net assets	$2,021,030	$1,920,365	$1,634,239	$1,412,926	$1,240,731

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 is not available for this organization

Form 1023/1024 is not available for this organization

Executive Director

Doug Keefe

Number of employees

Source: IRS Form 990

Utah Microenterprise Loan Fund

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.

Utah Microenterprise Loan Fund

Board of directors
as of 08/15/2023

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. Ryan Jones

Alta Bank

Organizational demographics

SOURCE: Self-reported; last updated 8/15/2023

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

White/Caucasian/European

Gender identity

Male, Not transgender (cisgender)

Sexual orientation

Heterosexual or straight

Disability status

Person without a disability

Race & ethnicity

Gender identity

Sexual orientation

Disability

We do not display disability information for organizations with fewer than 15 staff.

Utah Microenterprise Loan Fund

Making the dreams of Utah small business owners a reality since 1991.

Mission

Is this your nonprofit?

Programs and results

What we aim to solve

This profile needs more info.

Our programs

Microloan Program

Where we work

Awards

Affiliations & memberships

How we listen

Financials

Financial documents

Revenue vs. expenses: breakdown

Liquidity in 2022 info

0.77

Months of cash in 2022 info

35.1

Fringe rate in 2022 info

15%

Funding sources info

Assets & liabilities info

Financial data

Digitizing IRS form 990 data

Utah Microenterprise Loan Fund

Utah Microenterprise Loan Fund

Utah Microenterprise Loan Fund

Business model indicators

Capital structure indicators

Key data checks

Operations

Documents

Executive Director

Doug Keefe

Number of employees

Utah Microenterprise Loan Fund

Compensation data

Utah Microenterprise Loan Fund

Board of directors data

Mr. Ryan Jones

Organizational demographics

Leadership

Race & ethnicity

Gender identity

Sexual orientation

Disability

Liquidity in 2022

Months of cash in 2022

Fringe rate in 2022

Funding sources

Assets & liabilities