Secured Finance Network INC FY2021 filing

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The Secured Finance Network is the trade group for commercial Finance companies, factors, banks and other financing agencies in the asset-based financial services industry on an international, national, regional and local basis. The objectives of the organization are to provide, through discussion and publication, a forum for the consideration of inter- and intra-industry ideas and opportunities; to make available current information on legislation and court decisions relating to asset-based financial services; to improve legal and operational procedures employed by the industry; to furnish to the general public information on the function and significance of the industry in the credit structure of the country; to encourage the association's members, and their person.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
57¢ of each $1 spent went to programs.
$1.2M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $252K a year · 5% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
57%
of spending
Worth a look: 57% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.2M
to officers and key staff · 31% of spending
Concern: pay to officers and key staff is 31% of spending; over 30%.
Pt VII · Sec A
3 mo
of spending, in cash
Looks good: 3.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $1K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.8M
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
264
of 264 voting members
Looks good: 264 of 264 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.3M
Spent
$4.0M
To programs
57%
Net assets
$298K
By yearFY2021–FY2025
Revenue
$3.3M
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$3.3M
FY2022$5.1M
FY2023$6.0M
FY2024$6.3M
FY2025$6.6M
Expenses
$4.0M
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$4.0M
FY2022$5.0M
FY2023$6.0M
FY2024$6.7M
FY2025$6.9M
Net assets
$298K
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021$298K
FY2022$775K
FY2023$1.2M
FY2024$1.3M
FY2025$1.3M

From the FY2021 Form 990 (year ending September 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1955.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

57 cents of each dollar spent went to programs.

Program services 57% · $2.3M Management & general 43% · $1.7M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

271 people listed on the 990; $1.2M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$506,471Pt VII · Sec A
Business Development Direc
$180,225Pt VII · Sec A
Chief Value Officer (to Oct, 2020)
$179,896Pt VII · Sec A
Board Member of Conferences &
$136,573Pt VII · Sec A
Operations Manager
$112,210Pt VII · Sec A
$108,390Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Richard Gumbrecht’s $675K as CEO is at the 99th percentile of top reported officer pay among 145 $1–10M social science nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Richard Gumbrecht$675,465$693,515$596,464$560,427$506,471
James Kravitz$321,937$296,260$249,605$211,927$180,225
Morten Kucey————$179,896
Gregory Slowik$170,693$149,232$130,463——
Jeffrey Walsh—$158,518$152,704$142,160$136,573
Aydan Savaser$147,065$137,810$129,908$118,563$112,210
Hilary Scherer$121,998————
Michele a Ocejo$118,955$114,400$110,110——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Serves as the trade association for the asset-based lending industry, providing education, legal updates, and networking opportunities for commercial finance companies and banks.

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Provided by the organization

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3 programs · $2.3M · in their own filed words · FY2020
01

Conventions/Meetings

Held in order to allow members to gather and discuss new developments, share experiences, and lend assistance to others so as to better our industry.

$1.2Mprogram expense
02

Education Programs

Held to teach new topics in our field and to update the public on matters of concern.

$567Kprogram expense
03

Publications

Conducted in order to better our work environment and strengthen our industry.

$490Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2020
Total grants receivedfrom 1 funder$1K

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$3.3M
Ln 12
Fees for servicesLn 2g$2.5M
Other incomeLn 4–11$558K
Gifts and grantsLn 1h$251K
Money outPt IX
$4.0M
Ln 25
Programscol B$2.3M
Managementcol C$1.7M
Owns and owesPt X
$298K
net assets · Ln 32
Cash and savingsLn 1–2$1.1M
Total assetsLn 16$3.1M
LiabilitiesLn 26$2.8M
PeoplePt VI, VII
271
listed · VII A
PaidVII A6
Voting boardVI 1a264
IndependentVI 1b264
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$251K
Government grantsLn 1e$251K
Fees for servicesLn 2g$2.5M
Investment incomeLn 3$17K
Other incomeLn 4–11$558K
Gains on assetsLn 7$6K
Total revenueLn 12$3.3M
Assets in detailPt X, end of year
CashLn 1$1.1M
Cash and savings togetherLn 1–2$1.1M
InvestmentsLn 11–13$687K
Land, buildings, equipmentLn 10c$186K
Other assetsLn 15$488K
Total assetsLn 16$3.1M
LiabilitiesLn 26$2.8M
Net assetsLn 32$298K
OperationsPt I, VI
EmployeesI 512
VolunteersI 622
Fiscal year endsHeaderSeptember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$934K$1.1M
InvestmentsLn 11–13$577K$687K
Land, buildings, equipmentLn 10c$248K$186K
Total assetsLn 16$2.8M$3.1M
LiabilitiesLn 26$2.3M$2.8M
Net assetsLn 32$494K$298K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$759K$455K$303K
Other salaries and wagesLn 7$497K$399K$98K
Pension plan contributionsLn 8$45K$16K$30K
Other employee benefitsLn 9$421K$312K$109K
Payroll taxesLn 10$109K$79K$30K
Legal feesLn 11b$183K$183K
Accounting feesLn 11c$287K$287K
Investment management feesLn 11f$10K$10K
Other fees for servicesLn 11g$65K$5K$60K
Advertising and promotionLn 12$93K$66K$27K
Office expensesLn 13$69K$67K$2K
Information technologyLn 14$146K$713$145K
OccupancyLn 16$218K$218K
TravelLn 17$9K$5K$4K
Conferences, conventions and meetingsLn 19$226K$224K$2K
InterestLn 20$5K$5K
Depreciation, depletion and amortizationLn 22$67K$67K
InsuranceLn 23$54K$26K$28K
Other expenses (24a–d)Ln 24$528K$523K$5K
All other expensesLn 24e$217K$104K$113K
Total functional expensesLn 25$4.0M$2.3M$1.7M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.6M$6.9M−$314K$1.3M 990 PDF
FY2024 $6.3M$6.7M−$402K$1.3M 990 PDF
FY2023 $6.0M$6.0M−$34K$1.2M 990 PDF
FY2022 $5.1M$5.0M$163K$775K 990 PDF
FY2021 Viewing $3.3M$4.0M−$671K$298K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2021 990 (6 parts)
Part I · Summary $3,338,734 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$250,615
I-9 Program service revenuePrior year $4,149,552$2,513,485
I-10 Investment incomePrior year −$17,819$16,827
I-11 Other revenuePrior year $745,581$557,807
I-12 Total revenuePrior year $4,877,314$3,338,734
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,912,283$1,831,446
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,189,535$2,178,149
I-18 Total expensesPrior year $5,101,818$4,009,595
I-19 Revenue less expensesPrior year −$224,504−$670,861
Part VI · Governance 264 of 264 board members independent, no flags
VI-1a Voting members of the governing body264
VI-1b Independent voting members264
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,338,734 across 6 lines filed
Lines not itemized here account for $11,130 of total revenue; see the IRS return.
VIII-1e Government grants$250,615
VIII-1h Total contributions, gifts and grants$250,615
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,513,485$2,513,485
VIII-7 Net gain or loss on sales of assetsExcluded from tax $5,697$5,697
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $13,165 · Unrelated business $544,642$557,807
VIII-12 Total revenueRelated to mission $2,526,650 · Unrelated business $544,642 · Excluded from tax $16,827$3,338,734
Part IX · Statement of functional expenses $4,009,595 across 20 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $455,149 · Management $303,433$758,582
IX-7 Other salaries and wagesPrograms $399,400 · Management $97,925$497,325
IX-8 Pension plan contributionsPrograms $15,756 · Management $29,606$45,362
IX-9 Other employee benefitsPrograms $311,943 · Management $109,385$421,328
IX-10 Payroll taxesPrograms $78,761 · Management $30,088$108,849
IX-11b Legal feesManagement $183,088$183,088
IX-11c Accounting feesManagement $287,268$287,268
IX-11f Investment management feesManagement $9,954$9,954
IX-11g Other fees for servicesPrograms $5,094 · Management $60,009$65,103
IX-12 Advertising and promotionPrograms $66,395 · Management $26,741$93,136
IX-13 Office expensesPrograms $67,334 · Management $2,032$69,366
IX-14 Information technologyPrograms $713 · Management $145,298$146,011
IX-16 OccupancyManagement $218,361$218,361
IX-17 TravelPrograms $4,973 · Management $3,717$8,690
IX-19 Conferences, conventions and meetingsPrograms $224,242 · Management $1,760$226,002
IX-20 InterestManagement $4,806$4,806
IX-22 Depreciation, depletion and amortizationManagement $67,359$67,359
IX-23 InsurancePrograms $25,543 · Management $28,231$53,774
IX-24 Other expenses (24a–d)Programs $523,285 · Management $5,034$528,319
IX-24e All other expensesPrograms $103,596 · Management $113,316$216,912
IX-25 Total functional expensesPrograms $2,282,184 · Management $1,727,411 · Fundraising $0$4,009,595
Part X · Balance sheet $3,073,536 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $934,008$1,126,912
X-4 Accounts receivableStart of year $304,277$439,063
X-8 Inventories for sale or useStart of year $3,318$3,318
X-9 Prepaid expenses and deferred chargesStart of year $164,533$144,081
X-10c Land, buildings and equipment, netStart of year $247,707$185,547
X-11 Publicly traded securitiesStart of year $576,919$686,799
X-15 Other assetsStart of year $558,851$487,816
X-16 Total assetsStart of year $2,789,613$3,073,536
X-17 Accounts payable and accrued expensesStart of year $340,388$427,165
X-19 Deferred revenueStart of year $1,117,292$1,817,765
X-25 Other liabilitiesStart of year $838,418$530,609
X-26 Total liabilitiesStart of year $2,296,098$2,775,539
X-27 Net assets without donor restrictionsStart of year $493,515$297,997
X-32 Total net assets or fund balancesStart of year $493,515$297,997
X-33 Total liabilities and net assetsStart of year $2,789,613$3,073,536
Part XI · Reconciliation of net assets $297,997 net assets at year end
XI-1 Total revenue$3,338,734
XI-2 Total expenses$4,009,595
XI-3 Revenue less expenses−$670,861
XI-4 Net assets at start of year$493,515
XI-5 Net unrealized gains (losses) on investments−$16,508
XI-6 Donated services and use of facilities$415,350
XI-9 Other changes in net assets$76,501
XI-10 Net assets at end of year$297,997

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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