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Secured Finance Network Midwest FY2022 filing

Not tax-deductible

Mokena, IL501(c)(6)Since 1988Community Development EIN 20-1500060Revenue $93K in FY2022

On file with the IRSsfnetmidwest.com19250 Everett Ln Ste 103, 60448-8964 · Mokena, ILTax-exempt since Mar 2005

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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.
26¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2022 · 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
4 of 4
filings with a surplus
Average surplus $89K a year · 60% of revenue · last 4 filings
Looks good: a surplus in 4 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
26%
of spending
Concern: 26% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
94 mo
of spending, in cash
Looks good: 94.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$210K
45% of total assets
Looks good: liabilities are 45% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$93K
×11 vs prior year
Spent
$52K
To programs
26%
Net assets
$253K
By yearFY2020–FY2025
Revenue
$93K
FY2022▲ ×11
Tap a bar for its year
Revenue by fiscal year
FY2020$85K
FY2021$8K
FY2022$93K
FY2023$148K
FY2024$174K
FY2025$173K
Expenses
$52K
FY2022
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021Not on file
FY2022$52K
FY2023$55K
FY2024$60K
FY2025$66K
Net assets
$253K
FY2022▲ +20%
Tap a bar for its year
Net assets by fiscal year
FY2020$244K
FY2021$212K
FY2022$253K
FY2023$347K
FY2024$461K
FY2025$568K

From the FY2022 Form 990 · see the original

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You’re viewing the FY2022 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 Mar 2005.

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

Where the money goes

26 cents of each dollar spent went to programs.

Program services 26% · $14K Management & general 74% · $38K

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

8 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Eric Dorner
First Vice President
$0Pt VII · Sec A
Susan Duckett
Vice President
$0Pt VII · Sec A
Tom Boniface
Secretary
$0Pt VII · Sec A
Jason Hoefler
Treasurer
$0Pt VII · Sec A
James Low
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Alpesh Amin
Director
$0Pt VII · Sec A
See Secured Finance Network Midwest executive salaries →

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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 15aNo

Programs and updates

Connects and supports companies in the asset-based financial services industry.

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Provided by the organization

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1 program · $14K · in their own filed words · FY2022
01

Annual corporate sponsorships to the members of the association and their networking meetings.

$14Kprogram expense

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$93K
Ln 12
Gifts and grantsLn 1h$153K
Money outPt IX
$52K
Ln 25
Programscol B$14K
Managementcol C$38K
Owns and owesPt X
$253K
net assets · Ln 32
Cash and savingsLn 1–2$407K
Total assetsLn 16$464K
LiabilitiesLn 26$210K
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$153K
Total revenueLn 12$93K
Assets in detailPt X, end of year
CashLn 1$407K
Cash and savings togetherLn 1–2$407K
Total assetsLn 16$464K
LiabilitiesLn 26$210K
Net assetsLn 32$253K
OperationsPt I, VI
EmployeesI 50
VolunteersI 650
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$284K$407K
Total assetsLn 16$335K$464K
LiabilitiesLn 26$123K$210K
Net assetsLn 32$212K$253K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$19K$4K$14K
Accounting feesLn 11c$900$900
Other fees for servicesLn 11g$10K$263$10K
Office expensesLn 13$481$481
TravelLn 17$202$202
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$17K$9K$9K
All other expensesLn 24e$903$111$792
Total functional expensesLn 25$52K$14K$38K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $173K$66K$107K$568K 990 PDF
FY2024 $174K$60K$114K$461K 990 PDF
FY2023 $148K$55K$94K$347K 990 PDF
FY2022 Viewing $93K$52K$41K$253K 990 PDF
FY2021 $8K$212K 990 PDF
FY2020 $85K$244K 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 O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $93,142 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$152,570
I-9 Program service revenuePrior year $11,463$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year −$2,967−$59,428
I-12 Total revenuePrior year $8,496$93,142
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 $7,856$18,609
I-16a Professional fundraising feesPrior year $4,320$0
I-17 Other expensesPrior year $28,063$33,076
I-18 Total expensesPrior year $40,239$51,685
I-19 Revenue less expensesPrior year −$31,743$41,457
Part VI · Governance 8 of 8 board members independent, 4 to look at
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $93,142 across 6 lines filed
VIII-1b Membership dues$21,670
VIII-1f All other contributions, gifts and grants$130,900
VIII-1h Total contributions, gifts and grants$152,570
VIII-8 Net income from fundraising eventsExcluded from tax −$61,928−$61,928
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $2,500$2,500
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax −$59,428$93,142
Part IX · Statement of functional expenses $51,685 across 8 lines filed
IX-7 Other salaries and wagesPrograms $4,471 · Management $14,138$18,609
IX-11c Accounting feesManagement $900$900
IX-11g Other fees for servicesPrograms $263 · Management $9,994$10,257
IX-13 Office expensesManagement $481$481
IX-17 TravelManagement $202$202
IX-23 InsuranceManagement $3,000$3,000
IX-24 Other expenses (24a–d)Programs $8,797 · Management $8,536$17,333
IX-24e All other expensesPrograms $111 · Management $792$903
IX-25 Total functional expensesPrograms $13,642 · Management $38,043 · Fundraising $0$51,685
Part X · Balance sheet $463,634 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $283,844$407,146
X-4 Accounts receivableStart of year $51,518$56,000
X-9 Prepaid expenses and deferred chargesStart of year $0$488
X-16 Total assetsStart of year $335,362$463,634
X-17 Accounts payable and accrued expensesStart of year $1,884$21,719
X-19 Deferred revenueStart of year $121,585$188,565
X-26 Total liabilitiesStart of year $123,469$210,284
X-32 Total net assets or fund balancesStart of year $211,893$253,350
X-33 Total liabilities and net assetsStart of year $335,362$463,634
Part XI · Reconciliation of net assets $253,350 net assets at year end
XI-1 Total revenue$93,142
XI-2 Total expenses$51,685
XI-3 Revenue less expenses$41,457
XI-4 Net assets at start of year$211,893
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$253,350

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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