Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2003.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
79 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
Something off? Claim to add context
Who runs it and what they're paid
24 people listed on the 990; $1.7M paid to officers and key staff.
Allison Kelly’s $317K as Chief Executive Officer is at the 88th percentile of top reported officer pay among 2832 $1–10M community development 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
| Name | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Allison Kelly | $316,945 | $297,486 | $268,853 | $237,333 | $144,667 |
| John Gough | $230,778 | $226,845 | $233,281 | $208,394 | — |
| Dennise Estrada | $231,000 | $216,690 | $82,403 | — | — |
| Dianna Tremblay | $229,883 | $218,855 | $198,050 | — | — |
| Diana Tremblay | — | — | — | $161,634 | $98,486 |
| Daniel Lee | — | — | $161,472 | $159,168 | — |
| Yui Ueno | — | $156,782 | $141,388 | $130,680 | $100,888 |
| Caron Gugssa-Howard | $144,452 | $127,199 | $103,792 | $110,252 | — |
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.
See Ica Fund executive salaries →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
Connects entrepreneurs with coaching, capital, and networks to grow Bay Area businesses.
Questions for Ica Fund
Your first name shows with your question. Ica Fund answers here, for everyone.
5 new working capital loans, 3 new equity investments, 3 new safe notes, 25 new impact notes deployed to small businesses.
69 entrepreneurs served through education offerings.
155 hours of advising hours provided to small businesses.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
Federal money
The auditor reported no findings.
By the numbers
The FY2023 990, line by line.
Download 990
| Line | Start FY23 | End FY23 |
|---|---|---|
| Cash and savingsLn 1–2 | $8.3M | $9.2M |
| InvestmentsLn 11–13 | $10.2M | $12.6M |
| Land, buildings, equipmentLn 10c | $0 | $0 |
| Total assetsLn 16 | $19.4M | $22.8M |
| LiabilitiesLn 26 | $6.4M | $9.2M |
| Net assetsLn 32 | $13.0M | $13.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $1.2M | $941K | $68K | $241K |
| Other salaries and wagesLn 7 | $1.6M | $1.2M | $90K | $286K |
| Pension plan contributionsLn 8 | $118K | $88K | $7K | $23K |
| Other employee benefitsLn 9 | $234K | $176K | $18K | $40K |
| Payroll taxesLn 10 | $99K | $75K | $8K | $16K |
| Legal feesLn 11b | $53K | $47K | $5K | |
| Accounting feesLn 11c | $76K | $8K | $61K | $8K |
| Other fees for servicesLn 11g | $158K | $142K | $16K | |
| Advertising and promotionLn 12 | $164K | $115K | $769 | $49K |
| Office expensesLn 13 | $154K | $147K | $3K | $4K |
| Information technologyLn 14 | $78K | $58K | $7K | $12K |
| OccupancyLn 16 | $156K | $119K | $13K | $25K |
| TravelLn 17 | $40K | $28K | $12K | |
| Conferences, conventions and meetingsLn 19 | $28K | $19K | $8K | |
| InterestLn 20 | $746K | $746K | ||
| Depreciation, depletion and amortizationLn 22 | $6K | $6K | ||
| InsuranceLn 23 | $20K | $15K | $2K | $3K |
| Other expenses (24a–d)Ln 24 | $63K | $55K | $764 | $7K |
| Total functional expensesLn 25 | $5.0M | $4.0M | $303K | $734K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 LatestFiled with the IRS Nov 17, 2025 | $7.7M | $6.9M | $770K | $11.5M | 990 PDF |
| FY2023 ViewingFiled with the IRS Nov 13, 2024 | $5.5M | $5.0M | $487K | $13.6M | 990 PDF |
| FY2022Filed with the IRS Sep 1, 2023 | $6.7M | $4.4M | $2.3M | $13.0M | 990 PDF |
| FY2021Filed with the IRS Nov 7, 2022 | $6.5M | $3.0M | $3.5M | $10.6M | 990 PDF |
| FY2020Filed with the IRS Nov 15, 2021 | $5.7M | $3.1M | $2.6M | $6.6M | 990 PDF |
Schedules filed Part IV
See the full FY2023 990 (6 parts)
Part I · Summary $5,480,854 revenue, 12 lines filed
Part VI · Governance 14 of 14 board members independent, no flags
Part VIII · Statement of revenue $5,480,854 across 7 lines filed
Part IX · Statement of functional expenses $4,993,871 across 18 lines filed
Part X · Balance sheet $22,824,034 assets, 17 lines filed
Part XI · Reconciliation of net assets $13,578,825 net assets at year end
Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File
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