2024-10-01T09:30:38-05:00 2023-12-31 873707167 CBIZ MARKS PANETH LLC 685 THIRD AVENUE NEW YORK NY 10017 990 2023-01-01 113317234 ASCENDUS INC ASCE 6468334514 25 BROADWAY FLOOR 10 NEW YORK NY 10004 JOSHUA BRACKETT CFO 6468334514 2024-09-27 1 1 MAGDALENA CZERNIAWSKI P00535099 2125038800 2024-09-27 2023 2024-10-15 13:58:12Z JOSHUA BRACKETT 25 BROADWAY FLOOR 10 NEW YORK NY 10004 10641559 0 X ASCENDUS.ORG X 1996 NY ASCENDUS EMPOWERS LOW-TO-MODERATE INCOME BUSINESS OWNERS THROUGH ACCESS TO CAPITAL AND FINANCIAL EDUCATION. WITH ECONOMIC OPPORTUNITY, THESE ENTREPRENEURS, OFTEN MINORITIES AND WOMEN, CAN BUILD ASSETS, BETTER PROVIDE FOR THEIR FAMILIES, CREATE EMPLOYMENT AND STRENGTHEN THEIR COMMUNITIES. 17 17 54 31 0 0 9761513 5182715 3194209 5065545 -1048 393299 449285 0 13403959 10641559 0 0 0 0 5488585 6416394 0 0 789496 3571758 6772965 9060343 13189359 4343616 -2547800 40451243 44490956 19696954 26513098 20754289 17977858 X ASCENDUS EMPOWERS LOW-TO-MODERATE INCOME BUSINESS OWNERS THROUGH ACCESS TO CAPITAL AND FINANCIAL EDUCATION. WITH ECONOMIC OPPORTUNITY, THESE ENTREPRENEURS, OFTEN MINORITIES AND WOMEN, CAN BUILD ASSETS, BETTER PROVIDE FOR THEIR FAMILIES, CREATE EMPLOYMENT AND STRENGTHEN THEIR COMMUNITIES. 0 0 9690554 5065545 ASCENDUS HAS ONE LENDING PROGRAM FOCUSED ON MICRO-ENTREPRENEURS. THE LOAN TYPES OFFERED ARE TERM LOANS, LINES OF CREDIT, AND PARTICIPATIONS. ASCENDUS IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION ("CDFI"), CERTIFIED BY THE U.S. DEPARTMENT OF THE TREASURY, A SMALL BUSINESS ADMINISTRATION ("SBA") MICROLOAN INTERMEDIARY, AND A COMMUNITY ADVANTAGE SMALL BUSINESS LENDING COMPANY WITH OFFICES IN NEW YORK AND FLORIDA, BUT LENDING ACROSS FORTY-NINE STATES. 9690554 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 18 0 1 54 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X JOSHUA BRACKETT CFO 8662450783 25 BROADWAY FLOOR 10 NEW YORK NY 10004 AMY HELLEN DIRECTOR 1.00 X 0 0 0 ARMANDO ACOSTA DIRECTOR 1.00 X 0 0 0 COLLEEN GALVIN VICE-CHAIR 1.00 X X 0 0 0 DANIEL DELEHANTY DIRECTOR 1.00 X 0 0 0 JAS JEET SINGH DIRECTOR 1.00 X 0 0 0 JEROME WEISS DIRECTOR 1.00 X 0 0 0 JOSEPH HERNANDEZ DIRECTOR 1.00 X 0 0 0 KIMBERLY JOHNSON TREASURER (OUTGOING) 1.00 X X 0 0 0 LAURA MILLER CHAIR 1.00 X X 0 0 0 LISA SERVON DIRECTOR (OUTGOING) 1.00 X 0 0 0 PABLO CORTINA DIRECTOR 1.00 X 0 0 0 PERRI RICHMAN DIRECTOR 1.00 X 0 0 0 QUENIA ABREU DIRECTOR 1.00 X 0 0 0 ROSHELLE NAGAR SECRETARY 1.00 X X 0 0 0 SHELLEY R SYLVA DIRECTOR 1.00 X 0 0 0 STEPHEN CASSELL DIRECTOR 1.00 X 0 0 0 SUDHIR JAIN DIRECTOR 1.00 X 0 0 0 TYLER VAN GUNDY TREASURER 1.00 X X 0 0 0 ZARA INGILIZIAN DIRECTOR 1.00 X 0 0 0 ANA HAMMOCK CHIEF LENDING OFFICER 40.00 X 241866 0 0 JOSHUA BRACKETT CFO 40.00 X 146666 0 16076 PAUL QUINTERO CEO 40.00 X 438111 0 28948 ANDREA IERACE VP OF LENDING 40.00 X 176998 0 11224 FABIANA A ESTRADA DIRECTOR OF LENDING 40.00 X 171609 0 22308 JENNIFER SPAZIANO V.P. TECH & INNOVATION 40.00 X 181352 0 0 RODRIGO CERVEIRA V.P. CREDIT RISK & LOAN SE 40.00 X 168764 0 30088 VICTORIA N RICHARDSON V.P OF DEVELOPMENT & COMMU 40.00 X 171035 0 27672 1696401 0 136316 11 0 1 0 PERSONAL COMPUTER POWER CENTER 1650 BROADWAY SUITE 1007 NEW YORK NY 10019 IT SERVICES 137598 FIFTEEN DEGREES LLC 27 EAST 21ST STREET 2ND FLOOR NEW YORK NY 10010 BRAND DEVELOPMENT 119198 YOUR PART-TIME CONTROLLER INC PO BOX 1209 MOUNT LAUREL NJ 080547209 FINANCIAL SERVICES 113290 3 1908772 3273943 5182715 PROGRAM FEES 900099 3252582 3252582 LOAN PORTFOLIO INCOME 525990 1812963 1812963 5065545 393299 393299 10641559 5065545 0 393299 871667 549150 244067 78450 4146465 2618519 1166605 361341 990336 625212 278459 86665 407926 257506 114678 35742 12030 10369 1661 441679 125287 237622 78770 5087 1443 2737 907 13646 10927 1881 838 966353 538743 339441 88169 321010 217222 76288 27500 120485 34727 76608 9150 9702 2796 6169 737 589549 589549 115669 207 115462 59816 47897 8245 3674 CLIENT LOSS PROVISION 3483724 3483724 MISC 285742 228803 39386 17553 CLIENT FIN. SUPPORT 200000 200000 COLLECTION EXPENSE 148473 148473 13189359 9690554 2709309 789496 15570383 4425976 559405 9269367 2398670 1255249 154232 441575 17299175 27813541 289439 314525 1041250 999045 127877 42205 4052062 928518 40451243 44490956 1286663 566594 18066 35416 3480964 2980614 14623080 20837661 288181 2092813 19696954 26513098 X 14752757 15064367 6001532 2913491 20754289 17977858 40451243 44490956 X -2547800 -228631 X X 0 1 X 1 1 1 X 3871881 9008455 8034011 9761513 5182715 35858575 3871881 9008455 8034011 9761513 5182715 35858575 2874815 32983760 4297 16091 8607 27361 393299 449655 72447 282914 568971 449285 1373617 37681847 20447852 0.87530 0.84930 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING INCOME - 2019 AMOUNT: $ 19,164. OTHER REVENUE - 2019 AMOUNT: $ 53,283. 2020 AMOUNT: $ 172,991. 2021 AMOUNT: $ 529,440. 2022 AMOUNT: $ 5,066. LOAN RECOVERY INCOME - 2020 AMOUNT: $ 109,923. 2021 AMOUNT: $ 39,531. 2022 AMOUNT: $ 444,219. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2041 1958 83 1039209 997087 42122 42205 OTHER LIABILITIES 1805592 FIANANCE LEASE LIABILITY 49421 OPERATING LEASE LIABILITY 237800 2092813 X 10892546 250987 250987 10641559 0 10641559 13440346 250987 250987 13189359 0 13189359 PART X, LINE 2: ASCENDUS BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022 IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION ("ASC") TOPIC 740, INCOME TAXES, WHICH PROVIDES STANDARDS FOR ESTABLISHING AND CLASSIFYING ANY TAX PROVISIONS FOR UNCERTAIN TAX POSITIONS. CENTRAL AMERICA AND THE CARIBBEAN 0 1 PROGRAM SERVICES LOAN CONSULTANTS 121180 0 1 0 0 0 1 121180 0 121180 0 0 0 0 0 0 X X X X 0 0 0 0 0 0 0 1 0 PAUL QUINTERO CEO 373768 0 64343 0 0 0 0 0 28948 0 467059 0 0 0 ANA HAMMOCK CHIEF LENDING OFFICER 211592 0 30274 0 0 0 0 0 0 0 241866 0 0 0 RODRIGO CERVEIRA V.P. CREDIT RISK & LOAN SE 142172 0 26592 0 0 0 0 0 30088 0 198852 0 0 0 VICTORIA N RICHARDSON V.P OF DEVELOPMENT & COMMU 147818 0 23217 0 0 0 0 0 27672 0 198707 0 0 0 FABIANA A ESTRADA DIRECTOR OF LENDING 146781 0 24828 0 0 0 0 0 22308 0 193917 0 0 0 ANDREA IERACE VP OF LENDING 154932 0 22066 0 0 0 0 0 11224 0 188222 0 0 0 JENNIFER SPAZIANO V.P. TECH & INNOVATION 158338 0 23014 0 0 0 0 0 0 0 181352 0 0 0 JOSHUA BRACKETT CFO 146666 0 0 0 0 0 0 0 16076 0 162742 0 0 0 PART I, LINE 7 THE BOARD APPROVES THE SUCCESS SHARE PLAN BONUS BASED ON THE RECOMMENDATION AND REVIEW OF THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS PREPARED BY THE OUTSOURCED ACCOUNTANT, AND IS REVIEWED BY MANAGEMENT & AUDIT COMMITTEE IN DETAIL AND THEN SENT TO THE BOARD PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C A CONFLICT OF INTEREST POLICY IS CURRENTLY IN PLACE AND IS MONITORED ANNUALLY. EACH YEAR EVERY MEMBER OF THE GOVERNING BODY COMPLETES AND SIGNS A CONFLICT OF INTEREST QUESTIONNAIRE IN WHICH THEY DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST TO THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15A IN 2023, THE CEO'S SALARY WAS REVIEWED AND APPROVED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS USING THREE SOURCES OF COMPENSATION ANALYSIS, INCLUDING NATIONAL REPORT FROM GUIDESTAR ON COMPENSATION LEVELS FOR NONPROFIT CEOS BY TYPE OF NONPROFIT, SIZE AND GEOGRAPHY, AN ANALYSIS BASED ON INDEPENDENT THIRD-PARTY SALARY BENCHMARKING ANALYSIS FOR THE NEW YORK AREA, AND A PERFORMANCE REVIEW. IN 2023, ASCENDUS HAD AN EMPLOYMENT MANAGEMENT AGREEMENT WITH A PROFESSIONAL EMPLOYMENT ORGANIZATION ("PEO") WHICH PROVIDES A COMPREHENSIVE PERSONNEL MANAGEMENT SYSTEM ENCOMPASSING A BROAD RANGE OF SERVICES, INCLUDING BENEFITS AND PAYROLL ADMINISTRATION, HEALTH AND WORKER'S COMPENSATION INSURANCE PROGRAMS, PERSONNEL RECORDS MANAGEMENT, EMPLOYER LIABILITY MANAGEMENT, ETC. EMPLOYEES ARE CONSIDERED CO-EMPLOYEES OF ASCENDUS AND THE PEO. EMPLOYEES ARE INCLUDED IN A FORM W-3, TRANSMITTAL OF WAGE AND TAX STATEMENTS ISSUED DIRECTLY BY THE PEO. ASCENDUS DID NOT ISSUE A SEPARATE FORM W-3 OR FORM W-2. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CUMMULATIVE EFFECT ADJUSTMENT FOR CURRENT EXPECTED CREDIT LOSS ADOPTATION -228,631. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.