FORM 990, PART I, LINE 1 |
KIVA MICROFUNDS ("KIVA") IS A NONPROFIT, TAX-EXEMPT ORGANIZATION FOUNDED IN 2005 TO CONNECT PEOPLE THROUGH LENDING FOR THE SAKE OF ALLEVIATING POVERTY AND CREATING OPPORTUNITY. KIVA EMPOWERS INDIVIDUALS TO LEND TO LOW-INCOME BORROWERS AROUND THE WORLD. KIVA PARTNERS WITH OVER 229 GLOBAL MICROFINANCE INSTITUTIONS ("MFIS") AND OTHER SOCIALLY MINDED ORGANIZATIONS AND ENTERPRISES IN MORE THAN 74 COUNTRIES. PARTNER ORGANIZATIONS ARE RESPONSIBLE FOR SELECTING BORROWERS, REVIEWING THE LOAN APPLICATIONS, AND UPLOADING THE LOAN REQUESTS TO KIVA'S WEBSITE ONCE THEY HAVE APPROVED THE LOANS. WHEN THE LOAN FUNDS ARE RAISED, KIVA SENDS THE MONEY (VIA A NET BILLING PROCESS) TO THE PARTNER, WHICH USES THE FUNDS TO REPLENISH THE LOAN THAT HAS BEEN PRE-DISBURSED TO THE BORROWER, AND ADMINISTERS THE LOAN. TO DATE, KIVA HAS FACILITATED OVER $503 MILLION (USD) IN LOANS FROM LENDERS THROUGH THE WEBSITE. DURING 2013, KIVA-DAF ("KDAF") WAS ESTABLISHED TO SERVE AS A HOLDER OF MULTIPLE DONOR-ADVISED FUNDS. KDAF IS A DELAWARE LIMITED LIABILITY COMPANY WHOSE SOLE MEMBER IS KIVA. KMF INTENDS TO USE KDAF TO SEEK CHARITABLE DONATIONS FROM CORPORATIONS, FOUNDATIONS, AND HIGH NET WORTH INDIVIDUALS, WHERE THEY ARE ABLE TO IDENTIFY A LIMITED GROUP OF INDIVIDUALS, GENERALY THEIR OWN EMPLOYEES TO SIT AS DONOR-ADVISORS OVER THE FUNDS. BY DOING SO, THIS CREATES A MUTUALLY BENEFICIAL RESULT, AS THE DONORS ARE ABLE TO OBTAIN A CHARITABLE DEDUCTION AND KIVA IS ABLE TO EXPAND THE IMMEDIATE SCOPE OF ITS MICROLOAN PROGRAM. IN 2012, KIVA INITIATED MORE CONCERTED WORK ON A PILOT PROGRAM ("KIVA ZIP") IN THE UNITED STATES AND KENYA. KIVA ZIP, ESTABLISHED ON A SEPARATE WEBSITE URL (ZIP.KIVA.ORG), IS DESIGNED TO TEST THE FEASIBILITY OF FACILITATING MICROFINANCE LOANS FROM KIVA USERS MORE DIRECTLY TO KIVA BORROWERS, INDEPENDENT OF AN INTERMEDIARY, CREDIT-ADMINISTERING PARTNER ORGANIZATION. KIVA IS SUPPORTED PRIMARILY THROUGH INDIVIDUAL AND CORPORATE CONTRIBUTIONS AND GRANTS FROM FOUNDATIONS. |
FORM 990, PART VI, SECTION B, LINE 11 |
THE FORM 990 IS FIRST REVIEWED BY THE ASSISTANT CONTROLLER AND CFO TO ENSURE ACCURACY. AFTER THIS REVIEW, IT IS PASSED ON TO THE AUDIT COMMITTEE FOR THEIR APPROVAL. THEY WILL DISCUSS THEIR FINDINGS, APPROVAL AND ANY ISSUES THAT NEED TO BE ADDRESSED. ONCE THIS REVIEW IS COMPLETE THE FORM WILL BE SIGNED AND SUBMITTED. |
FORM 990, PART VI, SECTION B, LINE 12C |
MEMBERS OF THE BOARD, OFFICERS, AND KEY EMPLOYEES ARE ASKED TO SIGN A DISCLOSURE FORM ON AN ANNUAL BASIS. THEY ARE ASKED TO DISCLOSE TO THE COMPANY'S GENERAL COUNSEL ANY FACTS THAT MAY BE CONSTRUED AS A CONFLICT OF INTEREST. |
FORM 990, PART VI, SECTION B, LINE 15 |
THE COMPENSATION COMMITTEE REVIEWS COMPENSATION ANNUALLY. COMPENSATION FOR OFFICERS IS DETERMINED THROUGH REVIEW OF COMPENSATION SURVEYS AND COMPARABILITY DATA OF LIKE TYPE INDIVIDUALS IN THE NONPROFIT, FOR PROFIT, AND REGIONAL AREAS. |
FORM 990, PART VI, SECTION C, LINE 18 |
ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, INFORMATIONAL RETURNS, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST OR THROUGH THE ORGANIZATION'S WEBSITE. |
FORM 990, PART VI, SECTION C, LINE 19 |
THEY ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE. |
FORM 990, PART XI, LINE 9: |
ROUNDING 2. |