2023-04-28T10:23:14-05:00 2022-09-30 454051133 FREED MAXICK CPAS PC 424 MAIN STREET SUITE 800 BUFFALO NY 142023508 990 2021-10-01 135539122 SECURED FINANCE NETWORK INC SECU 2127929390 370 7TH AVENUE 1801 NEW YORK NY 10001 GREG SLOWIK CFO 2127929391 2023-02-28 1 GREG SLOWIK XXX-XX-XXXX MARY MADONIA P00405803 7168472651 2023-04-25 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z RICHARD GUMBRECHT 370 7TH AVENUE 1801 NEW YORK NY 10001 7402219 0 X WWW.SFNET.COM X 1944 NY 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. 278 278 13 0 563704 0 250615 445609 2513485 4148669 16827 -25195 557807 571479 3338734 5140562 0 0 0 0 1831446 1940164 0 0 0 2178149 3037581 4009595 4977745 -670861 162817 3073536 5939386 2775539 5164621 297997 774765 X 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. 0 0 639509 199072 EDUCATION PROGRAMS - HELD TO TEACH NEW TOPICS IN OUR FIELD AND TO UPDATE THE PUBLIC ON MATTERS OF CONCERN. 2120521 2474056 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. 534232 7775 PUBLICATIONS - CONDUCTED IN ORDER TO BETTER OUR WORK ENVIRONMENT AND STRENGTHEN OUR INDUSTRY. 1475541 CONDUCTED VARIOUS 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4044 JAMES KRAVITZ BUSINESS DEVELOPMENT DIREC 40.00 X 211927 0 12777 JEFFREY WALSH BOARD MEMBER OF CONFERENCES 40.00 X 142160 0 18179 1149734 69996 68095 5 0 1 0 JEFFREY MANAGEMENT CORPORATION PO BOX 303 EMERSON NY 07630 RENT 244415 RSM US LLP 331 W 3RD STREET SUITE 200 DAVENPORT IA 52801 ACCOUNTING SERVICES 201259 2 445609 445609 CONFERENCES & CONVENTION 900099 2474056 2474056 MEMBERSHIP DUES 900099 1465541 1465541 EDUCATIONAL PROGRAMS 900099 199072 199072 CHAPTER DUES 900099 10000 10000 4148669 11620 11620 2224842 2261657 -36815 -36815 -36815 SALES OF PUBLICATIONS 900099 571479 7775 563704 571479 5140562 4156444 563704 -25195 988398 593039 395359 393696 236218 157478 36104 19274 16830 434706 383310 51396 87260 84642 2618 247669 247669 271649 271649 9290 9290 125920 44509 81411 208569 160624 47945 84118 81692 2426 156858 1324 155534 218925 218925 41240 24570 16670 987815 978479 9336 51 51 55568 55568 57396 22661 34735 CONTRIBUTED SERVICES 154842 154842 BANK CHARGES 93091 93091 COMMISSIONS 91955 91955 PRINTING & COPYING 81334 81334 151291 116864 34427 4977745 3294262 1683483 0 1126912 3333594 439063 262032 3318 3318 144081 285573 1358099 1242151 185547 115948 686799 1611470 487816 327451 3073536 5939386 427165 417701 1817765 2557545 530609 2189375 2775539 5164621 X 297997 774765 297997 774765 3073536 5939386 X 162817 -52789 254850 111890 X X 0 1 X 1 0 0 1 0 123759 97690 26069 1153343 1063464 89879 80997 80997 0 115948 DUE FROM RELATED PARTY 327451 327451 ACCRUED PENSION AND OTHER POST-EMPLOYMENT BENEFITS 186825 SBA-ECONOMIC INJURY DISASTER LOAN 2000000 LINE OF CREDIT 2550 2189375 X 5454513 -52789 254850 111890 313951 5140562 0 5140562 4977745 0 4977745 0 4977745 PART X, LINE 2: THE ORGANIZATION IS A NOT FOR PROFIT ENTITY AS DESCRIBED IN SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. U.S. GAAP PROVIDES GUIDANCE ON THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT FOR INCOME TAX POSITION THAT THE ORGANIZATION HAS TAKEN OR EXPECTS TO TAKE IN IT'S INCOME TAX RETURNS. THE ORGANIZATION TAKES MANY TAX POSITIONS RELATIVE TO TAX LAWS, INCLUDING THOSE TAKEN IN DETERMINING WHETHER TAX IS DUE, A REFUND IS OWED, A TAX RETURN NEEDS TO BE FILED, OR THE CHARACTERIZATION OF INCOME IS TAXABLE (FOR EXAMPLE, UNRELATED BUSINESS INCOME) OR NONTAXABLE. THE ORGANIZATION HAS NOT RECORDED ANY LIABILITIES RELATING TO UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN PENSION FUNDED STATUS 111,890. X X X 0 0 0 RICHARD GUMBRECHT CEO 390427 0 170000 0 0 0 8700 0 5588 0 574715 0 0 0 JAMES KRAVITZ BUSINESS DEVELOPMENT DIREC 127175 0 84752 0 0 0 6518 0 6259 0 224704 0 0 0 GREG SLOWIK CFO 98657 69996 18000 0 0 0 5949 0 12858 0 135464 69996 0 0 JEFFREY WALSH BOARD MEMBER OF CONFERENCES 128160 0 14000 0 0 0 4645 0 13534 0 160339 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS A 501(C)(6) BUSINESS LEAGUE SUPPORTED BY MEMBERS WHO PAY DUES ANNUALLY. ALL MEMBERS HAVE AN EQUAL VOTE. FORM 990, PART VI, SECTION A, LINE 7A THE EXECUTIVE COMMITTEE MEMBERS ARE ELECTED ANNUALLY BY THE GENERAL MEMBERSHIP GROUP. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN OUTSIDE, INDEPENDENT ACCOUNTING FIRM. A DRAFT COPY OF THE FORM 990 IS PRESENTED TO THE EXECUTIVE COMMITTEE FOR REVIEW AND COMMENT PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C EACH OFFICER AND MEMBER OF THE EXECUTIVE COMMITTEE IS REQUIRED TO ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON READ AND UNDERSTANDS THE CONFLICT OF INTEREST POLICY AND AGREES TO COMPLY WITH IT. IN ADDITION, ANY MATERIAL CHANGES IN THEIR ANNUAL STATEMENT MUST BE IMMEDIATELY REPORTED. THE EXECUTIVE COMMITTEE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THIS POLICY BY REVIEWING ANNUAL STATEMENTS AND TAKING ACTION AS NECESSARY. IN ADDITION, PERIODIC REVIEWS OF COMPENSATION ARRANGEMENTS AND CONTRACTS AS WELL AS PARTNERSHIPS, JOINT VENTURES AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS ARE PERFORMED. OUTSIDE ADVISORS MAY BE USED IN THIS PROCESS IF IT IS DEEMED NECESSARY. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD HAS AN EXECUTIVE COMPENSATION COMMITTEE WHICH REVIEWS ALL EXECUTIVE COMPENSATION. THEIR DETERMINATION OF SALARIES IS BASED ON REVIEW OF THE EMPLOYEE'S JOB PERFORMANCE AND COMPARISON TO THE SALARY LEVELS OF OTHER TAX-EXEMPT ORGANIZATIONS. THEIR DECISIONS ARE FULLY DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN PENSION FUNDED STATUS 111,890. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. SECURED FINANCE FOUNDATION 370 7TH AVENUE SUITE 1801 NEW YORK NY 10001 133577148 SUPPORT STUDENTS EDUCATION IN THE ASSET BASED LENDING AREA NY 501(C)(3) LINE 7 SECURED FINANCE NETWORK INC 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 SECURED FINANCE FOUNDATION D 263442 END OF YEAR F/S BALANCE SECURED FINANCE FOUNDATION Q 100008 ACCOUNTING RECORDS SECURED FINANCE FOUNDATION N 30000 ACCOUNTING RECORDS SECURED FINANCE FOUNDATION O 69996 ACCOUNTING RECORDS