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Colorado Enterprise Fund
Colorado Enterprise Fund reported $12.5 million in revenue and $11.6 million in expenses for the fiscal year ending September 30, 2025. Of every $100 it spent, $76.32 went to program services, $21.54 to management and general costs and $2.14 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 59.9% of the total. Government grants made up 25.1%. The highest compensation it reported for one person was $400,010 (PRESIDENT AN). 13 people received more than $100,000 in reportable compensation. Revenue rose 34% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending September 30, 2025 · Form 990, Part IX, line 25 · total expenses $12MFor context, the median across 479 covered community improvement & capacity building charities: $90.45 programs, $9.31 management, $0.24 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending September 30, 2025 · Form 990, Part VIII · total revenue $12MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 76.3% | 89.1% |
| Management & general Part IX 25(C) ÷ 25(A) | 21.5% | 9.2% |
| Fundraising Part IX 25(D) ÷ 25(A) | 2.1% | 0.2% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.07 | $0.00 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 29.6% | 80.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 25.1% | 14.9% |
| Program service revenue share Part VIII 2g ÷ 12 | 59.9% | 11.9% |
| Highest reported compensation Part VII-A, columns D–F | $400,010 | $291,103 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 3.45% | 1.49% |
| People paid over $100,000 Part VII, line 2 | 13 | 5 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 48.2 | 9.2 |
| Independent voting board members Part VI 1a–1b | 12 of 12 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseSmall business lending - cef aggregates and leverages capital to spur investment and build capacity for those who lack access to conventional financing and entrepreneurial networks, specifically targeting underserved small business owners. Cef provides financing options when banks cannot lend or cannot lend enough, specializing in loans up to 1,000,000 for new and existing small businesses and community enterprises throughout colorado. Cef catalyzes business ownership and job creation by offering flexible financing products, personalized client support, one-on-one business coaching, and…
Cef participates in new markets tax credit (nmtc) projects by providing programmatic and administrative services to project entities. Cef's revenue from nmtc projects consists primarily of program fees and closing fees, which are contractually specified and paid by the project entities in exchange for services rendered, and the expenses consist of closing fees paid to a specialized consulting agency that assists with the facilitation and closing of nmtc projects
During 2025 and 2024, cef continued to participate in programs to administer grants to small businesses affected by economic hardship caused by the COVID-19 pandemic, funded by the state of colorado, the cares act, and the american rescue plan act (arpa). Because of cef's involvement in grantmaking activities for these programs, grant revenue and grant expenses are reported in the statements of activities
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT AN Officer, 40.00 hrs/week | $385,597 | $0 | $14,413 | $400,010 |
| COO Officer, 40.00 hrs/week | $310,786 | $0 | $12,440 | $323,226 |
| CFO Officer, 40.00 hrs/week | $201,821 | $0 | $18,511 | $220,332 |
| DIR BUSINESS Highest compensated employee, 40.00 hrs/week | $143,621 | $0 | $13,734 | $157,355 |
| DIR OF STRAT Highest compensated employee, 40.00 hrs/week | $125,389 | $0 | $27,621 | $153,010 |
| CONTROLLER Highest compensated employee, 40.00 hrs/week | $130,184 | $0 | $13,293 | $143,477 |
| DIR OF BUS O Highest compensated employee, 40.00 hrs/week | $114,384 | $0 | $23,504 | $137,888 |
| DIR OF DATA Highest compensated employee, 40.00 hrs/week | $116,714 | $0 | $13,203 | $129,917 |
13 people received more than $100,000 in reportable compensation from Colorado Enterprise Fund (Part VII, line 2). Compensation of current officers, directors and key employees totaled $1.0M (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b12 · 12 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 548
- Volunteers Part I, line 615
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| ACLIVITY Accnt & report | $210,064 |
Individuals listed as contractors are left out. 1 contractors were paid more than $100,000 in all.
Private foundation grants it received
2 private foundations reported grants to Colorado Enterprise Fund totaling $45,103 on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Colorado Enterprise Fund's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Colorado Enterprise Fund, you can publish a response that is linked from this page.
Share or embed this breakdown
Of every $100 Colorado Enterprise Fund spent in FY2025, $76.32 went to programs. The full breakdown, from its IRS Form 990:
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Similar-sized charities in this cause
- Black Farmer FundNew York, NY · revenue $12M · programs 78.3% · 2024
- East Central Kansas Economic Opportunity CorporationOttawa, KS · revenue $13M · programs 94.6% · FY2025
- Greater Lafayette Commerce Comm and Economic Development FoundationLafayette, IN · revenue $12M · programs 99.5% · 2024
- Aspiration AspirationtechorgSan Francisco, CA · revenue $13M · programs 86.6% · 2025
- New Jersey Manufacturing Extension ProgramCedar Knolls, NJ · revenue $12M · programs 78.9% · 2025
All community improvement & capacity building charities · Largest charities in Colorado
Questions people ask
How much of Colorado Enterprise Fund's spending goes to programs?
In the fiscal year ending September 30, 2025, Colorado Enterprise Fund reported that 76.3% of its $11.6 million in expenses went to program services, 21.5% to management and general and 2.1% to fundraising (Form 990, Part IX).
How much does Colorado Enterprise Fund pay its top executive?
The largest total compensation Colorado Enterprise Fund reported for one person in the fiscal year ending September 30, 2025 was $400,010, for the role of PRESIDENT AN (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Colorado Enterprise Fund get its money?
Of $12.5 million in revenue in the fiscal year ending September 30, 2025, 29.6% came from contributions and grants (including 25.1% from government grants) and 59.9% from program service revenue (Form 990, Part VIII).
Is Colorado Enterprise Fund a registered charity?
The IRS lists EIN 84-0837398 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending September 30, 2025, object 202601679349300430 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending September 30, 2024, object 202532139349301018 · read the filing
- FY2023: Form 990 for the fiscal year ending September 30, 2023, object 202441559349301459 · read the filing
- FY2022: Form 990 for the fiscal year ending September 30, 2022, object 202341439349301314 · read the filing
- FY2021: Form 990 for the fiscal year ending September 30, 2021, object 202220739349300242 · read the filing
- FY2020: Form 990 for the fiscal year ending September 30, 2020, object 202121619349301452 · read the filing
All filings for EIN 84-0837398: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.