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44-787: The building was purchased in 2013 in a strategic partnership between Innovation Pavilion and Northstar Commercial Partners, with plans to open more incubators. Northstar, a privately held commercial real estate firm, is headquartered in Denver. The Innovation Pavilion hosts the monthly meetings for the Opportunity Coalition, a nonprofit organization focused on entrepreneurship in Colorado. The Innovation Pavilion space has been listed for lease amidst allegations of sexual assault were leveled at founder Vic Ahmed. On November 13, 2019, Thrive Workplace announced they would be opening their fourth location in

88-478: A $ 5 million grant over five years to help Kiva expand its field partners and support due diligence. In 2023, according to their 990 tax form, Kiva CEO Neville Crawley's salary was $ 424,238. Their total revenue in 2023 was $ 34.7M. The non-profit had thirteen staff members with salaries ranging from $ 200,000 to over $ 400,000 that year. Kiva began paying interns in 2019. As of October 2017, 81% of Kiva's loans have been made to women. In their non-fiction book Half

132-474: A 0% interest peer-to-peer lending pilot program for entrepreneurs in the United States, as part of efforts to "cut lending costs through technology". The loans posted to Kiva U.S. are often from borrowers who have been rejected for loans by traditional banking institutions, but on Kiva U.S. they do not need to be able to produce high credit scores or collateral. Kiva U.S. uses a system of trustees, who vouch for

176-434: A business's primary activities are reported as sales , sales revenue or net sales . This includes product returns and discounts for early payment of invoices . Most businesses also have revenue that is incidental to the business's primary activities, such as interest earned on deposits in a demand account . This is included in revenue but not included in net sales. Sales revenue does not include sales tax collected by

220-510: A micro-loan in the developing world are higher versus larger loans in the West." Kiva itself does not keep any of the interest collected, but operates instead exclusively on donations. For example, in 2009, micro-loans from Kiva partners in Guatemala averaged 23.16% for the equivalent of US$ 430 lent on average, comparable to the commercial BanRural rate of 24.5% for a loan of US$ 635. (For reference,

264-493: A new category of loans to help borrowers move to cleaner and safer forms of energy, green agriculture , transport and recycling. Green Kiva loans help fund solar panels, organic fertilizers, high-efficiency stoves, drip irrigation systems, and biofuels. As of December 2013, Kiva lenders had crowd-funded 4,600 green loans. In 2010, Kiva began a Student Microloans program that allowed lenders to help support students seeking access to higher education. Student loans are funded with

308-632: A portfolio yield of over 30%. The organization's main sources of funding are grants, financial backing, and discounted services from many major national corporations and institutions. Chevron Corporation , Visa Inc. , and Skoll Foundation awarded Kiva a two-year $ 1 million grant, $ 1.5 million grant, and $ 1 million grant respectively. Kiva also won a $ 1 million grant in Sam's Club 's "Giving Made Simple" campaign and $ 500,000 in American Express 's "Take Part" competition. Additionally, Omidyar Network awarded Kiva

352-508: A rich cultural tradition," adding that lenders could "be the ones voting with their dollars." In March 2012, Reid Hoffman , LinkedIn's co-founder, lent Kiva $ 1 million. Kiva then allowed 40,000 people to lend $ 25 for "free". Lenders still choose a borrower, but the borrower will pay back Hoffman instead of the lender who chose them. Kiva hopes that the "free" users will lend to more of their projects, and thus increase their overall user base. In his 2007 book Giving: How Each of Us Can Change

396-638: A total of 1,036,558 loans had been funded through Kiva. The average loan size is $ 411.26, and the average Kiva user has made 10.17 loans. Kiva's current repayment rate for all its partners is 97.1%. For the fiscal year 2012, Kiva made $ 15,632,786 in total revenue and had $ 12,482,528 in total expenses, leaving $ 3,150,258 to invest. The organization's net assets in 2012 totaled $ 16,248,638. Kiva itself does not charge interest on its loans; they supply capital to microfinancing institutions for free. These microfinancing institutions then lend out money with high interest compared to bank finance in mature markets, averaging

440-612: A very high recipient drop-out rate. Kiva was founded in October 2005 by Matt Flannery and Jessica Jackley . The couple's initial interest in microfinance was inspired by a 2003 lecture given by Grameen Bank 's Muhammad Yunus at Stanford Business School . Jackley worked at the school and invited Flannery to attend the presentation. Soon after, Jackley began working as a consultant for the nonprofit Village Enterprise , which worked to help start small businesses in East Africa . While Flannery

484-725: A year, the Kiva City programs in Richmond , Virginia, helped fund more than $ 100,000 in loans to local businesses. As of November 2018, a total of 1,530,180 loans had been funded on Kiva. The following table shows these loans sorted according to interest rate. Some people, including microfinance pioneer Muhammad Yunus , argue that the interest rates of many microcredit institutions are unreasonably high. In his 2007 book he argues that microfinance institutions that charge more than 15% above their long-term operating costs should face penalties. According to its web site, Kiva quotes interest rates as

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528-415: Is from something other than its core operations. The combination of all the revenue-generating systems of a business is called its revenue model . While the current IFRS conceptual framework no longer draws a distinction between revenue and gains, it continues to be drawn at the standard and reporting levels. For example, IFRS 9.5.7.1 states: "A gain or loss on a financial asset or financial liability that

572-463: Is income received by a charity from donors etc. to further its social purposes. In more formal usage, revenue is a calculation or estimation of periodic income based on a particular standard accounting practice or the rules established by a government or government agency. Two common accounting methods , cash basis accounting and accrual basis accounting , do not use the same process for measuring revenue. Corporations that offer shares for sale to

616-446: Is measured at fair value shall be recognised in profit or loss ..." while the IASB defined IFRS XBRL taxonomy includes OtherGainsLosses, GainsLossesOnNetMonetaryPosition and similar items. Revenue is a crucial part of financial statement analysis. The company's performance is measured to the extent to which its asset inflows (revenues) compare with its asset outflows ( expenses ). Net income

660-490: Is not stated. Kiva's response has been to keep pre-disbursing but be clearer about the process. Whether defaults are extremely low has been questioned on the ground that a field partner may pay Kiva for loans defaulted to the field partner in order to maintain the field partner's good credit with Kiva. Whether interest rates collected by field partners are enough to pay for significant defaults depends on local economic conditions for each field partner. In 2008, Kiva featured

704-466: Is printed. This is recorded as an advance to the retail bank together with a corresponding currency in circulation expense entry, that is, the income derived from the Official Cash rate payable by the retail banks for instruments such as 90-day bills. There is a question as to whether using generic business-based accounting standards can give a fair and accurate picture of government accounts, in that with

748-570: Is supported by grants, loans, and donations from its users, corporations, and national institutions. Since 2005, Kiva has crowd-funded more than 1.6 million loans, totaling over $ 1.68 billion, with a repayment rate of 96.3 percent. Over 2 million lenders worldwide use the Kiva platform. Despite its size, independent review by GiveWell in 2009 failed to find evidence that the organization produces significant social benefit, with at least one partner supposedly vetted by Kiva earning high profits while having

792-467: Is the result of this equation, but revenue typically enjoys equal attention during a standard earnings call . If a company displays solid "top-line growth", analysts could view the period's performance as positive even if earnings growth, or "bottom-line growth" is stagnant. Conversely, high net income growth would be tainted if a company failed to produce significant revenue growth. Consistent revenue growth, if accompanied by net income growth, contributes to

836-532: The inflation rate for Guatemala typically varies between 5 and 10% and was just 0.62% in 2009). Kiva launched a more direct peer-to-peer microlending platform, called Kiva Zip, in 2012. Kiva Zip transferred funds directly to borrowers without outsourcing disbursements and repayment collection to field partners. Instead, the program partnered with local institutions in the United States and Kenya called Trustees, who vetted loan applicants and provided mentorship. Kiva Zip borrowers did not pay any interest or fees and

880-793: The knowledge gap . At the time of the lab's launch, Kiva lenders had crowdfunded "132,000 agricultural loans; 4,600 green loans, and 670 mobile tech loans." Kiva City provides local business owners and entrepreneurs in U.S. cities with the opportunity to crowdsource loans. It was launched by Kiva and former US President Bill Clinton at the Clinton Global Initiative America conference in Chicago in 2011. Kiva City locations include: Detroit , New Orleans , Los Angeles , Washington D.C. , Newark , Richmond , Little Rock , Pittsburgh , Philadelphia , Milwaukee , Louisville , San Francisco , New York City , and Oakland . In less than

924-434: The "portfolio yield" of a sampling of field partners. "Portfolio yield" figures are calculated by dividing all interest and fees paid by borrowers to the field partner by the average loan portfolio of the field partner that given year. The figure provides a more accurate insight into the costs of borrowing because it includes fees associated with borrowing. When Kiva began, borrowers had to wait until their loans were funded on

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968-466: The "self reported average rate charged by the Field Partner to the entrepreneur." Kiva does not publish the interest rates charged for the individual loans funded through its website. However, it does publish the average "Portfolio Yield" of each of its field partners, as a way for prospective lenders to estimate the cost to the borrower of the loans they consider funding. The "Portfolio Yield" measures

1012-537: The Kiva website to receive the funds. Since then, the system has changed, so that loans are disbursed to borrowers before their stories are posted to Kiva's website. Disbursing loans sooner has a positive impact on the borrowers, who no longer need to wait weeks to receive their funding and can thus take advantage of time-sensitive business opportunities. This is disclosed on Kiva's site; each loan proposal states whether funds were pre-disbursed. Thus, lenders' loan funds are likely to go to borrowers other than those chosen by

1056-620: The Sky , Nicholas D. Kristof and Sheryl WuDunn highlight Kiva's work along with that of some field partner organizations, such as the Kashf Foundation in Pakistan . Kristof and WuDunn noted the risky nature of microloans as a path out of poverty, but endorsed Kiva and similar microfinance efforts, writing that "microfinance has done more to bolster the status of women, and to protect them from abuse, than any laws could accomplish." In 2011 Kiva added

1100-613: The World , Bill Clinton covers Kiva.org and the work the organization is currently doing and has done in the past. The following independent entities have reviewed Kiva. Revenue In accounting , revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business . Commercial revenue may also be referred to as sales or as turnover . Some companies receive revenue from interest , royalties , or other fees . "Revenue" may refer to income in general, or it may refer to

1144-463: The administrative costs of overseeing many tiny loans, and the increased risk. As the entrepreneurs repay their loans with interest, the Field Partners remit funds back to Kiva. As the loan is repaid, the Kiva lenders can withdraw their principal or re-lend it to another entrepreneur. As of March 15, 2016, Kiva had distributed $ 827,356,850 in loans from 1,394,336 lenders to 1,928,760 borrowers, and

1188-399: The amount, in a monetary unit , earned during a period of time, as in "Last year, company X had revenue of $ 42 million". Profits or net income generally imply total revenue minus total expenses in a given period. In accounting , revenue is a subsection of the equity section of the balance statement, since it increases equity. It is often referred to as the "top line" due to its position at

1232-590: The association's digital media outlets. Business revenue is money income from activities that are ordinary for a particular corporation, company, partnership, or sole-proprietorship. For some businesses, such as manufacturing or grocery , most revenue is from the sale of goods. Service businesses such as law firms and barber shops receive most of their revenue from rendering services. Lending businesses such as car rentals and banks receive most of their revenue from fees and interest generated by lending assets to other organizations or individuals. Revenues from

1276-452: The average income earned from the field partner's outstanding loan portfolio. Some observers have pointed out that the "Portfolio Yield" measure is unreliable, and does not directly reflect the actual price that borrowers are paying for the loans. Kiva defends the interest rates of its field partners, however, saying its field partners provide much better rates than local alternatives, but must charge what they do because "the costs of making

1320-804: The borrowers. Kiva U.S. trustees can be local non-profits, service organizations, businesses, faith organizations or community leaders. The average loan size for US borrowers is $ 5,000. US borrowers average about two years to repay loans. Google awarded a $ 3 million Global Impact Award to Kiva in 2013 to fund the Kiva Labs project, which looks for ways to increase the flexibility and impact of microfinance. Labs initiatives include lowering interest rates, providing more flexible repayment terms that accommodate issues like seasonal profits in farming, and offering longer-term loans for investments like education. Labs also focuses on providing access to clean energy technology and using mobile technology in ways that will bridge

1364-466: The borrowing profile of a Peruvian woman asking for a loan to buy equipment for her cockfighting business. This sparked debate among the Kiva lending community; many complained that the organization was promoting cruelty to animals . Matt Flannery defended Kiva's decision to allow the post to remain; he asserted that removing the post would be "paternalistic" and that "Cockfighting in Peru is legal and part of

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1408-436: The business. Other revenue (a.k.a. non-operating revenue) is revenue from peripheral (non-core) operations. For example, a company that manufactures and sells automobiles would record the revenue from the sale of an automobile as "regular" revenue. If that same company also rented a portion of one of its buildings, it would record that revenue as "other revenue" and disclose it separately on its income statement to show that it

1452-429: The gap in medical care access in developing countries. In July 2017, Kiva launched a World Refugee Fund, a $ 250,000 matching fund to provide support to refugees and host communities in countries including Lebanon, Jordan, and Turkey. As refugees repay the loans, they build a track record in their new locations. The fund is to be followed by a rotating fund of up to $ 9M in loan capital. In 2011, Kiva launched Kiva U.S.,

1496-450: The individual lenders and transfers it to the appropriate Field Partners, which disburse the loan to the borrower. Kiva does not charge interest on the capital sent to Field Partners, but often Field Partners do charge some level of interest to borrowers to cover administration costs. Interest is typically higher on loans from microfinance institutions in developing countries than interest rates on larger loans in developed countries because of

1540-411: The lenders. However, since the pay-back behaviour of the specific borrower chosen by the lender does influence whether or not the lender gets their funds back (except when an MFI has chosen to cover for borrower defaults), there is at least some connection between the lender and the specific borrower. Whether lenders' preferences are used for lender preference trend analysis by any field partners or Kiva

1584-544: The organization's mission , income from fundraising activities, and membership dues. Revenue (income and gains) from investments may be categorized as "operating" or "non-operating"—but for many non-profits must (simultaneously) be categorized by fund (along with other accounts). For non-profits with substantial revenue from the dues of their voluntary members: non-dues revenue is revenue generated through means besides association membership fees. This revenue can be found through means of sponsorships , donations or outsourcing

1628-649: The original entrepreneurs were subsequently deemed the "Dream Team". Kiva works with more than 300 microfinance institutions, social impact businesses, schools and non-profit organizations around the world, called "Field Partners", that post profiles of qualified local entrepreneurs on the Kiva website. Lenders browse borrower profiles on kiva.org and choose an entrepreneur they wish to fund. The lenders transfer their funds to Kiva through credit card processing or PayPal , which waives its transaction fee in these cases. Lenders can loan money in increments of $ 25. After receiving lenders' money, Kiva aggregates loan capital from

1672-738: The public are usually required by law to report revenue based on generally accepted accounting principles or on International Financial Reporting Standards . In a double-entry bookkeeping system , revenue accounts are general ledger accounts that are summarized periodically under the heading "revenue" or "revenues" on an income statement . Revenue account-names describe the type of revenue, such as "repair service revenue", "rent revenue earned" or "sales". For non-profit organizations , revenue may be referred to as gross receipts , support , contributions , etc. This operating revenue can include donations from individuals and corporations, support from government agencies, income from activities related to

1716-473: The repayment rate was 89.4%. As of March 13, 2017, the Kiva Zip subdomain redirects to the Kiva homepage, and the program appears to be discontinued. As of November 2018, there are a total of 332 field partners listed on the Kiva website and their status is as follows: 173 Active, 41 Inactive, 14 Paused, and 104 Experimental. In addition, 178 former field partners are listed as Closed. The following table shows

1760-839: The same crowd-funding approach, and typically students have 1–3 years to pay back their loans. In 2014, the education offerings on Kiva expanded greatly when the organization began a deeper partnership with Vittana . Vittana works on the ground in countries in Asia, Africa and Latin America, developing loan alternatives for low-income students. Through the partnership, all loans sourced by Vittana now appear on Kiva for funding. Some Kiva field partners, such as Alivio Capital, specialize in funding medical loans. Others may fund medical loans as well as other loans. A development scholar in Ghana has suggested that microfinance medical loans can be an effective way to close

1804-806: The space that was once home to Innovation Pavilion. As one of their funding mechanisms, Innovation Pavilion offers endorsements to startups on the peer-to-peer microlending platform, Kiva Zip . Kiva (organization)#Interest rates Kiva Microfunds is a 501(c)(3) non-profit organization headquartered in San Francisco , California . Kiva's mission is "to expand financial access to help underserved communities thrive." Kiva distributes funds that it receives to microfinance institutions, social impact businesses, schools or non-profit organizations and does not generally directly provide funds to specific individuals. These organizations are charged fees by Kiva and borrowers pay interest on most loans. Kiva

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1848-503: The value of an enterprise and therefore the share price. Revenue is used as an indication of earnings quality. There are several financial ratios attached to it: Government revenue includes all amounts of money (i.e., taxes and fees) received from sources outside the government entity. Large governments usually have an agency or department responsible for collecting government revenue from companies and individuals. Government revenue may also include reserve bank currency which

1892-458: The very top of the income statement . This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations. Sales revenue is income received from selling goods or services over a period of time. Tax revenue is income that a government receives from taxpayers. Fundraising revenue

1936-526: Was visiting Jackley in Africa, the two spent time interviewing entrepreneurs about the problems they faced in starting ventures and found the lack of access to start-up capital was a common theme. After returning from Africa, the two began developing their plan for a microfinance project that would grow into Kiva, which means "unity" in Swahili . In April 2005, Kiva's first seven loans were funded, totaling $ 3,500, and

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