Overview
What is Compass Working Capital Inc?
Compass Working Capital Inc is a nonprofit organization dedicated to eradicating asset poverty and narrowing wealth disparities among families with low incomes, with a particular focus on those led by Black and Latina women. Since 2010, they have partnered with public housing agencies and affordable housing providers to develop and implement an asset-building and financial capability model for the Family Self-Sufficiency (FSS) program, overseen by the U.S. Department of Housing and Urban Development (HUD). This program aims to incentivize residents of federally subsidized housing to increase their income by allowing them to save a portion of their increased rent payments, thereby promoting financial mobility and security. The Compass FSS model integrates financial coaching and other asset-building strategies into the FSS program and is currently offered in several states, including Massachusetts, Connecticut, Pennsylvania, Rhode Island, Missouri, and Washington, D.C. The organization operates client-centered savings and financial coaching programs, delivers training and technical assistance to other practitioners, and advocates for policy solutions that dismantle barriers to asset building.
Official website here: www.compassworkingcapital.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100% (Four-Star out of Four Star rating)
Compass Working Capital Inc has achieved an impressive 100% rating on Charity Navigator, reflecting its strong commitment to accountability and financial transparency. The organization is recognized for having a majority of independent board members, which contributes to its governance quality. Its financial practices are solid, as evidenced by a well-structured audit and oversight committee, and the absence of any material diversion of assets.
The organization's financial ratios are also commendable, with a program expense ratio of 74.05%, indicating that a significant portion of its funds is allocated directly to its programs. Additionally, its fundraising efficiency ratio is notably low at $0.07, demonstrating effective fundraising strategies that minimize costs. The working capital ratio of 1.20 years suggests that the organization is well-positioned to sustain its activities over the long term.
Overall, Compass Working Capital Inc exemplifies best practices in nonprofit management and financial stewardship. There are no significant limitations noted in the available data, solidifying the organization’s reputation as a reliable charity focused on making a meaningful impact.
This AI summary has been generated from information found on Charity Navigator.
Is Compass Working Capital Inc legitimate?
Compass Working Capital Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Compass Working Capital Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $432,353
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,042,597
For more financial information, click here
Official website here: www.compassworkingcapital.org
What is the mission statement of Compass Working Capital Inc?
Compass Working Capital Inc is committed to addressing asset poverty among families with low income, particularly those led by Black and Latino women. Their mission is to serve as a partner, helping these families build assets as a means to escape poverty. They operate client-focused savings and financial coaching programs to achieve this goal. Additionally, Compass delivers training and technical assistance to other practitioners in the field, and advocates for policy solutions that dismantle barriers to asset building, aiming to narrow the racial and gender wealth divides.
Official website here: www.compassworkingcapital.org
Who is the CEO of Compass Working Capital Inc?
Markita Morris-Louis is the CEO of Compass Working Capital Inc The CEO's salary of Compass Working Capital Inc is $193,490 and their total compensation is $207,464.
Official website here: www.compassworkingcapital.org
What is the revenue of Compass Working Capital Inc?
Compass Working Capital Inc's revenue in 2024 was $17,627,890.
Official website here: www.compassworkingcapital.org
Who are the executives of Compass Working Capital Inc and what are their salaries?
The average compensation at Compass Working Capital Inc during 2024 was $67,592. There are 81 employees and 46 volunteers at Compass Working Capital Inc.
Here are 15 key members and their salaries (Compass Working Capital Inc's CEO's salary is $193,490 and their total compensation is $207,464):
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- Compensation: $193,490
- Related: $0
- Other: $13,974
- Compensation: $140,584
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- Other: $7,438
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- Compensation: $138,848
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- Other: $7,438
- Compensation: $101,569
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- Compensation: $125,516
- Related: $0
- Other: $15,997
- Compensation: $143,984
- Related: $0
- Other: $15,325
Official website here: www.compassworkingcapital.org
Where can I find the form 990 for Compass Working Capital Inc?
Compass Working Capital Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.compassworkingcapital.org
Learn more at the official website: www.compassworkingcapital.org
Mission Statement of Compass Working Capital Inc
Compass Working Capital Inc, an organization dedicated to addressing asset poverty among families with low incomes, aims to narrow the racial and gender wealth divides. Their mission is to collaborate with these families, particularly those led by Black and/or Latina women, to construct assets as a means of escaping poverty. To accomplish this objective, Compass operates client-focused savings and financial coaching programs. They also provide training and technical assistance to other practitioners, and they advocate for policy solutions that dismantle barriers to asset building. In essence, Compass Working Capital Inc is committed to empowering families with low incomes, focusing on those from underrepresented racial and gender backgrounds, by offering tailored financial guidance and advocating for policies that break down barriers to asset accumulation.
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Impact
October, 2024
Compass Working Capital Inc actively addresses asset poverty by partnering with families facing low incomes, particularly those led by Black and/or Latinx women. The organization implements innovative financial coaching and saving programs designed to empower these families on their journeys to financial independence. By focusing on asset building as a means to escape poverty, Compass fosters economic mobility and encourages long-term financial security.
One of their key initiatives is the Family Self-Sufficiency (FSS) program, which transforms a historically underutilized savings and employment model into a practical tool for wealth accumulation. By collaborating with public housing agencies and affordable housing providers, Compass enables participants to save the increased rent payments resulting from higher incomes, mitigating the disincentives associated with income growth.
The Compass FSS model is the first of its kind in the country, demonstrating significant potential for scalability. Currently active in several states, this program has gained national attention as a viable solution to empower low-income families, helping them to achieve their financial goals and dismantle barriers to asset building. Through training, technical assistance to practitioners, and advocacy for policy change, Compass is shaping a more equitable financial landscape and contributing to the narrowing of the racial and gender wealth divides.
This information is meant to be a general summary of Compass Working Capital Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $457,756
- Program Service Revenue: $3,325,683
- Gross Receipts: $17,627,890
Assets and Liabilities:
- Total Assets: $6,922,240
- Total Liabilities: $548,744
- Net Assets: $6,373,496
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FINANCIAL COACHING
Revenue
$3,065,470
SUBSCRIPTION REVENUE
Revenue
$260,213
Organization Details
Founding Year
2005
Principal Officer
Markita Morris-Louis
NTEE Category
Code: Z99 - Unknown
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