Overview
What is Credit Builders Alliance Inc?
Credit Builders Alliance Inc, based in Washington D.C., is a nonprofit organization dedicated to empowering organizations and individuals towards financial prosperity. They specialize in credit building, offering a range of services including member and stakeholder relations, credit bureau services, and a training institute. The member and stakeholder relations team onboarded 50 new members and 14 allies in 2021, providing support and communication for their network. The award-winning CBA Reporter service helps nonprofit and municipal lenders effectively report low-income borrowers' payments to major credit bureaus, enabling them to build credit and financial capability. Additionally, CBA Business Reporter, CBA Access, and the Training Institute offer various credit reporting, technical assistance, and training options to nonprofits. With a mission to bridge the gap in credit building activities for non-traditional financial service providers, CBA aims to assist organizations in moving their clients from poverty to prosperity. As of 2021, the organization had 574 members and 14 allies, and the CBA Training Institute had 1751 registered users.
Official website here: www.creditbuildersalliance.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 90% - Four-Star out of Four Star rating
Credit Builders Alliance Inc has received a commendable Four-Star rating from Charity Navigator, indicating a strong overall performance in accountability and finance. Their accountability score of 96 and a program expense ratio of 84.46% highlight their effective management of funds towards their mission, ensuring that a significant portion of donations directly supports their programs.
The organization demonstrates a high level of governance, with 100% of its board members being independent and a robust audit and oversight committee. Additionally, their commitment to transparency is underscored by the presence of comprehensive policies such as conflict of interest and whistleblower protections. They also excel in feedback collection and usage, scoring 100 in both categories, which indicates a dedication to incorporating stakeholder input into their operations.
However, there are areas for improvement, particularly in their fundraising efficiency, which scored low at $0.01 per dollar raised. This suggests that while they may have strong programs, their fundraising efforts could be more effective. Furthermore, their equity data and policies could use enhancement, as indicated by their scores in these areas. Overall, Credit Builders Alliance Inc is well-regarded but has opportunities to optimize its fundraising strategies and equity practices.
This AI summary has been generated from information found on Charity Navigator.
Is Credit Builders Alliance Inc legitimate?
Credit Builders Alliance Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Credit Builders Alliance 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: $182,614
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,515,150
For more financial information, click here
Official website here: www.creditbuildersalliance.org
What is the mission statement of Credit Builders Alliance Inc?
Credit Builders Alliance Inc's mission is centered around assisting organizations in facilitating the transition of individuals from poverty to prosperity. This is achieved through credit building. The alliance accomplishes this by enhancing the capabilities of its nonprofit and municipal members to implement strategies that enable their clients to improve their credit scores and gain access to the financial mainstream. Credit Builders Alliance Inc serves as a bridge, filling a gap in credit building activities for non-traditional financial service providers. Their activities span a continuum, allowing them to cater to their members' needs at various stages of the credit building process.
Official website here: www.creditbuildersalliance.org
Who is the CEO of Credit Builders Alliance Inc?
Dara Duguay is the Chair of Credit Builders Alliance Inc. The CEO's salary of Credit Builders Alliance Inc is $118,390 and their total compensation is $188,280.
Official website here: www.creditbuildersalliance.org
What is the revenue of Credit Builders Alliance Inc?
Credit Builders Alliance Inc's revenue in 2022 was $5,600,497.
Official website here: www.creditbuildersalliance.org
Who are the executives of Credit Builders Alliance Inc and what are their salaries?
The average compensation at Credit Builders Alliance Inc during 2022 was $40,423. There are 42 employees and 25 volunteers at Credit Builders Alliance Inc.
Here are 29 key members and their salaries (Credit Builders Alliance Inc's CEO's salary is $118,390 and their total compensation is $188,280):
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- Compensation: $118,390
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- Other: $6,532
- Compensation: $101,434
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- Other: $18,823
Official website here: www.creditbuildersalliance.org
Where can I find the form 990 for Credit Builders Alliance Inc?
Credit Builders Alliance Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.creditbuildersalliance.org
Learn more at the official website: www.creditbuildersalliance.org
Mission Statement of Credit Builders Alliance Inc
Credit Builders Alliance Inc, a nonprofit organization, is committed to assisting other organizations in propelling individuals from poverty to prosperity. They achieve this objective by enhancing the capabilities of their nonprofit and municipal members to implement strategies that empower their clients to build credit and integrate into the financial mainstream. The organization serves as a bridge, filling a gap in credit building activities for non-traditional financial service providers. Credit Builders Alliance Inc's activities span a continuum, allowing them to cater to their members' needs at any stage of the credit building process.
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Impact
October, 2024
Credit Builders Alliance Inc significantly impacts low- and moderate-income individuals by enhancing their access to credit-building resources and financial stability. By supporting organizations that work directly with underserved communities, CBA helps these entities implement effective credit-building strategies, moving clients from poverty to prosperity.
With a robust member and stakeholder relations framework, CBA successfully onboarded 50 new members and transitioned 14 others to its "Ally" category in 2021. This expansion demonstrates CBA's commitment to cultivating relationships and facilitating the growth of its network to better serve clients.
CBA's innovative credit bureau services, particularly the award-winning CBA Reporter, enable lending partners to report borrowers' monthly payments to major credit bureaus. In 2021 alone, 231 lenders reported over 68,829 trade lines every month, totaling more than $2 billion in extended credit. This activity is critical for building positive credit histories, which can lead to better financial opportunities for those with limited access to traditional banking services.
Additionally, CBA's training institute equips financial coaches, social service providers, and educators with the knowledge and skills necessary to promote financial stability. In 2021, the institute registered 1,751 users and trained 225 individuals in credit-building practices, thus expanding the reach and effectiveness of credit education.
Through partnerships and ongoing technical assistance, CBA plays a pivotal role in fostering financial inclusion and capability, enabling organizations across various sectors to facilitate credit access and empower their clients toward building a more secure financial future.
This information is meant to be a general summary of Credit Builders Alliance 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 2022.
- Investment Income: $24,663
- Program Service Revenue: $878,851
- Gross Receipts: $5,600,497
Assets and Liabilities:
- Total Assets: $8,198,473
- Total Liabilities: $2,975,662
- Net Assets: $5,222,811
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CLIENT PROGRAM FEES
Revenue
$878,851
Organization Details
Founding Year
2006
Phone
(202) 730-9390Principal Officer
Dara Duguay
Main Address
1701 K STREET NW STE 1000, WASHINGTON, DC, 20006
NTEE Category
Code: Y02 - Mutual benefit
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