Overview
What is Economic Opportunities Fund?
The Economic Opportunities Fund is a nonprofit organization situated in Philadelphia, Pennsylvania, specifically at 2010 Chestnut Street. Their primary objective is to extend financial services and capital to low-income and underserved populations residing in the Philadelphia area. They achieve this by providing micro-loans, thereby contributing to financial inclusion and empowerment within their community.
Official website here: www.worc-pa.com
Is Economic Opportunities Fund legitimate?
Economic Opportunities Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Economic Opportunities Fund 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: $36,300
Professional Fundraising Fees: $0
Other Salaries and Wages: $159,046
For more financial information, click here
Official website here: www.worc-pa.com
What is the mission statement of Economic Opportunities Fund?
The Economic Opportunities Fund is committed to providing financial services and capital to low-income and underserved populations. Their mission is to make these resources accessible, aiming to empower and uplift these communities. The organization offers micro-loans to individuals in need, specifically in the Philadelphia area. This financial assistance is a crucial tool in helping these populations overcome economic challenges and build a more stable future for themselves.
Official website here: www.worc-pa.com
Who is the CEO of Economic Opportunities Fund?
Lynne Cutler is the President of Economic Opportunities Fund.
Official website here: www.worc-pa.com
What is the revenue of Economic Opportunities Fund?
Economic Opportunities Fund's revenue in 2022 was $308,534.
Official website here: www.worc-pa.com
Who are the executives of Economic Opportunities Fund and what are their salaries?
There 17 volunteers at Economic Opportunities Fund.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $90,091
- Other: $7,351
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.worc-pa.com
Where can I find the form 990 for Economic Opportunities Fund?
Economic Opportunities Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.worc-pa.com
Learn more at the official website: www.worc-pa.com
Mission Statement of Economic Opportunities Fund
The Economic Opportunities Fund is an organization dedicated to providing financial services and capital to low-income and underserved populations. Its mission is to bridge the gap in access to financial resources for these communities, thereby empowering them to improve their economic standing. The organization achieves this by offering micro-loans to individuals and businesses in the Philadelphia area, thereby providing them with the necessary capital to start or grow their ventures. This initiative not only helps to stimulate economic growth within these communities but also provides opportunities for financial independence and self-sufficiency. By providing financial services to those who may otherwise be excluded from traditional banking systems, the Economic Opportunities Fund is playing a vital role in promoting financial inclusion and equality.
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Impact
October, 2024
The Economic Opportunities Fund positively impacts low-income and underserved populations in the Philadelphia area by providing access to essential financial services and capital. Through its micro-loan programs, it empowers individuals and families to pursue entrepreneurial dreams, stabilize their finances, and improve their overall economic circumstances. By extending financial resources that might otherwise be inaccessible, the fund fosters community improvement and enables participants to build sustainable livelihoods. This targeted support not only helps alleviate financial hardship but also contributes to the broader economic development of the region, creating opportunities for growth and advancement.
This information is meant to be a general summary of Economic Opportunities Fund. 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: $3,330
- Program Service Revenue: $224,053
- Gross Receipts: $308,534
Assets and Liabilities:
- Total Assets: $3,199,559
- Total Liabilities: $168,249
- Net Assets: $3,031,310
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADMINISTRATIVE FEES
Revenue
$168,316
INTEREST ON LOANS
Revenue
$47,203
CREDIT LOSS RECOVERY
Revenue
$8,534
Organization Details
Founding Year
1999
Phone
(215) 564-5500Principal Officer
Lynne Cutler
Main Address
2010 CHESTNUT STREET, PHILADELPHIA, PA, 19103
Website
www.worc-pa.comNTEE Category
Code: S31 - Community improvement
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