Overview
What is Build Wealth Mn Inc?
Build Wealth Mn Inc is a nonprofit organization situated in Minneapolis, Minnesota, with a mission to empower families and individuals towards self-sufficiency. They accomplish this through various developmental services, such as financial education, training, technical assistance, and access to resources. By providing favorable financing, affordable housing opportunities, workforce readiness programs, small business development technical assistance, and services to build assets and financial capability, they aim to enhance financial literacy and wealth. In collaboration with community partners, they expand access to resources and opportunities for the underserved, ensuring a comprehensive approach to building social and economic wealth.
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 95% (Four-Star out of Four Star Rating)**
Build Wealth Mn Inc has been rated highly with a 95% score on Charity Navigator, indicating strong accountability and financial health. The organization boasts an impressive 100% rating in board independence, along with robust policies for audits and oversight, making it a trustworthy entity in terms of financial practices. The majority of its funding appears to come from government and public support, indicating a solid foundation.
The financial metrics are promising, with a program expense ratio of 85.50% and a low liabilities-to-assets ratio of 22.52%, suggesting that a significant portion of its resources is directed towards its mission rather than administrative costs. Furthermore, its fundraising efficiency ratio, while recorded at $0.012, indicates that the organization has room for improvement in terms of generating funds relative to expenses, which could be a potential area to address for future growth.
Unfortunately, there are no user reviews available from GreatNonprofits to provide additional insights from the community. Nonetheless, given the strong overall rating and financial transparency reflected in Charity Navigator's evaluation, Build Wealth Mn Inc appears to be a reputable nonprofit focused on its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Build Wealth Mn Inc legitimate?
Build Wealth Mn Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Build Wealth Mn 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,476,273
For more financial information, click here
What is the mission statement of Build Wealth Mn Inc?
Build Wealth Mn Inc's mission is centered around assisting families and individuals in building social and economic wealth. They achieve this by providing comprehensive financial education, training, technical assistance, and access to affordable housing opportunities and developmental financial products and services. The organization's goal is to empower individuals with favorable financing, financial literacy training, technical assistance, resources, and services that help them become self-sufficient. Additionally, Build Wealth Mn Inc aids in workforce readiness, small business development, and asset building, collaborating with community partners to expand access to resources and opportunities for the underserved.
Who is the CEO of Build Wealth Mn Inc?
David Mcgee is the Executive Di of Build Wealth Mn Inc.
What is the revenue of Build Wealth Mn Inc?
Build Wealth Mn Inc's revenue in 2022 was $8,653,347.
Who are the executives of Build Wealth Mn Inc and what are their salaries?
The average compensation at Build Wealth Mn Inc during 2022 was $92,267. There are 16 employees and 4 volunteers at Build Wealth Mn Inc.
Here are 6 key members and their salaries:
- Compensation: $419,664
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Build Wealth Mn Inc?
Build Wealth Mn Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Build Wealth Mn Inc
Build Wealth Mn Inc, a nonprofit organization, is committed to assisting families and communities in building social and economic wealth. It achieves this goal by offering comprehensive financial education, training, technical assistance, affordable housing opportunities, and access to developmental financial products and services. The organization's mission is to provide families and individuals with developmental products and services, which encompass favorable financing, financial literacy training, technical assistance, and access to resources. These offerings empower individuals to become self-sufficient, helping them secure affordable housing opportunities, improve workforce readiness, develop small businesses, build assets, enhance financial capability, and foster wealth. Build Wealth Mn Inc collaborates with other community partners to broaden access to resources and opportunities for the underserved.
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Impact
October, 2024
Build Wealth Mn Inc significantly impacts families and communities by fostering social and economic wealth through a variety of initiatives. By providing comprehensive, value-based financial education and training, the organization empowers individuals with the knowledge necessary to navigate financial systems effectively.
The organization offers technical assistance and access to developmental financial products and services, enabling families to improve their financial literacy and capabilities. This empowerment translates into increased self-sufficiency, allowing individuals to pursue favorable financing options and take control of their financial futures.
Additionally, Build Wealth Mn Inc facilitates access to affordable housing opportunities, which is crucial for creating stable living environments that can lead to better educational and employment prospects. Their support extends to workforce readiness and small business development, equipping participants with the skills and resources needed to thrive professionally.
Through collaborations with various public and private community partners, Build Wealth Mn Inc expands access to vital resources, ensuring underserved populations can seize opportunities that contribute to asset building and wealth creation. Overall, the organization plays a crucial role in enhancing the financial well-being of individuals and families, fostering resilience and growth within the community.
This information is meant to be a general summary of Build Wealth Mn 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.
- Program Service Revenue: $291,905
- Gross Receipts: $8,653,347
Assets and Liabilities:
- Total Assets: $11,576,662
- Total Liabilities: $2,607,282
- Net Assets: $8,969,380
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROCESSING FEES
Revenue
$154,998
LENDING REVENUE
Revenue
$76,042
MISCELLANEOUS
Revenue
$28,049
PROGRAM SERVICE FEES
Revenue
$17,799
TRAINING
Revenue
$14,450
Organization Details
Founding Year
2004
Phone
(612) 877-4182Principal Officer
David Mcgee
Main Address
1256 PENN AVE N, MINNEAPOLIS, MN, 55411
NTEE Category
Code: B60 - Education
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