Overview
What is Moneythink?
Moneythink is a nonprofit organization situated in Chicago, Illinois, dedicated to promoting financial equity and empowering students. By combining years of collaboration with educators, advisors, and high schools, Moneythink collects feedback and data to guide students in their financial journeys. Their primary tool, DecidED, is a free web-based application designed to help students understand their college options and compare financial aid offers, considering factors like graduation rates and debt. DecidED aims to inform students about affordable schools and enable them to make well-informed decisions, ultimately shaping their futures with reduced debt. Moneythink's mission primarily focuses on offering financial education and peer mentorship to 11th and 12th graders, particularly catering to institutionally underserved students. The organization boasts a small workforce of 18 individuals.
Official website here: www.moneythink.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Star rating) from Charity Navigator.
Moneythink has demonstrated strong performance in both accountability and finance, achieving a high score of 96 in this area. The organization is governed by a fully independent board, with effective oversight mechanisms in place, including an audit committee and a comprehensive set of policies addressing conflicts of interest and whistleblower protections. Their program expense ratio of 82.49% indicates a robust commitment to funding their mission directly.
In terms of culture and community, Moneythink scores an impressive 87, reflecting positive constituent feedback and effective feedback collection and usage practices. They actively engage with stakeholders to understand challenges and incorporate feedback into their operations, which enhances their community impact.
However, while their equity strategies score is relatively strong at 81, there are noted limitations in their equity data collection, scoring just 1 out of 7 in various metrics. This suggests there is room for improvement in how they gather and analyze diversity-related information, which could enhance their ability to address equity concerns in their programs.
This AI summary has been generated from information found on Charity Navigator.
Is Moneythink legitimate?
Moneythink is a legitimate nonprofit organization registered as a 501(c)(3) entity. Moneythink 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: $243,067
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,000,090
For more financial information, click here
Official website here: www.moneythink.org
What is the mission statement of Moneythink?
Moneythink's mission is centered around empowering college-bound students, with a focus on institutionally underserved individuals, by enhancing their financial decision-making skills. This is accomplished through the use of transparency and technology. The organization aims to promote economic equity by providing students with the necessary tools and resources to make informed choices about their financial aid options and college choices. By utilizing their expertise and years of collaboration with students, college advisors, and high schools, Moneythink offers a web-based application called DecidED. This tool allows students to compare the affordability of financial aid offers against other factors, such as graduation rates, encouraging them to enroll at schools with the least debt and highest chances of graduation. DecidED is a free resource designed to cater to the needs of institutionally underserved students and their support systems.
Official website here: www.moneythink.org
Who is the CEO of Moneythink?
Joshua Lachs is the Chairman of Moneythink. The CEO's salary of Moneythink is $228,444 and their total compensation is $243,067.
Official website here: www.moneythink.org
What is the revenue of Moneythink?
Moneythink's revenue in 2022 was $1,996,587.
Official website here: www.moneythink.org
Who are the executives of Moneythink and what are their salaries?
The average compensation at Moneythink during 2022 was $69,064. There are 18 employees and 47 volunteers at Moneythink.
Here are 12 key members and their salaries (Moneythink's CEO's salary is $228,444 and their total compensation is $243,067):
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $228,444
- Related: $0
- Other: $14,623
- Compensation: $169,543
- Related: $0
- Other: $17,796
- Compensation: $114,396
- Related: $0
- Other: $11,053
- Compensation: $101,407
- Related: $0
- Other: $12,036
- Compensation: $117,220
- Related: $0
- Other: $17,560
Official website here: www.moneythink.org
Where can I find the form 990 for Moneythink?
Moneythink's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.moneythink.org
Learn more at the official website: www.moneythink.org
Mission Statement of Moneythink
Moneythink, as a nonprofit organization, is dedicated to empowering college-bound students, specifically those from underprivileged backgrounds. Their mission is to support these students in making informed financial decisions, fostering economic equity. With years of experience collaborating with schools, advisors, and students, Moneythink utilizes expertise and transparency to guide students through their financial journeys.
Moneythink's approach is twofold. Firstly, they provide financial education, helping students understand the intricacies of college financing, including the affordability of financial aid offers and graduation rates. This knowledge enables students to enroll in more affordable institutions, where they have the best chance of graduating with minimal debt.
Secondly, Moneythink leverages technology to expand its reach. DecidED, their web-based application, offers students, families, and advisors free resources to compare college options and financial aid offers. By presenting clear, factual information, DecidED encourages students to make informed decisions, shaping their futures directly. This tool was designed with the needs of institutionally underserved students and their support systems in mind, ensuring its effectiveness and accessibility.
In summary, Moneythink's mission is to empower college-bound students from underprivileged backgrounds by offering financial education and technology-driven tools. By promoting transparency and reducing student debt, Moneythink aims to help students achieve success and shape their futures with confidence.
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Impact
October, 2024
Moneythink significantly impacts the financial literacy landscape for 11th and 12th graders, particularly those from institutionally underserved backgrounds. By fostering financial education and peer mentorship, it empowers students to navigate critical financial choices that can shape their futures.
The organization offers essential resources, promoting economic equity through informed decision-making. One of its key tools, the DecidED app, enables students to explore college options while comparing financial aid offers against important metrics like graduation rates. This transparency helps students identify affordable educational pathways, reducing potential student debt and increasing the likelihood of academic success.
Through systematic data collection and feedback, Moneythink tailors its approach to the unique needs of students and their support systems. As a result, participants gain valuable insights that empower them to make informed choices about their education and financial futures, ultimately contributing to their long-term success and the reduction of economic disparities.
This information is meant to be a general summary of Moneythink. 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: $98
- Gross Receipts: $1,996,587
Assets and Liabilities:
- Total Assets: $1,525,712
- Total Liabilities: $542,939
- Net Assets: $982,773
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Organization Details
Founding Year
2009
Phone
(626) 202-4850Principal Officer
Joshua Lachs
Main Address
1452 E 53rd Street, Chicago, IL, 60615
Website
www.moneythink.orgNTEE Category
Code: P51 - Human services
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