Overview
What is Common Wealth Associates Inc?
Common Wealth Associates Inc, located in Charlotte, North Carolina, is a nonprofit organization dedicated to empowering low-income wage earners with improved financial literacy. Through a compassionate approach, they provide educational workshops and personalized one-to-one credit counseling. These sessions focus on creating and reviewing budgets, analyzing credit reports, strategizing debt repayment, identifying harmful financial products, and transitioning to reliable, non-predatory financial institutions. Their mission is to help individuals achieve financial stability and reduce their dependence on charitable assistance, offering a holistic approach that includes education, counseling, access to banking services, and interest-free loans. With a workforce of 12 dedicated individuals, Common Wealth Associates Inc is committed to making a positive impact on the financial well-being of its community members.
Official website here: www.commonwealthcharlotte.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97%, Four-Star out of Four Star rating.
Common Wealth Associates Inc has earned a commendable Four-Star rating from Charity Navigator, reflecting their strong accountability and financial health. With an Accountability & Finance score of 96 and a Culture & Community score of 100, the organization demonstrates a robust governance structure, including a fully independent board of 12 members. Their financial practices, including a low liabilities to assets ratio of 0.24%, indicate prudent management of resources.
Furthermore, the organization excels in transparency, with comprehensive policies in place such as conflict of interest and whistleblower policies. They also score perfectly in their feedback collection and usage, highlighting a commitment to stakeholder engagement and continuous improvement. Their program expense ratio of 79.42% shows that a significant portion of their funds is directed toward their mission-driven programs.
While the organization shows no material diversion of assets and maintains thorough documentation practices, continued vigilance in these areas will be essential to uphold their stellar performance. Overall, Common Wealth Associates Inc has positioned itself as a trustworthy nonprofit with effective governance and financial stewardship.
This AI summary has been generated from information found on Charity Navigator.
Is Common Wealth Associates Inc legitimate?
Common Wealth Associates Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Wealth Associates 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: $131,262
Professional Fundraising Fees: $0
Other Salaries and Wages: $696,126
For more financial information, click here
Official website here: www.commonwealthcharlotte.org
What is the mission statement of Common Wealth Associates Inc?
Common Wealth Associates Inc's mission is centered around empowering low-income wage earners. This is achieved through a holistic approach that includes financial education, personalized counseling, providing access to banking services, and offering no-interest loans. The aim is to help these individuals achieve financial stability and reduce their dependence on charitable assistance. This is carried out using a trauma-informed approach, which is sensitive to the emotional challenges these individuals may be facing. The organization offers financial literacy workshops and one-on-one credit counseling to help individuals manage their finances better, understand their credit reports, and avoid predatory financial products. They also promote rebanking at non-predatory financial institutions.
Official website here: www.commonwealthcharlotte.org
Who is the CEO of Common Wealth Associates Inc?
Chuck Jones is the Executive Dir. of Common Wealth Associates Inc.
Official website here: www.commonwealthcharlotte.org
What is the revenue of Common Wealth Associates Inc?
Common Wealth Associates Inc's revenue in 2023 was $1,153,438.
Official website here: www.commonwealthcharlotte.org
Who are the executives of Common Wealth Associates Inc and what are their salaries?
The average compensation at Common Wealth Associates Inc during 2023 was $68,949. There are 12 employees and 200 volunteers at Common Wealth Associates Inc.
Here are 13 key members and their salaries:
- Compensation: $127,449
- Related: $0
- Other: $3,813
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- 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.commonwealthcharlotte.org
Where can I find the form 990 for Common Wealth Associates Inc?
Common Wealth Associates Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.commonwealthcharlotte.org
Learn more at the official website: www.commonwealthcharlotte.org
Mission Statement of Common Wealth Associates Inc
Common Wealth Associates Inc is dedicated to empowering low-income wage earners, providing them with the necessary financial skills to attain stability and reduce their dependence on charitable assistance. This is achieved through a compassionate approach that combines education, personalized counseling, easy access to banking services, and the provision of no-interest loans.
The organization's approach is centered around financial literacy, offering workshops and one-on-one credit counseling sessions. These sessions focus on helping individuals create and manage a balanced spending plan, analyze credit reports, strategically pay off debt, and recognize the pitfalls of predatory financial products. Furthermore, Common Wealth Associates Inc encourages its clients to transition to non-predatory financial institutions, fostering a healthier financial future.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Common Wealth Associates Inc significantly impacts the lives of low-income wage earners by enhancing their financial capabilities, paving the way for greater financial stability and reduced dependence on charitable assistance. Through a trauma-informed approach, the organization offers comprehensive financial literacy education, which includes workshops and one-on-one credit counseling. Participants engage in creating balanced spending plans, reviewing credit reports, and developing strategies to pay off debts while avoiding predatory financial products.
By providing access to safe banking options and offering no-interest loans, Common Wealth Associates empowers individuals to reclaim their financial health. This holistic support system not only equips clients with essential financial knowledge but also fosters a sense of independence and self-sufficiency, ultimately contributing to the well-being of the broader community in Charlotte, NC.
This information is meant to be a general summary of Common Wealth Associates 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 2023.
- Investment Income: $17,533
- Gross Receipts: $1,153,438
Assets and Liabilities:
- Total Assets: $1,254,720
- Total Liabilities: $3,070
- Net Assets: $1,251,650
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2014
Phone
(980) 636-1262Principal Officer
Chuck Jones
Main Address
5301 Wilkinson Blvd, Charlotte, NC, 28208
NTEE Category
Code: B90 - Education
If you are a representative of Common Wealth Associates Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.