Overview
What is Mifos Initiative?
The Mifos Initiative is a nonprofit organization located in Crescent City, California. They specialize in the development of open-source financial software, specifically Mifos X and Fineract, which aim to provide a comprehensive range of financial services for effective financial inclusion at scale. By delivering these services as APIs, they encourage rapid innovation and offer examples of how to build microcredit, microsaving, and digital financial service applications. The Mifos Initiative fosters a global community of contributors, catalyzing upstream development of new features to benefit the entire financial inclusion sector. In 2022, their significant expansion of technical assistance projects led to major upgrades and frequent releases of Fineract, enhancing its scalability, performance, and flexibility. They also continued refining their web user interfaces and mobile apps, as well as growing their contribution to Payment Hub EE. In essence, the Mifos Initiative provides education, training, and tools to empower charitable organizations and social enterprises, making financial inclusion more affordable and accessible to the 3 billion underbanked and unbanked worldwide.
Official website here: www.https: mifos.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 77% - Three-Star out of Four Star Rating
Mifos Initiative has achieved a rating of 77% from Charity Navigator, reflecting a strong focus on accountability and finance. The score is based entirely on the Accountability & Finance beacon, which highlights the organization's commitment to transparency and responsible management of funds.
Key strengths include a fully independent board, with 75% of members being independent, and a high program expense ratio of 98.20%, indicating that most funds are directed towards its programs rather than administrative costs. Additionally, the organization has no material diversion of assets, demonstrating a solid financial stewardship.
However, there are notable limitations, as the organization lacks a whistleblower policy and documentation retention policy, which are crucial for further enhancing governance practices. Addressing these gaps could strengthen Mifos Initiative's overall accountability framework.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Mifos Initiative?
100% of the 13 reviewers on Facebook recommend Mifos Initiative. Here is a summary of their reviews:
The overwhelming sentiment expresses strong approval of the organization, noting its potential to significantly uplift communities, particularly in Uganda. Reviewers appreciate the focus on teamwork and passion, highlighting that Mifos Initiative is committed to transforming the lives of individuals by providing innovative solutions.
Overall, it appears that Mifos Initiative is successfully engaging its audience and is seen as a valuable entity that promotes positive change in the lives of many. Users are hopeful and enthusiastic about the future impact of the organization’s initiatives.
This AI summary has been generated from reviews found on Facebook.
Is Mifos Initiative legitimate?
Mifos Initiative is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mifos Initiative 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: $88,560
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,731
For more financial information, click here
Official website here: www.https: mifos.org
What is the mission statement of Mifos Initiative?
The Mifos Initiative's mission is to equip charitable organizations and social enterprises with the necessary education, training, and tools to offer affordable, accessible, and effective financial services to the 3 billion underbanked and unbanked individuals worldwide. Utilizing open-source software development like Mifos X and Fineract, they provide APIs and reference apps for various financial services, fostering innovation and community contributions to enhance financial inclusion at scale. In 2022, the Initiative saw significant growth in technical assistance projects, leading to major upgrades in Fineract, improving lending methodologies, scalability, performance, and business date handling, ultimately providing a robust digital public infrastructure foundation for enabling inclusive instant payment systems and G2P payments.
Official website here: www.https: mifos.org
Who is the CEO of Mifos Initiative?
Unavailable The CEO's salary of Mifos Initiative is $88,560 and their total compensation is $88,560.
Official website here: www.https: mifos.org
What is the revenue of Mifos Initiative?
Mifos Initiative's revenue in 2022 was $2,252,051.
Official website here: www.https: mifos.org
Who are the executives of Mifos Initiative and what are their salaries?
The average compensation at Mifos Initiative during 2022 was $30,097. There are 3 employees and 125 volunteers at Mifos Initiative.
Here are 5 key members and their salaries (Mifos Initiative's CEO's salary is $88,560 and their total compensation is $88,560):
- Compensation: $88,560
- 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.https: mifos.org
Where can I find the form 990 for Mifos Initiative?
Mifos Initiative's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.https: mifos.org
Learn more at the official website: www.https: mifos.org
Mission Statement of Mifos Initiative
Mifos Initiative, a nonprofit organization, is committed to providing education, training, and tools to empower charitable organizations and social enterprises. Their mission is to make financial inclusion more affordable, accessible, and effective for the 3 billion underbanked and unbanked individuals worldwide. By developing open-source software, such as Mifos X and Fineract, they offer a range of financial services, including microcredit, microsaving, and digital financial applications. These tools are delivered as APIs, enabling rapid innovation and serving as examples for building various financial service applications.
Mifos Initiative's mission is to create a virtuous cycle of a global community that maintains the software through volunteer-led and grant-funded development and technical assistance projects. This community-driven approach results in major upstream contributions and frequent releases of Fineract, incorporating new features, improved performance, and greater flexibility. In 2022, they made significant strides in technical assistance projects, leading to major upstream contributions and more frequent releases of Fineract. Furthermore, their involvement in the Azure Credits for Open Source projects provided users with sandboxes to test their digital public goods, strengthening their digital infrastructure foundation for inclusive instant payment systems and G2P payments.
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Impact
July, 2024
Mifos Initiative's impact can be seen in the significant growth and development of open source financial software such as Mifos X and Fineract, which have been instrumental in providing the complete range of financial services required for effective financial inclusion at scale. Through volunteer-led and grant-funded projects, Mifos Initiative has catalyzed upstream contributions to these digital public goods, benefitting the entire financial inclusion sector.
In 2022, this growth in technical assistance projects led to major upstream contributions and more frequent releases of Fineract, incorporating new features for lending methodologies, scalability, performance, and business date handling. Furthermore, through programs like GSOC, Mifos Initiative continued to refine web user interfaces and mobile apps for staff and consumers, enhancing accessibility to these financial services.
Additionally, Mifos Initiative's contribution to Payment Hub EE saw upgrades to components for bulk processing, integration with payment systems in Latin America, and a more robust Fineract foundation, enabling inclusive instant payment systems and facilitating G2P payments into functional accounts. By providing sandboxes for users to test digital public goods through initiatives like Azure Credits for Open Source projects, Mifos Initiative is further advancing financial health and inclusion for the underbanked and unbanked populations globally.
This information is meant to be a general summary of Mifos Initiative. 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: $2,210,084
- Gross Receipts: $2,252,051
Assets and Liabilities:
- Total Assets: $789,916
- Total Liabilities: $9,973
- Net Assets: $779,943
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Hosting
Revenue
$9,153
Comm - Technical Assistance
Revenue
$126,052
Dev - Technical Assistance
Revenue
$2,074,879
Organization Details
Founding Year
2011
Phone
(484) 477-8649Main Address
6777 Lower Lake Rd, Crescent City, CA, 95531
Website
www.https: mifos.orgNTEE Category
Code: S30 - Community improvement
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