Overview
What is Working Credit Nfp?
Working Credit NFP is a nonprofit organization located in Chicago, Illinois, dedicated to empowering individuals to improve their credit scores. Their primary program, Make Credit Work for You, is a 12-month comprehensive financial wellness initiative that includes workshops, one-on-one counseling, and personalized coaching services. Employers, nonprofits, and individuals can participate in this program, which aims to help individuals understand and master the credit scoring system. Workshops provide a foundation of knowledge about credit impacts, followed by personalized budgeting and credit report reviews. One-on-one meetings result in an individualized Credit Action Plan, and ongoing coaching supports accountability throughout the credit building process. Working Credit also recommends using their CW-3 Credit Building Product for some individuals and offers credit checks every six months for 18 months. Once an individual reaches a certain credit score, targeted consumer education is provided to help them save money and access better financial opportunities. Overall, Working Credit NFP's mission is to interrupt structural racism by partnering with individuals and communities to provide credit building education and financial products.
Official website here: www.workingcredit.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Star rating)
Working Credit Nfp has achieved an impressive 97% rating, reflecting strong performance in accountability and finances as well as culture and community engagement. The organization boasts a robust independent board, with 87% of its members being independent and seven independent board members, demonstrating a commitment to transparency and effective governance. Financial oversight is exemplary, with no material diversion of assets and a strong program expense ratio of 78.70%.
The organization's financial health is indicated by a low liabilities to assets ratio of 14.31% and efficient fundraising, with an impressive fundraising efficiency ratio of $0.08. Additionally, Working Credit Nfp excels in collecting and utilizing constituent feedback, scoring 100 across several related metrics. This indicates a proactive approach to service delivery and responsiveness to community needs.
However, while the organization shows exceptional strength in financial practices and governance, there may be areas for continued improvement in equity policies, where it received a slightly lower score compared to other categories. Overall, Working Credit Nfp stands out as a well-managed nonprofit with a strong commitment to accountability and community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Working Credit Nfp legitimate?
Working Credit Nfp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Working Credit Nfp 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: $189,979
Professional Fundraising Fees: $0
Other Salaries and Wages: $661,840
For more financial information, click here
Official website here: www.workingcredit.org
What is the mission statement of Working Credit Nfp?
Working Credit NFP's mission is centered around addressing structural racism by partnering with individuals and communities. They achieve this by providing credit building education, one-on-one counseling, and access to necessary financial products. This empowerment aims to help individuals thrive financially. Their comprehensive 12-month financial wellness program, titled "Make Credit Work for You," assists individuals in understanding and mastering the credit scoring system. Employers, non-profits, and individuals can all participate in this program. The program includes a credit-building workshop, ongoing personalized coaching, and credit checks every six months to monitor progress. Upon reaching certain credit score thresholds, individuals receive targeted consumer education to further improve their financial situation.
Official website here: www.workingcredit.org
Who is the CEO of Working Credit Nfp?
Sarah Chenven is the Co-Ceo of Working Credit Nfp. The CEO's salary of Working Credit Nfp is $76,402 and their total compensation is $76,402.
Official website here: www.workingcredit.org
What is the revenue of Working Credit Nfp?
Working Credit Nfp's revenue in 2022 was $773,930.
Official website here: www.workingcredit.org
Who are the executives of Working Credit Nfp and what are their salaries?
The average compensation at Working Credit Nfp during 2022 was $60,844. There are 14 employees and 8 volunteers at Working Credit Nfp.
Here are 10 key members and their salaries (Working Credit Nfp's CEO's salary is $76,402 and their total compensation is $76,402):
- Compensation: $113,577
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- Other: $0
- Compensation: $76,402
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Official website here: www.workingcredit.org
Where can I find the form 990 for Working Credit Nfp?
Working Credit Nfp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.workingcredit.org
Learn more at the official website: www.workingcredit.org
Mission Statement of Working Credit Nfp
Working Credit NFP is an organization dedicated to disrupting structural racism by collaborating with individuals and communities. Their mission is to provide credit building education, one-on-one counseling, and access to essential financial products, enabling people to financially thrive. This nonprofit believes in empowering individuals to master the credit scoring system, thereby reducing or eliminating expenses associated with poor or absent credit.
To achieve this, Working Credit NFP offers a comprehensive 12-month financial wellness program named Make Credit Work for You. This program begins with a credit-building workshop, equipping participants with fundamental knowledge about the credit system and its impact on a family's finances. Subsequently, individuals can request one-on-one meetings with a Working Credit counselor to create a personalized budget, review their credit report and score, and develop an individualized Credit Action Plan. This strategy aims to help individuals enhance their credit score and improve their overall credit profile.
Throughout the program, counselors act as coaches, providing ongoing support and accountability, guiding individuals in following the steps outlined in their Credit Action Plan. In some cases, Working Credit NFP may recommend their CW-3 Credit Building Product, offered by a third-party partner, to further assist individuals in improving their credit profiles and saving money. Regular credit checks and targeted consumer education also play a crucial role in the program, reinforcing lessons about the credit system and providing relevant information to individuals as they reach specific credit score thresholds.
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Impact
July, 2024
Working Credit Nfp's impact lies in empowering individuals to take control of their financial well-being by building and sustaining strong credit scores. Through their comprehensive "Make Credit Work for You" program, they provide credit-building education, personalized coaching, and access to financial products. By helping individuals understand and master the credit scoring system, Working Credit Nfp equips them to reduce or eliminate expenses related to poor or no credit.
Their work is geared towards interrupting structural racism by partnering with communities to address the disparities in access to financial resources. By offering workshops, one-on-one counseling, and coaching services, Working Credit Nfp has successfully assisted many individuals in increasing their credit scores and improving their overall credit profiles. This, in turn, allows them to save money and access better financial opportunities.
Through ongoing personalized coaching and the deployment of credit-building products like CW-3, Working Credit Nfp ensures that individuals receive the support and resources they need to thrive financially. By conducting credit checks every six months and providing targeted consumer education, they help individuals make informed financial decisions and negotiate better terms based on their improved credit scores.
Overall, Working Credit Nfp's impact is significant in empowering individuals to overcome financial challenges, break the cycle of poor credit, and work towards a more stable and prosperous future.
This information is meant to be a general summary of Working Credit Nfp. 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: $2,623
- Program Service Revenue: $263,081
- Gross Receipts: $773,930
Assets and Liabilities:
- Total Assets: $623,957
- Total Liabilities: $72,909
- Net Assets: $551,048
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program & Consulting Fees
Revenue
$263,081
Organization Details
Founding Year
2014
Phone
(312) 339-5357Principal Officer
Sarah Chenven
Main Address
111 W Washington Street 900, Chicago, IL, 60602
Website
www.workingcredit.orgNTEE Category
Code: P20 - Human services
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