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Change Machine

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 760833915 ✦ Brooklyn, NY ✦ Designated as a 501(c)(3)

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Overview

What is Change Machine?

Change Machine is a nonprofit organization situated in Brooklyn, New York. Their primary mission is to promote financial security among low-income communities through the utilization of people-powered technology. By leveraging a cloud-based platform, they provide financial coaching practitioners with access to best practices, tools, and a professional network, all designed specifically for their field. Change Machine aims to bridge the gap between financial insecurity and success, particularly for Black and Brown women, who have historically been disadvantaged by oppressive policies. Their innovative technology reaches various social service organizations and public agencies across the nation, empowering them to work more effectively with their clients towards financial stability. By doing so, Change Machine contributes to lasting economic change that narrows the wealth gap between races and genders.


Official website here: www.change-machine.org

What are the reviews and ratings of this charity?

Charity Navigator rates Change Machine with a score of 96%, granting it a Four-Star out of Four Star rating. This high score reflects the organization's strong performance in Accountability & Finance, showcasing its responsible financial management and transparency practices. Notably, Change Machine has a fully independent board and demonstrates excellence with no material diversion of assets, indicating strong governance.

User feedback is overwhelmingly positive, with reviewers highlighting the commitment and effectiveness of the team led by Mae Watson Grote. A board member noted that Change Machine successfully addresses the financial needs of low-income households through collaboration and sustainable solutions. The organization’s dedication to making a tangible difference is a key strength emphasized by users.

While the program expense ratio sits at 63.84%, indicating that a significant portion of funds is allocated to programs, the overall financial health of the organization, including a strong liabilities to assets ratio and fundraising efficiency, positions Change Machine favorably in the nonprofit sector.


This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.

Is Change Machine legitimate?

Change Machine is a legitimate nonprofit organization registered as a 501(c)(3) entity. Change Machine 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: $302,459
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,636,668

For more financial information, click here


Official website here: www.change-machine.org

What is the mission statement of Change Machine?

Change Machine's mission is centered around building financial security for low-income communities using people-powered technology. They achieve this by amplifying the impact of social service organizations and public agencies working with individuals to achieve their financial goals through a technology platform. Their partnerships foster a community of practice, and their insights contribute to lasting economic change, aiming to address the economic effects of past policies and remove barriers to financial security, ultimately shrinking the gender and racial wealth gap.


Official website here: www.change-machine.org

Who is the CEO of Change Machine?

Mae Watson Grote is the Founder And Ceo of Change Machine. The CEO's salary of Change Machine is $226,976 and their total compensation is $278,016.


Official website here: www.change-machine.org

What is the revenue of Change Machine?

Change Machine's revenue in 2022 was $6,213,887.


Official website here: www.change-machine.org

Who are the executives of Change Machine and what are their salaries?

The average compensation at Change Machine during 2022 was $89,064. There are 33 employees and 9 volunteers at Change Machine.


Here are 13 key members and their salaries (Change Machine's CEO's salary is $226,976 and their total compensation is $278,016):


Mae Watson Grote (Founder And Ceo)
  • Compensation: $226,976
  • Related: $0
  • Other: $51,040
Haidee Cabusora (Chief Prog Officer)
  • Compensation: $184,892
  • Related: $0
  • Other: $44,280
Katherine Reeves (Dir Of Partnership)
  • Compensation: $168,425
  • Related: $0
  • Other: $23,742
Brianna C Mckinney (Dir Of Development)
  • Compensation: $111,307
  • Related: $0
  • Other: $19,582
Marc Khouzami (Board Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Andy Tuckett (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
David Heafitz (F/Raising Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joshua Sledge (Gov. Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Frederick Wherry (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Sarah Bainton Kahn (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Kevin Mcqueen (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Derek Dorn (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Charlyn Stanberry (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0


Official website here: www.change-machine.org

Where can I find the form 990 for Change Machine?

Change Machine's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.change-machine.org

Learn more at the official website: www.change-machine.org

Mission Statement of Change Machine

Change Machine, an organization dedicated to fostering an equitable economy, strives to build financial security for underprivileged communities primarily consisting of Black and Brown women. They achieve this mission through the utilization of people-powered technology. Change Machine collaborates with financial coaches and clients to strengthen its technology platform, which subsequently amplifies the impact of social service organizations and public agencies working towards helping individuals achieve their financial objectives. By establishing partnerships, Change Machine cultivates a community of practice, and its data and research contribute to lasting economic transformation. This transformation aims to dismantle the economic impacts of slavery and patriarchal policies, thereby reducing barriers to financial security and bridging the racial and gender wealth gap.

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Impact




July, 2024

Change Machine's impact can be seen through its efforts to build financial security for low-income communities by leveraging people-powered technology. By providing a revolutionary cloud-based platform, Change Machine offers practitioners the tools and resources they need to address underlying financial insecurity in their customers. This approach not only amplifies the impact of social service organizations and public agencies but also contributes to lasting economic change. Change Machine's mission to champion the aspirations of those most economically disadvantaged, particularly Black and Brown women, aligns with its vision of creating an equitable economy in which everyone thrives. Through their data-driven research and solutions, Change Machine is actively working to remove barriers to financial security and shrink the gender and racial wealth gap, ultimately paving the way for a more inclusive and prosperous society.




This information is meant to be a general summary of Change Machine. 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.

Revenue
$6,213,887 (2022)
Expenses
$5,493,888 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $186
  • Program Service Revenue: $480,367
  • Gross Receipts: $6,213,887

Assets and Liabilities:

  • Total Assets: $6,769,108
  • Total Liabilities: $974,763
  • Net Assets: $5,794,345

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

Software Subscription

Revenue

$480,367

Organization Details

Founding Year

2006

Principal Officer

Mae Watson Grote

Main Address

254 36th Street Suite B 321, Brooklyn, NY, 11232

NTEE Category

Code: P50 - Human services

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