Overview
What is The Midas Collaborative Inc?
The Midas Collaborative Inc is a nonprofit organization situated in Boston, Massachusetts, specifically at 2 Oliver Street 802, with a team of six dedicated individuals. Their primary mission is to empower low-income families by facilitating asset development and protecting their wealth. They achieve this through a collaborative approach, working in partnership with community organizations across Massachusetts. The Midas Collaborative operates multiple matched savings programs, which enable participants to build their financial skills and capabilities. In 2022, 151 individuals graduated from these programs, utilizing their savings to invest in various assets, such as homes, higher education, small businesses, and emergency funds. The organization's approach is community-driven, relying on peer support and practical expertise to enhance financial management skills and provide access to wealth-building opportunities.
Official website here: www.midascollab.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star rating)
The Midas Collaborative Inc has received an impressive rating of 87%, reflecting its strong performance across various operational metrics. The charity boasts a high Accountability & Finance score of 74%, which indicates effective financial practices and governance. Notably, the organization has achieved a perfect score in several areas, including its independent board composition and the absence of material diversion of assets, demonstrating solid accountability measures.
In addition to financial accountability, The Midas Collaborative excels in its organizational culture and community engagement. It has achieved a perfect score in Culture & Community metrics, indicating a strong emphasis on feedback collection and usage, as well as implementation of equity strategies. This suggests that the organization is not only responsive to community needs but also committed to fostering an inclusive environment.
However, while the overall performance is commendable, the Liabilities to Assets Ratio of 63.13% may warrant attention as it highlights a potential area of financial vulnerability. Nonetheless, the strong program expense ratio of 77.20% indicates that a significant portion of resources is directed towards its mission-related activities, which is a positive sign for donors and stakeholders alike.
This AI summary has been generated from information found on Charity Navigator.
Is The Midas Collaborative Inc legitimate?
The Midas Collaborative Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Midas Collaborative 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: $96,977
Professional Fundraising Fees: $0
Other Salaries and Wages: $107,112
For more financial information, click here
Official website here: www.midascollab.org
What is the mission statement of The Midas Collaborative Inc?
The Midas Collaborative Inc's mission is to coordinate a network of community-based, not-for-profit organizations, aiming to facilitate the asset development of low-income families. This is achieved through enhancing financial management skills, providing community and peer support, and offering access to wealth-building opportunities. The collaborative operates various matched savings programs in partnership with member organizations across the state. These programs help participants build their financial abilities by attending workshops and counseling sessions, resulting in investments in assets such as homes, higher education programs, small businesses, and emergency savings funds for 151 participants in 2022.
Official website here: www.midascollab.org
Who is the CEO of The Midas Collaborative Inc?
Molly Goodman is the Secretary of The Midas Collaborative Inc.
Official website here: www.midascollab.org
What is the revenue of The Midas Collaborative Inc?
The Midas Collaborative Inc's revenue in 2022 was $627,524.
Official website here: www.midascollab.org
Who are the executives of The Midas Collaborative Inc and what are their salaries?
The average compensation at The Midas Collaborative Inc during 2022 was $34,015. There are 6 employees and 14 volunteers at The Midas Collaborative Inc.
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Official website here: www.midascollab.org
Where can I find the form 990 for The Midas Collaborative Inc?
The Midas Collaborative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.midascollab.org
Learn more at the official website: www.midascollab.org
Mission Statement of The Midas Collaborative Inc
The Midas Collaborative Inc is a collaborative organization that aims to facilitate the asset development and protection of low-income families in a manner that is peer-supported, practitioner-tested, and community-building. Its mission is to coordinate a statewide collaborative of community-based, not-for-profit organizations that facilitate the asset development of low-income families. This is achieved through increased financial management skills, community and peer support, and access to wealth-building vehicles.
In simpler terms, The Midas Collaborative Inc works to empower low-income families by improving their financial literacy and providing them with the necessary tools to build wealth. It does this by collaborating with various community organizations across Massachusetts. Through partnerships, it operates matched savings programs, where participants attend workshops and counseling sessions to enhance their financial skills and capabilities. In 2022, 151 participants graduated from these programs, investing their savings in various assets such as homes, higher education programs, small businesses, and emergency savings funds.
In essence, The Midas Collaborative Inc serves as a bridge between low-income families and the resources they need to build a secure financial future. By fostering a peer-supported environment and leveraging the expertise of community-based organizations, it helps families develop financial management skills and provides them with opportunities to invest and grow their assets.
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Impact
July, 2024
The Midas Collaborative Inc's impact lies in facilitating asset development and protection for low-income families through peer-supported, practitioner-tested, and community-building initiatives. They operate multiple matched savings programs in partnership with member community organizations across Massachusetts. In 2022, 574 participants enrolled in workshops and counseling sessions to enhance their financial skills. Furthermore, 151 program participants graduated, making investments in various assets such as homes, higher education programs, small businesses, and emergency savings funds.
This information is meant to be a general summary of The Midas Collaborative 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 2022.
- Investment Income: $58
- Program Service Revenue: $152,653
- Gross Receipts: $643,762
Assets and Liabilities:
- Total Assets: $1,003,033
- Total Liabilities: $633,271
- Net Assets: $369,762
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE FEES - MSP
Revenue
$152,653
Organization Details
Founding Year
2007
Phone
(617) 532-3916Principal Officer
Molly Goodman
Main Address
2 OLIVER STREET 802, BOSTON, MA, 02109
Website
www.midascollab.orgNTEE Category
Code: B90 - Education
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