Compass Working Capital Inc.

Filing Period

Sep 1, 2011 to Aug 31, 2012

Signed

Jan 14, 2013

Return Version

2011v1.2

Gross Receipts

$365,809

Mission

Major Activities

Activity 2

Financial coaching programsin 2009, compass introduced a contract-based financial coaching program designed to help other community organizations integrate asset building into their work. Notably, compass developed a customized financial coaching program for a boston-based nonprofit organization that offers college scholarships for formerly homeless and low-income single parents. In fy11 and in fy12, compass expanded significantly its contract-based financial coaching programs, and the program now provides an earned revenue stream for the organization. Moreover, the early results of the financial coaching program are promising. Participants have demonstrated strong gains in key financial health indicators, including utilization of high quality financial products, increased credit scores, and higher savings. To date, compass has served approximately 260 families through its contract-based financial coaching programs.

Activity 3

Individual development account (ida) programcompass' ida program provides financial education, financial coaching, and matched savings accounts for working, low-income parents to help them save toward homeownership, small business development, or post-secondary education. Participants commit to a monthly savings goal of $25-$75 and receive a 2:1 or 3:1 match on their savings. At the end of the two years savings period, participants can apply their savings toward an asset purchase. To date, compass has enrolled 140 participants in this flagship program. At the end of fy 2012, ida participants had saved $158,465 and earned $290,591 in match funds toward their asset goals. Among program graduates, ida participants who utilized their savings toward a first-time home purchase have, to date, leveraged more than $3.6 million in affordable mortgage financing. College savings initiativethrough education and outreach, compass helps low-income families access 529 college savings plans, which offer an affordable but powerful means to save for college. In addition to helping families save for college, college savings plans have a significant impact on low-income students' aspirations and expectations about college. Through partnerships with fidelity investments, the massachusetts educational financing authority (mefa), and local schools and nonprofit organizations, compass has opened 148 college savings plans for families.

Filer

EIN

20-3975100