Civic Intelligence

Poverty Solutions Inc Ced Capital

EIN 27-1916296 • 501(c)3 • Torrance, CA

Profile

During the year ended 12/31/2018, Poverty Solutions (P-Solutions) successfully served 17,472 low-income persons needing financial education, and entrepreneurship development.

370 Amapola Ave Ste 200ATorrance, CA 90501

povsol.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

55th percentile

0.22x

Higher debt load relative to assets than 55% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

73rd percentile

0.61x

Higher debt load relative to revenue than 73% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

96th percentile

84%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

15th percentile

$0

Higher top officer pay than 15% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

97th percentile

107%

Faster asset growth than 97% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

95th percentile

163%

Faster revenue growth than 95% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$10,846,692

Up $5,612,688 (+107%) from 2022

Liabilities

Up

$2,352,178

Up $2,191,354 (+1363%) from 2022

Net Assets

Up

$8,494,514

Up $3,421,334 (+67%) from 2022

Operations
Liabilities / Revenue73rd percentileNet Margin96th percentile

Revenue

Up

$3,825,665

Up $2,369,570 (+163%) from 2022

Expenses

Up

$627,834

Up $117,314 (+23%) from 2022

Net Income

Up

$3,197,831

Up $2,252,256 (+238%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth97th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$15M$10M$5.0M$0Assets 2016: $7,561,977Liabilities 2016: $1,858,751Net Assets 2016: $5,703,2262016Assets 2018: $1,218,166Liabilities 2018: $495,512Net Assets 2018: $722,6542018Assets 2019: $2,804,865Liabilities 2019: $94,208Net Assets 2019: $2,710,6572019Assets 2020: $3,612,416Liabilities 2020: $873,133Net Assets 2020: $2,739,2832020Assets 2021: $7,314,975Liabilities 2021: $1,915,967Net Assets 2021: $5,399,0082021Assets 2022: $5,234,004Liabilities 2022: $160,824Net Assets 2022: $5,073,1802022Assets 2023: $10,846,692Liabilities 2023: $2,352,178Net Assets 2023: $8,494,5142023

Highlighted filing

2023

Assets$10,846,692
Liabilities$2,352,178
Net Assets$8,494,514
Open 2023 Filing

Operations Trend

Revenue Growth95th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $5,666,317Expenses 2016: $3,372,157Net Income 2016: $2,294,1602016Revenue 2018: $32,753Expenses 2018: $749,497Net Income 2018: -$716,7442018Revenue 2019: $2,592,697Expenses 2019: $622,767Net Income 2019: $1,969,9302019Revenue 2020: $231,611Expenses 2020: $187,985Net Income 2020: $43,6262020Revenue 2021: $4,792,625Expenses 2021: $296,959Net Income 2021: $4,495,6662021Revenue 2022: $1,456,095Expenses 2022: $510,520Net Income 2022: $945,5752022Revenue 2023: $3,825,665Expenses 2023: $627,834Net Income 2023: $3,197,8312023

Highlighted filing

2023

Revenue$3,825,665
Expenses$627,834
Net Income$3,197,831
Open 2023 Filing

Filings

Most recent year

2023 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$10,846,692
Liabilities
$2,352,178
Net assets
$8,494,514
Revenue
$3,825,665
Expenses
$627,834
Net income
$3,197,831
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$2.35$8.49$3.83$0.63$3.20
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.23$0.16$5.07$1.46$0.51$0.95
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.31$1.92$5.40$4.79$0.30$4.50
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.61$0.87$2.74$0.23$0.19$0.04
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.80$0.09$2.71$2.59$0.62$1.97
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.22$0.50$0.72$0.03$0.75$0.72
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.56$1.86$5.70$5.67$3.37$2.29
Latest Detailed Filing

The latest 2023 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2020 below.

Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Feb 8, 2022
Return Version
2020v4.0
Gross Receipts
$231,611
Mission and Program Overview

Mission

During the twelve months ended 12/31/2016, Poverty Solutions successfully served 12,358 low-income persons needing financial educat EITC tax preparation, job-training, and entrepreneurship development

Poverty Solutions designs and deploys programs that empower lowincome to permanently escape poverty through financial capability training

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$2,710,657--
Inventories for Sale or Use$1,461,406$2,613,886▲ $1,152,480
Investments in Publicly Traded Securities-$100,000-
Prepaid Expenses and Deferred Charges-$50,000-
Land, Buildings, and Equipment, Net$20,730$26,130▲ $5,400
Other Notes and Loans Receivable, Net$1,302,255$25,757▼ $1,276,498
Cash and Non-Interest-Bearing Accounts$4,473$6,498▲ $2,025
Savings and Temporary Cash Investments$1,000--
Accounts Receivable-$1,000-
Total Assets$2,789,864$3,612,416▲ $822,552
Other Assets Total-$789,145-
Liabilities
Unsecured Notes Loans Payable$80,137$873,133▲ $792,996
Accounts Payable and Accrued Expenses$14,071--
Total Liabilities$94,208$873,133▲ $778,925
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,695,656$2,739,283▲ $43,627
Total Net Assets Fund Balance$2,695,656$2,739,283▲ $43,627
Total Liabilities and Net Assets / Fund Balance$2,789,864$3,612,416▲ $822,552

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$14,909-$2,621
Equipment$11,221$3,318-
Other Assets Org$789,145--
Compensation and Service Providers
Top Officer Pay15th percentile

Board Members and Trustees

NameTitle
Ambrose O EgbuonuGoverning Board Chair
Frank I IgwealorPresident and CEO
Martins NwaegeFinanceTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$169,639
Program Service Revenue
$61,972
Investment Income
$0
Other Revenue
$0
All Other Contributions
$93,427
Change in Net Assets
$43,626
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$137,390
Other Expenses$50,195
Grants and Similar Amounts Paid$400
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$112,390$25,000-$137,390
Occupancy$22,020--$22,020
Office Expenses$2,915$9,496-$12,411
Conferences and Meetings$6,535--$6,535
Information Technology$3,430--$3,430
Other Expenses$2,000$1,000-$3,000
Insurance$1,141--$1,141
Grants to Domestic Orgs$400--$400
Total Functional Expenses$152,489$35,496$0$187,985
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI Line 11B

“The governing board meets after the year-end to review the annual reports”

Part VI Line 11B

“of operations of the organization. The report is used to prepare the 990.”

Part VI Line 19

“P-Solutions made public and available to the public upon request”

Part VI Line 19

“They are available for public at our office located at 370 Amapola Ave”

Filing and Contact Details

Filer

Filer Name
Poverty Solutions Inc
EIN
27-1916296
In Care Of
% Frank I Igwealor
Phone
3108951839
Address
370 Amapola Ave Ste 200A, Torrance, CA 90501
Doing Business As
CED Capital

Signing Officer

Name
Frank I Igwealor
Title
President and CEO
Phone
3108951839
Signed
2022-02-08
Discuss with paid preparer
No

Organization Details

Principal Officer
Frank I Igwealor
Formed
2008
Legal Domicile
CA
Voting Board Members
0
Independent Board Members
0
Employees
0

Preparer

Firm
Goldstein Franklin
Address
3699 Wilshire Blvd, Suite 610, Los Angeles, CA 90010
Preparer
Frank I Igwealor
Phone
3108951839
Raw XML Appendix344 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
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IRS990/MoreThan5000KToIndividualsInd0false
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The governing board meets after the year-end to review the annual reports
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1of operations of the organization. The report is used to prepare the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2P-Solutions made public and available to the public upon request
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3They are available for public at our office located at 370 Amapola Ave
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI Line 11b
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part VI Line 19
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