Civic Intelligence

Poverty Solutions Inc.

990 • Fiscal year 2019 • EIN 27-1916296

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 06, 2020

Organization Profilepovsol.com
370 Amapola Ave Ste 200ATorrance, CA 90501

(310) 895-1839

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

39th percentile

0.03x

Higher debt load relative to assets than 39% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

35th percentile

0.04x

Higher debt load relative to revenue than 35% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

96th percentile

76%

Higher net margin than 96% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

36th percentile

$0

Higher top officer pay than 36% of similar nonprofits.

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

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

96th percentile

130%

Faster asset growth than 96% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

100th percentile

7816%

Faster revenue growth than 100% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$2,804,865

Up $1,586,699 (+130%) from 2018

Net Assets

Up

$2,710,657

Up $1,988,003 (+275%) from 2018

Liabilities

Down

$94,208

Down $401,304 (-81%) from 2018

Revenue And Expenses
Liabilities / Revenue35th percentileNet Margin96th percentile

Revenue

Up

$2,592,697

Up $2,559,944 (+7816%) from 2018

Expenses

Down

$622,767

Down $126,730 (-17%) from 2018

Net Income

Up

$1,969,930

Up $2,686,674 (+375%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2019

Assets$2,804,865
Liabilities$94,208
Net Assets$2,710,657
Open 2019 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income across loaded years, with this 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

2019

Revenue$2,592,697
Expenses$622,767
Net Income$1,969,930
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 6, 2020
Return Version
2019v5.0
Gross Receipts
$2,592,697
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$722,654$2,710,657▲ $1,988,003
Inventories for Sale or Use-$1,461,407-
Other Notes and Loans Receivable, Net$1,180,218$1,302,255▲ $122,037
Land, Buildings, and Equipment, Net$1,174$20,730▲ $19,556
Investments in Publicly Traded Securities-$15,000-
Cash and Non-Interest-Bearing Accounts$34,274$4,473▼ $29,801
Savings and Temporary Cash Investments$2,500$1,000▼ $1,500
Total Assets$1,218,166$2,804,865▲ $1,586,699
Liabilities
Unsecured Notes Loans Payable$457,637$80,137▼ $377,500
Accounts Payable and Accrued Expenses$37,875$14,071▼ $23,804
Total Liabilities$495,512$94,208▼ $401,304
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$722,654--
Total Net Assets Fund Balance$722,654$2,710,657▲ $1,988,003
Total Liabilities and Net Assets / Fund Balance$1,218,166$2,804,865▲ $1,586,699

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$20,730$5,939-
Compensation and Service Providers
Top Officer Pay36th 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
$2,592,697
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$342,697
Change in Net Assets
$1,969,930

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$484,665
Salaries, Compensation, and Employee Benefits$93,812
Grants and Similar Amounts Paid$44,290
Total Fundraising Expense$18,580
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$332,128$7,618$11,274$351,020
Current Officers, Directors, Trustees, and Key Employees$73,623$1,689$2,499$77,811
Advertising$42,483$974$1,442$44,899
Grants to Domestic Individuals$44,290--$44,290
Occupancy$41,352$949$1,404$43,705
Office Expenses$29,297$672$995$30,964
Payroll Taxes$15,140$347$514$16,001
Information Technology$5,538$127$188$5,853
Interest$5,506$126$187$5,819
Conferences and Meetings$2,276$52$77$2,405
Total Functional Expenses$591,633$12,554$18,580$622,767
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
Yes
Annual disclosure for covered persons
Yes
Audit committee
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 1A

“No material differences”

Part VI Line 1A

“N/A”

Part VI Line 2

“N/A”

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.”

Part VI Line 12C

“P-Solutions has a writen policy to address conflict of interest in its”

Part VI Line 12C

“operations, which are strictly adhered to and contained actions to address”

Part VI Line 15A or B

“The CEO, the ED, Treasurer and other top level officers.”

Part VI Line 15A or B

“Our directors are volunteers and receive no compensation”

Part VI Line 19

“It's 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
2020-07-06
Discuss with paid preparer
No

Organization Details

Principal Officer
Frank I Igwealor
Formed
2008
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
5
Employees
0
Volunteers
568

Preparer

Firm
Goldstein Franklin
Address
3699 Wilshire Blvd, Suite 610, Los Angeles, CA 90010
Preparer
Frank I Igwealor
Phone
3108951839
Supplemental Narrative

Additional Explanations

Part IX Line 24E

“Professional Services Total expenses - $350975.00 Program service expenses - $332085.00 Mgmt and general expenses - $7617.00 Fundraising expenses - $11273.00”

Part IX Line 24E

“Other payroll expense Total expenses - $45.00 Program service expenses - $43.00 Mgmt and general expenses - $1.00 Fundraising expenses - $1.00”

Part XII Line 2C

“No changes”

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

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IRS990/ProgSrvcAccomActy2Grp/Desc0Homebuyer Education During the twelve months ended 12/31/2019, Poverty Solution HBE: Facilitated homebuyer education that benefited 1,961 low-income families through partner HUD certified Housing Counseling (2) Help 14 low-income adults to pass professional exams for IN-DEMAND (3) Helped 48 at-risk youths obtain GED and assisted 33 into college (4) Train 88 hard-to-employ persons to acquire job-skills and be place (5) Processed more than 109,562 phone/email inquiries from LIP Healthy-Path (Obesity Prevention): Provided healthy-living, nutritio and obesity-prevention, training, and guides to 12,650 youths
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IRS990/ProgSrvcAccomActy3Grp/Desc0Entrepreneurship & Small Business Management Training During the twelve months ended 12/31/2019, Poverty Solutions trianed 474 entrepreneurs and assisted 128 small businesses with strategic plan Veterans Empowerment: (1) Assisted 164 veterans with business plan, entrepreneurship, finance/capital source, and start-up guide. Capacity Building Technical Assistance: (1) Assisted 73 nonprofits needing accounting, audit and other technic (2) Conducted 223 financial needs and technical capacity assessments (3) Assisted 128 small businesses with strategic planning; and (4) Conducted 982 bookkeeping and budget projections for qualified SB
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/AgentTrusteeEtcInd0false
IRS990ScheduleD/DisclosedForCharitablePrpsInd0false
IRS990ScheduleD/DisclosedOrgLegCtrlInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt020730
IRS990ScheduleD/EquipmentGrp/DepreciationAmt05939
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt026669
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/Section170hRqrStsfdInd0false
IRS990ScheduleD/SolicitedAssetsSaleInd0false
IRS990ScheduleD/TotalBookValueLandBuildingsAmt020730
IRS990ScheduleD/WrittenPolicyMonitoringInd0false
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0No material differences
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2N/A
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The governing board meets after the year-end to review the annual reports
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4of operations of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5P-Solutions has a writen policy to address conflict of interest in its
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6operations, which are strictly adhered to and contained actions to address
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The CEO, the ED, Treasurer and other top level officers.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Our directors are volunteers and receive no compensation
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9It's made public and available to the public upon request
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10They are available for public at our office located at 370 Amapola Ave
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11Professional Services Total expenses - $350975.00 Program service expenses - $332085.00 Mgmt and general expenses - $7617.00 Fundraising expenses - $11273.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12Other payroll expense Total expenses - $45.00 Program service expenses - $43.00 Mgmt and general expenses - $1.00 Fundraising expenses - $1.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13No changes
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI Line 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI Line 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part VI Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Part VI Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Part VI Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Part VI Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Part VI Line 15a or b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Part VI Line 15a or b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Part VI Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Part VI Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Part IX Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Part IX Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13Part XII Line 2c
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01218166
IRS990/TotalAssetsEOYAmt02804865
IRS990/TotalAssetsGrp/BOYAmt01218166
IRS990/TotalAssetsGrp/EOYAmt02804865
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt02592697
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt018580
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt012554
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0591633
IRS990/TotalFunctionalExpensesGrp/TotalAmt0622767
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0495512
IRS990/TotalLiabilitiesEOYAmt094208
IRS990/TotalLiabilitiesGrp/BOYAmt0495512
IRS990/TotalLiabilitiesGrp/EOYAmt094208
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0722654
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02710657
IRS990/TotalProgramServiceExpensesAmt0739303
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02592697
IRS990/TotalVolunteersCnt0568
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01218166
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02804865
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0457637
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt080137
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0370 Amapola Ave Ste 200A
IRS990/USAddress/CityNm0Torrance
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd090501
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0povsol.com
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK I IGWEALOR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President and CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03108951839
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-07-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Poverty Solutions Inc
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CED Capital
ReturnHeader/Filer/BusinessNameControlTxt0POVE
ReturnHeader/Filer/EIN0271916296
ReturnHeader/Filer/InCareOfNm0% Frank I Igwealor
ReturnHeader/Filer/PhoneNum03108951839
ReturnHeader/Filer/USAddress/AddressLine1Txt0370 Amapola Ave Ste 200A
ReturnHeader/Filer/USAddress/CityNm0Torrance
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd090501
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId02CCDB1CE98EE9B59152627271278BB01EF1E4486
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId02CCDB1CE98EE9B59152627271278BB01EF1E4486
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionId096964520201881416414
ReturnHeader/FilingSecurityInformation/FederalOriginalSubmissionIdDt02020-07-06
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0107.184.151.107
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0460988298
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Goldstein Franklin
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt03699 Wilshire Blvd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine2Txt0Suite 610
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Los Angeles
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd090010
ReturnHeader/PreparerPersonGrp/PhoneNum03108951839
ReturnHeader/PreparerPersonGrp/PreparationDt02020-07-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0FRANK I IGWEALOR
ReturnHeader/ReturnTs02020-07-06T22:23:26-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,804,865
Liabilities
$94,208
Net assets
$2,710,657
Revenue
$2,592,697
Expenses
$622,767
Net income
$1,969,930
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
2019Detailed filing. Detailed filing data is available for this year.$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