Civic Intelligence

Poverty Solutions Inc.

990 • Fiscal year 2020 • EIN 27-1916296

Jan 01, 2020 to Dec 31, 2020 • Filed on Feb 08, 2022

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

66th percentile

0.24x

Higher debt load relative to assets than 66% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

94th percentile

3.77x

Higher debt load relative to revenue than 94% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Net Margin

72nd percentile

19%

Higher net margin than 72% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

37th percentile

$0

Higher top officer pay than 37% of similar nonprofits.

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

2020 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2020

Asset Growth

78th percentile

29%

Faster asset growth than 78% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

1st percentile

-91%

Faster revenue growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$3,612,416

Up $807,551 (+29%) from 2019

Net Assets

Up

$2,739,283

Up $28,626 (+1.1%) from 2019

Liabilities

Up

$873,133

Up $778,925 (+827%) from 2019

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin72nd percentile

Revenue

Down

$231,611

Down $2,361,086 (-91%) from 2019

Expenses

Down

$187,985

Down $434,782 (-70%) from 2019

Net Income

Down

$43,626

Down $1,926,304 (-98%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth78th 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

2020

Assets$3,612,416
Liabilities$873,133
Net Assets$2,739,283
Open 2020 Filing

Operations Trend

Revenue Growth1st 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

2020

Revenue$231,611
Expenses$187,985
Net Income$43,626
Open 2020 Filing
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 Pay37th 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
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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
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IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt060472
IRS990/TotalProgramServiceExpensesAmt0129995
IRS990/TotalProgramServiceRevenueAmt061972
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt03612416
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IRS990/USAddress/ZIPCd090501
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ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK I IGWEALOR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President and CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum03108951839
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-08
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Goldstein Franklin
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ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$3,612,416
Liabilities
$873,133
Net assets
$2,739,283
Revenue
$231,611
Expenses
$187,985
Net income
$43,626
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
Peer Organizations

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