Civic Intelligence

Poverty Solutions Inc.

990 • Fiscal year 2021 • EIN 27-1916296

Jan 01, 2021 to Dec 31, 2021 • Filed on Mar 18, 2023

Organization ProfilePov.sol
370 Amapola Avenue 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

65th percentile

0.26x

Higher debt load relative to assets than 65% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

70th percentile

0.40x

Higher debt load relative to revenue than 70% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

98th percentile

94%

Higher net margin than 98% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

27th percentile

$54,285

Higher top officer pay than 27% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

95th percentile

102%

Faster asset growth than 95% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

99th percentile

1969%

Faster revenue growth than 99% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$7,314,975

Up $3,702,559 (+102%) from 2020

Net Assets

Up

$5,399,008

Up $2,659,725 (+97%) from 2020

Liabilities

Up

$1,915,967

Up $1,042,834 (+119%) from 2020

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin98th percentile

Revenue

Up

$4,792,625

Up $4,561,014 (+1969%) from 2020

Expenses

Up

$296,959

Up $108,974 (+58%) from 2020

Net Income

Up

$4,495,666

Up $4,452,040 (+10205%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth95th 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

2021

Assets$7,314,975
Liabilities$1,915,967
Net Assets$5,399,008
Open 2021 Filing

Operations Trend

Revenue Growth99th 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

2021

Revenue$4,792,625
Expenses$296,959
Net Income$4,495,666
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Mar 18, 2023
Return Version
2021v4.2
Gross Receipts
$4,792,625
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 empoower lowincom to permanently escape poverty through financial capability training

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$2,739,283$5,399,008▲ $2,659,725
Other Notes and Loans Receivable, Net$25,757$4,443,574▲ $4,417,817
Inventories for Sale or Use$2,613,886$1,403,697▼ $1,210,189
Cash and Non-Interest-Bearing Accounts$6,498$804,743▲ $798,245
Intangible Assets$789,145--
Pledges and Grants Receivable$26,130$590,000▲ $563,870
Investments in Publicly Traded Securities$100,000--
Land, Buildings, and Equipment, Net-$47,018-
Prepaid Expenses and Deferred Charges$50,000$13,065▼ $36,935
Savings and Temporary Cash Investments-$11,878-
Accounts Receivable$1,000$1,000→ $0
Total Assets$3,612,416$7,314,975▲ $3,702,559
Liabilities
Unsecured Notes Loans Payable$873,133$1,192,582▲ $319,449
Mortgage Notes Payable Secured by Investment Property-$723,385-
Total Liabilities$873,133$1,915,967▲ $1,042,834
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,739,283$5,399,008▲ $2,659,725
Total Liabilities and Net Assets / Fund Balance$3,612,416$7,314,975▲ $3,702,559

Asset Categories

AssetBook ValueDepreciationBasis
Land$47,018-$20,888
Compensation and Service Providers
Top Officer Pay27th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Frank I IgwealorPresident and CEOFT$54,285$54,285
Revenue and Support

Revenue Composition

Contributions and Grants
$2,416,265
Program Service Revenue
$2,376,360
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$4,495,666
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$205,357
Other Expenses$91,602
Total Fundraising Expense$19,399
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$180,653$11,289$13,415$205,357
Occupancy$31,634$1,977$2,349$35,960
Fees for Services Management$17,133$1,071$1,272$19,476
Office Expenses$12,426$776$923$14,125
Advertising$6,817$426$506$7,749
Fees for Services Accounting$4,062$254$302$4,617
Information Technology$2,819$176$209$3,204
Travel$875$55$65$995
Other Expenses$745$47$55$847
Conferences and Meetings$743$46$55$845
Fees for Services Legal$697$44$52$792
Insurance$196$12$15$223
Total Functional Expenses$261,235$16,325$19,399$296,959
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 11B

“990 is prepared alongside the audited financial reports and sent to”

Part VI Line 11B

“board members to review before approval at the next board meeting”

Part VI Line 19

“These documents are available to members of the public”

Part VI Line 19

“upon request”

Part VI - 11B

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

Part VI - 11B

“the annual reports of operations of the organization.”

Part VI - 11B

“The report is used to prepare the 990.”

Part VI - 19

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

Part VI - 19

“request. They are available for public at our office”

Part VI - 19

“located at 370 Amapola Ave., Torrance California 90501”

Part VI Line 11B

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

Part VI Line 11B

“the annual reports of operations of the organization.”

Part VI Line 11B

“The report is used to prepare the 990.”

Part VI Line 19

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

Part VI Line 19

“request 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 Avenue Ste 200A, Torrance, CA 90501
Doing Business As
CED Capital

Signing Officer

Name
Frank I Igwealor
Title
President and CEO
Phone
3108951839
Signed
2023-03-18
Discuss with paid preparer
No

Organization Details

Principal Officer
Frank I Igwealor
Formed
2008
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
5
Employees
11
Volunteers
216

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 III Line 4D

“Expenses: $52247.00 including grants of: $0.00 Revenue: $0.00”

Part III Line 4D

“Low-Income Persons Empowerment”

Part III

“Facilitated homebuyer education that benefited 1,640”

Part III

“low-income families”

Raw XML AppendixShowing 400 of 434 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.

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IRS990/ProgSrvcAccomActy2Grp/Desc0Capacity Technical Assistance Assisted 58 nonprofits needing accounting, audit and other technical assistance helping 36 with strategic planning, budgeting, and compliance reviews. Conducted 126 financial needs and technical capacity assessments for community based nonprofits, helping 27 of the participants to boost revenue. Assisted 92 small businesses with strategic planning Conducted 206 bookkeeping and budget projections for qualified small businesses.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Veterans Empowerment Assisted 202 veterans with business plans, entrepreneurship, finance capital source, and starr-up guide Provided 648 hours of bookkeeping, accounting, tax, and other technical assistance to veteran entreprenuers Facilited $8.2 million in loans to 42 loans to low-income veteran entreprenuers through borrowers education assistance and wholesale agreements with other lenders.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0990 is prepared alongside the audited financial reports and sent to
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1board members to review before approval at the next board meeting
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2These documents are available to members of the public
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3upon request
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The governing board meets after the year-end to review
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5the annual reports of operations of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The report is used to prepare the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7P-Solutions made public and available to the public upon
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8request. They are available for public at our office
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9located at 370 Amapola Ave., Torrance California 90501
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10The governing board meets after the year-end to review
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt11the annual reports of operations of the organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12The report is used to prepare the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13P-Solutions made public and available to the public upon
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt14request at our office located at 370 Amapola Ave
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt15Expenses: $52247.00 including grants of: $0.00 Revenue: $0.00
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt16Low-Income Persons Empowerment
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt17Facilitated homebuyer education that benefited 1,640
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt18low-income families
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,314,975
Liabilities
$1,915,967
Net assets
$5,399,008
Revenue
$4,792,625
Expenses
$296,959
Net income
$4,495,666
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
2021Detailed filing. Detailed filing data is available for this year.$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