Civic Intelligence

Poverty Solutions Inc.

990 • Fiscal year 2022 • EIN 27-1916296

Jan 01, 2022 to Dec 31, 2022 • Filed on May 25, 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

29th percentile

0.03x

Higher debt load relative to assets than 29% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

42nd percentile

0.11x

Higher debt load relative to revenue than 42% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

93rd percentile

65%

Higher net margin than 93% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

62nd percentile

$150,000

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 10.3% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

3rd percentile

-28%

Faster asset growth than 3% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

4th percentile

-70%

Faster revenue growth than 4% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets29th percentile

Assets

Down

$5,234,004

Down $2,080,971 (-28%) from 2021

Net Assets

Down

$5,073,180

Down $325,828 (-6.0%) from 2021

Liabilities

Down

$160,824

Down $1,755,143 (-92%) from 2021

Revenue And Expenses
Liabilities / Revenue42nd percentileNet Margin93rd percentile

Revenue

Down

$1,456,095

Down $3,336,530 (-70%) from 2021

Expenses

Up

$510,520

Up $213,561 (+72%) from 2021

Net Income

Down

$945,575

Down $3,550,091 (-79%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth3rd 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

2022

Assets$5,234,004
Liabilities$160,824
Net Assets$5,073,180
Open 2022 Filing

Operations Trend

Revenue Growth4th 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

2022

Revenue$1,456,095
Expenses$510,520
Net Income$945,575
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 25, 2023
Return Version
2022v5.0
Gross Receipts
$1,456,095
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$5,399,008--
Other Notes and Loans Receivable, Net$2,121,695$2,485,526▲ $363,831
Accounts Receivable$2,373,953$2,373,953→ $0
Inventories for Sale or Use$1,403,696--
Pledges and Grants Receivable$590,000--
Cash and Non-Interest-Bearing Accounts$804,743$353,637▼ $451,106
Land, Buildings, and Equipment, Net$20,888$20,888→ $0
Total Assets$7,314,975$5,234,004▼ $2,080,971
Liabilities
Unsecured Notes Loans Payable$1,198,967--
Mortgage Notes Payable Secured by Investment Property$717,000$125,031▼ $591,969
Accounts Payable and Accrued Expenses-$35,793-
Total Liabilities$1,915,967$160,824▼ $1,755,143
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,695,656$2,695,656→ $0
Net Assets Without Donor Restrictions$2,703,352$2,377,524▼ $325,828
Total Net Assets Fund Balance$5,399,008$5,073,180▼ $325,828
Total Liabilities and Net Assets / Fund Balance$7,314,975$5,234,004▼ $2,080,971

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$20,888$5,939-
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Frank I IgwealorPresident and CEOFT$141,000$9,000$150,000
Ambrose O EgbuonuChairmanFT$34,387-$34,387

Board Members and Trustees

NameTitle
Martin NwaegeDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$6,050
Program Service Revenue
$1,450,045
Investment Income
$0
Other Revenue
$0
All Other Contributions
$6,050
Change in Net Assets
$945,575
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$434,316
Other Expenses$76,204
Total Fundraising Expense$15,317
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$159,603$10,523$5,262$175,388
Other Salaries and Wages$111,168$7,330$3,665$122,163
Payroll Taxes$61,858$4,079$2,039$67,976
Other Employee Benefits$51,296$3,382$1,691$56,369
Occupancy$35,263$2,325$1,163$38,751
Advertising$18,746$1,236$618$20,600
Pension Plan Contributions$11,302$745$373$12,420
Insurance$2,398$158$79$2,635
Office Expenses$2,364$156$78$2,598
Information Technology$1,855$122$61$2,038
Other Expenses$209$14$7$230
Total Functional Expenses$464,572$30,631$15,317$510,520
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
No
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

“None”

Part VI Line 1A

“The governing board has not delegated broad authority to any executive”

Part VI Line 1A

“committee or similar committee”

Part VI Line 11B

“The 990 is prepared and sent to each board member prior to meeting date”

Part VI Line 11B

“when the governing board meets after the year-end to review and approve.”

Part VI Line 12C

“We use the Conflict of Interest Policies and Procedures to monitor for”

Part VI Line 12C

“potential and actual conflict and mitigate before transaction has occurred.”

Part VI Line 15A or B

“CEO, CFO, Directors”

Part VI Line 18

“Our facilities at 370 Amapola Ave., Suite 200A, Torrance CA 90501”

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

Signing Officer

Name
Frank I Igwealor
Title
Mr
Phone
3108951839
Signed
2023-05-25
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
6
Volunteers
47

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 XII Line 2C

“The organization did not change its oversight process or selection”

Part XII Line 2C

“process during 2022”

Part XII Line 3B

“Poverty Solutions plans to undergo the required audit in June 2023”

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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0169639
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0342697
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0363053
IRS990ScheduleA/Total509Grp/TotalAmt03297704
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt06050
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt02416290
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0169639
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0342697
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0363056
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03297732
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt05939
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0None
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The governing board has not delegated broad authority to any executive
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2committee or similar committee
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The 990 is prepared and sent to each board member prior to meeting date
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4when the governing board meets after the year-end to review and approve.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5We use the Conflict of Interest Policies and Procedures to monitor for
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6potential and actual conflict and mitigate before transaction has occurred.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7CEO, CFO, Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8Our facilities at 370 Amapola Ave., Suite 200A, Torrance CA 90501
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9P-Solutions 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/ExplanationTxt11The organization did not change its oversight process or selection
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt12process during 2022
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt13Poverty Solutions plans to undergo the required audit in June 2023
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI Line 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI Line 1a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI Line 1a
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 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9Part VI Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc10Part VI Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc11Part XII Line 2c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc12Part XII Line 2c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc13Part XII Line 3b
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0464572
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IRS990/TotalLiabilitiesGrp/BOYAmt01915967
IRS990/TotalLiabilitiesGrp/EOYAmt0160824
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0370 Amapola Avenue Ste 200A
IRS990/USAddress/CityNm0Torrance
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd090501
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IRS990/VotingMembersIndependentCnt05
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL2
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0false
ReturnHeader/BusinessOfficerGrp/PersonNm0FRANK I IGWEALOR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Mr
ReturnHeader/BusinessOfficerGrp/PhoneNum03108951839
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Poverty Solutions Inc
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CED Capital Alpharidge Capital
ReturnHeader/Filer/BusinessNameControlTxt0POVE
ReturnHeader/Filer/EIN0271916296
ReturnHeader/Filer/InCareOfNm0% Frank I Igwealor
ReturnHeader/Filer/PhoneNum03108951839
ReturnHeader/Filer/USAddress/AddressLine1Txt0370 Amapola Avenue Ste 200A
ReturnHeader/Filer/USAddress/CityNm0Torrance
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd090501
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0false
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/PreparationDt02023-05-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0FRANK I IGWEALOR
ReturnHeader/ReturnTs02023-05-25T18:08:48-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0FRANK
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0IGWEALOR
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,234,004
Liabilities
$160,824
Net assets
$5,073,180
Revenue
$1,456,095
Expenses
$510,520
Net income
$945,575
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
2022Detailed filing. Detailed filing data is available for this year.$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