Civic Intelligence

Exodus Financial Services

990 • Fiscal year 2019 • EIN 47-1706853

Jan 01, 2019 to Dec 31, 2019 • Filed on May 11, 2020

2380 Wycliff Street No B-100Saint Paul, MN 55114

(615) 615-0067

Siviq Scores

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

Liabilities / Assets

86th percentile

0.29x

Higher debt load relative to assets than 86% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

91st percentile

0.37x

Higher debt load relative to revenue than 91% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

67th percentile

12%

Higher net margin than 67% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

96th percentile

$70,680

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 26.3% of source-year revenue.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

77th percentile

29%

Faster asset growth than 77% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

73rd percentile

21%

Faster revenue growth than 73% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Annualized from 2018 to 2019

Assets

Up

$344,164

Up $78,367 (+29%) from 2018

Net Assets

Up

$244,164

Up $33,367 (+16%) from 2018

Liabilities

Up

$100,000

Up $45,000 (+82%) from 2018

Revenue

Up

$269,063

Up $46,767 (+21%) from 2018

Expenses

Up

$235,696

Up $84,847 (+56%) from 2018

Net Income

Down

$33,367

Down $38,080 (-53%) from 2018

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2017: $172,120Liabilities 2017: $30,0002017Assets 2018: $265,797Liabilities 2018: $55,000Net Assets 2018: $210,7972018Assets 2019: $344,164Liabilities 2019: $100,000Net Assets 2019: $244,1642019Assets 2020: $574,419Liabilities 2020: $170,000Net Assets 2020: $404,4192020Assets 2021: $722,833Liabilities 2021: $172,500Net Assets 2021: $550,3332021Assets 2022: $842,929Liabilities 2022: $172,500Net Assets 2022: $670,4292022Assets 2023: $630,842Liabilities 2023: $204,288Net Assets 2023: $426,5542023Assets 2024: $4,976,089Liabilities 2024: $354,053Net Assets 2024: $4,622,0362024

Highlighted filing

2019

Assets$344,164
Liabilities$100,000
Net Assets$244,164

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $149,907Expenses 2017: $103,240Net Income 2017: $46,6672017Revenue 2018: $222,296Expenses 2018: $150,849Net Income 2018: $71,4472018Revenue 2019: $269,063Expenses 2019: $235,696Net Income 2019: $33,3672019Revenue 2020: $536,309Expenses 2020: $376,054Net Income 2020: $160,2552020Revenue 2021: $464,430Expenses 2021: $318,516Net Income 2021: $145,9142021Revenue 2022: $583,695Expenses 2022: $463,599Net Income 2022: $120,0962022Revenue 2023: $423,454Expenses 2023: $667,329Net Income 2023: -$243,8752023Revenue 2024: $4,988,470Expenses 2024: $765,270Net Income 2024: $4,223,2002024

Highlighted filing

2019

Revenue$269,063
Expenses$235,696
Net Income$33,367
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 11, 2020
Return Version
2019v5.1
Gross Receipts
$272,202
Mission and Program Overview

Mission

Exodus lending is a nonprofit dedicated to helping minnesotans get out of payday loan debt. Our mission is to provide trapped borrowers a just pathway toward financial stability. To achieve this goal, exodus lending pays off payday loans up to $1,500 for program participants and sets up a plan with them to repay only the amount refinanced, adding no interest or fees, over the course of 12 months. The program provides incentives for participants who meet with a financial counselor and/or contribute to a personal savings account.

Exodus financial services (dba exodus lending) refinances payday loan debt for persons caught in the payday loan debt trap, charging no interest or fees.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$25,649$145,578▲ $119,929
Cash and Non-Interest-Bearing Accounts$178,242$118,722▼ $59,520
Other Notes and Loans Receivable, Net$61,906$79,864▲ $17,958
Total Assets$265,797$344,164▲ $78,367
Liabilities
Unsecured Notes Loans Payable$55,000$100,000▲ $45,000
Total Liabilities$55,000$100,000▲ $45,000
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$210,797$243,684▲ $32,887
Net Assets With Donor Restrictions$0$480▲ $480
Total Net Assets Fund Balance$210,797$244,164▲ $33,367
Total Liabilities and Net Assets / Fund Balance$265,797$344,164▲ $78,367
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sara Nelson-pallmeyerExecutive DirectorFT$66,000$4,680$70,680

Board Members and Trustees

NameTitle
Eric HowardPresident
Anne Leland ClarkVice-president
Gary HessDirector
Laney OhmansDirector
Meghan Olsen-biebighauserDirector
Melissa JulietteDirector
Nick ScheibelDirector
Chris RomanoFormer Director
Sean ColeFormer Secretary
Sarah SchoolcraftSecretary
Nicole HaverlyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$269,011
Program Service Revenue
$0
Investment Income
$501
Other Revenue
$-449
All Other Contributions
$190,804
Change in Net Assets
$33,367
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$175,174
Other Expenses$60,522
Total Fundraising Expense$31,443
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$69,666$6,737$10,452$86,855
Current Officers, Directors, Trustees, and Key Employees$42,945$14,315$14,315$71,575
Payroll Taxes$8,861$1,612$1,914$12,387
Information Technology$6,924$488$1,034$8,446
Occupancy$5,702$884$1,113$7,699
Office Expenses$4,512$554$971$6,037
Other Employee Benefits$3,911$167$279$4,357
Travel$3,136$192$247$3,575
Advertising$2,528$29$36$2,593
Fees for Services Accounting-$1,250-$1,250
Insurance$863$134$169$1,166
Fees for Services Other$666$103$131$900
Conferences and Meetings$743$15$19$777
Other Expenses$1,134$163$591$591
All Other Expenses$247$38$48$333
Total Functional Expenses$177,572$26,681$31,443$235,696
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$3,139
Fundraising Gross Income$2,690
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Annual Summer Fundraiser$30,897$2,690$3,139$-449
Total Events$30,897$2,690$3,139$-449
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
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

Form 990, Part VI, Section B, Line 11B

The form will be sent to all board members for review prior to filing.

Form 990, Part VI, Section B, Line 12C

The board discusses any conflicts of interest that individual board members may have and ensures nothing is voted on by a board member with a conflict of interest in the particular issue.

Form 990, Part VI, Section B, Line 15

The executive committee of the board performed an annual review and also compared the executive director's salary with those of other executive directors in minnesota, using the minnesota council of nonprofits information. Officers are not compensated. Other key employees' compensation amounts were based on nonprofit industry standards in minnesota and experience. No review was performed as no other employee, except for the executive director, had been employed for more than one year by the end of 2018.

Form 990, Part VI, Section C, Line 19

Organizational documents are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Exodus Financial Services
EIN
47-1706853
Phone
6156150067
Address
2380 WYCLIFF STREET NO B-100, SAINT PAUL, MN 55114
Doing Business As
Exodus Lending

Signing Officer

Name
Sara Nelson-pallmeyer
Title
Executive Director
Phone
6126150067
Signed
2020-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sara Nelson-pallmeyer
Formed
2014
Legal Domicile
Mn
Voting Board Members
10
Independent Board Members
10
Employees
4
Volunteers
20

Preparer

Firm
Mahoneyulbrichchristiansen & Russ Pa
Address
10 RIVER PARK PLAZA SUITE 800, SAINT PAUL, MN 55107
Preparer
Elizabeth Barchenger
Phone
6512276695
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IRS990/Desc0IN 2019, WE HAD 151 ENROLLMENTS AND REFINANCED $106,564 OF PREDATORY DEBT. IN DOING SO, WE ESTIMATE OUR PROGRAM SAVED PARTICIPANTS $323,169, ASSUMING THEY WOULD HAVE REMAINED IN THE DEBT TRAP FOR A YEAR. AS CREDIT BUILDERS ALLIANCE MEMBERS, EXODUS LENDING BEGAN REPORTING PARTICIPANTS' PAYMENTS TO THE MAJOR CREDIT BUREAUS. CREDIT REPORTING PROVIDES PARTICIPANTS THE CHANCE TO INCREASE THEIR CREDIT AND THEIR ACCESS TO AFFORDABLE FINANCIAL SERVICES. AT THE SAME TIME, IN 2019, 49 PARTICIPANTS PAID OFF THEIR EXODUS LENDING LOANS. THESE GRADUATES RATED OUR PROGRAM HIGHLY: 100% OF SURVEY RESPONDENTS SAID THEY WERE "EXTREMELY LIKELY" TO RECOMMEND OUR SERVICES.
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IRS990/OtherExpensesGrp/Desc2MISC EXPENSES
IRS990/OtherExpensesGrp/Desc3FUNDRAISING
IRS990/OtherExpensesGrp/FundraisingAmt0124
IRS990/OtherExpensesGrp/FundraisingAmt1591
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0163
IRS990/OtherExpensesGrp/ProgramServicesAmt023767
IRS990/OtherExpensesGrp/ProgramServicesAmt11967
IRS990/OtherExpensesGrp/ProgramServicesAmt21134
IRS990/OtherExpensesGrp/TotalAmt023767
IRS990/OtherExpensesGrp/TotalAmt11967
IRS990/OtherExpensesGrp/TotalAmt21421
IRS990/OtherExpensesGrp/TotalAmt3591
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt010452
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt06737
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt069666
IRS990/OtherSalariesAndWagesGrp/TotalAmt086855
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt061906
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt079864
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/FundraisingAmt01914
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01612
IRS990/PayrollTaxesGrp/ProgramServicesAmt08861
IRS990/PayrollTaxesGrp/TotalAmt012387
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0SARA NELSON-PALLMEYER
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0223303
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt057226
IRS990/PYOtherRevenueAmt0-1007
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt071447
IRS990/PYSalariesCompEmpBnftPaidAmt093623
IRS990/PYTotalExpensesAmt0150849
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0222296
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt033367
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt025649
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0145578
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0269011
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0223303
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0149906
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt038813
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0681033
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0501
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0501
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt0647336
IRS990ScheduleA/SubstantialContributorsTotAmt033697
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0269011
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0223303
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0149906
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt038813
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0681033
IRS990ScheduleA/TotalSupportAmt0681534
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/DirectContactLegislatorsInd00
IRS990ScheduleC/GrantsOtherOrganizationsInd00
IRS990ScheduleC/MailingsMembersAmt01346
IRS990ScheduleC/MailingsMembersInd01
IRS990ScheduleC/MediaAdvertisementsInd00
IRS990ScheduleC/NotDescribedSection501c3Ind00
IRS990ScheduleC/OtherActivitiesInd00
IRS990ScheduleC/PaidStaffOrManagementInd00
IRS990ScheduleC/PublicationsOrBroadcastInd00
IRS990ScheduleC/RalliesDemonstrationsInd00
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0STAFF SENT OUT TWO NEWSLETTERS ENCOURAGING SUPPORTERS TO CONTACT THEIR LEGISLATORS IN FAVOR OF A BILL THAT WOULD LIMIT INTEREST RATES ON LOANS ISSUED TO MINNESOTANS TO 36% APR. STAFF ALSO ATTENDED A HEARING ON FEBRUARY 26, 2019. TOTAL OF 30 HOURS FOR EXECUTIVE DIRECTOR AND 10 HOURS FOR EACH OF TWO STAFF MEMBERS.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990; SCHEDULE C; PART I-A; LINE 1
IRS990ScheduleC/TotalLobbyingExpendituresAmt01346
IRS990ScheduleC/VolunteersInd00
IRS990ScheduleD/AgentTrusteeEtcInd00
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd00
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt028207
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt028207
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt03139
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0ANNUAL SUMMER FUNDRAISER
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt030897
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt030897
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt02690
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt02690
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-449
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt03139
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt03139
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM WILL BE SENT TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD DISCUSSES ANY CONFLICTS OF INTEREST THAT INDIVIDUAL BOARD MEMBERS MAY HAVE AND ENSURES NOTHING IS VOTED ON BY A BOARD MEMBER WITH A CONFLICT OF INTEREST IN THE PARTICULAR ISSUE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE COMMITTEE OF THE BOARD PERFORMED AN ANNUAL REVIEW AND ALSO COMPARED THE EXECUTIVE DIRECTOR'S SALARY WITH THOSE OF OTHER EXECUTIVE DIRECTORS IN MINNESOTA, USING THE MINNESOTA COUNCIL OF NONPROFITS INFORMATION. OFFICERS ARE NOT COMPENSATED. OTHER KEY EMPLOYEES' COMPENSATION AMOUNTS WERE BASED ON NONPROFIT INDUSTRY STANDARDS IN MINNESOTA AND EXPERIENCE. NO REVIEW WAS PERFORMED AS NO OTHER EMPLOYEE, EXCEPT FOR THE EXECUTIVE DIRECTOR, HAD BEEN EMPLOYED FOR MORE THAN ONE YEAR BY THE END OF 2018.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ORGANIZATIONAL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0265797
IRS990/TotalAssetsEOYAmt0344164
IRS990/TotalAssetsGrp/BOYAmt0265797
IRS990/TotalAssetsGrp/EOYAmt0344164
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0269011
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt031443
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt026681
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0177572
IRS990/TotalFunctionalExpensesGrp/TotalAmt0235696
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt055000
IRS990/TotalLiabilitiesEOYAmt0100000
IRS990/TotalLiabilitiesGrp/BOYAmt055000
IRS990/TotalLiabilitiesGrp/EOYAmt0100000
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0210797
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0244164
IRS990/TotalOtherCompensationAmt04680
IRS990/TotalProgramServiceExpensesAmt0177572
IRS990/TotalReportableCompFromOrgAmt066000
IRS990/TotalRevenueGrp/ExclusionAmt052

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