Civic Intelligence

Working Credit Nfp

990 • Fiscal year 2020 • EIN 47-2614811

Jan 01, 2020 to Dec 31, 2020 • Filed on Sep 23, 2021

Organization Profilewww.workingcredit.org

View Organization Page

111 W Washington StChicago, IL 60602

(312) 339-5357

Siviq Scores

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

Liabilities / Assets

41st percentile

0.02x

Higher debt load relative to assets than 41% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

40th percentile

0.02x

Higher debt load relative to revenue than 40% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

27th percentile

-6.8%

Higher net margin than 27% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

81st percentile

$80,000

Higher top officer pay than 81% of similar nonprofits.

Top officer pay equals 9.7% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

17th percentile

-6.1%

Faster asset growth than 17% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

61st percentile

6.2%

Faster revenue growth than 61% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets41st percentile

Assets

Down

$971,219

Down $62,913 (-6.1%) from 2019

Net Assets

Down

$955,032

Down $55,586 (-5.5%) from 2019

Liabilities

Down

$16,187

Down $7,327 (-31%) from 2019

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin27th percentile

Revenue

Up

$822,320

Up $47,856 (+6.2%) from 2019

Expenses

Up

$877,906

Up $138,264 (+19%) from 2019

Net Income

Down

-$55,586

Down $90,408 (-260%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth17th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2015: $33,182Liabilities 2015: $30,9342015Assets 2016: $54,084Liabilities 2016: $37,082Net Assets 2016: $17,0022016Assets 2017: $662,142Liabilities 2017: $65,018Net Assets 2017: $597,1242017Assets 2018: $989,713Liabilities 2018: $13,917Net Assets 2018: $975,7962018Assets 2019: $1,034,132Liabilities 2019: $23,514Net Assets 2019: $1,010,6182019Assets 2020: $971,219Liabilities 2020: $16,187Net Assets 2020: $955,0322020Assets 2021: $1,342,543Liabilities 2021: $128,900Net Assets 2021: $1,213,6432021Assets 2022: $623,957Liabilities 2022: $72,909Net Assets 2022: $551,0482022Assets 2023: $847,051Liabilities 2023: $121,260Net Assets 2023: $725,7912023Assets 2024: $3,198,962Liabilities 2024: $99,125Net Assets 2024: $3,099,8372024

Highlighted filing

2020

Assets$971,219
Liabilities$16,187
Net Assets$955,032
Open 2020 Filing

Operations Trend

Revenue Growth61st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2015: $160,213Expenses 2015: $157,965Net Income 2015: $2,2482015Revenue 2016: $276,052Expenses 2016: $261,298Net Income 2016: $14,7542016Revenue 2017: $998,291Expenses 2017: $418,169Net Income 2017: $580,1222017Revenue 2018: $895,424Expenses 2018: $516,752Net Income 2018: $378,6722018Revenue 2019: $774,464Expenses 2019: $739,642Net Income 2019: $34,8222019Revenue 2020: $822,320Expenses 2020: $877,906Net Income 2020: -$55,5862020Revenue 2021: $1,081,152Expenses 2021: $822,541Net Income 2021: $258,6112021Revenue 2022: $773,930Expenses 2022: $1,436,525Net Income 2022: -$662,5952022Revenue 2023: $2,073,323Expenses 2023: $1,898,580Net Income 2023: $174,7432023Revenue 2024: $4,359,994Expenses 2024: $1,985,948Net Income 2024: $2,374,0462024

Highlighted filing

2020

Revenue$822,320
Expenses$877,906
Net Income-$55,586
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Sep 23, 2021
Return Version
2020v4.0
Gross Receipts
$822,320
Mission and Program Overview

Mission

The mission of WCNFP is to assist low-income individuals build positive personal credit histories through education, training, assistance, and other tools. WCNFP does not charge a fee to the individuals benefiting from WCNFP's programs. Funding for WCNFP programs provided to low-income individuals is primarily through grants, contributions, and contracts.

The mission of WCNFP is to assist low-income individuals build positive personal credit histories through education, training, assistance, and other tools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$912,582$767,565▼ $145,017
Pledges and Grants Receivable$56,313$176,250▲ $119,937
Prepaid Expenses and Deferred Charges$1,511$11,351▲ $9,840
Land, Buildings, and Equipment, Net$30,603$8,578▼ $22,025
Accounts Receivable$33,123$7,475▼ $25,648
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$1,034,132$971,219▼ $62,913
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$17,514$16,187▼ $1,327
Deferred Revenue$6,000--
Total Liabilities$23,514$16,187▼ $7,327
Net Assets / Fund Balance
Net Assets With Donor Restrictions$290,708$577,603▲ $286,895
Net Assets Without Donor Restrictions$719,910$377,429▼ $342,481
Total Net Assets Fund Balance$1,010,618$955,032▼ $55,586
Total Liabilities and Net Assets / Fund Balance$1,034,132$971,219▼ $62,913

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$7,112$56,888$64,000
Equipment$1,466$2,557$4,023
Compensation and Service Providers
Top Officer Pay81st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Erica LowitzFounder&Co-CEOFT$80,000$80,000

Board Members and Trustees

NameTitle
Kant DesaiChairman
Ann WeiserDirector
Bob ThomasDirector
Rosemary BrownDirector
Sarah ChenvenDirector
Toby HerrDirector
Jaqueline ScottSecretary
Trish LukasikTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$676,103
Program Service Revenue
$39,469
Investment Income
$316
Other Revenue
$106,432
All Other Contributions
$676,103
Change in Net Assets
$-55,586

Audited Revenue Reconciliation

Revenue per Audited Statements
$822,320
Total Revenue per Audited Statements
$822,320
Total Revenue per Form 990
$822,320
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$501,915
Other Expenses$375,991
Total Fundraising Expense$41,935
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$313,034$11,168$2,792$326,994
Current Officers, Directors, Trustees, and Key Employees$68,000$4,000$8,000$80,000
Other Employee Benefits$58,647$2,335$1,661$62,643
Payroll Taxes$30,219$1,203$856$32,278
All Other Expenses$22,613$7,610$152$30,375
Fees for Services Other$25,000--$25,000
Depreciation Depletion$22,025--$22,025
Other Expenses$15,790-$27,791$15,790
Occupancy$14,043$559$398$15,000
Insurance$6,461$257$183$6,901
Office Expenses$3,606$144$102$3,852
Travel$520--$520
Total Functional Expenses$808,695$27,276$41,935$877,906

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$877,906
Total Expenses per Audited Statements$877,906
Total Expenses per Form 990$877,906
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Joshua LowitzDirector's spousOffice subleaseNo-

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 is reviewed by the Board of Directors prior to submitting the return to the Internal Revenue Service.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“On an annual basis all Board members and key employees are required to submit a written statement stating whether or not the individual has any known conflicts of interest. Also all Board members and key employees are required to immediately notify the Board if a known conflict of interest should arise.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Salary rates for the Executive Director and other key employees is included in the annual budget. The annual budget is presented to the Board for approval. The salary rate in the approved budget are is implemented once the budget is approved by the Board.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Compensation rates for key employees is assessed against comparability data by the Board for reasonableness.”

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

“A copy of the annual audit and form 990 is posted on the web-site of the Illinois Attorney General, which is accessible to the general public.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Disclosure of governing documents, policies, and financial statements is made available to the general public upon written request.”

Filing and Contact Details

Filer

Filer Name
Working Credit NFP
EIN
47-2614811
Phone
3123395357
Address
111 W Washington St, Chicago, IL 60602

Signing Officer

Name
Erica Lowitz
Title
Co-CEO
Signed
2021-09-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Erica Lowitz
Formed
2014
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
8
Employees
6

Preparer

Firm
James M Babic PC
Address
6414 Sinclair Ave, Berwyn, IL 60402
Preparer
James M Babic CPA
Phone
7087497030
Supplemental Narrative

Additional Explanations

Part IV Checklist of Required Schedules, Line 9 Credit Couseling

“Funding for credit counseling services provided to low-income individuals is primarily through grants, contributions, and fees charged to individuals benefiting from WCNFP's programs. During the year ended December 31, 2020 WCNFP recognized $22,543 of fees from individuals that benefited from credit counseling services provided by WCNFP.WCNFP was fully compliant with 501q requirements regarding credit couseling services.”

Financial Statement Notes

Part IV, Line 2B: Explanation of escrow account liability

“WCNFP did not maintain an escrow account at any time during the year, however WCNFP did provide credit couseling services subject to IRS Code 501q. See Schedule O included with this return.”

Part X : FIN48 Footnote

“WCNFP's management has determined that FASB ASC 740-10, which addresses accounting for uncertainty in income taxes, has no effect on its financial statements due to WCNFP's tax-exempt status.”

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IRS990/Desc0Make Credit Work for You is an 18-month comprehensive financial wellness program that helps employees build and sustain strong credit scores, so they can reduce or eliminate expenses due to poor or no credit. The Program offers workshops on the credit system, as well as one-on-one counseling and coaching servicesall aimed at helping employees understand and master the credit scoring system. Employers can bring Make Credit Work for You to the work place in the same way they provide health insurance or an Employee Assistance Program (EAP). Like those benefits, Make Credit Work for You can be a help to any employee, regardless of position or salary.CREDIT-BUILDING WORKSHOPThe program starts with a credit-building workshop for all eligible workers, designed to establish a foundation of knowledge about the ins and out of the credit-scoring system and how credit impacts a familys finances. At the end of the workshop, we encourage employees to attend a one-on-one meeting with a Working Credit counselor, the next step in the process. To date, 63% of all workshop participant have asked for this service.ONGOING PERSONALIZED COACHINGAt the first one-on-one meeting, the counselor helps the employee put together a personalized budget and then reviews the employees credit report and score. Based on that information, the counselor frames out an individualized Credit Action Plan designed to help the employee increase his or her credit score and improve the overall credit profile. The first meeting is usually at the work site, and subsequently the counselor and employee generally communicate by phone, text, or email.Our counselors have all been trained as coaches, and we offer coaching services to all employees as part of Make Credit Work for You. To date, two-thirds of all employees have asked for and are receiving this service. With coaching, the counselor supports the employee by holding him or her accountable for taking each step outlined in the Credit Action Plan, adding encouragement and structure to the credit building process.CW-3 CREDIT-BUILDING PRODUCTFor many employees, our counselors will recommend use of Working Credit's CW-3 credit building product as part of the Credit Action Plan. Read more here about how CW-3 deploys three mainstream financial products to build a better credit profile and help employees save money.CREDIT CHECK EVERY SIX MONTHS FOR 18 MONTHSWorking Credit counselors pull a new credit report and score for employees every six months for eighteen months. Counselors then share this information with employees, lifting up successes in credit building and reinforcing lessons about the credit system.TARGETED CONSUMER EDUCATIONAs soon as an employee reaches a threshold credit score (usually 660), a Working Credit counselor reaches out to the participant with relevant consumer information. For example, an employee whos been paying inflated car insurance premiums because of poor credit will be prompted by the counselor to negotiate a lower premium as soon as the score gets above 660. The counselor will also send information about what rates and terms to expect, given the new score.
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IRS990/MissionDesc0The mission of WCNFP is to assist low-income individuals build positive personal credit histories through education, training, assistance, and other tools. WCNFP does not charge a fee to the individuals benefiting from WCNFP's programs. Funding for WCNFP programs provided to low-income individuals is primarily through grants, contributions, and contracts.
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IRS990/OtherExpensesGrp/Desc2Credit service fees
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IRS990/OtherExpensesGrp/ProgramServicesAmt154542
IRS990/OtherExpensesGrp/ProgramServicesAmt215906
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IRS990/PrincipalOfficerNm0Erica Lowitz
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IRS990/ProgramServiceRevenueGrp/Desc1Contract fees, user paid
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IRS990ScheduleD/RevenueSubtotalAmt0822320
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0WCNFP did not maintain an escrow account at any time during the year, however WCNFP did provide credit couseling services subject to IRS Code 501q. See Schedule O included with this return.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1WCNFP's management has determined that FASB ASC 740-10, which addresses accounting for uncertainty in income taxes, has no effect on its financial statements due to WCNFP's tax-exempt status.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b: Explanation of escrow account liability
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X : FIN48 Footnote
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IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0Joshua Lowitz
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Director's spous
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Office sublease
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is reviewed by the Board of Directors prior to submitting the return to the Internal Revenue Service.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1On an annual basis all Board members and key employees are required to submit a written statement stating whether or not the individual has any known conflicts of interest. Also all Board members and key employees are required to immediately notify the Board if a known conflict of interest should arise.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Salary rates for the Executive Director and other key employees is included in the annual budget. The annual budget is presented to the Board for approval. The salary rate in the approved budget are is implemented once the budget is approved by the Board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compensation rates for key employees is assessed against comparability data by the Board for reasonableness.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A copy of the annual audit and form 990 is posted on the web-site of the Illinois Attorney General, which is accessible to the general public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Disclosure of governing documents, policies, and financial statements is made available to the general public upon written request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Funding for credit counseling services provided to low-income individuals is primarily through grants, contributions, and fees charged to individuals benefiting from WCNFP's programs. During the year ended December 31, 2020 WCNFP recognized $22,543 of fees from individuals that benefited from credit counseling services provided by WCNFP.WCNFP was fully compliant with 501q requirements regarding credit couseling services.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$971,219
Liabilities
$16,187
Net assets
$955,032
Revenue
$822,320
Expenses
$877,906
Net income
-$55,586
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.20$0.10$3.10$4.36$1.99$2.37
2023Summary only. Only limited summary data is available for this year.$0.85$0.12$0.73$2.07$1.90$0.17
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.62$0.07$0.55$0.77$1.44$0.66
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.34$0.13$1.21$1.08$0.82$0.26
2020Detailed filing. Detailed filing data is available for this year.$0.97$0.02$0.96$0.82$0.88$0.06
2019Summary only. Only limited summary data is available for this year.$1.03$0.02$1.01$0.77$0.74$0.03
2018Summary only. Only limited summary data is available for this year.$0.99$0.01$0.98$0.90$0.52$0.38
2017Summary only. Only limited summary data is available for this year.$0.66$0.07$0.60$1.00$0.42$0.58
2016Summary only. Only limited summary data is available for this year.$0.05$0.04$0.02$0.28$0.26$0.01
2015Summary only. Only limited summary data is available for this year.$0.03$0.03$0.16$0.16$0.00