Civic Intelligence

Working Credit Nfp

990 • Fiscal year 2021 • EIN 47-2614811

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 22, 2022

Organization Profilewww.workingcredit.org

View Organization Page

111 W Washington Street 900Chicago, IL 60602

(312) 339-5357

Siviq Scores

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

Liabilities / Assets

55th percentile

0.10x

Higher debt load relative to assets than 55% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

55th percentile

0.12x

Higher debt load relative to revenue than 55% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

67th percentile

24%

Higher net margin than 67% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

62nd percentile

$82,808

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 7.7% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

82nd percentile

38%

Faster asset growth than 82% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

67th percentile

31%

Faster revenue growth than 67% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets55th percentile

Assets

Up

$1,342,543

Up $371,324 (+38%) from 2020

Net Assets

Up

$1,213,643

Up $258,611 (+27%) from 2020

Liabilities

Up

$128,900

Up $112,713 (+696%) from 2020

Revenue And Expenses
Liabilities / Revenue55th percentileNet Margin67th percentile

Revenue

Up

$1,081,152

Up $258,832 (+31%) from 2020

Expenses

Down

$822,541

Down $55,365 (-6.3%) from 2020

Net Income

Up

$258,611

Up $314,197 (+565%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth82nd 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

2021

Assets$1,342,543
Liabilities$128,900
Net Assets$1,213,643
Open 2021 Filing

Operations Trend

Revenue Growth67th 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

2021

Revenue$1,081,152
Expenses$822,541
Net Income$258,611
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 22, 2022
Return Version
2021v4.0
Gross Receipts
$1,081,152
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.

To interrupt structural racism by partnering with individuals and communities to provide credit building education, one-on-one counseling, and access to financial products needed to thrive financially.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$767,565$637,109▼ $130,456
Pledges and Grants Receivable$176,250$606,250▲ $430,000
Prepaid Expenses and Deferred Charges$11,351$41,239▲ $29,888
Land, Buildings, and Equipment, Net$8,578$39,046▲ $30,468
Accounts Receivable$7,475$18,899▲ $11,424
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$971,219$1,342,543▲ $371,324
Other Assets Total-$0-
Liabilities
Deferred Revenue-$79,894-
Accounts Payable and Accrued Expenses$16,187$49,006▲ $32,819
Total Liabilities$16,187$128,900▲ $112,713
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$377,429$636,052▲ $258,623
Net Assets With Donor Restrictions$577,603$577,591▼ $12
Total Net Assets Fund Balance$955,032$1,213,643▲ $258,611
Total Liabilities and Net Assets / Fund Balance$971,219$1,342,543▲ $371,324

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$25,390$64,000$89,390
Equipment$13,656$4,035$17,691
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Erica LowitzFounder/ Co-CEOFT$82,808$82,808
Sarah ChenvenCo-CEOFT$52,236$52,236

Board Members and Trustees

NameTitle
Jacqueline ScottPresident
Bob ThomasVice President
Ellen MeadeDirector
Gary KashDirector
Kant DesaiDirector
Kim AllmanDirector
Ricki LowitzDirector
Rose Mary BrownTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$997,412
Program Service Revenue
$83,138
Investment Income
$602
Other Revenue
$0
All Other Contributions
$913,900
Change in Net Assets
$258,611

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,081,152
Revenue Not Reported on Form 990
$54,050
Total Revenue per Audited Statements
$1,135,202
Total Revenue per Form 990
$1,081,152
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$613,574
Other Expenses$208,967
Total Fundraising Expense$31,084
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$335,557$18,267$11,515$365,339
Current Officers, Directors, Trustees, and Key Employees$114,788$6,752$13,504$135,044
Fees for Services Other$96,619$35,582-$132,201
Other Employee Benefits$71,369$3,965$3,965$79,299
Payroll Taxes$30,502$1,695$1,695$33,892
Insurance$7,550$1,162-$8,712
Depreciation Depletion$8,590--$8,590
Office Expenses$4,847$1,198-$6,045
Occupancy$4,860$269$269$5,398
All Other Expenses$2,267$1,495$136$3,898
Other Expenses$3,568$166-$3,568
Advertising$1,278--$1,278
Interest-$694-$694
Travel$478$163-$641
Total Functional Expenses$720,049$71,408$31,084$822,541

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$876,591
Expenses per Audited Statements$822,541
Total Expenses per Form 990$822,541
Expenses Not Reported on Form 990$54,050
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
-Co-CEO's FamilyOffice leaseNo$5,400

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
Yes
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 theInternal 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 awritten statement stating whether or not the individual has any known conflicts ofinterest. Also all Board members and key employees are required to immediatelynotify 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 theannual budget. The annual budget is presented to the Board for approval. Thesalary rate in the approved budget are is implemented once the budget is approved bythe 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 theBoard 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 madeavailable 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 Street 900, Chicago, IL 60602

Signing Officer

Name
Sarah Chenven
Title
Co-CEO
Signed
2022-06-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Chenven
Formed
2014
Legal Domicile
Il
Voting Board Members
9
Independent Board Members
8
Employees
10
Volunteers
9

Preparer

Firm
Il Nfp Audit and Tax Llp
Address
564 W RANDOLPH STREET SUITE 200, CHICAGO, IL 60661
Preparer
Abdullah Khan CPA
Phone
3129985500
Supplemental Narrative

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 WCNFPdid provide credit couseling services subject to IRS Code 501q. 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 $12,183 of fees from individuals that benefited from credit counseling services provided by WCNFP. WCNFP was fully compliant with 501q requirements regarding credit couseling services.”

Part X : FIN48 Footnote

“The Organization is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore, the financial statements do not include a provision for income taxes. The Organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The Organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on the technical merits of the positions. The Organization has identified no significant income tax uncertainties. The Organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the IRS.”

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IRS990/Desc0MAKE CREDIT WORK FOR YOU IS A 12-MONTH COMPREHENSIVE FINANCIAL WELLNESS PROGRAM THAT HELPS INDIVIDUALS 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 PEOPLE UNDERSTAND AND MASTER THE CREDIT SCORING SYSTEM. EMPLOYERS CAN BRING MAKE CREDIT WORK FOR YOU TO THE WORK PLACE, NONPROFITS CAN BRING IT TO THEIR CLIENTS, AND INDIVIDUALS WITHOUT ANY INSTITUTIONAL AFFILIATION CAN SIGN UP FOR IT THROUGH WORKING CREDITS WEBSITE.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 individuals 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 Plandesigned to help the employee increase his or her credit score and improve theoverall credit profile. The first meeting is usually at the work site, andsubsequently the counselor and employee generally communicate by phone, text, oremail. Our counselors have all been trained as coaches, and we offer coaching services toall individuals as part of Make Credit Work for You. To date, two-thirds of allindividuals have asked for and are receiving this service. With coaching, the counselor supports the individual 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 individuals, OUR COUNSELORS WILL RECOMMEND USE OF WORKING CREDIT'S CW-3 CREDIT BUILDING PRODUCT, OFFERED BY A THIRD-PARTY PARTNER COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, 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 individuals SAVE MONEY.CREDIT CHECK EVERY SIX MONTHS FOR 12 MONTHSWorking Credit counselors pull a new credit report and score for individuals every six months for eighteen months. Counselors then share this information with individuals, lifting up successes in credit building and reinforcing lessons about the creditsystem.TARGETED CONSUMER EDUCATIONAs soon as an employee reaches a threshold credit score (usually 660), a WorkingCredit 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0WCNFP did not maintain an escrow account at any time during the year, however WCNFPdid provide credit couseling services subject to IRS Code 501q. 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 $12,183 of fees from individuals that benefited from credit counseling services provided by WCNFP. WCNFP was fully compliant with 501q requirements regarding credit couseling services.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1The Organization is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore, the financial statements do not include a provision for income taxes. The Organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The Organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on the technical merits of the positions. The Organization has identified no significant income tax uncertainties. The Organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the IRS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part IV, Line 2b: Explanation of escrow account liability
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part X : FIN48 Footnote
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0J Lowitz Company

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Filings

Displayed year

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

Open filing
Assets
$1,342,543
Liabilities
$128,900
Net assets
$1,213,643
Revenue
$1,081,152
Expenses
$822,541
Net income
$258,611
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
2021Detailed filing. Detailed filing data is available for this year.$1.34$0.13$1.21$1.08$0.82$0.26
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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