Civic Intelligence

The Financial Clinic

990 • Fiscal year 2023 • EIN 76-0833915

Oct 01, 2022 to Sep 30, 2023 • Filed on Aug 15, 2024

271 Cadman Plaza E 24763Brooklyn, NY 11202

(718) 552-7336

Siviq Scores

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

Liabilities / Assets

65th percentile

0.25x

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

2023 filings • NTEE P • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

85th percentile

0.65x

Higher debt load relative to revenue than 85% of similar nonprofits.

2023 filings • NTEE P • $1M-$5M nonprofits • Source year 2023

Net Margin

2nd percentile

-240%

Higher net margin than 2% of similar nonprofits.

2023 filings • NTEE P • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

95th percentile

$288,406

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 21.7% of source-year revenue.

2023 filings • NTEE P • $1M-$5M nonprofits • Source year 2023

Asset Growth

3rd percentile

-49%

Faster asset growth than 3% of similar nonprofits.

2023 filings • NTEE P • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

2nd percentile

-79%

Faster revenue growth than 2% of similar nonprofits.

2023 filings • NTEE P • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Down

$3,468,128

Down $3,300,980 (-49%) from 2022

Net Assets

Down

$2,603,093

Down $3,191,252 (-55%) from 2022

Liabilities

Down

$865,035

Down $109,728 (-11%) from 2022

Revenue

Down

$1,330,384

Down $4,883,503 (-79%) from 2022

Expenses

Down

$4,521,636

Down $972,252 (-18%) from 2022

Net Income

Down

-$3,191,252

Down $3,911,251 (-543%) from 2022

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2014: $456,087Liabilities 2014: $818,472Net Assets 2014: -$362,3852014Assets 2015: $765,220Liabilities 2015: $771,308Net Assets 2015: -$6,0882015Assets 2016: $4,390,107Liabilities 2016: $734,917Net Assets 2016: $3,655,1902016Assets 2017: $5,997,503Liabilities 2017: $975,090Net Assets 2017: $5,022,4132017Assets 2018: $3,456,366Liabilities 2018: $827,132Net Assets 2018: $2,629,2342018Assets 2019: $5,322,432Liabilities 2019: $821,557Net Assets 2019: $4,500,8752019Assets 2020: $4,942,472Liabilities 2020: $1,188,022Net Assets 2020: $3,754,4502020Assets 2021: $5,832,796Liabilities 2021: $758,450Net Assets 2021: $5,074,3462021Assets 2022: $6,769,108Liabilities 2022: $974,763Net Assets 2022: $5,794,3452022Assets 2023: $3,468,128Liabilities 2023: $865,035Net Assets 2023: $2,603,0932023Assets 2024: $2,683,319Liabilities 2024: $674,003Net Assets 2024: $2,009,3162024

Highlighted filing

2023

Assets$3,468,128
Liabilities$865,035
Net Assets$2,603,093

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2014: $1,194,699Expenses 2014: $1,373,397Net Income 2014: -$178,6982014Revenue 2015: $2,877,395Expenses 2015: $2,521,098Net Income 2015: $356,2972015Revenue 2016: $6,741,459Expenses 2016: $3,080,181Net Income 2016: $3,661,2782016Revenue 2017: $5,192,528Expenses 2017: $3,825,305Net Income 2017: $1,367,2232017Revenue 2018: $1,967,970Expenses 2018: $4,361,149Net Income 2018: -$2,393,1792018Revenue 2019: $5,297,334Expenses 2019: $3,425,691Net Income 2019: $1,871,6432019Revenue 2020: $3,496,701Expenses 2020: $4,243,126Net Income 2020: -$746,4252020Revenue 2021: $6,179,294Expenses 2021: $4,859,398Net Income 2021: $1,319,8962021Revenue 2022: $6,213,887Expenses 2022: $5,493,888Net Income 2022: $719,9992022Revenue 2023: $1,330,384Expenses 2023: $4,521,636Net Income 2023: -$3,191,2522023Revenue 2024: $2,662,753Expenses 2024: $3,256,530Net Income 2024: -$593,7772024

Highlighted filing

2023

Revenue$1,330,384
Expenses$4,521,636
Net Income-$3,191,252
Jump To
Filing Snapshot
Filing Period
Oct 1, 2022 to Sep 30, 2023
Signed
Aug 15, 2024
Return Version
2022v5.0
Gross Receipts
$1,330,384
Mission and Program Overview

Mission

After 14 years, the financial clinic has demonstrated a "gold standard" model for building financial security for working poor families. A high-performing organization with a focus on results, the clinic has put over $80 million back in the pockets of more than 47,000 customers, supported more than 400 organizations in 40 states and districts embed financial security actions into their program models, and successfully launched several policy campaigns in support of working poor families. A landmark national study shows the clinic's model of financial coaching helps working poor families move toward financial security.

Change Machine's vision is an equitable economy in which we all thrive. Change Machine builds financial security through people-powered technology. We champion the aspirations of those who are most economically disadvantaged by oppressive public policies and practices namely Black and Brown women who navigate financial insecurity. Their success means success for all. Grounded in the expertise and solutions of financial coaches and customers, our technology reaches social service organizations and public agencies nationwide, transforming how they work with people to achieve their financial goals. Our data and research shape lasting change that addresses the economic effects of slavery and patriarchal policies removes barriers to financial security and shrinks the gender and racial wealth gap.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$4,429,732$1,985,792▼ $2,443,940
Pledges and Grants Receivable$1,125,000$0▼ $1,125,000
Land, Buildings, and Equipment, Net$501,733$648,908▲ $147,175
Savings and Temporary Cash Investments$371,038$371,223▲ $185
Prepaid Expenses and Deferred Charges$91,568$121,610▲ $30,042
Accounts Receivable$165,185$54,369▼ $110,816
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$6,769,108$3,468,128▼ $3,300,980
Other Assets Total$84,852$286,226▲ $201,374
Liabilities
Mortgage Notes Payable Secured by Investment Property$429,846$429,846→ $0
Other Liabilities$39,206$204,817▲ $165,611
Accounts Payable and Accrued Expenses$374,315$187,413▼ $186,902
Deferred Revenue$131,396$42,959▼ $88,437
Total Liabilities$974,763$865,035▼ $109,728
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,654,665$1,334,135▼ $3,320,530
Net Assets Without Donor Restrictions$1,139,680$1,268,958▲ $129,278
Total Net Assets Fund Balance$5,794,345$2,603,093▼ $3,191,252
Total Liabilities and Net Assets / Fund Balance$6,769,108$3,468,128▼ $3,300,980

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$622,135$544,752$1,166,887
Equipment$26,773$102,443$129,216
Leasehold Improvements-$12,300$12,300
Other Assets Org$84,852--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mae Watson GroteFounder and CEOFT$232,036$56,370$288,406
Katherine ReevesChief Strategy OffFT$188,554$56,370$220,522
Franchette Bridget TateDirector of Nat'l PrgmFT$54,496$140,593$176,200
Amina Louise KirkDirector of PolicyFT$58,924$128,970$174,815
Megan KursikChief Biz Dev OffFT$115,833$18,699$134,532
David BautistaChief Prod & TechFT$112,476$18,511$130,987

Board Members and Trustees

NameTitle
Kevin McQueenBoard Chair
David HeafitzDevt Comm Chair
Charlyn StanberryGov. Chair
Jasmine ColquittDirector
Jason WallaceDirector
Rhonda MowerDirector
Ross HamiltonDirector
Andy TuckettTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
AndelaEngineering/Prod. Devel.129 West 29th Street 4th FL, New York, NY 10001$232,112
YptcAccounting1500 Walnut St Suite 1200, Philadelphia, PA 19102-3507$161,935
Revenue and Support

Revenue Composition

Contributions and Grants
$743,122
Program Service Revenue
$575,946
Investment Income
$11,061
Other Revenue
$255
All Other Contributions
$743,122
Change in Net Assets
$-3,191,252

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,330,384
Revenue Not Reported on Form 990
$237,006
Total Revenue per Audited Statements
$1,567,390
Total Revenue per Form 990
$1,330,384
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,524,941
Other Expenses$1,995,695
Total Fundraising Expense$297,585
Grants and Similar Amounts Paid$1,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,233,380$344,889$168,866$1,747,135
Fees for Services Other$355,932$252,731$12,447$621,110
Information Technology$314,622$76,121$24,263$415,006
Current Officers, Directors, Trustees, and Key Employees$207,037$54,874$26,495$288,406
Fees for Services Accounting-$278,400-$278,400
Occupancy$147,975$32,983$13,509$194,467
Payroll Taxes$125,611$29,710$15,500$170,821
Other Employee Benefits$121,257$29,138$13,752$164,147
Pension Plan Contributions$104,112$34,094$16,226$154,432
Depreciation Depletion$129,379$2,762$1,187$133,328
Fees for Services Management$3,986$68,082$628$72,696
Interest-$46,960-$46,960
Insurance$30,832$7,676$3,322$41,830
Fees for Services Legal$778$35,933$132$36,843
Office Expenses$10,577$6,760$755$18,092
Conferences and Meetings$3,590$1,212$76$4,878
Other Expenses$2,282$2,281-$4,563
Travel$2,589$1,002$103$3,694
Advertising$1,963$830$324$3,117
Grants to Domestic Orgs$1,000--$1,000
Total Functional Expenses$2,917,613$1,306,438$297,585$4,521,636

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$4,758,642
Expenses per Audited Statements$4,521,636
Total Expenses per Form 990$4,521,636
Expenses Not Reported on Form 990$237,006
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease liability$204,817
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
Yes
Management duties delegated
No

Governance Explanations

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

The prepared form 990 is reviewed by the director of finance and the ceo and then by the members of the governing body before the return is filed with the irs.

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

Any director, principal officer, or member of a committee with governing body-delegated power who has, directly or indirectly,through business investments or family: (i) an ownership or investment in any entity with which the organization has a transaction or arrangement, (ii) a compensation arrangement with the organization or with any entity or individual with which the organization has a transaction or arrangement, or (iii) a potential ownership or investment interest in, or compensation arrangement with, any entity or individuals with which the organization is negotiating a transaction or arrangement. No director shall vote on any matter in which he or she has an interest.

Form 990, Part VI, Section B, Line 15A

The ceos compensation is reviewed by the members of the governing body using comparable data. The deliberation and decision is then memorialized in an official letter to the ceo of any adjustment to compensation. This process was last undertaken in september 2021.

Form 990, Part VI, Section B, Line 15B

Any director, principal officer, or member of a committee with governing body-delegated power who has, directly or indirectly, through business investments or family: (i) an ownership or investment in any entity with which the organization has a transaction or arrangement, (ii) a compensation arrangement with the organization or with any entity or individual with which the organization has a transaction or arrangement, or (iii) a potential ownership or investment interest in, or compensation arrangement with, any entity or individuals with which the organization is negotiating a transaction or arrangement. No director shall vote on any matter is which he or she has an interest.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Change Machine
EIN
76-0833915
Phone
7185527336
Address
271 Cadman Plaza E 24763, Brooklyn, NY 11202

Signing Officer

Name
Mae Watson Grote
Title
Founder and CEO
Signed
2024-08-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mae Watson Grote
Formed
2006
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
37
Volunteers
8

Preparer

Firm
WatsonRice LLP
Address
31 West 34th Street 7006, New York, NY 10001
Preparer
Baruti Bediako CPA
Phone
2124477300
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IRS990/Form990PartVIISectionAGrp/PersonNm1Katherine Reeves
IRS990/Form990PartVIISectionAGrp/PersonNm2Franchette Bridget Tate
IRS990/Form990PartVIISectionAGrp/PersonNm3Amina Louise Kirk
IRS990/Form990PartVIISectionAGrp/PersonNm4Megan Kursik
IRS990/Form990PartVIISectionAGrp/PersonNm5David Bautista
IRS990/Form990PartVIISectionAGrp/PersonNm6Kevin McQueen
IRS990/Form990PartVIISectionAGrp/PersonNm7Andy Tuckett
IRS990/Form990PartVIISectionAGrp/PersonNm8David Heafitz
IRS990/Form990PartVIISectionAGrp/PersonNm9Charlyn Stanberry
IRS990/Form990PartVIISectionAGrp/PersonNm10Jasmine Colquitt
IRS990/Form990PartVIISectionAGrp/PersonNm11Jason Wallace
IRS990/Form990PartVIISectionAGrp/PersonNm12Rhonda Mower
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Director of Policy
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Chief Prod & Tech
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IRS990/Form990PartVIISectionAGrp/TitleTxt9Gov. Chair
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IRS990/ProgSrvcAccomActy2Grp/Desc0CAPACITY BUILDING - CHANGE MACHINES BUSINESS-TO-BUSINESS CONSULTING SERVICES ARE DESIGNED TO BUILD CAPACITY AT ORGANIZATIONS THAT WORK WITH LOW-INCOME PEOPLE LOCALLY AND NATIONALLY. THE TEAM PROVIDES TRAINING AND TECHNICAL ASSISTANCE TO BUILD FINANCIAL SECURITY STRATEGIES INTO THE DAILY INTERACTIONS OF FRONTLINE STAFF AT PARTNER ORGANIZATIONS. THIS INCLUDES TRAINING FOR FRONTLINE STAFF TO ENGAGE THEIR CUSTOMERS IN CONVERSATIONS ABOUT PERSONAL FINANCE, AS WELL AS SUPPORT FOR LEADERSHIP TO FULLY IMPLEMENT AN INTEGRATED APPROACH TO FINANCIAL SECURITY SERVICES WITHIN THEIR PROGRAMS AND ORGANIZATIONS.
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IRS990/ProgSrvcAccomActy3Grp/Desc0RESEARCH & POLICY - CHANGE MACHINE DEVELOPS AND ADVOCATES FOR POLICY REFORMS AND SYSTEMIC CHANGES THAT WILL REMOVE OBSTACLES TO FINANCIAL SECURITY. CHANGE MACHINE BUILDS COALITIONS AND PARTNERS WITH ADVOCACY GROUPS, RESEARCHERS, THINK TANKS, PRACTITIONERS, AND LOCAL, STATE, AND FEDERAL POLICYMAKERS TO GUIDE AND SUPPORT ITS POLICY AGENDA. ITS IN-HOUSE RESEARCH AND POLICY TEAM SURFACES INSIGHTS USING CUSTOMER DATA CAPTURED ON THE CHANGE MACHINE PLATFORM. CHANGE MACHINE USES ITS DATA AND RESEARCH TO LEVERAGE LESSONS LEARNED ON THE GROUND TO CREATE IMPACT FAR BEYOND AN INITIAL PROGRAM - INFORMING BEST PRACTICES, THE FIELD, AND PUBLIC POLICY.
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