Build Commonwealth Inc
- Assets
- $4.6m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 29
- Location
- Boston, MA
- Founding
- 03/2001
- Data as of
- 09/2021
- EIN
- 04-3540147
Organization Overview
Build Commonwealth Inc is located in Boston, MA. The organization was established in 2001. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 09/2021, Build Commonwealth Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Build Commonwealth Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Build Commonwealth Inc generated $1.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $4.4m during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
BUILD COMMONWEALTH, INC. STRENGTHENS THE FINANCIAL OPPORTUNITY AND SECURITY OF LOW-AND MODERATE-INCOME CONSUMERS BY INNOVATING, INCUBATING AND STIMULATING NEW FINANCIAL PRODUCTS AND POLICIES. BUILD COMMONWEALTH, INC. ENVISIONS A WORLD WHERE THE FINANCIAL SYSTEM PROMOTES LASTING SOCIAL AND ECONOMIC PROSPERITY FOR EVERY FAMILY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL OF BUILD COMMONWEALTH'S WORK IS FOCUSED ON IMPROVING THE ECONOMIC WELL-BEING OF MILLIONS OF FINANCIALLY VULNERABLE AMERICANS THROUGH INNOVATION. BUILD COMMONWEALTH GENERATES PRACTICAL IDEAS FOR FINANCIAL PRODUCTS, SERVICES AND POLICIES, PILOT TESTS ITS IDEAS, AND PURSUES SCALE STRATEGIES TO REACH MILLIONS OF HOUSEHOLDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Grieco Sr. Vice President | 40 | $168,833 | |
Timothy Flacke Exec Dir, Secy & Treasurer | OfficerTrustee | 40 | $166,555 |
Nicholas Maynard Sr. Vice President | 40 | $160,130 | |
Melissa Gopnik Sr. Vice President | 40 | $141,458 | |
Professor Peter Tufano President | OfficerTrustee | 2 | $0 |
Fred T Goldberg Jr Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $19,316 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,532,608 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,551,924 |
| Total Program Service Revenue | $355,422 |
| Investment income | $9,805 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,917,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $227,498 |
| Compensation of current officers, directors, key employees. | $22,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,884,031 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $345,763 |
| Payroll taxes | $170,440 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,292 |
| Fees for services: Accounting | $52,135 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $332,037 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $263,108 |
| Travel | $7,855 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $104,332 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,316 |
| Insurance | $0 |
| All other expenses | $14,382 |
| Total functional expenses | $4,396,856 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $388,954 |
| Savings and temporary cash investments | $3,755,977 |
| Pledges and grants receivable | $265,000 |
| Accounts receivable, net | $2,706 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,875 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,805 |
| Net Land, buildings, and equipment | $72,993 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $36,826 |
| Total assets | $4,562,136 |
| Accounts payable and accrued expenses | $120,618 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $120,618 |
| Net assets without donor restrictions | $1,110,616 |
| Net assets with donor restrictions | $3,330,902 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,562,136 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Build Commonwealth Inc has recieved totaling $5,877,188.
| Awarding Organization | Amount |
|---|---|
The Blackrock Charitable Foundation New York, NY PURPOSE: SAVINGS AND FINANCIAL RESILIENCY | $4,703,683 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF FINANCIAL HEALTH | $400,000 |
Jp Morgan Chase Foundation New York, NY PURPOSE: IN SUPPORT OF FINANCIAL HEALTH | $250,000 |
Prudential Foundation Inc Newark, NJ PURPOSE: ENSURING VITAL REFUNDS FOR LOW-INCOME FAMILIES OF COLOR FOR TAX SEASON 2021 AND BEYOND | $250,000 |
Rockefeller Foundation New York, NY PURPOSE: TOWARD THE COSTS OF A CAMPAIGN TO RAISE AWARENESS AMONG LOW-INCOME WORKERS AND FAMILIES AND OTHER STAKEHOLDERS ABOUT THE VALUE OF THE LOOKBACK RULE, A PROVISION ENACTED IN 2020 WHICH ALLOWS MANY LOWER-INCOME FILERS TO CLAIM LARGER TAX REFUNDS | $150,000 |
The Aspen Institute Inc Washington, DC PURPOSE: RACIAL & GENDER WEALTH GAP IN AMERICA DATA | $120,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Third Sector Capital Partners Inc Boston, MA | $27,345,891 | $27,551,770 |
Buffalo Civic Auto Ramps Inc Buffalo, NY | $1,499,927 | $7,888,664 |
National Standards Authority Of Ireland Inc Nashua, NH | $10,467,572 | $7,964,198 |
Data & Society Research Institute New York, NY | $10,624,558 | $3,287,575 |
Bend The Arc Jewish Action Inc New York, NY | $2,917,123 | $4,796,081 |
Build Commonwealth Inc Boston, MA | $4,562,136 | $1,917,151 |
Greater Syracuse Property Development Corporation Syracuse, NY | $6,042,694 | $3,813,121 |
East Mid-Manhattan District Management Association Inc New York, NY | $3,778,894 | $3,534,351 |
New York 811 Inc Bohemia, NY | $4,587,897 | $3,122,927 |
Boston Public Market Boston, MA | $10,519,355 | $1,304,589 |
Catholic Investment Services Inc Boston, MA | $1,253,675 | $2,110,461 |
New York State Local Government Services Foundation Inc Albany, NY | $314,574 | $1,870,171 |