Vestedin
- Assets
- $7.8m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 12
- Location
- Philadelphia, PA
- Founding
- 03/1999
- Data as of
- 06/2022
- EIN
- 23-2855262
Organization Overview
Vestedin is located in Philadelphia, PA. The organization was established in 1999. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Vestedin employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vestedin 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 06/2022, Vestedin generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $1.6m during the year ending 06/2022. While expenses have increased by 12.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VESTEDIN'S MISSION IS TO FACILITATE ECONOMIC EMPOWERMENT TO SMALL BUSINESSES & THE COMMUNITY AND INCREASED EMPLOYMENT OPPORTUNITIES IN THE PHILADELPHIA AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES ECONOMIC EMPOWERMENT TO SMALL BUSINESSES & THE COMMUNITY AND INCREASED EMPLOYMENT OPPORTUNITIES IN THE PHILADELPHIA AREA. PROVIDES CAPITAL, TECHNICAL ASSISTANCE AND FINANCIAL SERVICES AS AN INNOVATIVE RESPONSE TO A LOW-INCOME COMMUNITY HISTORICALLY UNDER SERVED BY TRADITIONAL FINANCIAL INSTITUTIONS. VESTEDIN ALSO OPERATES A PROGRAM FOR HIGH SCHOOL STUDENTS TO PROVIDE INSIGHT INTO FINANCIAL EDUCATION, COLLEGE PLANNING AND CAREER PLANNING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James R Burnett Executive Director | Officer | 40 | $107,018 |
Vanessa Williams Treasurer | OfficerTrustee | 1 | $0 |
Fred Alston Chairman | OfficerTrustee | 1 | $0 |
Michael Roepel Board Member | Trustee | 1 | $0 |
Kimberly Reed Board Member | Trustee | 1 | $0 |
Andre Andrews Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,100,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $412,515 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,512,515 |
| Total Program Service Revenue | $321,682 |
| Investment income | $288 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $8,401 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,842,886 |
| 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. | $102,019 |
| Compensation of current officers, directors, key employees. | $15,650 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $290,209 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $56,652 |
| Payroll taxes | $32,752 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $65,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $96,714 |
| Advertising and promotion | $54,910 |
| Office expenses | $4,897 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $68,765 |
| Travel | $2,925 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $14,404 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,454 |
| Insurance | $20,454 |
| All other expenses | $41,288 |
| Total functional expenses | $1,579,248 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,964,101 |
| Savings and temporary cash investments | $1,742,505 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $601,550 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $786,461 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,081 |
| Net Land, buildings, and equipment | $55,190 |
| Investments—publicly traded securities | $72,892 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,525,304 |
| Total assets | $7,760,084 |
| Accounts payable and accrued expenses | $72,401 |
| 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 | $116,599 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $387,259 |
| Total liabilities | $576,259 |
| Net assets without donor restrictions | $5,433,922 |
| Net assets with donor restrictions | $1,749,903 |
| 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 | $7,760,084 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Vestedin has recieved totaling $332,796.
| Awarding Organization | Amount |
|---|---|
Philadelphia Foundation Philadelphia, PA PURPOSE: PROJECT SUPPORT, COVID-19 RELIEF EFFORT | $210,000 |
Pennsylvania Microenterprise Coalition Philadelphia, PA PURPOSE: LOAN AND DEBT RELIEF | $122,796 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Womens Housing And Economic Development Corporation Bronx, NY | $29,527,353 | $27,859,543 |
Joint Ownership Entity New York City Corp New York, NY | $155,995,039 | $17,434,025 |
Breaking Ground Housing Development Fund Corporation New York, NY | $193,138,085 | $25,961,669 |
Highland Park Community Development Corporation Brooklyn, NY | $3,265,910 | $15,414,103 |
Beyond Owners Group Inc Willow Street, PA | $131,731,512 | $8,827,345 |
Springpoint Senior Living Inc Cherry Hill, NJ | $72,542,176 | $10,591,630 |
Interstate I Affordable Housing Inc New York, NY | $783,725 | $8,991,908 |
Ascendant Neighborhood Development Corporation New York, NY | $39,528,943 | $4,446,577 |
University Properties Inc East Stroudsburg, PA | $58,514,914 | $5,926,957 |
Echelon Housing Inc North Bethesda, MD | $23,861,150 | $4,416,757 |
Michaels Community Services Corporation Camden, NJ | $48,473,807 | $8,637,574 |
Bridges Community Action Partnership Marysville, OH | $6,792,515 | $6,372,376 |