Vestedin
- Assets
- $8.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 13
- Location
- Philadelphia, PA
- Founding
- 03/1999
- Data as of
- 06/2023
- 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 06/2023, Vestedin employed 13 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 06/2023, Vestedin generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.8% each year . All expenses for the organization totaled $2.0m during the year ending 06/2023. While expenses have increased by 14.5% per year over the past 8 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
2023
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 | $103,102 |
Ismail Shahid Chairman | OfficerTrustee | 1 | $0 |
Robyn Chin Vice Chairman | OfficerTrustee | 1 | $0 |
Naja Muhammad Treasurer | OfficerTrustee | 1 | $0 |
Malcolm Yates Secretary | OfficerTrustee | 1 | $0 |
Kimberly Reed Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $632,265 |
| All other contributions, gifts, grants, and similar amounts not included above | $779,376 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,411,641 |
| Total Program Service Revenue | $450,471 |
| Investment income | $8,982 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $17,367 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,888,461 |
| 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. | $120,018 |
| Compensation of current officers, directors, key employees. | $36,339 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $423,323 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $66,770 |
| Payroll taxes | $43,341 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $82,310 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $74,292 |
| Advertising and promotion | $64,059 |
| Office expenses | $3,185 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $87,699 |
| Travel | $31,662 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43,759 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,469 |
| Insurance | $22,607 |
| All other expenses | $49,554 |
| Total functional expenses | $2,031,552 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,756,393 |
| Savings and temporary cash investments | $1,282,017 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $324,050 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,020,913 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,847 |
| Net Land, buildings, and equipment | $51,861 |
| Investments—publicly traded securities | $73,008 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,573,986 |
| Total assets | $8,094,075 |
| Accounts payable and accrued expenses | $96,012 |
| 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 | $567,206 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $390,123 |
| Total liabilities | $1,053,341 |
| Net assets without donor restrictions | $5,226,710 |
| Net assets with donor restrictions | $1,814,024 |
| 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 | $8,094,075 |