Poverty Solutions Inc
- Assets
- $10.8m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Torrance, CA
- Founding
- 07/2010
- Data as of
- 12/2023
- EIN
- 27-1916296
Organization Overview
Poverty Solutions Inc, operating under the name CED Capital, is located in Torrance, CA. The organization was established in 2010. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. CED Capital 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 12/2023, CED Capital generated $3.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $627.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (21.3%) per year over the past 7 years. 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
POVERTY SOLUTIONS DESIGNS AND DEPLOYS PROGRAMS THAT EMPOWER LOWINCOME TO PERMANENTLY ESCAPE POVERTY THROUGH FINANCIAL CAPABILITY TRAINING
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENTREPRENEURSHIP DEVELOPMENT TRAINING MANAGED 45 (LEGAL AND FINANCE EXPERTS) VOLUNTEERS, WHO SPENT 6,315 HOURS IN OUR CIVIC ENTREPRENEURSHIP, SMALL BUSINESS ACCOUNTING SEMINARS, AND OUR FINANCIAL LITERACY CLASSES. CAPACITY BUILDING TECHNICAL ASSISTANCE: (1) ASSISTED 61 NONPROFITS NEEDING ACCOUNTING, AUDIT AND OTHER TECHNICAL ASSISTANCE, HELPING 33 WITH STRATEGIC PLANNING, BUDGETING, AND COMPLIANCE REVIEWS; (2) CONDUCTED 208 FINANCIAL NEEDS AND TECHNICAL CAPACITY ASSESSMENTS FOR COMMUNITY-BASED NONPROFITS ? HELPING 29 OF THE PARTICIPANTS TO BOOST REVENUE; (3) ASSISTED 58 SMALL BUSINESSES WITH STRATEGIC ?PLANNING; AND (4) CONDUCTED 228 BOOKKEEPING AND BUDGET PROJECTIONS.
ASSISTED 45 LOW-INCOME FAMILIES WITH DOWN-PAYMENT ASSISTANCE AND HOME IMPROVEMENT/REHABILITATION LOANS; FACILITATED 97 SMALL BUSINESS LOANS AS FOLLOWS: (A) 21 REAL-ESTATE FACILITIES LOANS; (B) 19 EQUIPMENT-LOANS, (C) 27 BUSINESS EXPANSION LOANS INCLUDING 17 HEALTHY-FOOD EXPANSION INTO FOOD DESERTS.
FINANCIAL LITERACY HOSTED 28 EMPOWERMENT & ECONOMIC OPPORTUNITIES WORKSHOPS SERVED 17,380 LOW-INCOME PERSONS NEEDING FINANCIAL LITERACY TRAINING HOMEOWNERSHIP EDUCATION, AND ENTREPRENEURSHIP DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank I Igwealor President And CEO | Officer | $0 | |
Martin Nwaege Director | Trustee | $0 | |
Ambrose O Egbuonu Chairman | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,524,165 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,524,165 |
| Total Program Service Revenue | $301,500 |
| Investment income | $0 |
| 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 | $3,825,665 |
| 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. | $126,835 |
| Compensation of current officers, directors, key employees. | $7,610 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $22,890 |
| Other employee benefits | $1,236 |
| Payroll taxes | $41,299 |
| Fees for services: Management | $13,366 |
| Fees for services: Legal | $6,900 |
| Fees for services: Accounting | $5,672 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $188,611 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $221,025 |
| Total functional expenses | $627,834 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,152,591 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,945,076 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,717,988 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $31,037 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,846,692 |
| Accounts payable and accrued expenses | $35,793 |
| 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 | $2,310,000 |
| Unsecured mortgages and notes payable | $6,385 |
| Other liabilities | $0 |
| Total liabilities | $2,352,178 |
| Net assets without donor restrictions | $2,380,024 |
| Net assets with donor restrictions | $6,114,490 |
| 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 | $10,846,692 |