Poverty Solutions Inc
- Assets
- $7.3m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 11
- Location
- Torrance, CA
- Founding
- 07/2010
- Data as of
- 12/2021
- 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. As of 12/2021, CED Capital employed 11 individuals. 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 12/2021, CED Capital generated $4.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $297.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (29.9%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
POVERTY SOLUTIONS DESIGNS AND DEPLOYS PROGRAMS THAT EMPOOWER LOWINCOM TO PERMANENTLY ESCAPE POVERTY THROUGH FINANCIAL CAPABILITY TRAINING
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOSTED 28 EMPOWERMENT AND ECONOMIC OPPORTUNITES AND FINANCIAL LITERACY LITERACY WORKSHOPS WHICH FACILITATED TRAINING OF 15,382 LOW-INCOME PERSONS NEEDING FINANCIAL EDUCATION, EITC TAX PREPARATION, JOB TRAININ AND GUIDANCE REGARDING SELF-EMPLOYMENT, HOMEOWNERSHIP, EDUCATION, AND ENTREPRENEURSHIP DEVELOPMENT. THE WORKSHIPS WERE PROVIDED IN COLLABORATION AND PARTNERSHIP WITH OTHER NONPROFITS AND VOLUNTEERS FROM LOCAL CPA FIRMS, LAW-SCHOOLS, BUSINESS-SCHOOLS, COMMUNITY COLLEGES, AND CALCPA SOCIETY. THIS PROGRAM DOES NOT GENERATE ANY REVENUE FOR THE ORGANIZATION, BUT IT IS THE GATEWAY FOR CLIENTS TO SEE OUR OTHER ENPOWERMENT PRODUCTS LIKE LOANS, GRANTS, DOWN-PAYMENT ASSISTANCE, AND ENTREPRENEURSHIP
CAPACITY TECHNICAL ASSISTANCE ASSISTED 58 NONPROFITS NEEDING ACCOUNTING, AUDIT AND OTHER TECHNICAL ASSISTANCE HELPING 36 WITH STRATEGIC PLANNING, BUDGETING, AND COMPLIANCE REVIEWS. CONDUCTED 126 FINANCIAL NEEDS AND TECHNICAL CAPACITY ASSESSMENTS FOR COMMUNITY BASED NONPROFITS, HELPING 27 OF THE PARTICIPANTS TO BOOST REVENUE. ASSISTED 92 SMALL BUSINESSES WITH STRATEGIC PLANNING CONDUCTED 206 BOOKKEEPING AND BUDGET PROJECTIONS FOR QUALIFIED SMALL BUSINESSES.
VETERANS EMPOWERMENT ASSISTED 202 VETERANS WITH BUSINESS PLANS, ENTREPRENEURSHIP, FINANCE CAPITAL SOURCE, AND STARR-UP GUIDE PROVIDED 648 HOURS OF BOOKKEEPING, ACCOUNTING, TAX, AND OTHER TECHNICAL ASSISTANCE TO VETERAN ENTREPRENUERS FACILITED $8.2 MILLION IN LOANS TO 42 LOANS TO LOW-INCOME VETERAN ENTREPRENUERS THROUGH BORROWERS EDUCATION ASSISTANCE AND WHOLESALE AGREEMENTS WITH OTHER LENDERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank I Igwealor President And CEO | Officer | $0 | |
Ambrose O Egbuonu Governing Board Chair | Trustee | $0 | |
Martins Nwaege Financetreasurer | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,416,265 |
| 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 | $2,416,265 |
| Total Program Service Revenue | $2,376,360 |
| 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 | $4,792,625 |
| 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. | $205,357 |
| Compensation of current officers, directors, key employees. | $11,289 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $19,476 |
| Fees for services: Legal | $792 |
| Fees for services: Accounting | $4,617 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,749 |
| Office expenses | $14,125 |
| Information technology | $3,204 |
| Royalties | $0 |
| Occupancy | $35,960 |
| Travel | $995 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $845 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $223 |
| All other expenses | $0 |
| Total functional expenses | $296,959 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $804,743 |
| Savings and temporary cash investments | $11,878 |
| Pledges and grants receivable | $590,000 |
| Accounts receivable, net | $1,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,443,574 |
| Inventories for sale or use | $1,403,697 |
| Prepaid expenses and deferred charges | $13,065 |
| Net Land, buildings, and equipment | $47,018 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,314,975 |
| Accounts payable and accrued expenses | $0 |
| 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 | $723,385 |
| Unsecured mortgages and notes payable | $1,192,582 |
| Other liabilities | $0 |
| Total liabilities | $1,915,967 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $5,399,008 |
| Total liabilities and net assets/fund balances | $7,314,975 |
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