Common Wealth Charlotte
- Assets
- $1.4m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 11
- Location
- Charlotte, NC
- Founding
- 02/2015
- Data as of
- 06/2022
- EIN
- 30-0842673
Organization Overview
Common Wealth Charlotte is located in Charlotte, NC. The organization was established in 2015. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 06/2022, Common Wealth Charlotte employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Common Wealth Charlotte 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, Common Wealth Charlotte generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 36.8% each year . All expenses for the organization totaled $984.6k during the year ending 06/2022. 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
TO EQUIP LOW-INCOME WAGE EARNERS WITH INCREASED FINANCIAL CAPABILITY SO THEY CAN ATTAIN FINANCIAL STABILITY AND DECREASE RELIANCE ON CHARITABLE ASSISTANCE. THIS IS ACHIEVED THROUGH A TRAUMA-INFORMED APPROACH INCLUDING EDUCATION, PERSONALIZED COUNSELING, ACCESS TO BANKING, AND NO-INTEREST LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EMERGENCY SHORT-TERM, UNSECURED ZERO-INTEREST LOANS TO CLIENTS WHO HAVE HIGH BARRIERS TO MAINSTREAM FINANCIAL SERVICES, AND PROVIDE BANKING OR REBANKING WITH PARTNER FINANCIAL INSTITUTIONS.
ADVANCED FINANCIAL COUNSELING IS ONE-TO-ONE SESSIONS THAT FOCUS ON CREATING AND REVIEWING A BALANCED SPENDING PLAN, A DEEP DIVE INTO CREDIT REPORTS, IDENTIFYING STRATEGIC PAY-OFF OF DEBT ITEMS, RECOGNIZING THE HIGH COST OF PREDATORY FINANCIAL PRODUCTS, AND REBANKING AT NON-PREDATORY FINANCIAL INSTITIONS.
FINANCIAL EMPOWERMENT WORKSHOPS FOCUS ON BUILDING RELATIONSHIPS AND TRUST, EXPLORING FINANCIAL SECURITY, IDENTIFYING BARRIERS TO SUCCESS, UNDERSTANDING THE DOLLAR VALUE OF WORK, BUDGET STRETCHING TECHNIQUES, CREDIT REPORT ANALYSIS, AND THE VALUE OF BANKING RELATIONSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chuck Jones Executive Dir. | Officer | 50 | $121,720 |
Laquandra Bass Secretary | OfficerTrustee | 1 | $0 |
Cristy Travaglino Board Chair | OfficerTrustee | 5 | $0 |
Patrick Ryan Treasurer | OfficerTrustee | 1 | $0 |
Darren Ash Director | Trustee | 5 | $0 |
Reggie Gaither Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,215,503 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,215,503 |
| Total Program Service Revenue | $0 |
| Investment income | $1,968 |
| 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 | $1,217,471 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,689 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $125,361 |
| Compensation of current officers, directors, key employees. | $50,145 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $569,096 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $26,527 |
| Payroll taxes | $58,467 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $29,987 |
| Advertising and promotion | $14,896 |
| Office expenses | $16,871 |
| Information technology | $5,717 |
| Royalties | $0 |
| Occupancy | $3,310 |
| Travel | $1,870 |
| 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 | $13,400 |
| All other expenses | $222 |
| Total functional expenses | $984,642 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,127,818 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $130,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $98,172 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,858 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,358,848 |
| Accounts payable and accrued expenses | $2,403 |
| 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 | $2,403 |
| Net assets without donor restrictions | $1,120,890 |
| Net assets with donor restrictions | $235,555 |
| 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 | $1,358,848 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Common Wealth Charlotte has recieved totaling $447,559.
| Awarding Organization | Amount |
|---|---|
Lendingtree Foundation Charlotte, NC PURPOSE: SUPPORT | $125,000 |
Foundation For The Carolinas Charlotte, NC PURPOSE: CHARITABLE GIFT | $105,000 |
Cba Fund Washington, DC PURPOSE: CREDIT BUILDER FUND | $50,000 |
The Merancas Foundation Inc Charlotte, NC PURPOSE: FINANCIAL EDUCATION AND ACCESS TO FI | $50,000 |
Womens Impact Fund Charlotte, NC PURPOSE: Unrestricted Funds | $47,500 |
Womens Impact Fund Charlotte, NC PURPOSE: Unrestricted Funds | $47,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Graduate Management Admission Council Reston, VA | $230,212,828 | $77,127,681 |
Common Application Inc Arlington, VA | $52,971,416 | $52,316,500 |
Longwood University Real Estate Foundation Farmville, VA | $322,438,396 | $31,911,007 |
Duke Corporate Education Durham, NC | $27,489,390 | $18,675,614 |
University Of North Georgia Foundation Inc Dahlonega, GA | $101,168,345 | $9,379,486 |
Cape Fear Tutoring Inc Wilmington, NC | $2,173,027 | $16,040,654 |
Southern Assoc Of Colleges And Schools Commission On Colleges Inc Decatur, GA | $21,107,199 | $13,477,936 |
National Association For College Admission Counseling Inc Arlington, VA | $22,607,858 | $9,863,408 |
Memphis Education Fund Inc Memphis, TN | $2,536,598 | $5,955,711 |
The Cottage School Educational Resource Center Inc Roswell, GA | $19,413,651 | $9,463,796 |
Pencil Foundation Nashville, TN | $3,991,693 | $7,143,023 |
Edreports Org Inc Durham, NC | $5,799,627 | $6,182,160 |