Woodstock Institute
- Assets
- $1.2m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 10
- Location
- Chicago, IL
- Founding
- 01/1978
- Data as of
- 12/2023
- EIN
- 36-2907408
Organization Overview
Woodstock Institute is located in Chicago, IL. The organization was established in 1978. According to its NTEE Classification (R20) the organization is classified as: Civil Rights, under the broad grouping of Civil Rights, Social Action & Advocacy and related organizations. As of 12/2023, Woodstock Institute employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodstock Institute 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, Woodstock Institute generated $1.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.6% each year. All expenses for the organization totaled $1.6m during the year ending 12/2023. While expenses have increased by 10.0% per year over the past 6 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
TO CREATE A JUST FINANCIAL SYSTEM IN WHICH LOWER-WEALTH PERSONS AND COMMUNITIES AND PEOPLE AND COMMUNITIES OF COLOR CAN ACHIEVE ECONOMIC SECURITY AND COMMUNITY PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TECHNICAL ASSISTANCE/SMALL BUSINESS
EQUITABLE LENDING & INVESTMENT: WOODSTOCK PRODUCES RESEARCH ON THE OFTEN PREDATORY AND DISPROPORTIONATE IMPACT OF FINANCIAL PRODUCTS AND PRACTICES ON LOW-WAGE WORKERS, LOW-WEALTH PEOPLE AND COMMUNITIES OF COLOR, DEVELOPS MODEL REFORMS, AND ADVOCATES WITH REGIONAL STAKEHOLDERS FOR CONSUMER PROTECTIONS AND FAIR RATES FOR MORTGAGE AND CONSUMER CREDIT. FOR EXAMPLE, WOODSTOCK PLAYED A CRITICAL LEADERSHIP ROLE IN ELIMINATING MANY OF THE SHORT-TERM CREDIT INDUSTRY'S WORST PRACTICES IN ILLINOIS WITH THE PASSAGE OF HB537, WHICH INCLUDED ALL OF THE KEY CONSUMER PROTECTIONS IDENTIFIED IN WOODSTOCK'S SUBSTANTIAL BODY OF CONSUMER CREDIT RESEARCH. THAT LAW CAPS RATES FOR SHORT-TERM CREDIT PRODUCTS, PREVENTS THE CYCLE OF DEBT CAUSED BY FREQUENT REFINANCING, AND GIVES REGULATORS THE TOOLS NECESSARY TO IDENTIFY PREDATORY PRACTICES BEFORE THEY BECOME WIDESPREAD. AT THE FEDERAL LEVEL, WOODSTOCK WORKS TO ENSURE THAT THE LENDING AND CONSUMER LAWS AND RULES APPLY TO THE WIDEST POSSIBLE RANGE OF PRODUCTS AND EFFECTIVELY PROTECT CONSUMERS, LOW-WAGE WORKERS AND SMALL BUSINESS OWNERS BEFORE INDUSTRY ABUSES BECOME WIDESPREAD. WOODSTOCK'S GOALS ARE TO REDUCE THE NUMBER OF CONSUMERS USING PREDATORY CREDIT PRODUCTS AND THE LEVEL OF DEBT HELD BY LOW-WEALTH PEOPLE, AND TO HELP LOWER-WEALTH PEOPLE AND COMMUNITIES OF COLOR BUILD AND PRESERVE WEALTH.
WEALTH CREATION AND PRESERVATION: WOODSTOCK USES INNOVATIVE RESEARCH TO IDENTIFY BARRIERS TO AND OPPORTUNITIES FOR WEALTH CREATION FOR LOW-WEALTH PERSONS AND COMMUNITIES, AND ENGAGES IN COALITION BUILDING AND ADVOCACY TO EXPAND POLICIES THAT PROMOTE EQUITABLE WEALTH CREATION. FOR EXAMPLE, WOODSTOCK CONDUCTED RESEARCH ON THE EXTENT OF RETIREMENT SECURITY IN ILLINOIS AND COLLABORATED WITH THE ILLINOIS ASSET BUILDING GROUP TO PERSUADE ILLINOIS TO CREATE A FIRST-EVER STATE PROGRAM FOR EMPLOYMENT-BASED RETIREMENT SAVINGS PLANS TO SAVE THROUGH AUTOMATIC ENROLLMENT AND PAYROLL DEDUCTION INTO A ROTH IRA, WITH THE ABILITY TO OPT OUT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Fitzgibbon Jr Chair | OfficerTrustee | 0.5 | $0 |
Juan Carlos Linares Vice-Chair | OfficerTrustee | 0.5 | $0 |
Manuel Jimenez Treasurer | OfficerTrustee | 0.5 | $0 |
Audra Wilson Secretary | OfficerTrustee | 0.5 | $0 |
Domenika Lynch Board Member | Trustee | 0.5 | $0 |
Hinsley Njila Board Member | Trustee | 0.5 | $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 | $1,373,240 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,373,240 |
| Total Program Service Revenue | $153,000 |
| Investment income | $5,097 |
| 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 | $1,537,944 |
| 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. | $193,316 |
| Compensation of current officers, directors, key employees. | $35,399 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $588,913 |
| Pension plan accruals and contributions | $2,772 |
| Other employee benefits | $81,460 |
| Payroll taxes | $54,716 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,499 |
| Fees for services: Accounting | $51,325 |
| Fees for services: Lobbying | $36,822 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $129,634 |
| Advertising and promotion | $30,464 |
| Office expenses | $92,378 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $133,629 |
| Travel | $152,199 |
| 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 | $1,928 |
| Insurance | $5,460 |
| All other expenses | $0 |
| Total functional expenses | $1,596,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,775 |
| Savings and temporary cash investments | $607,336 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,858 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,601 |
| Net Land, buildings, and equipment | $3,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $499,377 |
| Total assets | $1,166,153 |
| Accounts payable and accrued expenses | $64,791 |
| 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 | $515,343 |
| Total liabilities | $580,134 |
| Net assets without donor restrictions | $169,397 |
| Net assets with donor restrictions | $416,622 |
| 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 | $1,166,153 |
Grants Awarded
Over the last fiscal year, Woodstock Institute has awarded $95,667 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NEW AMERICA FOUNDATION PURPOSE: Subgrantee | $43,760 |
CHICAGO URBAN LEAGUE PURPOSE: Subgrantee | $51,907 |