Alma Financial Assistance Corp
- Assets
- $167.1k
- Revenue
- $761.1k
- Investments
- $0.0
- Employees
- 11
- Location
- Deerfield Beach, FL
- Founding
- 10/2002
- Data as of
- 06/2022
- EIN
- 47-0863848
Organization Overview
Alma Financial Assistance Corp is located in Deerfield Beach, FL. The organization was established in 2002. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 06/2022, Alma Financial Assistance Corp employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alma Financial Assistance Corp 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, Alma Financial Assistance Corp generated $761.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (15.5%) each year. All expenses for the organization totaled $884.3k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (14.3%) per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREDIT COUNSELING SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING FISCAL YEAR 2021-2022 THE EFFECTS OF THE 2020 PANDEMIC OUTBREAK CONTINUED TO HAVE A DISRUPTIVE EFFECT ON THE COMMUNITY ACTIVITIES OF THE CORPORATION IN PUERTO RICO. CONSUMERS WERE STILL RESTRICTED FROM ATTENDING PUBLIC GATHERINGS AND MANY EDUCATIONAL INSTITUTIONS CONTINUED WORKING REMOTELY. IN 2021 THE CORPORATION SIGNED A THREE YEAR COOPERATION AGREEMENT WITH THE DEPARTMENT OF EDUCATION OF PUERTO RICO TO CONTINUE PROVIDING FREE FINANCIAL EDUCATION TO THE PUBLIC HIGH SCHOOL SYSTEM IN PUERTO RICO. THE FACT THAT THERE WERE STILL RESTRICTIONS IN PLACE GENERATED BY THE PANDEMIC PREVENTED THE CORPORATION TO CONDUCT IN PERSON WORKSHOPS AND SEMINARS PROGRAMMED IN THE AGREEMENT DURING THE 2021-2022 PERIOD. UNDER THESE CIRCUMSTANCES, THE CORPORATION HAS PROVIDED THE COMMUNITY WITH EDUCATION MATERIALS POSTED IN ITS WEBSITE AS WELL AS COUNSELING SESSIONS THROUGH TELEPHONE CONTACTS WITH THE CONSUMERS. ALMA'S WEBSITE EDUCATIONAL MATERIALS WERE ACCESSED BY 2,736 NEW USERS DURING THE 2021-2022 PERIOD AND HAS PROVIDED FINANCIAL COUNSELING SERVICES TO 1,150 CONSUMERS BY TELEPHONE DURING THE SAME PERIOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruben Sandoval Finance Director | OfficerTrustee | 40 | $118,524 |
Alberto Larrea Pres. Executive Director | OfficerTrustee | 40 | $149,724 |
Marilyn Lopez DE Victoria Director | Trustee | 1 | $0 |
Maria E Rios Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Telemundo Of Puerto Rico Advertising | 6/29/18 | $174,720 |
Wapa Television Advertising | 6/29/18 | $161,200 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $761,121 |
| 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 | $761,121 |
| 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. | $265,440 |
| Compensation of current officers, directors, key employees. | $106,176 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $326,402 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $46,783 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,862 |
| Fees for services: Accounting | $17,612 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $56,625 |
| Office expenses | $66,617 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,132 |
| 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 | $2,477 |
| All other expenses | $0 |
| Total functional expenses | $884,313 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,754 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $156,331 |
| Total assets | $167,085 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $152,397 |
| 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 | $152,397 |
| Net assets without donor restrictions | $14,688 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $167,085 |