Exodus Financial Services
- Assets
- $630.8k
- Revenue
- $423.5k
- Investments
- $0.0
- Employees
- 7
- Location
- Saint Paul, MN
- Founding
- 02/2017
- Data as of
- 12/2023
- EIN
- 47-1706853
Organization Overview
Exodus Financial Services, operating under the name Exodus Lending, is located in Saint Paul, MN. The organization was established in 2017. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2023, Exodus Lending employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Exodus Lending 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, Exodus Lending generated $423.5k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.3% each year . All expenses for the organization totaled $667.3k during the year ending 12/2023. 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
EXODUS FINANCIAL SERVICES (DBA EXODUS LENDING) WORKS WITH FINANCIALLY EXCLUDED MINNESOTANS TO ADVANCE ECONOMIC JUSTICE THROUGH CONSUMER LENDING, COMMUNITY ORGANIZING, AND ADVOCACY. IT DOES THIS BY REFINANCING UP TO $1,500 OF PREDATORY LOAN DEBT FOR MINNESOTANS, CHARGING NO INTEREST OR FEES, AND THROUGH ITS ADVOCACY AND ORGANIZING WORK OVERSEEING THE MINNESOTANS FOR FAIR LENDING (MFL) COALITION AND CAMPAIGN. THE ORGANIZATION IS COMMITED TO EXTENDING SMALL DOLLAR CONSUMER CREDIT AND CAPITAL TO COMMUNITIES THROUGHOUT MINNESOTA THAT OTHER LENDERS HAVE EXTRACTED, EXPLOITED, AND/OR LEFT BEHIND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2023, EXODUS LENDING HAD 141 ENROLLMENTS AND REFINANCED $151,000 OF PREDATORY DEBT. IN DOING SO, WE ESTIMATE OUR PROGRAM SAVED PARTICIPANTS $505,000, ASSUMING THESE PARTICIPANTS WOULD HAVE OTHERWISE REMAINED IN THE DEBT TRAP FOR A YEAR. ADDITIONALLY, IN 2023, 23 PARTICIPANTS PAID OFF THEIR EXODUS LENDING LOANS. IN JANUARY 2023, EXODUS LENDING PILOTED THE RESILIENCY LOAN PROGRAM WHICH WAS AN UPSTREAM, "ANTI-PAYDAY" RESILIENCY LOAN TO ADDRESS THE GAP IN CREDIT ACCESS BY OFFERING A 0% INTEREST PERSONAL LOAN IN LOW INCOME COMMUNITIES THROUGH A NETWORK OF TRUSTED NONPROFIT PARTNERS. IN THE FIRST THREE MONTHS OF THE YEAR, WE PROVIDED OVER $32,000 IN RESILIENCY LOANS TO 28 PARTICIPANTS THROUGH PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS. ALONGSIDE OUR DIRECT LENDING SERVICES, OUR ADVOCACY COALITION, MINNESOTANS FOR FAIR LENDING (MFL), ORGANIZED LOCAL COMMUNITIES TO RECLAIM AND LEVERAGE THEIR POWER. MFL SPENT YEARS ADVOCATING FOR A 36% INTEREST RATE CAP ON SMALL DOLLAR, SHORT TERM CONSUMER LOANS IN MINNESOTA AND WON MEANINGFUL RATE CAP REFORM DURING THE 2023 LEGISLATIVE SESSION EFFECTIVELY ENDING PAYDAY LENDING AS WE KNEW IT IN MN BY JANUARY 1, 2024 WHEN THE LAW TOOK EFFECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nick Scheibel Treasurer | OfficerTrustee | 3 | $0 |
Michael Steele Director | Trustee | 1.5 | $0 |
Anna Brelje Director | Trustee | 1.5 | $0 |
Kimberly Miller Secretary | OfficerTrustee | 2.5 | $0 |
Vienna Wilson President | OfficerTrustee | 2.5 | $0 |
Sola Olateju Director | Trustee | 1.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $24,814 |
| Related organizations | $0 |
| Government grants | $28,048 |
| All other contributions, gifts, grants, and similar amounts not included above | $359,317 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $412,179 |
| Total Program Service Revenue | $0 |
| Investment income | $12,741 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,466 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $423,454 |
| 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. | $104,251 |
| Compensation of current officers, directors, key employees. | $20,850 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $280,900 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $31,446 |
| Payroll taxes | $29,472 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $94,034 |
| Advertising and promotion | $10,998 |
| Office expenses | $5,786 |
| Information technology | $30,882 |
| Royalties | $0 |
| Occupancy | $9,780 |
| Travel | $4,635 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $129 |
| Interest | $500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,330 |
| All other expenses | $0 |
| Total functional expenses | $667,329 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,813 |
| Savings and temporary cash investments | $406,687 |
| Pledges and grants receivable | $12,866 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $133,603 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,873 |
| 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 | $630,842 |
| Accounts payable and accrued expenses | $11,788 |
| Grants payable | $0 |
| Deferred revenue | $60,000 |
| 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 | $132,500 |
| Other liabilities | $0 |
| Total liabilities | $204,288 |
| Net assets without donor restrictions | $397,554 |
| Net assets with donor restrictions | $29,000 |
| 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 | $630,842 |