Financial Empowerment Network
- Assets
- $327.0k
- Revenue
- $308.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Bellevue, WA
- Founding
- 04/2018
- Data as of
- 12/2023
- EIN
- 82-2691437
Organization Overview
Financial Empowerment Network is located in Bellevue, WA. The organization was established in 2018. According to its NTEE Classification (W22) the organization is classified as: Public Finance, Taxation & Monetary Policy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Financial Empowerment Network employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Financial Empowerment Network 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, Financial Empowerment Network generated $308.3k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $261.1k during the year ending 12/2023. While expenses have increased by 18.7% per year over the past 5 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
VISION WE ENVISION COMMUNITIES WHERE LOW- AND MODERATE-INCOME INDIVIDUALS AND FAMILIES ARE ABLE TO ACHIEVE FINANCIAL WELL-BEING.MISSION WE ADVANCE FINANCIAL EMPOWERMENT THROUGH PARTNERSHIPS THAT SUPPORT ACCESS TO AFFORDABLE, EFFECTIVE, AND RELEVANT SERVICES, AND OTHER RESOURCES.OUR PROCESS WE SERVE AS A LIAISON AND BROKER TO CREATE CONNECTIONS, DISSEMINATE EVIDENCE-BASED AND PROMISING PRACTICES, AND BRING RESOURCES TO NETWORK OF PROVIDERS IN ORDER TO INTEGRATE FINANCIAL EMPOWERMENT INTO OTHER SERVICES INCLUDING ANTI-POVERTY STRATEGIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL EMPOWERMENT INTEGRATION: LEAD A STATEWIDE NETWORK OF FINANCIAL WELLNESS PROVIDERS AND PARTICIPATING ORGANIZATIONS TO PROMOTE THE INTEGRATION OF FINANCIAL EMPOWERMENT INTO OTHER SERVICE SYSTEMS THROUGH PROFESSIONAL DEVELOPMENT WORKSHOPS, CONVENINGS OR PARTNER ORGANIZATIONS AND STAFF, TRAININGS AND TECHNICAL ASSISTANCE FOR PARTNER ORGANIZATIONS, AND PROVISION OF ACCURATE AND RELEVANT TOOLS AND RESOURCES VIA OUR WEBSITE.
BANK ON: LEAD THE STATEWIDE BANK ON WASHINGTON INITIATIVE TO CONNECT UN AND UNDER-BANKED INDIVIDUALS TO SAFE, AFFORDABLE, AND ACCESSIBLE FINANCIAL PRODUCTS AND SERVICES. ALSO LEAD THE LOCAL BANK ON SEATTLE/KING COUNTY INITIATIVE.
ASSET BUILDING COALITION: WABC IS THE LEAD IN WASHINGTON STATE FOR PROMOTING POLICIES, PROGRAMS AND STRATEGIES FOR HELPING LOW-INCOME INDIVIDUALS AND COMMUNITIES BUILD ASSETS THAT WILL PROVIDE THEM WITH AN ECONOMIC FOUNDATION TO THRIVE. WABC SERVES AS THE CONVENER OF LOCAL ASSET-BUILDING COALITIONS ACROSS WASHINGTON STATE, FACILITATING CONVENINGS OF THE ABC LEADS AND SUPPORTING ADVOCACY WORK TO PROMOTE FINANCIAL WELLNESS LEGISLATION IN WASHINGTON. ALSO LEAD THE LOCAL KING COUNTY ABC, THE FINANCIAL EMPOWERMENT PROVIDERS NETWORK, TO BETTER CONNECT NONPROFIT AND FINANCIAL SERVICE PROVIDERS, IDENTIFY GAPS IN SERVICES, AND COLLABORATE IN PROBLEM SOLVING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Quiroz Executive Dir. | Officer | 40 | $93,800 |
Becky House President | OfficerTrustee | 3 | $0 |
Jamie Kaku Treasurer | OfficerTrustee | 3 | $0 |
Linda Taylor Secretary | OfficerTrustee | 3 | $0 |
John Kim Member | Trustee | 3 | $0 |
John Babauta Member | Trustee | 3 | $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 | $306,843 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $306,843 |
| Total Program Service Revenue | $0 |
| Investment income | $1,468 |
| 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 | $308,311 |
| 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. | $93,800 |
| Compensation of current officers, directors, key employees. | $19,623 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,559 |
| Pension plan accruals and contributions | $5,948 |
| Other employee benefits | $1,694 |
| Payroll taxes | $11,016 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,677 |
| Fees for services: Accounting | $7,271 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,490 |
| Advertising and promotion | $0 |
| Office expenses | $2,228 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,903 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,929 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,175 |
| All other expenses | $853 |
| Total functional expenses | $261,070 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $326,950 |
| 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 | $0 |
| Total assets | $326,950 |
| Accounts payable and accrued expenses | $1,893 |
| 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 | $1,893 |
| Net assets without donor restrictions | $325,057 |
| 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 | $326,950 |