Midas Collaborative Inc
- Assets
- $667.3k
- Revenue
- $223.4k
- Investments
- $0.0
- Employees
- 6
- Location
- Boston, MA
- Founding
- 03/2008
- Data as of
- 12/2020
- EIN
- 83-0485169
Organization Overview
Midas Collaborative Inc is located in Boston, MA. The organization was established in 2008. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2020, Midas Collaborative Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midas Collaborative Inc 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 12/2020, Midas Collaborative Inc generated $223.4k 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 (16.4%) each year. All expenses for the organization totaled $174.6k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (17.8%) 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO FACILITATE ASSET DEVELOPMENT AND PROTECTION OF LOW-INCOME FAMILIES IN A MANNER THAT IS PEER SUPPORTED, PRACTITIONER-TESTED, AND COMMUNITY-BUILDING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DELIVERING FINANCIAL EDUCATION AND POLICY: MIDAS PROVIDED TRAININGS TO STAFF FROM MEMBER COMMUNITY ORGANIZATIONS ACROSS THE STATE THAT SERVE LOW AND MODERATE INCOME RESIDENTS, TO VOLUNTEERS AND MEMBERS OF THE PUBLIC WHO PARTICIPATE IN MIDAS' MASSSAVES INITIATIVE, AND TO EDUCATORS AND POLICYMAKERS AT OUR ANNUAL FINANCIAL EDUCATION SUMMIT. TRAINING TOPICS INCLUDED: STUDENT DEBT, MOBILIZING FOR THE 2021 CENSUS, ASSET BUILDING AND SAVINGS, FINANCIAL CAPABILITY FOR OLDER ADULTS, AND FINANCIAL HEALTH AND WELLNESS AMONG VARIOUS AGES AND STAGES.PERFORMING OUTREACH AND ADVOCACY TO ADDRESS INCOME INEQUALITY: MIDAS PARTICIPATED IN POLICY COALITIONS AND ENGAGED IN DISCUSSIONS AT THE STATE LEVEL ON TOPICS SUCH AS CONSUMER PROTECTION, FAIRNESS IN DEBT COLLECTION PRACTICES, FINANCIAL LITERACY AND EDUCATION, ASSET BUILDING, AND TAX CREDIT REFORM. MIDAS REPRESENTED MASSACHUSETTS IN THE NATIONAL CONVERSATION ON INCOME INEQUALITY, WEALTH BUILDING, AND FINANCIAL CAPABILITY.
BUILDING SAVINGS AND INVESTMENT: MIDAS OPERATES MULTIPLE MATCHED SAVINGS PROGRAMS IN PARTNERSHIP WITH MEMBER COMMUNITY ORGANIZATIONS ACROSS MASSACHUSETTS. IN 2020, 7 PARTNER SITES ENROLLED 214 PARTICIPANTS WHO ATTENDED WORKSHOPS AND COUNSELING SESSIONS TO BUILD THEIR FINANCIAL SKILLS AND CAPABILITY. 132 MATCHED SAVINGS PROGRAM PARTICIPANTS GRADUATED IN 2020, MAKING INVESTMENTS IN HOMES, HIGHER EDUCATION PROGRAMS, SMALL BUSINESSES, AND OTHER ASSETS SUCH AS CARS, COMPUTERS, TEXTBOOKS AND EMERGENCY SAVINGS FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Hirsh Executive Director | Officer | 22 | $49,615 |
Symone Crawford Clerk | OfficerTrustee | 0.5 | $0 |
Tom Keydel Treasurer | OfficerTrustee | 0.5 | $0 |
Debra Tobin Chair | OfficerTrustee | 0.5 | $0 |
Gul Yanmaz-Karsligil Director | Trustee | 0.5 | $0 |
Connor Schoen Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $9,600 |
| Membership dues | $3,041 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,634 |
| All other contributions, gifts, grants, and similar amounts not included above | $95,953 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $117,228 |
| Total Program Service Revenue | $105,839 |
| Investment income | $362 |
| 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 | $223,429 |
| 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. | $58,236 |
| Compensation of current officers, directors, key employees. | $32,030 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $52,219 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $211 |
| Payroll taxes | $13,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,733 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,464 |
| Advertising and promotion | $0 |
| Office expenses | $912 |
| Information technology | $2,545 |
| Royalties | $0 |
| Occupancy | $7,650 |
| Travel | $27 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $155 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96 |
| Insurance | $2,237 |
| All other expenses | $13,227 |
| Total functional expenses | $174,591 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,067 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $25,000 |
| Accounts receivable, net | $48,261 |
| 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 | $5,537 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $407,454 |
| Total assets | $667,319 |
| Accounts payable and accrued expenses | $11,758 |
| Grants payable | $0 |
| Deferred revenue | $12,450 |
| 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 | $471,558 |
| Total liabilities | $495,766 |
| Net assets without donor restrictions | $146,482 |
| Net assets with donor restrictions | $25,071 |
| 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 | $667,319 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Midas Collaborative Inc has recieved totaling $10,020.
| Awarding Organization | Amount |
|---|---|
Beker Foundation New York, NY PURPOSE: GENERAL OPERATING | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $20 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Uncommon Schools Inc New York, NY | $293,550,038 | $84,601,875 |
Amsterdam House Continuing Care Retirement Community Inc Port Washington, NY | $223,728,704 | $36,044,280 |
Sponsors For Educational Opportunity Inc New York, NY | $71,324,699 | $43,724,114 |
The Achievement Network Ltd Boston, MA | $23,559,572 | $30,118,976 |
Leadership For Educational Equity New York, NY | $8,736,194 | $32,582,451 |
Foundation For City College New York, NY | $332,549,861 | $102,453,904 |
Saga Innovations Framingham, MA | $30,229,601 | $39,236,690 |
Transcend Inc Hastingsonhudson, NY | $40,245,682 | $36,384,149 |
The Baruch College Fund New York, NY | $295,690,612 | $67,294,185 |
S&p Global Foundation New York, NY | $10,276,249 | $7,071,664 |
Workforce Outsource Services Inc Uniondale, NY | $10,340,814 | $13,464,902 |
North Star Academy Foundation Inc New York, NY | $177,913,521 | $11,304,915 |