Finequity Inc
- Assets
- $1.0m
- Revenue
- $947.4k
- Investments
- $0.0
- Employees
- 4
- Location
- Brooklyn, NY
- Founding
- Data as of
- 12/2022
- EIN
- 84-4391836
Organization Overview
Finequity Inc is located in Brooklyn, NY. According to its NTEE Classification (I40) the organization is classified as: Rehabilitation Services for Offenders, under the broad grouping of Crime & Legal-Related and related organizations. As of 12/2022, Finequity Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Finequity 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 12/2022, Finequity Inc generated $947.4k in total revenue. All expenses for the organization totaled $275.4k during the year ending 12/2022. While expenses have increased by 49.0% per year over the past 2 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO HELP THOSE WHO HAVE BEEN IMPACTED BY LONG-TERM INCARCERATION, MASS INCARCERATION, AND FINANCIAL EXCLUSION TO BUILD THEIR CREDIT PROFILES AS PART OF THEIR RE-ENTRY JOURNEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WE SERVED FORMERLY INCARCERATED COMMUNITY MEMBERS AND THEIR FAMILIES ON THEIR JOURNEY TO NAVIGATE CREDIT BARRIERS AND ESTABLISH CREDIT. FIRST, WE PROVIDED COMMUNITY MEMBERS WITH FREE SUMMARIES OF THEIR CURRENT CREDIT REPORT AND WHAT THEIR CREDIT REPORT CONVEYS TO PROSPECTIVE LENDERS AND LANDLORDS. WE ALSO ENROLLED COMMUNITY MEMBERS WHO ARE CREDIT INVISIBLE (WITH NO PREVIOUS CREDIT HISTORY) IN OUR CREDIT-ESTABLISHING LOAN SERVICE. THROUGH THIS SERVICE, WE PROVIDED PARTICIPANTS WITH A $100 NO-INTEREST, NO-FEE LOAN THAT IS PAID BACK OVER 6 MONTHS AND ESTABLISHES A HEALTHY CREDIT SCORE IN THE MID-600S. IN 2022, 100% OF COMMUNITY MEMBERS WHO COMPLETED REPAYMENT OF FINEQUITY'S LOAN ESTABLISHED A HEALTHY CREDIT SCORE. FINEQUITY ALSO PROVIDED COMMUNITY MEMBERS WITH GUIDANCE AROUND ACCESSING NO-COST FINANCIAL RESOURCES AND NAVIGATING FINANCIAL EMERGENCIES. ADDITIONALLY, WE SERVED CURRENTLY INCARCERATED COMMUNITY MEMBERS ACROSS 13 NY STATE PRISONS WITH OUR POST-MAIL-BASED FINANCIAL EDUCATION CORRESPONDENCE COURSE. THIS 8-PART COURSE COVERS STRATEGIES ON NAVIGATING CREDIT BARRIERS UPON RETURNING HOME FROM PRISON. MORE THAN 75% OF ACTIVE PARTICIPANTS IN 2022 CONTINUED TO ENGAGE WITH OUR COURSE FOR AT LEAST 6 MONTHS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Briane Cornish Executive Director | Officer | 40 | $70,005 |
Mark Shervington Vice Chairman | Trustee | 0.5 | $0 |
Joe Robinson Secretary | Trustee | 0.5 | $0 |
Carl Owens Treasurer | 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 | $947,411 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $947,411 |
| Total Program Service Revenue | $0 |
| 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 | $947,411 |
| 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. | $70,005 |
| Compensation of current officers, directors, key employees. | $28,002 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $89,029 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $8,912 |
| Payroll taxes | $14,606 |
| Fees for services: Management | $30,908 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,406 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,593 |
| Advertising and promotion | $2,188 |
| Office expenses | $2,887 |
| Information technology | $5,730 |
| Royalties | $0 |
| Occupancy | $7,200 |
| Travel | $219 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,925 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,620 |
| All other expenses | $204 |
| Total functional expenses | $275,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $871,331 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $128,400 |
| 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 | $2,001 |
| 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 | $1,001,732 |
| Accounts payable and accrued expenses | $10,459 |
| 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 | $10,459 |
| Net assets without donor restrictions | $766,273 |
| Net assets with donor restrictions | $225,000 |
| 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 | $1,001,732 |