2023-06-20T19:30:43-07:00 2022-12-31 474152589 IL NFP AUDIT AND TAX LLP 200 S WACKER DR SUITE 3100 CHICAGO IL 60606 990 2022-01-01 472614811 Working Credit NFP WORK 3123395357 111 W Washington Street 900 Chicago IL 60602 Sarah Chenven Co-CEO 2023-06-20 true Sarah Chenven 999009999 true Abdullah Khan CPA P01524581 3129985500 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z Sarah Chenven 111 W Washington Street 900 Chicago IL 60602 773930 false X www.workingcredit.org X 2014 IL To interrupt structural racism by partnering with individuals and communities to provide credit building education, one-on-one counseling, and access to financial products needed to thrive financially. 9 8 14 8 0 997412 508226 83138 263081 602 2623 0 1081152 773930 0 0 613574 1123605 0 62403 208967 312920 822541 1436525 258611 -662595 1342543 623957 128900 72909 1213643 551048 To interrupt structural racism by partnering with individuals and communities to provide credit building education, one-on-one counseling, and access to financial products needed to thrive financially. false false 1164267 263081 MAKE CREDIT WORK FOR YOU IS A 12-MONTH COMPREHENSIVE FINANCIAL WELLNESS PROGRAM THAT HELPS INDIVIDUALS BUILD AND SUSTAIN STRONG CREDIT SCORES, SO THEY CAN REDUCE OR ELIMINATE EXPENSES DUE TO POOR OR NO CREDIT. THE PROGRAM OFFERS WORKSHOPS ON THE CREDIT SYSTEM, AS WELL AS ONE-ON-ONE COUNSELING AND COACHING SERVICESALL AIMED AT HELPING PEOPLE UNDERSTAND AND MASTER THE CREDIT SCORING SYSTEM. EMPLOYERS CAN BRING MAKE CREDIT WORK FOR YOU TO THE WORK PLACE, NONPROFITS CAN BRING IT TO THEIR CLIENTS, AND INDIVIDUALS WITHOUT ANY INSTITUTIONAL AFFILIATION CAN SIGN UP FOR IT THROUGH WORKING CREDITS WEBSITE.CREDIT-BUILDING WORKSHOPThe program starts with a credit-building workshop for all eligible workers, designed to establish a foundation of knowledge about the ins and out of the credit-scoring system and how credit impacts a familys finances. At the end of the workshop, we encourage individuals to attend a one-on-one meeting with a Working Credit counselor, the next step in the process. To date, 63% of all workshop participant have asked for this service.ONGOING PERSONALIZED COACHINGAt the first one-on-one meeting, the counselor helps the employee put together a personalized budget and then reviews the employees credit report and score. Based on that information, the counselor frames out an individualized Credit Action Plandesigned to help the employee increase his or her credit score and improve theoverall credit profile. The first meeting is usually at the work site, andsubsequently the counselor and employee generally communicate by phone, text, oremail. Our counselors have all been trained as coaches, and we offer coaching services toall individuals as part of Make Credit Work for You. To date, two-thirds of allindividuals have asked for and are receiving this service. With coaching, the counselor supports the individual by holding him or her accountable for taking each step outlined in the Credit Action Plan, adding encouragement and structure to the credit building process.CW-3 CREDIT-BUILDING PRODUCTFOR MANY individuals, OUR COUNSELORS WILL RECOMMEND USE OF WORKING CREDIT'S CW-3 CREDIT BUILDING PRODUCT, OFFERED BY A THIRD-PARTY PARTNER COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION, AS PART OF THE CREDIT ACTION PLAN. READ MORE HERE ABOUT HOW CW-3 DEPLOYS THREE MAINSTREAM FINANCIAL PRODUCTS TO BUILD A BETTER CREDIT PROFILE AND HELP individuals SAVE MONEY.CREDIT CHECK EVERY SIX MONTHS FOR 12 MONTHSWorking Credit counselors pull a new credit report and score for individuals every six months for eighteen months. Counselors then share this information with individuals, lifting up successes in credit building and reinforcing lessons about the creditsystem.TARGETED CONSUMER EDUCATIONAs soon as an employee reaches a threshold credit score (usually 660), a WorkingCredit counselor reaches out to the participant with relevant consumer information.For example, an employee whos been paying inflated car insurance premiums because of poor credit will be prompted by the counselor to negotiate a lower premium as soon as the score gets above 660. The counselor will also send information about what rates and terms to expect, given the new score. 1164267 true true false false false false false false true false true false false false false true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false true 11 0 true 14 true false false false false false true true false 0 false false false false false false false X 9 8 false false false false false false false true true false false true true true true true true true true false IL X X X Sarah Chenven 3123395357 111 W Washington Street Suite 900 Chicago IL 60602 Sarah Chenven Co-CEO 40.00 0.00 X 113577 0 0 Erica Lowitz Founder/ Co-Ceo 40.00 0.00 X X 76402 0 0 Jacqueline Scott President 2.00 0.00 X X 0 0 0 Bob Thomas Vice President 2.00 0.00 X X 0 0 0 Ellen Meade Treasurer 2.00 0.00 X X 0 0 0 Kim Allman Secretary 2.00 0.00 X X 0 0 0 Gary Kash Director 2.00 0.00 X 0 0 0 Kant Desai Director 2.00 0.00 X 0 0 0 George Wright Director 2.00 0.00 X 0 0 0 Toby Herr Director 2.00 0.00 X 0 0 0 189979 1 false false false 0 82508 425718 508226 Program & Consulting Fees 900099 263081 263081 263081 2623 2623 0 0 0 0 0 0 0 0 773930 263081 2623 X 0 0 0 0 189979 161482 9499 18998 0 661840 605155 33092 23593 0 202157 181941 10108 10108 69629 62667 3481 3481 0 0 0 0 0 0 155140 66879 88244 17 793 793 6092 552 5540 0 0 5400 4860 270 270 30385 8322 22063 0 0 0 0 9966 8970 498 498 10339 2103 8236 Software and Data Services 41859 26229 10647 4983 Credit Service Fees 18254 18254 Professional Development 13418 2652 10394 372 Incentives 6120 6037 83 15154 7371 7783 1436525 1164267 209855 62403 637109 469148 0 606250 24775 18899 69323 0 0 0 0 41239 10977 127736 78002 39046 49734 0 0 0 0 0 1342543 623957 49006 48909 79894 24000 128900 72909 X 636052 261715 577591 289333 1213643 551048 1342543 623957 -662595 X false true X true false X 842200 650224 772935 997412 508226 3770997 0 0 842200 650224 772935 997412 508226 3770997 1966287 1804710 316 602 2623 3541 0 9600 22938 9600 42138 3816676 526864 0.47280 0.49300 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false X 27423 7950 19473 100313 70052 30261 49734 X 818611 44681 44681 773930 773930 1481206 44681 44681 1436525 1436525 Part IV, Line 2b: Explanation of escrow account liability WCNFP did not maintain an escrow account at any time during the year, however WCNFPdid provide credit couseling services subject to IRS Code 501q. Funding for credit counseling services provided to low-income individuals is primarily through grants, contributions, and fees charged to individuals benefiting from WCNFP's programs. During the year ended December 31, 2020 WCNFP recognized $12,183 of fees from individuals that benefited from credit counseling services provided by WCNFP. WCNFP was fully compliant with 501q requirements regarding credit couseling services. Part X : FIN48 Footnote The Organization is exempt from Federal and State income taxes under Section 501(c)(3) of the Internal Revenue Code, therefore, the financial statements do not include a provision for income taxes. The Organization reviews income tax positions taken or expected to be taken in income tax returns to determine if there are any income tax uncertainties. This includes positions that the entity is exempt from income taxes or not subject to income taxes on unrelated business income. The Organization recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax positions will be sustained on examination by taxing authorities, based on the technical merits of the positions. The Organization has identified no significant income tax uncertainties. The Organization files information returns as a tax-exempt organization. Should that status be challenged in the future, all years since inception could be subject to review by the IRS. J Lowitz Company Co-CEO's Family 5400 Office lease false Schedule L, Part V Supplemental Information The organization leases its office space from J. Lowitz Company which is owned by the husband of the organization's Co-CEO/Founder, Erica Lowitz. Form 990, Part VI, Section B, Line 11b Form 990 is reviewed by the Board of Directors prior to submitting the return to theInternal Revenue Service. Form 990, Part VI, Section B, Line 12c On an annual basis all Board members and key employees are required to submit awritten statement stating whether or not the individual has any known conflicts ofinterest. Also all Board members and key employees are required to immediatelynotify the Board if a known conflict of interest should arise. Form 990, Part VI, Section B, Line 15a Salary rates for the Executive Director and other key employees is included in theannual budget. The annual budget is presented to the Board for approval. Thesalary rate in the approved budget are is implemented once the budget is approved bythe Board. Form 990, Part VI, Section B, Line 15b Compensation rates for key employees is assessed against comparability data by theBoard for reasonableness. Form 990, Part VI, Section C, Line 18 A copy of the annual audit and form 990 is posted on the web-site of the Illinois Attorney General, which is accessible to the general public. Form 990, Part VI, Section C, Line 19 Disclosure of governing documents, policies, and financial statements is madeavailable to the general public upon written request.