2024-02-06T08:48:40-06:00 2023-08-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-09-01 203975100 COMPASS WORKING CAPITAL INC COMP 6177900810 89 SOUTH STREET 804 BOSTON MA 02111 MARKITA MORRIS-LOUIS PRESIDENT 6177900810 2024-02-05 1 MARKITA MORRIS-LOUIS XXX-XX-XXXX 1 NICHOLE REILLY CPA P01633587 5083669100 2024-02-05 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z MARKITA MORRIS-LOUIS 89 SOUTH STREET 804 BOSTON MA 02111 9794451 0 X WWW.COMPASSWORKINGCAPITAL.ORG X 2005 MA COMPASS WORKING CAPITAL ("COMPASS") IS WORKING TO END ASSET POVERTY FOR FAMILIES WITH LOW INCOMES AND NARROW THE RACIAL AND GENDER WEALTH DIVIDES. OUR MISSION IS TO PARTNER WITH FAMILIES WITH LOW INCOMES TO BUILD ASSETS AS A PATHWAY OUT OF POVERTY. WE FOCUS ON REACHING FAMILIES LED BY BLACK AND/OR LATINX WOMEN. TO ACHIEVE OUR MISSION, WE OPERATE CLIENT-CENTERED SAVINGS AND FINANCIAL COACHING PROGRAMS, DELIVER TRAINING AND TECHNICAL ASSISTANCE TO OTHER PRACTITIONERS, AND SHAPE POLICY SOLUTIONS THAT DISMANTLE BARRIERS TO ASSET BUILDING. 6 5 64 46 0 0 5038949 7250236 1862570 2251194 20159 182700 -8949 30822 6912729 9714952 45000 64000 0 0 4501609 5705852 0 0 496019 2271095 1921733 6817704 7691585 95025 2023367 6922240 9217842 548744 820979 6373496 8396863 X COMPASS WORKING CAPITAL ("COMPASS") IS WORKING TO END ASSET POVERTY FOR FAMILIES WITH LOW INCOMES AND NARROW THE RACIAL AND GENDER WEALTH DIVIDES. OUR MISSION IS TO PARTNER WITH FAMILIES WITH LOW INCOMES TO BUILD ASSETS AS A PATHWAY OUT OF POVERTY. WE FOCUS ON REACHING FAMILIES LED BY BLACK AND/OR LATINX WOMEN. TO ACHIEVE OUR MISSION, WE OPERATE CLIENT-CENTERED SAVINGS AND FINANCIAL COACHING PROGRAMS, DELIVER TRAINING AND TECHNICAL ASSISTANCE TO OTHER PRACTITIONERS, AND SHAPE POLICY SOLUTIONS THAT DISMANTLE BARRIERS TO ASSET BUILDING. 0 0 4199216 2085307 FAMILY SELF-SUFFICIENCY (FSS) PROGRAM:SINCE 2010, COMPASS HAS PARTNERED WITH PUBLIC HOUSING AGENCIES AND PRIVATE OWNERS OF AFFORDABLE HOUSING TO DEVELOP AND IMPLEMENT AN ASSET-BUILDING AND FINANCIAL CAPABILITY MODEL FOR THE FAMILY SELF-SUFFICIENCY ("FSS") PROGRAM, A HISTORICALLY UNDERUTILIZED SAVINGS AND EMPLOYMENT PROGRAM OVERSEEN BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"). CONGRESS ESTABLISHED THE FSS PROGRAM IN 1990 AS AN EMPLOYMENT AND SAVINGS PROGRAM FOR RESIDENTS OF FEDERALLY SUBSIDIZED HOUSING. FAMILIES RECEIVING THIS ASSISTANCE TYPICALLY PAY 30% OF THEIR INCOME TOWARDS RENT. THIS STRUCTURE INADVERTENTLY DISCOURAGES SOME RESIDENTS FROM INCREASING THEIR WORK HOURS AND EARNINGS SINCE THEY WORRY ABOUT PAYING MORE RENT AND LOSING OTHER BENEFITS IF THEIR INCOME INCREASES. THE FSS MODEL REMOVES THIS DISINCENTIVE BY ALLOWING PARTICIPANTS TO CAPTURE THEIR INCREASED RENT PAYMENTS IN A SAVINGS ACCOUNT, HELD BY THE HOUSING PROVIDER, WHICH CAN BE ACCESSED UPON COMPLETION OF THE PROGRAM. PARTICIPANTS CAN UTILIZE THEIR SAVINGS TO ACHIEVE THEIR FINANCIAL GOALS. THE COMPASS FSS MODEL INTEGRATES FINANCIAL COACHING AND OTHER ASSET BUILDING STRATEGIES INTO THE FSS PROGRAM, WITH THE GOAL OF PROMOTING ECONOMIC MOBILITY AND FINANCIAL SECURITY FOR PARTICIPATING FAMILIES. THE FIRST MODEL OF ITS KIND IN THE COUNTRY, THE COMPASS FSS PROGRAM IS CURRENTLY OFFERED THROUGH PARTNERSHIP WITH PUBLIC HOUSING AUTHORITIES AND NONPROFIT HOUSING ORGANIZATIONS IN MASSACHUSETTS, PENNSYLVANIA, CALIFORNIA, CONNECTICUT, FLORIDA, ILLINOIS, MISSOURI, RHODE ISLAND, TEXAS, VIRGINIA, AND WASHINGTON, DC. THE COMPASS FSS PROGRAM HAS ATTRACTED LOCAL AND NATIONAL ATTENTION AS A SCALABLE, HOUSING-BASED MODEL TO SUPPORT FAMILIES WITH LOW INCOMES TO BUILD ASSETS, ACHIEVE THEIR GOALS, AND BECOME MORE FINANCIALLY SECURE. 1129890 165887 NATIONAL FIELD-BUILDING, TRAINING, AND TECHNICAL ASSISTANCE:THE FSS PROGRAM HAS THE POTENTIAL TO REACH AN ESTIMATED 2.2 MILLION HOUSEHOLDS NATIONALLY, YET ONLY A TINY SUBSET - LESS THAN 3% - OF ELIGIBLE HOUSEHOLDS ARE CURRENTLY ABLE TO TAKE ADVANTAGE OF THE PROGRAM. SINCE 2016, COMPASS HAS ALSO WORKED TO BUILD THE FIELD OF FSS PRACTITIONERS AND OTHER STAKEHOLDERS NATIONALLY AND SHARE OUT OUR BEST PRACTICES TO EXPAND THE SCOPE AND IMPACT OF FSS. CURRENTLY, THE ORGANIZATION MANAGES AN ONLINE LEARNING PLATFORM AND COMMUNITY CALLED COMPASS FSS LINK, WHICH PROVIDES FSS PRACTITIONERS WITH ACCESS TO RESOURCES FOR FSS PROGRAM MANAGEMENT AND FINANCIAL COACHING, TRAINING, AND OPPORTUNITIES TO CONNECT WITH OTHER FSS PRACTITIONERS ACROSS THE COUNTRY. COMPASS ALSO PROVIDES TRAINING AND TECHNICAL ASSISTANCE ON ITS MODEL FOR THE FSS PROGRAM TO HOUSING PROVIDERS WHO WANT TO IMPROVE THE QUALITY OF THEIR EXISTING PROGRAMS OR LAUNCH NEW ONES. AND, COMPASS HOSTS A BIENNIAL NATIONAL CONFERENCE ON THE FSS PROGRAM. 313223 64000 1150 SYSTEMS AND POLICY CHANGE:TO DELIVER ON OUR MISSION AND FULLY SUPPORT FAMILIES TO REACH THEIR FINANCIAL GOALS, COMPASS COMBINES DIRECT SERVICE AND FIELD-BUILDING WITH WORK ON BROADER SYSTEMS AND POLICY CHANGE. OUR FOCUS IS LARGELY ON ISSUES RELATED TO EXPANDING THE SCOPE AND IMPACT OF THE FSS PROGRAM, AS WELL AS OTHER PRIORITIES RELATED TO OUR MISSION TO END ASSET POVERTY AND NARROW THE RACIAL AND GENDER WEALTH DIVIDES. IN ORDER TO CARRY OUT THIS WORK, WE EDUCATE PUBLIC OFFICIALS, LEGISLATORS, AND POLICYMAKERS AT THE NATIONAL, STATE, AND LOCAL LEVELS, AND PLAY AN ACTIVE ROLE IN COALITIONS, GROUPS, ADVOCACY EFFORTS, AND INFORMAL NETWORKS THAT ALIGN WITH OUR MISSION AND VISION AND ENABLE US TO HELP PROMOTE PROMISING IDEAS, PRACTICES, AND POLICIES. WE ALSO WORK TO ELEVATE THE VOICES AND LIVED EXPERIENCES OF OUR CLIENTS TO INFLUENCE SYSTEMS AND POLICY CHANGE. 5642329 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 12 0 1 64 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA CA FL IL PA DC TX MO CT RI VA X X JALYNNE SANTIAGO 6177900810 89 SOUTH STREET NO 804 BOSTON MA 02111 MARKITA MORRIS-LOUIS PRESIDENT/CEO/CHIEF STRATEGY OFFICER 40.00 X 187098 0 13974 MCKINSEY ALSTON CHIEF HUMAN RESOURCES OFFICER 40.00 X 141531 0 17916 ANN LENTELL CHIEF PROGRAM OFFICER (UNTIL 8/2023) 40.00 X 129286 0 5629 JAMES STUART CHIEF DEV. AND COMM. OFFICER 40.00 X 114941 0 15997 JALYNNE SANTIAGO CFO/TREASURER 40.00 X 76352 0 7438 SHARON E RIVA BOARD MEMBER 0.50 X 51662 0 2054 PRECILLIA REDMOND CHAIRPERSON 0.50 X X 0 0 0 KIMBERLY MONTY HOLZEL CLERK 0.50 X 0 0 0 SCOTT CARMEL DIRECTOR 0.50 X 0 0 0 MEAGHAN MCCARTHY DIRECTOR 0.50 X 0 0 0 OMAR WOODARD DIRECTOR 0.50 X 0 0 0 THEA JAMES DIRECTOR 0.50 X 0 0 0 LISA JACKSON DIRECTOR (UNTIL 10/2022) 0.50 X 0 0 0 LIDIANE JONES DIRECTOR (UNTIL 8/2023) 0.50 X 0 0 0 ASHA MEHTA DIRECTOR (UNTIL 8/2023) 0.50 X 0 0 0 700870 0 63008 4 0 1 0 NXTSTEP CONSULTING LLC 325 ABBEY RD BERWYN PA 19312 CONSULTANT 355170 1 157853 225000 6867383 34285 7250236 FINANCIAL COACHING 624100 2085307 2085307 SUBSCRIPTION REVENUE 624100 165887 165887 2251194 186204 186204 22000 25504 -3504 -3504 -3504 39806 157853 53995 -14189 -14189 OTHER REVENUE 900099 45011 1150 43861 45011 9714952 2252344 0 212372 X 64000 64000 395267 30506 253833 110928 4359102 3414294 699069 245739 112039 91792 17118 3129 449109 350564 79322 19223 390335 277364 84637 28334 9596 9596 28350 28350 126395 126395 799318 619834 107245 72239 290615 160323 118568 11724 129727 47066 82194 467 124322 102910 18630 2782 104907 78769 26138 166938 160591 5710 637 29719 14148 15571 WORKSHOPS AND OTHER PRO 94438 94228 210 STAFF DEVELOPMENT AND T 14062 6405 7256 401 CLIENT OUTREACH AND ASS 3346 3140 206 7691585 5642329 1553237 496019 390099 428556 4263535 6348551 1583015 732201 196961 729490 134409 139881 966203 541641 354221 424562 0 414601 6922240 9217842 368744 401149 180000 419830 548744 820979 X 4418260 7175422 1955236 1221441 6373496 8396863 6922240 9217842 2023367 0 X X 0 1 X 1 0 X 3009414 5181776 5716230 5051960 7250236 26209616 3009414 5181776 5716230 5051960 7250236 26209616 3221408 22988208 35318 104071 31249 20159 186204 377001 12616 43861 56477 26643094 8673417 0.86280 0.87000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 162086 162086 7529499 7691585 534579 133645 0 0 311394 471652 490885 534579 1808510 2712765 21000 129087 133548 162086 445721 77849 117913 122721 133645 452128 678192 21000 21000 SCHEDULE C PART IV: COMPASS ENGAGES IN POLICY CHANGE ACTIVITIES IN ORDER TO HELP EXPAND THE SCOPE AND IMPACT OF THE FEDERAL FAMILY SELF-SUFFICIENCY (FSS) PROGRAM, AND REMOVE OTHER BARRIERS TO ASSET-BUILDING FOR FAMILIES WITH LOW INCOMES. ON THE FEDERAL SIDE, COMPASS ADVOCATES WITH MEMBERS OF CONGRESS AND THE ADMINISTRATION, INCLUDING THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) WHICH OVERSEES THE FSS PROGRAM, PRIMARILY TO (1) INTRODUCE FLEXIBILITIES FOR THE IMPLEMENTATION OF UNIVERSAL ESCROW ACCOUNT (OR "OPT-OUT") DEMONSTRATION PROGRAM, (2) INCREASE FUNDING FOR THE FSS PROGRAM, AND (3) DIRECT INCREASED FUNDING TOWARD GROWING AND HIGH-PERFORMING PROGRAMS. COMPASS ALSO ENGAGES IN SOME ADVOCACY ACTIVITIES IN STATES WHERE IT HAS A SIGNIFICANT PROGRAMMATIC PRESENCE, SUCH AS MASSACHUSETTS AND PENNSYLVANIA. THESE ACTIVITIES INCLUDE EFFORTS TO BUILD AWARENESS OF AND SUPPORT FOR THE PROGRAM AMONG STATE ELECTED AND APPOINTED OFFICIALS, AS WELL AS EFFORTS TO SECURE STATE FUNDING TO HELP EXPAND ACCESS TO THE FSS PROGRAM AMONG ELIGIBLE RESIDENTS. 199946 141114 58832 85676 69996 15680 680581 330531 350050 424562 OPERATING LEASE OBLIGATION 405153 FINANCING LEASE OBLIGATION 14677 419830 X 9768947 0 9768947 -53995 -53995 9714952 7745580 53995 53995 7691585 0 7691585 PART X, LINE 2: COMPASS ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. COMPASS HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT AUGUST 31, 2023 AND 2022. COMPASS' INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE JURISDICTIONS PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EVENTS -53,995. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EVENTS 53,995. NATIONAL CONFERENCE 40159 25853 14306 1433 12873 6450 BREAKFAST 157500 132000 25500 4500 28661 78 197659 157853 39806 5933 41534 6450 78 53995 -14189 1 WELCOME HOME FUND 4 64000 PART I, LINE 2: GRANT FUNDS RECEIVED FROM FUNDERS ARE DEPOSITED INTO COMPASS BANK ACCOUNT. ELIGIBLE CLIENTS ARE SELECTED USING A LOTTERY SYSTEM. SELECTED CLIENTS ARE NOTIFIED BY THEIR COACHES AND RECEIVE AN EMAIL OUTLINING NEXT STEPS. AFTER THE CLIENT HAS HAD AN OFFER ACCEPTED FOR A HOME, AND ONCE THEY BEGIN THE MORTGAGE APPLICATION PROCESS, COMPASS WILL PROVIDE THE CLIENT WITH A GRANT ENDORSEMENT LETTER THAT THEY CAN PROVIDE TO THEIR BANK AND/OR OTHER FINANCIAL INSTITUTIONS WHEN OBTAINING A MORTGAGE. COMPASS WILL RELEASE THE FUNDS (IF THE CLIENT DECIDES TO USE THEM FOR CLOSING FEES OR DOWN PAYMENT COSTS) DIRECTLY TO THE FINANCIAL INSTITUTION AND/OR CLOSING ATTORNEY. CLIENTS CAN REQUEST COMPASS TO DISTRIBUTE THE FUNDS TO THE RELEVANT VENDOR FOR ANY FEES OR COSTS ASSOCIATED WITH THE CLOSING. FOLLOWING THE CLOSING PROCESS, THE CLIENT CAN REQUEST COMPASS TO DISTRIBUTE ANY OF THEIR REMAINING GRANT FUNDS TO CONTRACTORS FOR ANY REQUIRED REPAIRS, MAINTENANCE, OR IMPROVEMENTS THAT ARE NEEDED OR THAT WOULD ADD VALUE OR FUNCTIONALITY TO THE HOME. AWARDED GRANT FUNDS WILL BE DEDUCTED FROM THE TOTAL WELCOME HOME FUND BALANCE AND ANY REMAINING FUNDS WILL CARRY FORWARD TO NEXT YEAR. X X X X 0 0 0 0 0 0 0 0 0 MARKITA MORRIS-LOUIS PRESIDENT/CEO/CHIEF STRATEGY OFFICER 187098 0 0 0 0 0 5613 0 8361 0 201072 0 0 0 MCKINSEY ALSTON CHIEF HUMAN RESOURCES OFFICER 141531 0 0 0 0 0 4246 0 13670 0 159447 0 0 0 X 5 34285 AVERAGE OF HIGH/LOW 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWED AND APPROVED THE FORM 990 PRIOR TO ITS FILING. THE FORM 990, WITH THE EXCEPTION OF SCHEDULE B, WAS DISTRIBUTED TO THE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HOLDS AN ORIENTATION PROCESS FOR NEW EMPLOYEES AND BOARD MEMBERS THAT COVERS THE CONFLICT-OF-INTEREST POLICY. IN ADDITION, BOARD MEMBERS HAVE TO SIGN ACKNOWLEDGEMENT FORM AT ANNUAL MEETING. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD HAS A COMPENSATION COMMITTEE TO REVIEW THE CEO'S COMPENSATION AS WELL AS OVERALL BENEFITS STRUCTURE FOR ALL EMPLOYEES. THE COMMITTEE REVIEWS NONPROFIT SALARY STUDIES ALONG WITH THE CEO'S PERFORMANCE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S FORM 990 AND ANNUAL FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST, POSTED ON THE ORGANIZATION'S WEBSITE, UPLOADED TO GUIDESTAR, AND ARE AVAILABLE ON THE MA ATTORNEY GENERAL'S WEBSITE. FORM 1023 IS AVAILABLE UPON REQUEST. MA FORM PC IS AVAILABLE ON THE MA ATTORNEY GENERAL'S WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 174,968. MANAGEMENT AND GENERAL EXPENSES 107,245. FUNDRAISING EXPENSES 72,239. TOTAL EXPENSES 354,452. CONTRACTED COACHING SERVICES: PROGRAM SERVICE EXPENSES 255,223. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 255,223. CONTRACTED EVALUATION AND RESEARCH SERVICES: PROGRAM SERVICE EXPENSES 189,643. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 189,643. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THERE WERE NO CHANGES DURING THE YEAR.