2025-02-18T14:28:13-06:00 2024-09-30 910189318 MOSS ADAMS LLP 101 SECOND STREET SUITE 900 SAN FRANCISCO CA 94105 990 2023-10-01 911951777 WORKING SOLUTIONS CDFI WORK 4157801217 870 MARKET STREET 677 SAN FRANCISCO CA 94102 SARA RAZAVI CEO 4157801217 2025-02-17 1 0 MICHAEL LUMSDEN P01262236 4159561500 2025-02-17 2023 2025-03-06 01:10:19Z X SARA RAZAVI 870 MARKET STREET 677 SAN FRANCISCO CA 94102 5154072 0 X WWW.WORKINGSOLUTIONS.ORG X 1999 CA WORKING SOLUTIONS IS A CERTIFIED NONPROFIT COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) THAT SUPPORTS CALIFORNIA ENTREPRENEURS TO START AND GROW THRIVING LOCAL BUSINESSES. WE SPECIALIZE IN START-UP AND EARLY-STAGE FINANCING FOR INDIVIDUALS VIA CAPITAL, CONSULTING, AND COMMUNITY CONNECTIONS. 12 12 25 13 0 0 5740891 3660675 942774 1338471 922 154926 0 0 6684587 5154072 0 296500 0 0 3184986 3325128 0 0 343868 1376946 1367816 4561932 4989444 2122655 164628 18529952 21389709 9120196 11811606 9409756 9578103 X WORKING SOLUTIONS CDFI IS THE FIRST TO BELIEVE IN START-UP AND EARLY-STAGE BUSINESSES BY PROVIDING DIVERSE ENTREPRENEURS WITH AFFORDABLE CAPITAL, CUSTOMIZED BUSINESS CONSULTING, AND COMMUNITY CONNECTIONS TO INCREASE ECONOMIC OPPORTUNITY IN CALIFORNIA. 0 0 4003807 296500 1338471 WORKING SOLUTIONS CDFI ("WORKING SOLUTIONS OR "THE ORGANIZATION") IS A CALIFORNIA NONPROFIT CORPORATION AND A CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). WORKING SOLUTIONS IS THE FIRST TO BELIEVE IN START-UP AND EARLY-STAGE BUSINESSES BY PROVIDING AFFORDABLE CAPITAL, CUSTOMIZED BUSINESS CONSULTING, AND COMMUNITY CONNECTIONS TO DIVERSE ENTREPRENEURS - WITH A FOCUS ON LOW-INCOME INDIVIDUALS, ENTREPRENEURS OF COLOR, AND WOMEN - TO INCREASE ECONOMIC OPPORTUNITY IN CALIFORNIA. WORKING SOLUTIONS SUPPORTS MICROENTERPRISE GROWTH TO STRENGTHEN THE LOCAL ECONOMY, CREATE JOBS, AND BUILD STRONG COMMUNITIES. WORKING SOLUTIONS PROVIDES THE FOLLOWING SERVICES: (I) LOANS FROM $5,000 TO $100,000; (II) SMALL BUSINESS GRANTS; (III) FREE, ONE-ON-ONE BUSINESS CONSULTING TO HELP ENTREPRENEURS NAVIGATE THE CHALLENGES OF OWNING A SMALL BUSINESS WITH A SPECIFIC FOCUS ON FINANCIAL MANAGEMENT AND RISK MITIGATION; AND (IV) REFERRALS TO FREE OR LOW-COST INDUSTRY EXPERTS FOR LEGAL, ACCOUNTING, MARKETING, AND OTHER TYPES OF SPECIALIZED SUPPORT. 4003807 1 1 0 0 0 0 0 0 1 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 122 0 1 25 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X X GASPER MAGALLANES 4156555448 870 MARKET STREET SUITE 677 SAN FRANCISCO CA 94102 LAURA HOOVER CHIEF DEVELOPMENT OFFICER 40.00 X 168109 0 37853 GASPER MAGALLANES CHIEF FINANCIAL OFFICER 40.00 X 170329 0 34704 JOHN PALYO CHIEF LENDING OFFICER THROUGH 7/2024 40.00 X 159672 0 32465 SARA RAZAVI CHIEF EXECUTIVE OFFICER 40.00 X 178488 0 9261 TITILOPE IKHILE CHIEF PROGRAM OFFICER 40.00 X 152877 0 32137 DEBRA STEINEMAN SENIOR ACCOUNTING MANAGER 40.00 X 121782 0 22675 PRISCILLA WOO DIRECTOR OF LENDING 40.00 X 112187 0 21133 NATALYA BLUMENFELD IMPACT MANAGER 40.00 X 103515 0 15995 LYNNDA MORI BUSINESS CONSULTING MANAGER 40.00 X 110162 0 5703 CHRISTIAN KNIGHT PORTFOLIO MANAGER 40.00 X 107529 0 4094 MARCI ROSENFELD CHAIR THRU 1/2024 / DIR START 1/2024 1.00 X X 0 0 0 PALOMA VIDGEN CHAIR START 1/2024 1.00 X X 0 0 0 OLIVIA REBANAL VICE CHAIR 1.00 X X 0 0 0 CHRISTINA TRAVERS TREASURER 1.00 X X 0 0 0 MINDY CHRISTENSEN SECRETARY 1.00 X X 0 0 0 MARISA CALDERON BOARD MEMBER START 1/2024 1.00 X 0 0 0 HASEEB CHAUDHRY BOARD MEMBER 1.00 X 0 0 0 EMILY GASNER BOARD MEMBER 1.00 X 0 0 0 TATE HILL BOARD MEMBER START 1/2024 1.00 X 0 0 0 WILL JACKSON BOARD MEMBER START 1/2024 1.00 X 0 0 0 BRIAN NAGENDRA BOARD MEMBER 1.00 X 0 0 0 PURVI PATEL BOARD MEMBER THROUGH 8/2024 1.00 X 0 0 0 LENA ROBINSON BOARD MEMBER 1.00 X 0 0 0 1384650 0 216020 10 0 1 0 0 1450000 2210675 3660675 PROGRAM INTEREST FROM LOANS 525990 1087209 1087209 CLIENT FEES 625990 250630 250630 CONSULTING SERVICES 541610 632 632 1338471 154926 154926 5154072 1338471 0 154926 296500 296500 1042445 479135 357693 205617 1757554 1588408 112658 56488 68298 60599 5746 1953 251805 221873 20981 8951 205026 154422 32664 17940 82020 51999 30021 92644 81061 11583 11598 2029 5710 3859 51820 27646 15913 8261 164738 117084 30442 17212 53080 44696 5232 3152 43616 26694 13389 3533 19979 10516 5893 3570 194283 194283 3106 2547 342 217 14882 12203 1637 1042 PROV. FOR CREDIT LOSSES 477529 477529 LOAN SERVICING EXPENSES 146319 146319 MEMBERSHIP DUES/LICENSE 12046 8264 3292 490 DEFERRED FINANCING FEES 156 156 4989444 4003807 641769 343868 338653 672488 2900446 4869154 4327009 1372500 93528 105981 39669 33379 135243 125527 12822 9716 10288249 13406504 529576 919987 18529952 21389709 372811 661210 304278 542698 8000 8000 7687500 10115759 747607 483939 9120196 11811606 X 6426541 7536231 2983215 2041872 9409756 9578103 18529952 21389709 164628 3719 0 X 0 1 X 1 1 1 X 2145644 5576742 1461365 5740891 3660675 18585317 2145644 5576742 1461365 5740891 3660675 18585317 3388432 15196885 18753 11601 613 922 154926 186815 18772132 6619194 0.80950 0.76330 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 120073 110357 9716 15170 15170 0 9716 EXEMPT PURPOSE MICRO-LOANS 13406504 F 13406504 SF REVOLVING LOAN FUND PAYABLE 458657 OPERATING LEASE LIABILITY 25282 483939 X 5276570 122498 122498 5154072 0 5154072 5111942 122498 122498 4989444 0 4989444 PART IV, LINE 2B: FROM TIME TO TIME, WORKING SOLUTIONS WILL HOLD CASH RECEIVED IN AN AGENCY CAPACITY. THESE ASSETS REPRESENT CASH RECEIVED FROM FINANCIAL INSTITUTIONS, GOVERNMENT AGENCIES, OR NOT-FOR-PROFIT ORGANIZATIONS FOR WHICH WORKING SOLUTIONS IS ACTING AS AN AGENT. THE CASH RECEIVED IS FOR THE ULTIMATE BENEFIT OF UNRELATED ORGANIZATIONS THAT PARTICIPATE IN PROGRAMS FOR WHICH WORKING SOLUTIONS HELPS ADMINISTER FUNDS. CASH IS RECORDED AS AN ASSET ON FORM 990, PART X; A CORRESPONDING LIABILITY FOR THE SAME AMOUNT IS ALSO RECORDED ON FORM 990, PART X, LINE 21. PART X, LINE 2: GAAP REQUIRES WORKING SOLUTIONS MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY WORKING SOLUTIONS AND RECOGNIZE A TAX LIABILITY (OR ASSET), IF WORKING SOLUTIONS HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. WORKING SOLUTIONS' EVALUATION ON SEPTEMBER 30, 2024 AND 2023, REVEALED NO TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. THE TAX RETURNS OF WORKING SOLUTIONS ARE SUBJECT TO EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. HOWEVER, THERE ARE CURRENTLY NO EXAMINATIONS IN PROGRESS OR PENDING. 1 SMALL BUSINESS GRANTS TO ENTREPRENEURS OR BUSINESSES IMPACTED BY THE COVID-19 PANDEMIC 131 296500 PART I, LINE 2: AS PART OF THE APPLYING FOR GRANT FUNDS FROM WORKING SOLUTIONS, APPLICANTS MUST CERTIFY THEIR ELIGIBILITY BASED ON GRANT CRITERIA AND INTENDED USE TO SUPPORT THE START OR OPERATING OF A NEW OR EXISTING BUSINESS. X 1 1 X X X X 0 0 0 0 0 0 0 1 0 LAURA HOOVER CHIEF DEVELOPMENT OFFICER 168109 0 0 0 0 0 6248 0 31605 0 205962 0 0 0 GASPER MAGALLANES CHIEF FINANCIAL OFFICER 169785 0 0 0 544 0 5539 0 29165 0 205033 0 0 0 JOHN PALYO CHIEF LENDING OFFICER THROUGH 7/2024 159672 0 0 0 0 0 0 0 32465 0 192137 0 0 0 SARA RAZAVI CHIEF EXECUTIVE OFFICER 177864 0 0 0 624 0 6379 0 2882 0 187749 0 0 0 TITILOPE IKHILE CHIEF PROGRAM OFFICER 151273 0 0 0 1604 0 5600 0 26537 0 185014 0 0 0 PART I, LINE 1A ALL EMPLOYEES (INCLUDING THE LISTED EMPLOYEES IN FORM 990, PART VII, SECTION A) ARE ELIGIBLE TO RECEIVE REIMBURSEMENT FOR GYM MEMBERSHIPS/FITNESS CENTER DUES, WHICH IS REPORTED AS TAXABLE COMPENSATION TO THE EMPLOYEE. PART I, LINE 7 BONUSES, WHEN BEING MADE, ARE CALCULATED UTILIZING A FORMULA, A COMPONENT OF WHICH REQUIRES THE USE OF DISCRETION BY INDIVIDUALS DETERMINING THE AMOUNT OF BONUS AWARDED. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT FORM 990 IS PREPARED BY AN OUTSIDE TAX PROFESSIONAL IN CONJUNCTION WITH THE ORGANIZATION'S FINANCE AND ACCOUNTING DEPARTMENT. THE DRAFT FORM 990 IS THEN REVIEWED BY THE CFO AND CEO; ADJUSTMENTS ARE MADE, AS NECESSARY. THE FINAL VERSION OF THE FORM 990 IS THEN MADE AVAILABLE TO ALL MEMBERS OF THE ORGANIZATION'S VOTING GOVERNING BODY PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS ALL POTENTIAL CONFLICTS OF INTEREST AT LEAST ANNUALLY. ALL PERSONNEL AND BOARD MEMBERS ARE REQUIRED TO DISCLOSE POTENTIAL CONFLICTS AND ANY RELATED PARTY AFFILIATIONS. LOANS BETWEEN THE ORGANIZATION AND MEMBERS OF MANAGEMENT AND THE BOARD ARE STRICTLY PROHIBITED. THE ORGANIZATION SEEKS FULL TRANSPARENCY IN ALL RELATIONSHIPS. ANY POTENTIAL CONFLICTS (IN FACT OR APPEARANCE) ARE DISCUSSED OPENLY AND RESOLVED IN ACCORDANCE WITH THE ORGANIZATION'S POLICIES AND PROCEDURES, WHICH INCLUDES RECUSAL FROM THE DECISION-MAKING PROCESS BY THE CONFLICTED INDIVIDUAL. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION OF ALL C-SUITE PERSONNEL ANNUALLY IN ACCORDANCE WITH IRS RULES AND REGULATIONS. EFFORTS ARE MADE TO SECURE COMPENSATION DATA FROM INDUSTRY SOURCES IN ORDER TO DETERMINE COMPETITIVENESS AND APPROPRIATENESS OF SALARIES. EVERY EFFORT IS MADE TO ENSURE THAT THE PROCESS IS THOROUGH AND TRANSPARENT IN ACCORDANCE WITH IRS GUIDELINES AND THE ORGANIZATION'S POLICIES AND PROCEDURES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.