2026-02-17T22:04:26-06:00 2025-09-30 390859910 BAKER TILLY ADVISORY GROUP LP 333 BUSH STREET STE 1000 SAN FRANCISCO CA 94104 990 2024-10-01 911951777 WORKING SOLUTIONS CDFI WORK 4157801217 870 MARKET STREET 677 SAN FRANCISCO CA 94102 GASPER MAGALLANES CHIEF FINANCIAL OFFICER 4157801217 2026-02-17 1 1 MICHAEL LUMSDEN P01262236 4159561500 2026-02-17 2024 2025-03-06 01:10:19Z SARA RAZAVI 870 MARKET STREET 677 SAN FRANCISCO CA 94102 4517533 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 12 0 0 3660675 2439542 1338471 1976047 154926 101944 0 0 5154072 4517533 296500 0 0 0 3325128 3397542 0 0 298866 1367816 1665440 4989444 5062982 164628 -545449 21389709 23135892 11811606 14103238 9578103 9032654 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 3952504 0 1976047 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 PRODUCTS AND SERVICES: (I) BUSINESS 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. 3952504 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 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 133 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 PALOMA VIDGEN BOARD CHAIR 2.00 X X 0 0 0 OLIVIA REBANAL VICE CHAIR 2.00 X X 0 0 0 CHRISTINA TRAVERS TREASURER 2.00 X X 0 0 0 MINDY CHRISTENSEN SECRETARY 2.00 X X 0 0 0 MARISA CALDERON BOARD MEMBER 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 1.00 X 0 0 0 WILL JACKSON BOARD MEMBER 1.00 X 0 0 0 BRIAN NAGENDRA BOARD MEMBER 1.00 X 0 0 0 LENA ROBINSON BOARD MEMBER 1.00 X 0 0 0 MARCI ROSENFELD BOARD MEMBER 1.00 X 0 0 0 GASPER MAGALLANES CHIEF FINANCIAL OFFICER 40.00 X 151075 0 40574 SARA RAZAVI CHIEF EXECUTIVE OFFICER 40.00 X 182055 0 6372 LAURA HOOVER CHIEF DEVELOPMENT OFFICER 40.00 X 166053 0 49612 TITILOPE IKHILE CHIEF PROGRAM OFFICER 40.00 X 164731 0 37869 JOHN PALYO CHIEF LENDING OFFIER (THRU 7/2024) 40.00 X 161243 0 27992 DEBRA STEINEMAN SENIOR ACCOUNTING MANAGER 40.00 X 126022 0 29605 NATALYA BLUMENFELD DIRECTOR OF DATA & IMPACT 40.00 X 118261 0 17537 SABRINA ADAMS GRANTS OFFICER 40.00 X 104480 0 20498 CHRISTIAN KNIGHT DIRECTOR OF PORTFOLIO MANAGEMENT 40.00 X 114940 0 7125 LYNNDA MORI BUSINESS CONSULTING MANAGER 40.00 X 116527 0 4078 1405387 0 241262 11 0 1 0 0 290112 2149430 2439542 PROGRAM INTEREST FROM LOANS 525990 1477161 1477161 CLIENT FEES 625990 327107 327107 ADMINISTRATIVE FEES 561000 111279 111279 CONSULTING SERVICES 541610 60500 60500 1976047 101944 101944 4517533 1976047 0 101944 939977 406764 369898 163315 1836108 1638446 133574 64088 14851 11092 2613 1146 404977 330726 56178 18073 201629 150597 35473 15559 88002 88002 239417 220276 11207 7934 16724 5704 1080 9940 27623 12038 14063 1522 196084 126757 58165 11162 13809 11741 1264 804 54140 28209 23422 2509 29462 15657 12591 1214 304753 304753 5145 4219 566 360 13868 11157 1766 945 PROV. FOR CREDIT LOSSES 453091 453091 LOAN SERVICING EXPENSES 203451 203451 MEMBERSHIP DUES/LICENSE 12282 10237 1750 295 DEFERRED FINANCING FEES 7589 7589 5062982 3952504 811612 298866 672488 771751 4869154 2223756 1372500 1117677 105981 194509 33379 38059 152166 130673 9716 21493 13406504 18110362 919987 658285 21389709 23135892 661210 576361 542698 767148 8000 0 10574416 12747145 25282 12584 11811606 14103238 X 7536231 7655154 2041872 1377500 9578103 9032654 21389709 23135892 -545449 0 X 0 1 X 1 1 1 X 5576742 1461365 5740891 3660675 2439542 18879215 5576742 1461365 5740891 3660675 2439542 18879215 3512202 15367013 11601 613 922 154926 101944 270006 19149221 7265363 0.80250 0.80950 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 136996 115503 21493 15170 15170 0 21493 EXEMPT PURPOSE MICRO-LOANS 18110362 F 18110362 OPERATING LEASE LIABILITY 12584 12584 X 4748540 231007 231007 4517533 0 4517533 5293989 231007 231007 5062982 0 5062982 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: WORKING SOLUTIONS IS EXEMPT FROM FEDERAL AND CALIFORNIA INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND SECTION 23701D OF THE STATE REVENUE AND TAXATION CODE. WORKING SOLUTIONS HAS BEEN CLASSIFIED AS A PUBLICLY SUPPORTED ORGANIZATION AS DESCRIBED IN SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, DONORS ARE ENTITLED TO THE MAXIMUM CHARITABLE CONTRIBUTION ALLOWED BY LAW. THE MANAGEMENT OF WORKING SOLUTIONS BELIEVES THAT NO ACTIVITIES OF WORKING SOLUTIONS JEOPARDIZED ITS EXEMPTION FROM INCOME TAXES, ITS CLASSIFICATION AS A "PUBLIC CHARITY OR SUBJECTED WORKING SOLUTIONS TO TAXES ON UNRELATED BUSINESS INCOME. 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, 2025 AND 2024, 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. X 1 1 X X X X 1 0 0 0 0 0 0 1 0 LAURA HOOVER CHIEF DEVELOPMENT OFFICER 164973 0 0 0 1080 0 5812 0 43800 0 215665 0 0 0 TITILOPE IKHILE CHIEF PROGRAM OFFICER 152202 0 10000 0 2529 0 5766 0 32103 0 202600 0 0 0 GASPER MAGALLANES CHIEF FINANCIAL OFFICER 149770 0 0 0 1305 0 5288 0 35286 0 191649 0 0 0 JOHN PALYO CHIEF LENDING OFFIER (THRU 7/2024) 92473 0 0 0 68770 0 0 0 27992 0 189235 0 0 0 SARA RAZAVI CHIEF EXECUTIVE OFFICER 177243 0 0 0 4812 0 6372 0 0 0 188427 0 0 0 DEBRA STEINEMAN SENIOR ACCOUNTING MANAGER 118062 0 6130 0 1830 0 4411 0 25194 0 155627 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 4A DURING THE 2024 CALENDAR YEAR JOHN PALYO RECEIVED A $53,533 TAXABLE SEVERANCE PAYMENT. 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.