Compass Working Capital Inc
Compass Working Capital Inc
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About this organization
Mission
Compass Working Capital (“Compass”) provides savings and financial coaching programs that support families with low incomes to build assets, achieve their financial goals, and become financially secure. Our broader vision is to build a leading, nonprofit financial services organization that promotes economic mobility and financial security for families with low incomes by influencing field-related practice and policy.
About
FAMILY SELF-SUFFICIENCY (FSS) PROGRAM:IN 2010, COMPASS BECAME THE FIRST NONPROFIT ORGANIZATION IN THE COUNTRY TO LAUNCH AN ASSET-BUILDING AND FINANCIAL CAPABILITY MODEL FOR THE FAMILY SELF-SUFFICIENCY ("FSS") PROGRAM, A HISTORICALLY UNDERUTILIZED PROGRAM OFFERED THROUGH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"). THE FEDERAL GOVERNMENT 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 TOWARD 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 AUTHORITY, 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 PUBLIC-PRIVATE MODEL OF ITS KIND IN THE COUNTRY, THE COMPASS FSS PROGRAM IS CURRENTLY OFFERED THROUGH PARTNERSHIPS WITH PUBLIC HOUSING AUTHORITIES AND NONPROFIT HOUSING ORGANIZATIONS IN MASSACHUSETTS, CONNECTICUT, PENNSYLVANIA, AND RHODE ISLAND. THE COMPASS FSS PROGRAM HAS ATTRACTED LOCAL AND NATIONAL ATTENTION AS A SCALABLE, HOUSING-BASED MODEL TO HELP FAMILIES WITH LOW INCOMES BUILD ASSETS, ACHIEVE THEIR GOALS, AND BECOME FINANCIALLY SECURE.
Interesting data from their 2020 990 filing
The non-profit's aim, as indicated in the filing, is “Compass working capital ("compass") provides savings and financial coaching programs that support families with low incomes to build assets, achieve their financial goals, and become financially secure. our broader vision is to build a leading, nonprofit financial services organization that promotes economic mobility and financial security for families with low incomes by influencing field-related practice and policy.”.
When referring to its functions, they were specified as: “Compass working capital ("compass") provides savings and financial coaching programs that support families with low incomes to build assets, achieve their financial goals, and become financially secure. our broader vision is to build a leading, nonprofit financial services organization that promotes economic mobility and financial security for families with low incomes by influencing field-related practice and policy.”.
- The non-profit has reported their operating state as MA, as required by law.
- As stated in the filing, the non-profit's address in 2020 was 89 SOUTH STREET NO 804, BOSTON, MA, 02111.
- The non-profit's form reports a total of 33 employees as of 2020.
- Is not a private foundation.
- Expenses are greater than $1,000,000.
- Revenue is greater than $1,000,000.
- Revenue less expenses is $552,541.
- The organization has 6 independent voting members.
- The organization was formed in 2005.
- The organization pays $2,507,583 in salary, compensation, and benefits to its employees.
- The organization pays $508,463 in fundraising expenses.