Financial Empowerment Network
Nonprofit profile at a glance
- EIN
- 822691437
- IRS 990 coverage
- 2023–2025
- Forms available
- Form 990 2025, Form 990-EZ 2022, Form 990-N 2017
- Location
- Renton, WA, USA
- Phone
- 3608306190
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Public Finance, Taxation, Monetary Policy
Reported finances
- Revenue
- $465,476
- Expenses
- $663,251
- Assets
- $319,334
- Liabilities
- $1,444
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- Paul Knox (President)
- Molly Morris (Vice President)
Highest reported compensation
- Jennifer Quiroz (Executive Dir.): $98,808 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Vision we envision communities where low- and moderate-income individuals and families are able to achieve financial well-being.mission we advance financial empowerment through partnerships that support access to affordable, effective, and relevant services, and other resources.our process we serve as a liaison and broker to create connections, disseminate evidence-based and promising practices, and bring resources to network of providers in order to integrate financial empowerment into other services including anti-poverty strategies.
What it reported doing in 2025
Asset Building Coalition: WABC is the lead in Washington State for promoting policies, programs and strategies for helping low-income individuals and communities build assets that will provide them with an economic foundation to thrive. WABC serves as the convener of local asset-building coalitions across Washington state, facilitating convenings of the ABC leads and supporting advocacy work to promote financial wellness legislation in Washington. Also lead the local King County ABC, the Financial Empowerment Providers Network, to better connect nonprofit and financial service providers, identify gaps in services, and collaborate in problem solving.
Operating model
- Revenue model
- Donor-supported. 98% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 92
- Accountability: 79
- Sustainability: 17
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 81.7%; rating input score 82
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -42.5%; rating input score 5; 5th percentile among comparable filings
- Total-asset coverage ratio: 0.48; rating input score 24; 24th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 44; 44th percentile among comparable filings
- Officer compensation ratio: 14.9%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 43.9% per year; rating input score 100; 94th percentile among comparable filings
- Revenue growth: 25.1% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 31.7% per year; rating input score 100; 91st percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 81.7% of spending went to programs
- Governance: 10 of 10 board members independent · 4 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $542K in reported program spending
- Leadership: top reported pay $99K · 11 people listed
- Consistency: 24 of 24 current checks pass
- Schedules: 3 filed schedules · includes major donors
- Filing history: 3 filing years from 2023 to 2025
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 3 of 7 not reported.
- High — Sustainability: Operating margin scored 5/100.
- High — Sustainability: Total-asset coverage ratio scored 24/100.
- High — Sustainability: Officer compensation ratio scored 23/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 44/100.