FinEQUITY Inc

Nonprofit profile at a glance

EIN
844391836
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2020
Location
Brooklyn, NY, USA
Phone
6467606655
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Rehabilitation Services for Offenders

Official website

Reported finances

Revenue
$100,802
Expenses
$385,155
Assets
$752,753
Liabilities
$2,129

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Briane Cornish (Executive Director)

Highest reported compensation

  • Briane Cornish (Executive Director): $116,040 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

FinEQUITY accelerates the prison-to-prosperity pipeline and addresses the financial toll that incarceration has on families by filling financial voids, establishing financial histories, and offering no-cost financial services.

What it reported doing in 2024

In 2024, finEQUITY operated its flagship Prosperity Program, a comprehensive platform combining monthly rewards, financial coaching, micro-grants, and credit-buillding services. Participants earned incentives for actions such as on-time debt payments and saving contributions, while also accessing coaching and referrals to strengthen credit. This integrated approach helped justice-impacted individuals build credit, sustain savings habits, and overcome systemic financial barriers during reentry.

Operating model

Revenue model
Donor-supported. 94% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 99% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 64
  • Accountability: 70
  • Sustainability: 25
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 39.6%; rating input score 40
  • Fundraising efficiency: $3.78 raised per $1 spent on fundraising; rating input score 17; 17th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 18th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -282.1%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 1.95; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 30.1%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: -78.7% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -13.3% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 39.6% of spending went to programs
  • Governance: 2 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $152K in reported program spending
  • Leadership: top reported pay $116K · 4 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Moderate — Financial Efficiency: Program expense ratio scored 40/100.
  • High — Financial Efficiency: Fundraising efficiency scored 17/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.