Working Solutions Cdfi

Nonprofit profile at a glance

EIN
911951777
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
San Francisco, CA, USA
Phone
4157801217
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Centers to Support the Independence of Specific Populations

Official website

Reported finances

Revenue
$4,517,533
Expenses
$5,062,982
Assets
$23,135,892
Liabilities
$14,103,238

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

Leadership & pay

22 people listed

Executive titles in this filing

  • SARA RAZAVI (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • LAURA HOOVER (CHIEF DEVELOPMENT OFFICER): $215,665 total reported compensation
  • TITILOPE IKHILE (CHIEF PROGRAM OFFICER): $202,600 total reported compensation
  • GASPER MAGALLANES (CHIEF FINANCIAL OFFICER): $191,649 total reported compensation

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

Overview

Mission

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 84
  • Accountability: 100
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.8%; rating input score 88
  • Program expense ratio: 78.1%; rating input score 78
  • Fundraising efficiency: $8.16 raised per $1 spent on fundraising; rating input score 31; 31st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -12.1%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 4.57; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.61; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 32.5%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 13.4% per year; rating input score 100; 74th percentile among comparable filings
  • Revenue growth: 9.6% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 11.7% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 87.8% of revenue deployed · 78.1% of spending went to programs
  • Governance: 12 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4M in reported program spending
  • Leadership: top reported pay $216K · 22 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • 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: Fundraising efficiency scored 31/100.
  • High — Sustainability: Operating margin scored 11/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.