Workmoney Foundation Inc

Nonprofit profile at a glance

EIN
881168529
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Milwaukee, WI, USA
Phone
2622047368
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Financial Counseling

Reported finances

Revenue
$73,465,010
Expenses
$70,919,927
Assets
$12,699,940
Liabilities
$1,313,323

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

Leadership & pay

4 people listed

Executive titles in this filing

  • CARRIE JOY GRIMES (PRESIDENT & CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • EVAN KOST (CHIEF PARTNERSHIP OFFICER): $165,093 total reported compensation
  • CARRIE JOY GRIMES (PRESIDENT & CHIEF EXECUTIVE OFFICER): $120,219 total reported compensation

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

Overview

Mission

Workmoney foundation, inc. (wmf) was created to help everyday americans afford a good life by helping americans act in their financial self-interest through public education. The goal of the organization is to help everyone in america be able to afford to live a good life and to have their work rewarded with economic security. In order to further this goal, wmf will conduct national public education campaigns to provide critical, timely information about enacted legislation and financial matters (including helping everyday americans access and navigate complicated government programs like unemployment insurance and the child tax credit), conduct scientific research, and educate the public about policy issues that affect their finances.

What it reported doing in 2024

Workmoney foundation conducted national public education campaigns to provide critical, timely information about enacted legislation and financial matters and to educate the public about policy issues that affect their finances.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 95
  • Transparency & Controls: 75
  • Accountability: 72
  • Sustainability: 45
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.7%; rating input score 95
  • Program expense ratio: 98.1%; rating input score 98
  • Fundraising efficiency: $86.44 raised per $1 spent on fundraising; rating input score 82; 82nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th 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: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 19th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.5%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 0.18; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 0.4%; rating input score 86; 86th percentile among comparable filings

Growth

  • Program expense growth: 129.3% per year; rating input score 100; 100th percentile among comparable filings
  • Revenue growth: 111.6% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 55.2% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 94.7% of revenue deployed · 98.1% of spending went to programs
  • Governance: 2 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $69.6M in reported program spending
  • Leadership: top reported pay $165K · 4 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 11 filed related-organization links
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • Review — Sustainability: Operating margin scored 50/100.