Common Wealth Charlotte
- Assets
- $1.3m
- Revenue
- $1.2m
- Investments
- $204.7k
- Employees
- 12
- Location
- Charlotte, NC
- Founding
- 02/2015
- Data as of
- 06/2023
- EIN
- 30-0842673
Organization Overview
Common Wealth Charlotte is located in Charlotte, NC. The organization was established in 2015. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 06/2023, Common Wealth Charlotte employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Common Wealth Charlotte is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Common Wealth Charlotte generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 22.8% each year . All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 28.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO EQUIP LOW-INCOME WAGE EARNERS WITH INCREASED FINANCIAL CAPABILITY SO THEY CAN ATTAIN FINANCIAL STABILITY AND DECREASE RELIANCE ON CHARITABLE ASSISTANCE. THIS IS ACHIEVED THROUGH A TRAUMA-INFORMED APPROACH INCLUDING EDUCATION, PERSONALIZED COUNSELING, ACCESS TO BANKING, AND NO-INTEREST LOANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCIAL LITERACY EDUCATION, INCLUDING WORKSHOPS AND CERTIFIED ONE-TO-ONE CREDIT COUNSELING FOCUSED ON CREATING AND REVIEWING A BALANCED SPENDING PLAN, A DEEP DIVE INTO CREDIT REPORTS, IDENTIFYING STRATEGIC PAY-OFF OF DEBT ITEMS, RECOGNIZING THE HIGH COST OF PREDATORY FINANCIAL PRODUCTS, AND REBANKING AT NON-PREDATORY FINANCIAL INSTITUTIONS.
VITA LATINO EXISTS TO BUILD RELATIONSHIPS WITHIN THE LATINX COMMUNITY, LAYING FOUNDATIONS WHICH LEAD TO TRUST-BASED COUNSELING AND EASIER ACCESS TO RELIABLE CREDIT UNION SERVICES. VITA LATINO HAS TO DATE ACCOUNTED FOR OVER $400,000 IN REFUNDS AND $125,000 IN TAX PREPARATION SAVINGS.
PROVIDE EMERGENCY SHORT-TERM, UNSECURED LOW-INTEREST LOANS TO CLIENTS WHO HAVE HIGH BARRIERS TO MAINSTREAM FINANCIAL SERVICES, AND PROVIDE BANKING OR REBANKING WITH PARTNER FINANCIAL INSTITUTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chuck Jones Executive Dir. | Officer | 50 | $127,449 |
Cristy Travaglino Board Chair | OfficerTrustee | 4 | $0 |
Laquandra Bass Secretary | OfficerTrustee | 4 | $0 |
Patrick Ryan Treasurer | OfficerTrustee | 4 | $0 |
Raquishela Stewart Director | Trustee | 2 | $0 |
Reggie Gaither Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,135,905 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,135,905 |
| Total Program Service Revenue | $0 |
| Investment income | $17,533 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,153,438 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $11,832 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $131,262 |
| Compensation of current officers, directors, key employees. | $52,505 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $696,126 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $44,702 |
| Payroll taxes | $69,674 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $51,472 |
| Advertising and promotion | $50,545 |
| Office expenses | $19,613 |
| Information technology | $14,292 |
| Royalties | $0 |
| Occupancy | $3,914 |
| Travel | $7,547 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $25,728 |
| All other expenses | $527 |
| Total functional expenses | $1,258,233 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $966,962 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $5,000 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $70,985 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,089 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $204,684 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,254,720 |
| Accounts payable and accrued expenses | $3,070 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,070 |
| Net assets without donor restrictions | $998,829 |
| Net assets with donor restrictions | $252,821 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,254,720 |