Southwest Economic Solutions
- Assets
- $1.5m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 48
- Location
- Detroit, MI
- Founding
- 10/2014
- Data as of
- 09/2021
- EIN
- 46-2252476
Organization Overview
Southwest Economic Solutions is located in Detroit, MI. The organization was established in 2014. According to its NTEE Classification (P51) the organization is classified as: Financial Counseling, under the broad grouping of Human Services and related organizations. As of 09/2021, Southwest Economic Solutions employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Economic Solutions 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 09/2021, Southwest Economic Solutions generated $3.6m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.5%) each year. All expenses for the organization totaled $3.4m during the year ending 09/2021. As we would expect to see with falling revenues, expenses have declined by (4.2%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Southwest Economic Solutions has awarded 15 individual grants totaling $3,202,516. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SOUTHWEST ECONOMIC SOLUTIONS MISSION IS TO PROVIDE OPPORTUNITIES FOR INDIVIDUALS AND FAMILIES TO ACHIEVE GREATER ECONOMIC SUCCESS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE PRE AND POSTPURCHASE HOMEOWNERSHIP COUNSELING AND EDUCATION TO COMMUNITY RESIDENTS, 786/YEAR.WORKFORCE DEVELOPMENT PROGRAMMING (INTEGRATED EDUCATION AND TRAINING) INCLUDING EARN AND LEARN (87/YEAR), CAREER CENTER (340/YEAR) AND YOUTHBUILD (22/YEAR).ADULT BASIC EDUCATION INCLUDING GED, ESL AND ABE TO 448/YEAR.FINANCIAL COACHING (BUDGETING, CREDIT BUILDING EDUCATION, DEBT REDUCTION, SAVINGS) FOR ALL ENROLLED IN SWES PROGRAMS 334/YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephanie Miller Chair | OfficerTrustee | 1 | $0 |
Ron Rose Secretary | OfficerTrustee | 1 | $0 |
Mark Lezotte Vice Chair | OfficerTrustee | 1 | $0 |
Daniel Share Treasurer | OfficerTrustee | 1 | $0 |
Hector Hernandez Executive Director - Economic | Officer | 37.5 | $0 |
Joseph M Tasse Interim President/ceo (through 03/2021) | Officer | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $346,250 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,941,285 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,229,329 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,516,864 |
| Total Program Service Revenue | $21,876 |
| Investment income | $553 |
| 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 | $3,561,883 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $858,237 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,282,244 |
| Pension plan accruals and contributions | $13,611 |
| Other employee benefits | $198,311 |
| Payroll taxes | $102,705 |
| Fees for services: Management | $414,094 |
| Fees for services: Legal | $452 |
| Fees for services: Accounting | $9,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $235 |
| Advertising and promotion | $9,218 |
| Office expenses | $40,963 |
| Information technology | $35,907 |
| Royalties | $0 |
| Occupancy | $320,425 |
| Travel | $93 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,567 |
| Interest | $1,950 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $56,195 |
| Insurance | $712 |
| All other expenses | $28,264 |
| Total functional expenses | $3,429,484 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $745,794 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $540,735 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $152,554 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $108,673 |
| Total assets | $1,547,756 |
| Accounts payable and accrued expenses | $69,770 |
| 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 | $127,884 |
| Total liabilities | $197,654 |
| Net assets without donor restrictions | $902,451 |
| Net assets with donor restrictions | $447,651 |
| 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 | $1,547,756 |
Grants Awarded
Over the last fiscal year, Southwest Economic Solutions has awarded $2,239,818 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
PROSPERUS DETROIT MICROLENDING PURPOSE: FLAGSTAR AD JP MORGAN CHASE FUNDS FOR MICROLOAN CAPITAL FUND | $450,000 |
PROSPERUS DETROIT MICROLENDING PURPOSE: FLAGSTAR AD JP MORGAN CHASE FUNDS FOR MICROLOAN CAPITAL FUND | $450,000 |
PROSPERUS DETROIT MICROLENDING PURPOSE: FLAGSTAR AD JP MORGAN CHASE FUNDS FOR MICROLOAN CAPITAL FUND | $450,000 |
Detroit, MI PURPOSE: WORKFORCE DEVELOPMENT PARTNERSHIP | $286,606 |
Detroit, MI PURPOSE: WORKFORCE DEVELOPMENT PARTNERSHIP | $286,606 |
Detroit, MI PURPOSE: WORKFORCE DEVELOPMENT PARTNERSHIP | $286,606 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Southwest Economic Solutions has recieved totaling $277,000.
| Awarding Organization | Amount |
|---|---|
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $125,000 |
National Community Reinvestment Coalition Inc Washington, DC PURPOSE: FIELD EMPOWERMENT FUND | $100,000 |
Charities Aid Foundation America Alexandria, VA PURPOSE: CHARITABLE DONATION | $32,000 |
Wayne State Univ Research & Techno- Logy Park In The City Of Detroit Detroit, MI PURPOSE: CDAD MINI GRANT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homeownership Preservation Foundation Farmington Hills, MI | $9,859,367 | $7,508,104 |
Trinity Credit Counseling Inc Cincinnati, OH | $7,906,378 | $6,728,875 |
Ethiopian Tewahedo Social Services Columbus, OH | $1,906,040 | $4,712,779 |
Consumer Credit Counseling Service Of The Midwest Inc Gahanna, OH | $5,434,834 | $5,167,342 |
Southwest Economic Solutions Detroit, MI | $1,547,756 | $3,561,883 |
National Association Of Investors Corporation Troy, MI | $3,876,994 | $2,170,565 |
Chn Housing Capital Cleveland, OH | $8,811,020 | $2,597,719 |
Securefutures Foundation Inc Milwaukee, WI | $1,756,343 | $1,837,399 |
Homeownership Center Of Greater Dayton Inc Dayton, OH | $721,425 | $1,226,035 |
National Debt Management Inc Southfield, MI | $65,495 | $932,102 |
Advocacy Programs Of Family Service Association Of Sheboygan Inc Sheboygan, WI | $1,760,753 | $891,187 |
Family Service Association Of Sheboygan Inc Sheboygan, WI | $953,219 | $629,810 |