Exodus Financial Services
- Assets
- $722.8k
- Revenue
- $464.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Saint Paul, MN
- Founding
- 02/2017
- Data as of
- 12/2021
- EIN
- 47-1706853
Organization Overview
Exodus Financial Services, operating under the name Exodus Lending, is located in Saint Paul, MN. The organization was established in 2017. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2021, Exodus Lending employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Exodus Lending 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 12/2021, Exodus Lending generated $464.4k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 25.4% each year . All expenses for the organization totaled $318.5k during the year ending 12/2021. While expenses have increased by 25.3% per year over the past 5 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
EXODUS FINANCIAL SERVICES (DBA EXODUS LENDING) REFINANCES PAYDAY LOAN DEBT FOR PERSONS CAUGHT IN THE PAYDAY LOAN DEBT TRAP, CHARGING NO INTEREST OR FEES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EXODUS LENDING IS A NONPROFIT DEDICATED TO HELPING MINNESOTANS GET OUT OF PAYDAY LOAN DEBT. OUR MISSION IS TO PROVIDE TRAPPED BORROWERS A JUST PATHWAY TOWARD FINANCIAL STABILITY. TO ACHIEVE THIS GOAL, EXODUS LENDING PAYS OFF PAYDAY LOANS UP TO $1,500 FOR PROGRAM PARTICIPANTS AND SETS UP A PLAN WITH THEM TO REPAY ONLY THE AMOUNT REFINANCED, ADDING NO INTEREST OR FEES, OVER THE COURSE OF 12 - 24 MONTHS. THE PROGRAM PROVIDES INCENTIVES FOR PARTICIPANTS WHO MEET WITH A FINANCIAL COUNSELOR AND/OR MAKE SUCCESSFUL PAYMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sara Nelson-Pallmeyer Former Executive Director | Officer | 40 | $73,541 |
Anne Leland Clark Interim President/executive Director | OfficerTrustee | 3 | $0 |
Nick Scheibel Treasurer | OfficerTrustee | 3 | $0 |
Sarah Schoolcraft Director | OfficerTrustee | 2 | $0 |
Gene Hummel Secretary | OfficerTrustee | 3 | $0 |
Vienna Wilson Vice President | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $75,850 |
| Related organizations | $0 |
| Government grants | $125,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $262,348 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $463,198 |
| Total Program Service Revenue | $0 |
| Investment income | $2,341 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,109 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $464,430 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $87,808 |
| Compensation of current officers, directors, key employees. | $16,599 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $111,395 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,525 |
| Payroll taxes | $14,894 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,341 |
| Advertising and promotion | $110 |
| Office expenses | $3,087 |
| Information technology | $14,882 |
| Royalties | $0 |
| Occupancy | $8,580 |
| Travel | $447 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $428 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,976 |
| All other expenses | $514 |
| Total functional expenses | $318,516 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,658 |
| Savings and temporary cash investments | $522,757 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $125,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $39,418 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $722,833 |
| Accounts payable and accrued expenses | $0 |
| 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 | $172,500 |
| Other liabilities | $0 |
| Total liabilities | $172,500 |
| Net assets without donor restrictions | $550,333 |
| Net assets with donor restrictions | $0 |
| 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 | $722,833 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Exodus Financial Services has recieved totaling $18,801.
| Awarding Organization | Amount |
|---|---|
Minneapolis Foundation Minneapolis, MN PURPOSE: DONOR-RECOMMENDED, COMMUNITY & ECONOMIC DEVELOPMENT | $12,251 |
Schwab Charitable Fund San Francisco, CA PURPOSE: HUMAN SERVICES | $6,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $50 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Goodwill Industries Of North Central Wisc Inc Menasha, WI | $88,771,633 | $81,283,932 |
Catholic Charities Of The Archdiocese Of St Paul & Mpls St Paul, MN | $180,924,652 | $74,331,650 |
Hawkeye Area Community Action Program Inc Hiawatha, IA | $14,892,193 | $63,434,127 |
Community Advocates Inc Milwaukee, WI | $18,692,383 | $54,333,478 |
Lutheran Social Services Of Wisconsin And Upper Michigan West Allis, WI | $89,212,422 | $59,977,625 |
South Metro Human Services St Paul, MN | $24,939,611 | $41,757,961 |
Parents In Community Action Minneapolis, MN | $14,134,015 | $37,230,373 |
Innovative Services Inc Green Bay, WI | $4,761,789 | $25,201,501 |
Lutheran Social Services Of South Dakota Sioux Falls, SD | $22,221,819 | $25,937,236 |
Project For Pride In Living Inc Minneapolis, MN | $29,922,760 | $30,071,909 |
Inter-Lakes Community Action Partnership Inc Madison, SD | $10,023,464 | $21,798,461 |
Catholic Charities Of The Diocese Of St Cloud St Cloud, MN | $15,523,133 | $20,074,695 |