Midas Collaborative Inc
- Assets
- $1.2m
- Revenue
- $477.8k
- Investments
- $0.0
- Employees
- 6
- Location
- Boston, MA
- Founding
- 03/2008
- Data as of
- 12/2023
- EIN
- 83-0485169
Organization Overview
Midas Collaborative Inc is located in Boston, MA. The organization was established in 2008. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2023, Midas Collaborative Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midas Collaborative Inc 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 12/2023, Midas Collaborative Inc generated $477.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.9%) each year. All expenses for the organization totaled $515.5k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 7 years. 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
THE MIDAS COLLABORATIVE WORKS TO ADVANCE THE FINANCIAL SECURITY OF LOW- AND MODERATE-INCOME RESIDENTS ACROSS MASSACHUSETTS IN COLLABORATION WITH ITS MEMBER ORGANIZATIONS AND PARTNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUILDING SAVINGS AND INVESTMENT: MIDAS OPERATES MULTIPLE MATCHED SAVINGS PROGRAMS IN PARTNERSHIP WITH MEMBER COMMUNITY ORGANIZATIONS ACROSS MASSACHUSETTS. 8 PARTNER SITES ENROLLED 567 PARTICIPANTS WHO ATTENDED WORKSHOPS AND COUNSELING SESSIONS TO BUILD THEIR FINANCIAL SKILLS AND CAPABILITIES. 224 MATCH SAVINGS PROGRAM PARTICIPANTS GRADUATED IN 2023, MAKING INVESTMENTS IN HOMES, HIGHER EDUCATION PROGRAMS, SMALL BUSINESSES, AND OTHER ASSETS SUCH AS CARS, COMPUTERS, TEXTBOOKS, AND EMERGENCY SAVINGS FUNDS.
MIDAS PROVIDED COMPREHENSIVE TRAINING TO STAFF FROM MEMBER COMMUNITY ORGANIZATIONS STATEWIDE, WHO SERVE LOW- AND MODERATE-INCOME RESIDENTS. ADDITIONALLY, TRAININGS WERE CONDUCTED FOR MEMBERS OF THE PUBLIC, EDUCATORS, AND POLICYMAKERS AT THE ANNUAL FINANCIAL EDUCATION SUMMIT, COVERING TOPICS SUCH AS ASSET BUILDING, FINANCIAL CAPABILITY, AND FINANCIAL HEALTH AND WELLNESS. MIDAS ALSO ACTIVELY PARTICIPATED IN POLICY COALITIONS AND ENGAGED IN STATE-LEVEL DISCUSSIONS FOCUSED ON FINANCIAL LITERACY, EDUCATION, AND ASSET BUILDING, WITH THE GOAL OF ADVANCING POLICIES THAT ADDRESS INCOME INEQUALITY AND PROMOTE ECONOMIC JUSTICE FOR LOW- AND MODERATE-INCOME COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Molly Goodman Executive Di | Officer | 40 | $94,021 |
Jona Marashi Treasurer | Officer | 1 | $0 |
Anthonina Fenelon Secretary | Officer | 1 | $0 |
Natasha Eldridge Chair | Officer | 1 | $0 |
Sara Garrity-Gentile Director | Trustee | 1 | $0 |
Sandee Simshauser Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $67,933 |
| Membership dues | $2,250 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $250,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $53,439 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $373,622 |
| Total Program Service Revenue | $94,865 |
| Investment income | $96 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $9,215 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $477,798 |
| 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. | $94,021 |
| Compensation of current officers, directors, key employees. | $13,163 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $185,479 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,257 |
| Payroll taxes | $28,181 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,140 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $107,104 |
| Advertising and promotion | $1,642 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,802 |
| Travel | $628 |
| 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 | $1,020 |
| Insurance | $2,454 |
| All other expenses | $1,443 |
| Total functional expenses | $515,498 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $205,726 |
| Savings and temporary cash investments | $126,126 |
| Pledges and grants receivable | $190,200 |
| Accounts receivable, net | $49,445 |
| 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 | $6,486 |
| Net Land, buildings, and equipment | $254 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $598,801 |
| Total assets | $1,177,038 |
| Accounts payable and accrued expenses | $110,898 |
| 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 | $609,078 |
| Total liabilities | $719,976 |
| Net assets without donor restrictions | $457,062 |
| 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 | $1,177,038 |