Mojaloop Foundation Inc
- Assets
- $2.3m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Wakefield, MA
- Founding
- Data as of
- 12/2021
- EIN
- 85-0922903
Organization Overview
Mojaloop Foundation Inc is located in Wakefield, MA. According to its NTEE Classification (Q33) the organization is classified as: International Relief, under the broad grouping of International, Foreign Affairs & National Security and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mojaloop Foundation 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 12/2021, Mojaloop Foundation Inc generated $3.6m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 49.4% each year . All expenses for the organization totaled $2.8m during the year ending 12/2021. 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
OUR MISSION IS TO INCREASE FINANCIAL INCLUSION BY EMPOWERING ORGANIZATIONS CREATING INTEROPERABLE PAYMENTS SYSTEMS TO ENABLE DIGITAL FINANCIAL SERVICES FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MAINTAINS THE FREE, OPEN SOURCE SOFTWARE, MOJALOOP, AND ITS COMMUNITY AS PUBLIC GOODS IN SERVICE OF FINANCIAL INCLUSION. MERCHANTS, CENTRAL BANKS, SERVICE PROVIDERS, GOVERNMENT OFFICES, AND OTHER ENTITIES LOOKING TO BUILD INCLUSIVE PAYMENTS PLATFORMS CAN USE MOJALOOP--WHOLE, ADAPTED, OR AS A REAL-TIME PAYMENTS REFERENCE MODEL. MEMBERSHIP IS OPEN TO MISSION-DRIVEN, NON-GOVERNMENTAL AND TECHNOLOGY ENTITIES FOCUSED ON ADVANCING FINANCIAL INCLUSION. TRAINING, EVENTS, AND OTHER EDUCATIONAL ACTIVITIES ARE PROVIDED TO THE COMMUNITY, AND PARTICIPATION IN THE COMMUNITY IS OPEN AND FREE TO ALL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Konstantin Peric Chair | OfficerTrustee | 1 | $0 |
Robert Ron Treasurer | OfficerTrustee | 1 | $0 |
Paula Hunter Executive Director | Officer | 40 | $0 |
Ken Weber Director | Trustee | 1 | $0 |
Cv Madhukar Director (thru June 2021) | Trustee | 1 | $0 |
Kevin O'neil Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mila Consulting Management Support: Gtm Director | 12/30/21 | $216,680 |
Virtual Inc Management Services | 12/30/21 | $919,726 |
Crosslake It Infrastructure | 12/30/21 | $433,910 |
Modus Box It Infrastructure | 12/30/21 | $777,576 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,185,000 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,397,633 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,582,633 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $3,582,633 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $824,733 |
| Fees for services: Legal | $46,711 |
| Fees for services: Accounting | $1,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,500 |
| Advertising and promotion | $869,661 |
| Office expenses | $16,271 |
| Information technology | $852,968 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $117,513 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,738 |
| All other expenses | $36,000 |
| Total functional expenses | $2,772,595 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,931,121 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $310,000 |
| Accounts receivable, net | $0 |
| 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 | $15,156 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $21,000 |
| Total assets | $2,277,277 |
| Accounts payable and accrued expenses | $168,712 |
| Grants payable | $0 |
| Deferred revenue | $526,250 |
| 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 | $694,962 |
| Net assets without donor restrictions | $1,582,315 |
| 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 | $2,277,277 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Mojaloop Foundation Inc has recieved totaling $2,297,633.
| Awarding Organization | Amount |
|---|---|
Bill & Melinda Gates Foundation Seattle, WA PURPOSE: FINANCIAL SERVICES FOR THE POOR | $1,747,633 |
Silicon Valley Community Foundation Mountain View, CA PURPOSE: International Development | $350,000 |
Rockefeller Foundation New York, NY PURPOSE: TO SUPPORT THE LAUNCH OF THE MOJALOOP FOUNDATION (MJF) AND DEVELOPMENT OF ITS CORE PRODUCT, THE MOJALOOP OPEN SOURCE SYSTEM FOR LOW COST, INSTANT, HIGH VOLUME DIGITAL PAYMENTS. | $200,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tov Vchesed Foundation Inc Monsey, NY | $610,324 | $14,594,457 |
Kolel Shomre Hachomos Of Jerusalem Inc Brooklyn, NY | $8,417,391 | $12,158,295 |
We Charity Williamsville, NY | $15,990,436 | $8,510,977 |
Grassroots International Inc Boston, MA | $13,759,969 | $12,517,391 |
Afsnc Inc New York, NY | $3,029,853 | $9,756,195 |
Alima Usa Inc New York, NY | $6,341,096 | $6,115,397 |
Metro World Child Foundation Inc Brooklyn, NY | $2,538,697 | $8,020,281 |
World Spiritual Awareness Forum Inc Roslyn Heights, NY | $803,724 | $7,990,339 |
Refugepoint Inc Boston, MA | $13,622,053 | $13,092,298 |
Albanian-American Development Foundation New York, NY | $216,065,025 | $9,264,607 |
Vsk Foundation Woodside, NY | $1,033,022 | $6,451,312 |
American Friends Of The Kiev Jewish Community Monsey, NY | $174,348 | $5,759,125 |