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Nonprofiteer
← WOODSTOCK INSTITUTE

Form 990 for tax year 2023

Filed by WOODSTOCK INSTITUTE.

Totals

Total revenue
$1,537,944
Total expenses
$1,596,274
Contributions and grants received
$1,373,240
Grants paid
$0
Program service revenue
$153,000
Investment income
$5,097
Other revenue
$6,607
Total assets, end of year
$1,166,153
Total liabilities, end of year
$580,134
Net assets or fund balances, end of year
$586,019
Program services expenses (Part IX)
$1,059,144
Management and general expenses
$292,298
Fundraising expenses
$244,832
Program service expenses (Part III)
$1,059,144

Program services were 66.4% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $1,373,240

  • 2a · Program service revenue: Program Service Fees

    total $153,000 · related or exempt $153,000

  • 3 · Investment income

    total $5,097 · excluded $5,097

  • 11a · Other revenue: Other income

    total $6,607 · related or exempt $6,607

  • 11e · Other revenue, total

    $6,607

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $193,316 · program services $128,267 · management and general $35,399 · fundraising $29,650

  • 7 · Other salaries and wages

    total $588,913 · program services $441,071 · management and general $60,072 · fundraising $87,770

  • 8 · Pension plan contributions

    total $2,772 · program services $2,023 · management and general $333 · fundraising $416

  • 9 · Other employee benefits

    total $81,460 · program services $61,155 · management and general $8,172 · fundraising $12,133

  • 10 · Payroll taxes

    total $54,716 · program services $39,943 · management and general $6,566 · fundraising $8,207

  • 11b · Fees: legal

    total $9,499 · program services $8,214 · management and general $633 · fundraising $652

  • 11c · Fees: accounting

    total $51,325 · program services $44,379 · management and general $3,422 · fundraising $3,524

  • 11d · Fees: lobbying

    total $36,822 · program services $36,822

  • 11g · Fees: other

    total $129,634 · program services $107,107 · management and general $11,099 · fundraising $11,428

  • 12 · Advertising and promotion

    total $30,464 · program services $20,563 · management and general $8,759 · fundraising $1,142

  • 13 · Office expenses

    total $92,378 · program services $74,584 · management and general $6,451 · fundraising $11,343

  • 16 · Occupancy

    total $133,629 · program services $23,564 · management and general $104,396 · fundraising $5,669

  • 17 · Travel

    total $152,199 · program services $51,253 · management and general $34,551 · fundraising $66,395

  • 22 · Depreciation, depletion and amortization

    total $1,928 · program services $1,384 · management and general $245 · fundraising $299

  • 23 · Insurance

    total $5,460 · program services $1,820 · management and general $3,215 · fundraising $425

  • 24a · Other expenses: Dues & Subscriptions

    total $21,220 · program services $10,969 · management and general $7,144 · fundraising $3,107

  • 24b · Other expenses: Miscellaneous

    total $10,539 · program services $6,026 · management and general $1,841 · fundraising $2,672

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $19,480 · end of year $28,775

  • 2 · Savings and temporary cash investments

    beginning of year $607,538 · end of year $607,336

  • 3 · Pledges and grants receivable

    beginning of year $62,500

  • 4 · Accounts receivable

    beginning of year $263 · end of year $13,858

  • 9 · Prepaid expenses and deferred charges

    beginning of year $29,254 · end of year $13,601

  • 10a · Land, buildings and equipment: cost or other basis

    $58,611

  • 10b · Land, buildings and equipment: accumulated depreciation

    $55,405

  • 10c · Land, buildings and equipment, net

    beginning of year $5,135 · end of year $3,206

  • 15 · Other assets

    beginning of year $621,204 · end of year $499,377

  • 17 · Accounts payable and accrued expenses

    beginning of year $63,780 · end of year $64,791

  • 25 · Other liabilities

    beginning of year $637,245 · end of year $515,343

  • 27 · Net assets without donor restrictions

    beginning of year $292,649 · end of year $169,397

  • 28 · Net assets with donor restrictions

    beginning of year $351,700 · end of year $416,622

Mission and programs · 2023

Mission

To create a just financial system in which lower-wealth persons and communities and people and communities of color can achieve economic security and community prosperity.

  • Technical assistance/Small business

    Expenses $430,606 · Revenue $100,000

  • Equitable lending & investment: Woodstock produces research on the often predatory and disproportionate impact of financial products and practices on low-wage workers, low-wealth people and communities of color, develops model reforms, and advocates with regional stakeholders for consumer protections and fair rates for mortgage and consumer credit. For example, Woodstock played a critical leadership role in eliminating many of the short-term credit industry's worst practices in Illinois with the passage of HB537, which included all of the key consumer protections identified in Woodstock's substantial body of consumer credit research. That law caps rates for short-term credit products, prevents the cycle of debt caused by frequent refinancing, and gives regulators the tools necessary to identify predatory practices before they become widespread. At the federal level, Woodstock works to ensure that the lending and consumer laws and rules apply to the widest possible range of products and effectively protect consumers, low-wage workers and small business owners before industry abuses become widespread. Woodstock's goals are to reduce the number of consumers using predatory credit products and the level of debt held by low-wealth people, and to help lower-wealth people and communities of color build and preserve wealth.

    Expenses $540,317 · Revenue $59,607

  • Wealth creation and preservation: Woodstock uses innovative research to identify barriers to and opportunities for wealth creation for low-wealth persons and communities, and engages in coalition building and advocacy to expand policies that promote equitable wealth creation. For example, Woodstock conducted research on the extent of retirement security in Illinois and collaborated with the Illinois asset building group to persuade Illinois to create a first-ever state program for employment-based retirement savings plans to save through automatic enrollment and payroll deduction into a Roth IRA, with the ability to opt out.

    Expenses $88,221

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Thomas Fitzgibbon Jr

    Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Juan Carlos Linares

    Vice-Chair

    Total calculated
    $0
    Hours/week
    0.5

  • Manuel Jimenez

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Audra Wilson

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Domenika Lynch

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Hinsley Njila

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Jacqueline Collins

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Louis Caditz-Peck

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Matthew Roth

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Michael Seng

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Quentin Strode

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Ravi Aurora

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Staci Glenn-Short

    Board member

    Total calculated
    $0
    Hours/week
    0.5

  • Horacio Mendez

    President and CEO

    Total calculated
    $193,316
    From this org
    $167,901
    From related orgs
    $0
    Other
    $25,415
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,901
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,415
    Filer's total
    $193,316

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
11 October 2024
IRS schema version
2023v5.1
Source object
202422859349300412

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