Totals
- Total revenue
- $685,566
- Total expenses
- $509,830
- Contributions and grants received
- $522,320
- Grants paid
- $0
- Program service revenue
- $163,183
- Investment income
- $63
- Other revenue
- $0
- Total assets, end of year
- $1,058,389
- Total liabilities, end of year
- $370,684
- Net assets or fund balances, end of year
- $687,705
- Program services expenses (Part IX)
- $275,848
- Management and general expenses
- $163,827
- Fundraising expenses
- $70,155
- Program service expenses (Part III)
- $275,848
Program services were 54.1% 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.
-
1a · Federated campaigns
$100,000
-
1e · Government grants (contributions)
$250,000
-
1f · All other contributions, gifts and grants
$172,320
-
2a · Program service revenue: PROGRAM SERVICE FEES
total $163,183 · related or exempt $163,183
-
3 · Investment income
total $63 · excluded $63
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $182,140 · program services $108,323 · management and general $41,298 · fundraising $32,519
-
7 · Other salaries and wages
total $141,091 · program services $84,826 · management and general $32,589 · fundraising $23,676
-
9 · Other employee benefits
total $234 · program services $109 · management and general $33 · fundraising $92
-
10 · Payroll taxes
total $35,670 · program services $23,633 · management and general $7,346 · fundraising $4,691
-
11c · Fees: accounting
total $32,217 · program services $12,932 · management and general $19,204 · fundraising $81
-
11g · Fees: other
total $58,794 · program services $23,601 · management and general $35,045 · fundraising $148
-
14 · Information technology
total $31,430 · program services $18,486 · management and general $12,873 · fundraising $71
-
19 · Conferences, conventions and meetings
total $1,750 · management and general $1,750
-
23 · Insurance
total $3,609 · program services $3,609
-
24a · Other expenses: EVENT EXPENSES
total $7,818 · fundraising $7,818
-
24b · Other expenses: LICENSES
total $6,375 · management and general $6,375
-
24c · Other expenses: STORAGE AND REMOVAL
total $2,496 · management and general $2,496
-
24e · All other expenses
total $6,206 · program services $329 · management and general $4,818 · fundraising $1,059
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $230,537 · end of year $341,431
-
2 · Savings and temporary cash investments
beginning of year $126,189 · end of year $125,252
-
3 · Pledges and grants receivable
beginning of year $188,500 · end of year $190,000
-
4 · Accounts receivable
beginning of year $47,468 · end of year $41,938
-
9 · Prepaid expenses and deferred charges
beginning of year $8,191 · end of year $8,899
-
10a · Land, buildings and equipment: cost or other basis
$3,059
-
10b · Land, buildings and equipment: accumulated depreciation
$3,059
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $496,262 · end of year $350,869
-
17 · Accounts payable and accrued expenses
beginning of year $88,916 · end of year $19,815
-
25 · Other liabilities
beginning of year $496,262 · end of year $350,869
-
27 · Net assets without donor restrictions
beginning of year $511,969 · end of year $687,705
Mission and programs · 2025
Mission
TO COORDINATE A STATEWIDE COLLABORATIVE OF COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATIONS THAT FACILITATE THE ASSET DEVELOPMENT OF LOW-INCOME FAMILIES, THROUGH INCREASED FINANCIAL MANAGEMENT SKILLS, COMMUNITY AND PEER SUPPORT, AND ACCESS TO WEALTH BUILDING VEHICLES.
Activities or mission (Part I)
ORGANIZATION ADVANCES FINANCIAL SECURITY OF LOW- AND MODERATE-INCOME RESIDENTS OF MASSACHUSETTS.
-
MATCHED SAVINGS PROGRAM - UTILIZING A SYSTEMS CHANGE FRAMEWORK THAT INCLUDES INCREASING AND SUSTAINING MATCHED SAVINGS PROGRAMS, MIDAS SERVES AS THE FIDUCIARY FOR 600+ MSP BANK ACCOUNTS. THESE ACCOUNTS ARE COMPONENTS OF LARGER ASSET-BUILDING PROGRAMS OFFERED BY COMMUNITY PARTNER ORGANIZATIONS. COMMUNITY PARTNER ORGANIZATIONS PRIMARILY CONSIST OF 501(C)(3) DESIGNATED NON-PROFITS SERVING LOW-TO-MODERATE INCOME POPULATIONS. THE COMMUNITY PARTNER ORGANIZATION RECRUITS THE PARTICIPANT COHORTS; INDIVIDUALS SET SAVINGS GOALS AND MAKE CONTRIBUTIONS WHILE RECEIVING FINANCIAL EDUCATION AND TRAINING FROM THE COMMUNITY PARTNER ORGANIZATIONS. WHEN SAVINGS GOALS ARE ACHIEVED, THEY ARE MATCHED AT VARIOUS RATES FROM 1:1 AND AS HIGH AS 4:1, ALLOWING PARTICIPANTS TO MAKE LIFE-CHANGING AND WEALTH-BUILDING INVESTMENTS IN A HOME, EDUCATION, OR SMALL BUSINESS. THE MIDAS COLLABORATIVE PROVIDES CRITICAL TECHNICAL ASSISTANCE, ADMINISTRATIVE SUPPORT, AND PROGRAM DESIGN SUPPORT TO OUR COMMUNITY PARTNER ORGANIZATIONS. THE MATCHED SAVINGS PROGRAM SUPPORTS LOW- TO MODERATE-INCOME COMMUNITIES IN BUILDING ASSETS, THEREBY ALLEVIATING THE EXISTING WEALTH GAP IN MASSACHUSETTS.
Expenses $266,848 · Revenue $163,183
-
THE FINANCIAL EMPOWERMENT LEARNING INSTITUTE (FELI) - MIDAS, IN PARTNERSHIP WITH UNITED WAY, LEADS A STATEWIDE WORKFORCE DEVELOPMENT INITIATIVE THAT EQUIPS NONPROFIT PROFESSIONALS IN THE PERSONAL FINANCE SECTOR WITH THE SKILLS AND KNOWLEDGE NEEDED TO DELIVER HIGH-IMPACT FINANCIAL COACHING ACROSS MASSACHUSETTS. IN 2024, FELI LAUNCHED A PILOT TRAINING INITIATIVE TO PROFESSIONALIZE COMMUNITY-BASED COACHING, REDUCE COACH ATTRITION, AND IMPROVE OUTCOMES IN DISINVESTED COMMUNITIES. FOR THE FIRST TIME, FELI PARTNERED WITH THE ASSOCIATION FOR FINANCIAL COUNSELING & PLANNING EDUCATION (AFCPE) TO PROVIDE FOUNDATIONAL TRAINING FOR NEW OR PREVIOUSLY UNTRAINED NONPROFIT STAFF. THIS PROGRAM FEATURES A COHORT MODEL AND INCLUDES A PATHWAY TO CERTIFICATION FOR TENURED NONPROFIT STAFF. FELI HAS HELPED TO TRAIN OVER 650+ NONPROFIT PROFESSIONALS SINCE 2015, WITH 200+ ORGANIZATIONS REPRESENTED FROM ACROSS MASSACHUSETTS. FELI PARTICIPANTS HAVE AN 85% COMPLETION RATE, ALLOWING THEM TO BETTER SERVE COMMUNITIES WITH CULTURALLY RELEVANT FINANCIAL EDUCATION.
Expenses $9,000
As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Rose FrancoisROSE FRANCOIS
EXECUTIVE DIRECTOR
- Total calculated
- $138,855
- From this org
- $130,389
- From related orgs
- $0
- Other
- $8,466
- Hours/week
- 40
-
Karen BurgKAREN BURG
DIRECTOR OF FINANCE/OPERATIONS
- Total calculated
- $43,285
- From this org
- $42,987
- From related orgs
- $0
- Other
- $298
- Hours/week
- 40
-
Dan MatloffDAN MATLOFF
CHAIR (UNTIL 1/25)
- Total calculated
- $0
- Hours/week
- 5
-
Emilio DorcelyEMILIO DORCELY
SECRETARY
- Total calculated
- $0
- Hours/week
- 5
-
Alex MelikanALEX MELIKAN
TREASURER
- Total calculated
- $0
- Hours/week
- 5
-
Anthonina FenelonANTHONINA FENELON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Michael D AndelmanMICHAEL D ANDELMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Rashmi Dyal-ChandRASHMI DYAL-CHAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Richard ManuelRICHARD MANUEL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mimi TurchinetzMIMI TURCHINETZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
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.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 22 June 2026
- IRS schema version
- 2025v4.2
- Source object
- 202631739349301308
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