2021-11-05T23:52:47-05:00 2020-12-31 390859910 BAKER TILLY US LLP 50 FREMONT STREET SUITE 4000 SAN FRANCISCO CA 94105 990 2020-01-01 912172676 EARN INC EARN 4155039818 235 MONTGOMERY STREET NO 1050 SAN FRANCISCO CA 94104 LEIGH PHILLIPS CEO 4155039818 2021-11-03 1 LEIGH PHILLIPS 999009999 JOUA LO P01225144 4157812500 2021-11-03 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z SAVERLIFE LEIGH PHILLIPS 235 MONTGOMERY STREET NO 1050 SAN FRANCISCO CA 94104 8438434 0 X WWW.SAVERLIFE.ORG X 2001 CA SAVERLIFE ENVISIONS A WORLD WHERE EVERY AMERICAN CAN EXPERIENCE ECONOMIC MOBILITY. HOWEVER, THE EXISTING FINANCIAL SYSTEM IS NOT DESIGNED TO ADDRESS THE NEEDS OF LOW-TO-MODERATE INCOME INDIVIDUALS. SAVERLIFE BELIEVES THAT FINANCIAL STABILITY AND ECONOMIC MOBILITY ARE ACHIEVED THROUGH A COMBINATION OF INDIVIDUAL AGENCY AND ACTION WITH THE ERADICATION OF ENTRENCHED SYSTEMIC BARRIERS. WE KNOW THAT THE ABILITY TO SAVE MONEY AND INVEST IN YOURSELF AND YOUR FAMILY IS A KEY INDICATOR OF FINANCIAL WELLBEING AND A CRITICAL WEALTH-BUILDING TOOL. SAVERLIFE'S PROVEN MODEL ADDRESSES BOTH SIDES OF THIS EQUATION BY HELPING OUR MEMBERS INCREASE THEIR SAVINGS RATES, WHILE SIMULTANEOUSLY LEVERAGING DATA AND SCALE TO ADDRESS THE SYSTEMIC BARRIERS THAT HINDER MOBILITY. OUR 600,000 MEMBERS ARE WORKING INDIVIDUALLY AND COLLECTIVELY TO IMPROVE THEIR FINANCIAL HEALTH BY ACTIVELY INCREASING THEIR SAVINGS RATES BY 4.8X. 8 8 0 8 0 0 6318475 8157780 430673 269808 0 1432 0 9414 6749148 8438434 639549 3854823 0 0 1935269 2436452 0 0 401095 2848854 2412074 5423672 8703349 1325476 -264915 4370502 4248823 407495 550731 3963007 3698092 X SAVERLIFE (FORMERLY EARN) IS A NONPROFIT ON A MISSION TO INSPIRE, INFORM, AND REWARD THE MILLIONS OF AMERICANS WHO NEED HELP SAVING MONEY. THROUGH ENGAGING TECHNOLOGIES AND STRATEGIC PARTNERSHIPS, WE GIVE WORKING PEOPLE THE METHODS AND MOTIVATION TO TAKE CONTROL OF THEIR FINANCIAL FUTURE. 0 0 5603719 3689012 269808 (COMMUNITY)THE SAVERLIFE COMMUNITY AND TECHNOLOGY PLATFORM IS DESIGNED TO HELP LOW-INCOME INDIVIDUALS DEVELOP A HABIT OF SAVING AND LASTING FINANCIAL STABILITY. OUR 600,000+ MEMBERS -- 80% ARE WOMEN, 65% ARE SINGLE PARENTS, AND 60% IDENTIFY AS A PERSON OF COLOR -- JOIN A COMMUNITY OF LIKE-MINDED PEOPLE TO PARTICIPATE IN SAVINGS CHALLENGES THAT HELP THEM MEET SPECIFIC OBJECTIVES, LIKE REACHING A SAVINGS DOLLAR GOAL OR BUILDING A CONSISTENT SAVINGS HABIT. THEY ALSO GAIN ACCESS TO ACTIONABLE FINANCIAL EDUCATION CONTENT, COMMUNITY FORUMS, INSPIRING STORIES, AND ADDITIONAL PRIZES AND REWARDS FOR SAVING.IN JOINING SAVERLIFE, OUR MEMBERS HAVE TAKEN A DEFINITIVE STEP TO IMPROVE THEIR FINANCIAL LIVES. THEY ARE TYPICALLY NEW SAVERS, MEANING THAT THEY ARE NOT SAVING WHEN THEY JOIN (67%), AND HAVE MONTHLY EXPENSES THAT EXCEED THEIR INCOME (49%). SAVERLIFE'S IMPACT IS CLEAR: ON AVERAGE, OUR MEMBERS INCREASE THEIR SAVINGS RATE BY 4.8X AND 55% OF OUR MEMBERS DEPOSIT $500 INTO SAVINGS WITHIN SIX-MONTHS. 1279273 165811 (SOLUTIONS)SAVERLIFE SOLUTIONS LEVERAGES THE UNDERLYING TECHNOLOGY AND PROVEN SAVINGS INCENTIVES OF THE SAVERLIFE PLATFORM TO BUILD THE BROADER FIELD OF FINANCIAL WELLNESS THROUGH PARTNERSHIPS. WE PARTNER WITH EMPLOYERS, CREDIT UNIONS, AND NONPROFITS TO PROVIDE SAVERLIFE'S SAVINGS PRODUCTS, COMBINED WITH CUSTOMIZED SAVINGS CHALLENGES TO THEIR COMMUNITY MEMBERS AND EMPLOYEES. SAVERLIFE SOLUTIONS OFFERS CUSTOM VERSIONS OF OUR INNOVATIVE SAVING PLATFORM, ADDING BOTH GENUINE VALUE AND PROVEN BUSINESS INCENTIVES TO THE PEOPLE OUR PARTNERS SERVE AND EMPLOY. THROUGH INTEGRATIONS OF OUR PLATFORM, WE PROVIDE A PROVEN BENEFIT FOR EMPLOYEES, CLIENTS, AND CONSTITUENTS, AND A LEADERSHIP ROLE FOR ORGANIZATIONS LOOKING TO PROMOTE MEANINGFUL SOCIAL CHANGE. IN PARTICULAR, SAVERLIFE LEVERAGES THE OUTSIZE ROLE OF EMPLOYERS TO EXPAND ACCESS TO SAVINGS BENEFITS. THE EMPLOYMENT SYSTEM IS A KEY DRIVER OF FINANCIAL HEALTH FOR WORKING FAMILIES. EMPLOYEE BENEFITS, BEYOND JUST SALARY, PROVIDE CRITICAL WEALTH-BUILDING SUPPORT FOR ALL WORKERS. YET, THERE IS A SIGNIFICANT GAP IN EMPLOYER-OFFERED BENEFITS FOR LOW-WAGE WORKERS. MANY LOW-WAGE WORKERS DO NOT HAVE ACCESS TO RETIREMENT BENEFITS AND, DESPITE THE CLEAR IMPACT OF EMERGENCY SAVINGS ON FINANCIAL WELL-BEING FOR LOW-TO-MODERATE INCOME INDIVIDUALS, TOO FEW EMPLOYERS OFFER THESE PRODUCTS FOR WORKERS. SAVERLIFE SOLUTIONS FILLS THIS GAP BY PARTNERING WITH EMPLOYERS TO PROVIDE OUR EFFECTIVE AND RESPONSIVE TECHNOLOGY AS A BENEFIT OFFERING, MAKING OUR SAVINGS PLATFORM ACCESSIBLE TO THOUSANDS OF LOW-WAGE WORKERS ACROSS A RANGE OF INDUSTRIES. 672778 (VOICE) DESPITE THE SUCCESS OF SAVERLIFE IN INCREASING SAVINGS RATES AT THE INDIVIDUAL LEVEL, PERVASIVE BARRIERS TO ECONOMIC MOBILITY (SUCH AS DEBT, INCOME VOLATILITY, HOUSING COSTS, ETC.) MUST BE SOLVED AT BROADER SYSTEMIC LEVELS. IN ORDER TO DESIGN AND ADOPT POLICIES THAT WILL BENEFIT THOSE LIVING WITH LOW-INCOMES AND REBUILD A MORE EQUITABLE ECONOMY, IT IS CRITICAL THAT GOVERNMENT, POLICYMAKERS, BUSINESSES, AND SOCIAL SERVICE ORGANIZATIONS USE DATA AND EVIDENCE - NOT ASSUMPTIONS - TO UNDERSTAND BOTH HOW THE EXISTING FINANCIAL SYSTEM HAS FAILED THESE COMMUNITIES AND HOW THE CURRENT CRISIS IS IMPACTING THEM. SAVERLIFE VOICE IS UNIQUELY POSITIONED TO BRING TO LIGHT THE REAL FINANCIAL STRUGGLES OF WORKING AMERICANS AND TO PROVIDE DATA AND EVIDENCE TO GUIDE INCLUSIVE PROGRAM AND POLICY SOLUTIONS. OUR SAVINGS PLATFORM PROVIDES UNIQUE ACCESS TO REAL-TIME, HOUSEHOLD-LEVEL FINANCIAL TRANSACTIONS AND DATA THAT WE USE TO MEASURE CHANGES IN INCOME, SPENDING, DEBT, AND SAVINGS AND TO DETERMINE THE EFFICACY OF POLICY INTERVENTIONS AT THE HOUSEHOLD LEVEL. IN TANDEM, WE RAPIDLY GATHER PERSPECTIVES FROM OUR MEMBERS THROUGH SURVEYS AND INTERVIEWS TO UNDERSTAND HOW INDIVIDUALS AND FAMILIES ARE FARING IN A RAPIDLY SHIFTING ECONOMIC ENVIRONMENT AND ENGAGE THEM DIRECTLY TO SHARE THEIR THOUGHTS AND FEELINGS ON CURRENT AND PROPOSED POLICY SOLUTIONS. THIS COMBINATION OF DATA AND VOICES GIVES SAVERLIFE VOICE A UNIQUE ABILITY TO ENGAGE THOSE MOST AFFECTED BY AN INEQUITABLE FINANCIAL SYSTEM IN THE DEVELOPMENT OF EFFECTIVE SOLUTIONS. BY GATHERING EVIDENCE AND LIFTING UP THE VOICES OF LOW-WAGE, "ESSENTIAL" WORKERS, SAVERLIFE IS HELPING WRITE A COUNTER-NARRATIVE THAT PUSHES BACK AGAINST ILL-INFORMED STEREOTYPES ABOUT FINANCIAL NEED IN THE U.S. 7555770 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 26 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X CHARLES BELLEVILLE 4155039818 235 MONTGOMERY STREET 1050 SAN FRANCISCO CA 94104 NICK EATON CHAIR 1.00 X X 0 0 0 PRESTON DODD TREASURER 0.50 X X 0 0 0 TIFFANY TENG SECRETARY 0.50 X X 0 0 0 DON BAYLOR BOARD MEMBER 0.50 X 0 0 0 JAKE FUENTES BOARD MEMBER 0.50 X 0 0 0 BENJAMIN MANGAN BOARD MEMBER 0.50 X 0 0 0 IDA RADEMACHERD BOARD MEMBER 0.50 X 0 0 0 ANDY PEAY BOARD MEMBER 0.50 X 0 0 0 STEVEN COMFORT THRU 121520 SECRETARY 0.50 X X 0 0 0 DIPTI GHOSH THRU 93020 BOARD MEMBER 0.50 X 0 0 0 JENNY FLORES THRU 11520 BOARD MEMBER 0.50 X 0 0 0 LEIGH PHILLIPS CEO 40.00 X 225000 0 14774 DAVID DERRYCK CHIEF IMPACT OFFICER 40.00 X 210000 0 12902 MEGAN WONG FORMER VICE PRESIDENT OF PRODUCT 40.00 X 175210 0 9187 TIM LUCAS DIRECTOR OF RESEARCH & INSIGHT 40.00 X 130100 0 9725 SHANA BEAL DIRECTOR OF COMMUNICATIONS 40.00 X 120572 0 10519 NEHA GUPTA VICE PRESIDENT OF MARKET DEVELOPMENT 40.00 X 102295 0 4147 963177 0 61254 6 0 1 0 TELOS LABS LLC 3230 UNIVERSITY AVENUE BERKELEY CA 94704 SOFTWARE PROGRAMMING 413022 HARDEN COMMUNICATIONS 880 3RD AVENUE 4TH FLOOR NEW YORK NY 10022 PUBLIC RELATIONS SERVICES 130377 TEAL MEDIA 7457 FRANKLIN ROAD SUITE 218 BLOOMFIELD HILLS MI 48301 MARKETING AND DESIGN SERVICES 117300 3 320857 7836923 8157780 PROGRAM SERVICE FEES 900099 269808 269808 269808 1432 1432 MISCELLANEOUS REVENUE 900099 9414 9414 9414 8438434 269808 0 10846 636932 636932 3217891 3217891 462676 298209 70245 94222 1582752 1227372 187576 167804 76164 57886 9916 8362 164925 127911 17358 19656 149935 114530 17029 18376 286941 285825 1116 71929 71929 289486 197764 69898 21824 388835 284068 97245 7522 60361 8998 44506 6857 775679 709422 50643 15614 239817 177465 33574 28778 3765 271 1154 2340 124594 121971 1211 1412 15467 15467 SURVEY INCENTIVES 56591 55484 1107 RECRUITMENT 37105 37105 EVENTS 12443 11271 1172 TEAM BUILDING 10516 135 10381 38545 22365 7852 8328 8703349 7555770 746484 401095 1503243 2140014 10002 1001 2506498 1592723 95078 14911 57814 53714 2157679 1742245 173910 415434 23957 31026 4370502 4248823 287473 479150 18772 44081 101250 27500 407495 550731 X 1155453 1480329 2807554 2217763 3963007 3698092 4370502 4248823 -264915 0 X X 0 1 X 1 0 X 2855219 3955389 4069827 6318475 8157780 25356690 2855219 3955389 4069827 6318475 8157780 25356690 10304971 15051719 -26869 1432 -25437 9414 9414 25340667 1517795 0.59400 0.60980 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISC REVENUE - 2020 AMOUNT: $ 9,414. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 58420 43469 14951 2099259 1698776 400483 415434 X 8717659 279225 279225 8438434 0 8438434 8982574 279225 279225 8703349 0 8703349 PART X, LINE 2: THE ORGANIZATION IS A TAX-EXEMPT ORGANIZATION UNDER THE PROVISIONS OF THE INTERNAL REVENUE CODE, SECTION 501(C)(3), AND THE CALIFORNIA REVENUE AND TAXATION CODE, SECTION 23701(D). ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE INCOME TAXES HAS BEEN REFLECTED IN THESE FINANCIAL STATEMENTS. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD MAINTAINED ITS TAX-EXEMPT STATUS AND HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS. THEREFORE, NO PROVISION OR LIABILITY FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. 1 COMMUNITY FOUNDATION OF THE VIRGINIAS 128 NORTH ST A BLUEFIELD WV 24701 550724623 501(C)(3) 15000 IN SUPPORT OF THE LIL TONY WEBSTER SCHOLARSHIP FUND IN A REGION TARGETED BY SAVERLIFE PROGRAMMATIC ACTIVITIES. CAMBRIA COUNTY LIBRARY 248 MAIN STREET JOHNSTOWN PA 15901 250969448 501(C)(3) 15000 UNRESTRICTED CHARITABLE DONATION TO SUPPORT THE CAMBRIA COUNTY LIBRARIES IN A REGION TARGETED BY SAVERLIFE PROGRAMMATIC ACTIVITIES. NEIGHBORHOOD TRUST 530 W 166TH STREET 4TH FLOOR NEW YORK NY 10032 133849263 501(C)(3) 575500 SUPPORT FOR FINANCIAL COACHING ACTIVITIES AND GENERAL OPERATIONS. 3 0 MATCHING PAYMENT TO SAVERS 2360 394391 BOOK PAYMENTS TO SAVERLIFE CLIENTS TO INCENTIVIZE SAVINGS BEHAVIOR AND ENGAGEMENT WITH THE SAVERLIFE PLATFORM. COVID ASSISTANCE 4574 2823500 BOOK DIRECT ASSISTANCE PAYMENTS TO INDIVIDUALS AFFECTED BY THE COVID PANDEMIC. PART I, LINE 2: GRANTS PAID TO NEIGHBORHOOD TRUST FINANCIAL PARTNERS DURING 2020 WERE CONTRACTUALLY REQUIRED SUBGRANT PAYMENTS. AS PART OF OUR PROCESS TO SUBGRANT, WE ISSUED NTFP A SUBGRANT AGREEMENT. THE AGREEMENT STIPULATED THAT ALL FUNDS WERE TO BE USED AS OUTLINED IN THE PROJECT PLAN AND BUDGET APPROVED BY THE FUNDER. ASIDE FROM THE AFOREMENTIONED AGREEMENT, SAVERLIFE DID NOT MONITOR THE SPECIFIC USE OF THESE GRANT FUNDS OR REQUIRE FINANCIAL REPORTING. SAVERLIFE MADE TWO UNRESTRICTED GRANTS TO ORGANIZATIONS IN COMMUNITIES WHERE WE HAVE GEOGRAPHICALLY-FOCUSED PROGRAMMATIC ACTIVITY. THESE GRANTS WERE UNRESTRICTED COMMUNITY SUPPORT TO OTHER NONPROFITS AND THE USE OF FUNDS WAS NOT MONITORED. SAVER INCENTIVES AND PRIZES PAID TO INDIVIDUALS WERE MADE IN RECOGNITION OF INDIVIDUALS WHO MET SAVINGS GOALS OR ENGAGED WITH THE SAVERLIFE TECHNOLOGY PLATFORM OR COMMUNITY. THE VARIOUS TYPES OF PRIZES AND REWARDS WERE BASED ON A WIDE RANGE OF ACTIVITIES AND ELIGIBILITY WAS DETERMINED PRIOR TO PAYMENTS BEING MADE. COVID ASSISTANCE PAYMENTS WERE UNRESTRICTED PAYMENTS TO INDIVIDUALS PRE-SCREENED TO MEET VARIOUS FUNDERS' REQUIREMENTS BE THEY GEOGRAPHIC OR NEED-BASED. NO EFFORT TO MONITOR THE USE OF THESE FUNDS WAS NECESSARY. X X X X 0 0 0 0 0 0 0 0 0 LEIGH PHILLIPS CEO 200000 0 25000 0 0 0 0 0 14774 0 239774 0 0 0 DAVID DERRYCK CHIEF IMPACT OFFICER 200000 0 10000 0 0 0 0 0 12902 0 222902 0 0 0 MEGAN WONG FORMER VICE PRESIDENT OF PRODUCT 175210 0 0 0 0 0 0 0 9187 0 184397 0 0 0 FORM 990, PART I, LINE 1 (CONTINUE) SAVERLIFE'S BEST-IN-CLASS TECHNOLOGY PROVIDES EFFECTIVE SAVINGS PRODUCTS TO OUR MEMBERS AND, IN RETURN, PROVIDES US WITH DIRECT ACCESS TO TRANSACTIONAL AND AGGREGATE LEVEL DATA ON THEIR FINANCIAL LIVES. WE USE OUR DATA AND CONNECTION TO MEMBERS TO IDENTIFY SYSTEMIC BARRIERS TO MOBILITY, AND THEN ENGAGE WITH OUR MEMBERS AND PARTNERS TO ADVANCE SUSTAINABLE SOLUTIONS TO IMPROVE THEIR INDIVIDUAL AND COLLECTIVE FINANCIAL HEALTH. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 WAS REVIEWED BY AN OUTSIDE TAX PROFESSIONAL. THE FORM WAS THEN REVIEWED BY THE ORGANIZATION'S MANAGEMENT AND AT LEAST ONE MEMBER OF THE BOARD OF DIRECTORS. THIS GROUP OF INDIVIDUALS THEN DISCUSSED THE CONTENTS OF THE RETURN WITH THE OUTSIDE TAX PROFESSIONAL. AFTER A FULL REVIEW (WITH MODIFICATION WHERE NECESSARY), THE FINAL VERSION OF THE TAX RETURN WAS PROVIDED TO ALL MEMBERS OF THE ORGANIZATION'S VOTING BODY. A REPRESENTATIVE OF MANAGEMENT OR THE BOARD SIGNED AND THE OUTSIDE TAX PROFESSIONAL ELECTRONICALLY FILED THE RETURN TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL EMPLOYEES ARE COVERED UNDER SAVERLIFE'S CONFLICT OF INTEREST POLICY. DETERMINATION OF WHETHER A CONFLICT EXISTS IS MADE BY THE EMPLOYEE'S MANAGER OR HR. CONFLICTS ARE REVIEWED BY HR OR THE CEO. IF AN ACTUAL OR POTENTIAL CONFLICT IS DETERMINED, EARN WILL TAKE STEPS TO MINIMIZE OR ELIMINATE THE CONFLICT AS APPEARS APPROPRIATE UNDER THE CIRCUMSTANCES. FORM 990, PART VI, SECTION B, LINE 15 A COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION OF ALL HIGH LEVEL PERSONNEL ANNUALLY IN ACCORDANCE WITH IRS RULES AND REGULATION. EFFORTS ARE MADE TO SECURE COMPENSATION DATE FROM INDUSTRY SOURCES IN ORDER TO DETERMINE COMPETITIVENESS AND APPROPRIATENESS OF SALARIES. EVERY EFFORT IS MADE TO ENSURE THAT THE PROCESS IS THOROUGH AND TRANSPARENT IN ACCORDANCE WITH IRS GUIDELINES AND THE ORGANIZATION'S POLICIES AND PROCEDURES. COMPENSATION OF OTHER HIGH LEVEL PERSONNEL AND KEY EMPLOYEES IS REVIEWED AT LEAST ANNUALLY BY MEMBERS OF MANAGEMENT. EFFORTS ARE MADE TO SECURE COMPENSATION DATA FROM INDUSTRY SOURCES IN ORDER TO DETERMINE COMPETITIVENESS AND APPROPRIATENESS OF SALARIES AND ALL RELATED BENEFITS. ALL DECISIONS ARE THEN DOCUMENTED IN PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE PROVIDED VIA EMAIL OR MAIL IN RESPONSE TO REQUESTS RECEIEVD VIA PHONE, EMAIL, OR MAIL, AND ARE HELD FOR THE SAME PERIOD OF TIME SET FORTH IN SEC. 6104(D). FORM 990, PART XII, LINE 2B NO CHANGE ON THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.