2017-11-15T13:19:06-06:00 2016-12-31 043097400 KEVIN P MARTIN ASSOCIATES PC 10 FORBES WEST BRAINTREE MA 02184 990 2016-01-01 830485169 THE MIDAS COLLABORATIVE INC MIDA 6177873874 20 LINDEN STREET 2ND FLOOR ALLSTON MA 02134 JENNIFER LOWE CLERK 6177873874 2017-11-14 1 JOLANTA TUCK CPA P01340068 7813803520 2017-11-14 72.93.210.10 2017-11-14 12:23:07 ES P 3817619825735A99BA970E3EFAFBD1BC9AA7318E 0692A6BE0279313159B4850067DA3E0D11F3F41A 2016 2021-01-29 14:40:06Z ANGELA GOMES 20 LINDEN STREET 2ND FLOOR ALLSTON MA 02134 553219 0 X MASSASSETS.ORG X 2007 MA TO FACILITATE ASSET DEVELOPMENT AND PROTECTION OF LOW-INCOME FAMILIES IN A MANNER THAT IS PEER SUPPORTED, PRACTITIONER-TESTED, AND COMMUNITY-BUILDING. 7 7 12 0 0 0 534127 421337 122366 126192 0 0 -1522 -981 654971 546548 0 0 0 0 315338 360067 0 0 27028 249338 183962 564676 544029 90295 2519 1824376 1961820 1661035 1795960 163341 165860 X 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 SUCH AS HOMES, BUSINESSES, AND EDUCATION. 0 0 111566 108406 BUILDING SAVINGS AND INVESTMENT: MIDAS OPERATES MULTIPLE MATCHED SAVINGS PROGRAMS IN PARTNERSHIP WITH MEMBER COMMUNITY PARTNER ORGANIZATIONS ACROSS MASSACHUSETTS. IN 2016, 496 ENROLLED INVESTORS AT 22 MEMBER SITES COLLECTIVELY SAVED AND EARNED OVER $578,000 IN MATCHED SAVINGS, AND ATTENDED OVER 2,280 HOURS OF FINANCIAL AND ASSET TRAINING TO BUILD THEIR FINANCIAL STRENGTH. THE 130 MATCHED SAVINGS PROGRAM PARTICIPANTS WHO GRADUATED IN 2016 INVESTED IN OVER $5 MILLION WORTH OF HOMES, EDUCATIONS, SMALL BUSINESSES, AND OTHER ASSETS SUCH AS CARS, COMPUTERS, AND RAINY-DAY FUNDS. 266484 OFFERING FINANCIAL STABILITY TO COMMUNITY COLLEGE STUDENTS: MIDAS COMPLETED INVEST IN COLLEGE SUCCESS, AN INNOVATIVE, COLLABORATIVE TWO-YEAR PILOT OF FINANCIAL STABILITY SERVICES AT THREE COMMUNITY COLLEGES ACROSS THE STATE: BUNKER HILL, NORTHERN ESSEX AND SPRINGFIELD TECHNICAL. THE PROGRAM WAS DESIGNED TO INCREASE COLLEGE AFFORDABILITY FOR AND FINANCIAL CAPABILITIES OF STUDENTS. MIDAS PROVIDED PROJECT COORDINATION, FINANCIAL COACHING, AND MATCHED SAVINGS PROGRAM SERVICES. UASPIRE, A STATEWIDE NONPROFIT PARTNER, PROVIDED CASE MANAGEMENT AND COLLEGE AFFORDABILITY ADVISING. THE FEDERAL RESERVE BANK OF BOSTON CONDUCTED RESEARCH AND EVALUATION. OVER 1,700 STUDENTS WERE SERVED WITHIN THE TWO-YEAR PILOT, WITH POSITIVE OUTCOMES IN ON-TIME COLLEGE PAYMENTS, FAFSA RENEWALS, AND FINANCIAL KNOWLEDGE.INCREASING ACCESS TO FINANCIAL EDUCATION AND INDIVIDUAL FINANCIAL COACHING AND PLANNING: MIDAS EXPANDED THE REACH OF THE FINANCIAL CONFIDENCE & COACHING PROGRAM (FCCP) WHICH INCLUDES ONLINE FINANCIAL EDUCATION RESOURCES AT MASSSAVES.ORG AND INDIVIDUAL FINANCIAL COACHING SERVICES. MASSACHUSETTS RESIDENTS ARE MATCHED WITH NATIONALLY CERTIFIED, MULTILINGUAL FINANCIAL COACHES WHO MEET THEM -- VIA PHONE AND VIRTUAL PLATFORMS -- FOR FREE "ONE-ON-ONE" COACHING SESSIONS, AVAILABLE WEEKDAYS, EVENINGS, AND WEEKENDS. BUILDING ON THE REMOTE MODEL, MIDAS LAUNCHED THE ADDITION OF FREE, REMOTE FINANCIAL PLANNING SERVICES IN APRIL 2016, WITH A GRANT FROM THE FOUNDATION FOR FINANCIAL PLANNING AND PRO-BONO ASSISTANCE FROM MEMBERS OF THE FINANCIAL PLANNING ASSOCIATION OF MASSACHUSETTS (FPAMA). AFTER FINISHING A COACHING ENGAGEMENT WITH MIDAS, ELIGIBLE PARTICIPANTS CAN MEET REMOTELY WITH A CERTIFIED FINANCIAL PLANNER FOR SUPPORT ON ISSUES SUCH AS INVESTING AND GROWING SAVINGS, PROTECTING ASSETS, OBTAINING INSURANCE, RETIREMENT AND/OR ESTATE PLANNING, SAVING FOR COLLEGE, AND MAXIMIZING TAX BENEFITS. BY THE END OF 2016, 20 PARTICIPANTS WERE ENROLLED IN THE FINANCIAL PLANNING OPTION.OF THE 208 RESIDENTS WHO WERE PROVIDED INDIVIDUAL FINANCIAL COACHING SERVICES IN 2016:-90% HAVE "SET CLEAR GOALS AND ACTION STEPS" TOWARD FINANCIAL SUCCESS.-90% HAVE "ACHIEVED THEIR STATED GOAL AND 19% HAVE "ACHIEVED SIGNIFICANT PROGRESS" ON THE MORE COMMON ISSUES OF BANKING, CREDIT, AND SAVINGS.-73% HAVE "ACHIEVED THEIR GOAL" ON AT LEAST ONE OF THEIR INDIVIDUAL AREAS OF FOCUS: RETIREMENT, AUTO, MORTGAGE, SCHOOL DEBT, ID THEFT. 91737 4200 TRAININGS ON FINANCIAL EDUCATION TOPICS, RESOURCES, AND COACHING METHODS: MIDAS PROVIDED 20 TRAININGS TO MORE THAN 450 INDIVIDUALS, INCLUDING: STAFF MEMBERS FROM MIDAS MEMBER ORGANIZATIONS ACROSS THE STATE THAT SERVE LOW AND MODERATE-INCOME RESIDENTS; MEMBERS OF THE MASSSAVES COALITION AND THE PUBLIC AT LARGE; EDUCATORS AND POLICYMAKERS AT OUR ANNUAL STATEWIDE FINANCIAL EDUCATION SUMMIT; A VAST ARRAY OF DIRECT SERVICE ORGANIZATIONS ACROSS THE STATE, AND PROFESSIONAL DEVELOPMENT FOR STAFF. TRAINING TOPICS INCLUDED: THE CONSUMER FINANCIAL PROTECTION BUREAU'S FINANCIAL EMPOWERMENT TOOLKIT, FINANCIAL PLANNING AND ASSET-BUILDING, REFINING YOUR COACHING APPROACH AND RESOURCES TO HELP SPECIAL POPULATIONS, BEST PRACTICES IN DESIGNING FINANCIAL EDUCATION WORKSHOPS, AND FINANCIAL COACHING SKILLS AND TECHNIQUES.EDUCATION AND OUTREACH ACTIVITIES TO PROMOTE ASSET-BUILDING AND RETENTION POLICIES: AT THE STATE LEVEL, MIDAS HAS ENGAGED IN POLICY DISCUSSION ON TOPICS SUCH AS MATCHED SAVINGS, CONSUMER PROTECTION, FINANCIAL EDUCATION, AND ASSET LIMIT REFORM, LEADING AND SUPPORTING COALITION WORK. MIDAS CONTINUES TO REPRESENT MASSACHUSETTS IN THE NATIONAL CONVERSATION ON ECONOMIC SECURITY, WHILE IN MASSACHUSETTS THE FOLLOWING INITIATIVES WERE SUCCESSFUL:- INCREASE IN THE STATE EARNED INCOME TAX CREDIT.- EDUCATION IN THE ISSUE OF DEBT COLLECTION ABUSES.- INCREASED AWARENESS OF EMPLOYER DISCRIMINATION BASED ON CREDIT REPORTS. AT THE NATIONAL LEVEL, MIDAS HAS PROVIDED SUPPORT FOR INCREASED FEDERAL REGULATION OF PAYDAY LENDERS. 469787 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 12 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 1 1 1 1 0 0 1 1 1 1 0 0 1 1 0 MA X X ALLSTON-BRIGHTON CDC 6177873874 20 LINDEN STREET 2ND FLOOR ALLSTON MA 02134 ANGELA GOMES INTERIM BOARD CO-CHAIR 0.50 X X 0 0 0 SUZANNE CHERENSON INTERIM BOARD CO-CHAIR 0.50 X X 0 0 0 BLAIR BENJAMIN TREASURER 0.50 X X 0 0 0 JENNIFER LOWE CLERK 0.50 X X 0 0 0 KATHERINE ADAM DIRECTOR 0.50 X 0 0 0 BARBARA GREENBERG DIRECTOR 0.50 X 0 0 0 WILLIAM WEYDEMEYER DIRECTOR 0.50 X 0 0 0 PAMELA HOFFMAN EXECUTIVE DIRECTOR 20.00 X 19231 0 1106 19231 0 1106 0 0 0 0 0 33580 243808 143949 421337 SERVICE FEES 611710 126192 126192 126192 5690 33580 6671 -981 -981 546548 126192 0 -981 X 22260 11130 6678 4452 285594 258625 9439 17530 24688 21669 1057 1962 27525 24157 1443 1925 6150 6150 144217 129293 14924 12565 9467 2723 375 12000 10800 600 600 1915 890 955 70 3894 3266 541 87 545 490 28 27 2676 2676 544029 469787 47214 27028 153013 97536 53145 53227 96625 93832 6944 7984 3340 2058 1827 1282 1512822 1707959 1824376 1961820 58060 28586 39616 19454 1563359 1747920 1661035 1795960 X 113341 139610 50000 26250 163341 165860 1824376 1961820 2519 0 X 0 1 X 1 0 X 218742 288800 378670 534127 421337 1841676 218742 288800 378670 534127 421337 1841676 192410 1649266 11547 11547 6190 8266 2900 5163 22519 1875742 126192 0.87930 0.83120 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 9249 9249 534780 544029 106604 26651 0 0 72254 85010 111008 106604 374876 562314 3633 7016 8708 9249 28606 18064 21253 27752 26651 93720 140580 3633 7016 8708 9249 28606 3340 2058 1282 1282 FUNDS HELD FOR OTHERS 1707959 1707959 DUE TO FISCAL AGENT 40669 FUNDS HELD FOR OTHERS 1707251 1747920 546548 0 546548 0 546548 544029 0 544029 0 544029 ASSETS & OPPORTUNITY BREAKFAST 39270 33580 5690 5690 981 39270 33580 5690 5690 981 6671 -981 FORM 990, PART VI, SECTION A, LINE 3 FINANCIAL MANAGEMENT SERVICES AND PAYROLL AND BENEFIT PROCESSING PROVIDED BY ALLSTON BRIGHTON COMMUNITY DEVELOPMENT CORPORATION FOR A FEE. ALL EXPENSES REIMBURSED TO ALLSTON BRIGHTON COMMUNITY DEVLEOPMENT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A ADMISSION AS A FULL MEMBER REQUIRES: (I) NOMINATION BY AN EXISTING FULLMEMBER IN GOOD STANDING, (II) APPROVAL BY THE BOARD OF DIRECTORS, AND; (III)APPROVAL BY AN AFFIRMATIVE VOTE OF AT LEAST THREE-FOURTHS OF ALL FULLMEMBERS IN GOOD-STANDING. ADMISSION AS AN AFFILIATE MEMBER REQUIRES APPROVAL BY AN AFFIRMATIVE VOTE OF A SIMPLE MAJORITY OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B EACH FULL MEMBER WILL BE ENTITLED TO THE FOLLOWING RIGHTS; I) ONE VOTE IN ALL MATTERS REQUIRING MEMBER VOTE; II) ONE VOTE TO ELECT REPRESENTATIVE TO THE BOARD OF DIRECTORS; III) ELIGIBIITY TO SERVE ON THE BOARD OF DIRECTORS; IV) EQUAL OPPORTUNITY TO PRESENT IDEAS TO THE CORPORATION, TO VOICE CONCERNS, AND TO REQUEST CHANGES TO THE CORPORATION'S STRUCTURE, POLICIES, OR OPERATIONS; V) ELIGIBILITY FOR PROGRAM FUNDS RAISED BY THE CORPORATION ON BEHALF OF MEMBERS; VI) IN THE CASE OF A MATCHED SAVINGS PROGRAM, ACCESS TO CENTRALIZED MATCHED ACCOUNT MANAGEMENT, RECORD-KEEPING, AND STATEWIDE PROGRAM DATA COLLECTION AND ANALYSIS BY THE CORPORATION, AS FUNDING AND OPPORTUNITIES PERMIT; VII)DISCOUNTS ON TRAININGS, TECHNICAL ASSISTANCE, WEB-BASED RESOURCES AND ACCESS TO THE CORPORATION'S RESOURCE LIBRARY; AND VIII)ACCESS TO ANY CORPORATION ADMINISTRATIVE RECORDS, INCLUDING MEETING MINUTES, GRANT APPLICATIONS, PEER PROGRAM EVALUATION RESULTS, COMMUNICATIONS WITH AND FROM CORPORATION FUNDERS, AND ANY OTHER DOCUMENTS RELATED TO CORPROATION BUSINESS. EACH AFFILIATE MEMBER WILL BE ENTITLED TOTHE FOLLOWING RIGHTS: I)EQUAL OPPORTUNITY TO PRESENT IDEAS TO THE CORPORATION, TO VOICE CONCERNS, AND TO REQUEST CHANGES TO THE CORPORATION'S STRUCTURE, POLICIES OR OPERATIONS; II) PARTICIPATION IN MEMBER MEETINGS AS NON-VOTING MEMBERS; III) PARTICIPATION IN EDUCATIONAL EFFORTS; IV) DISCOUNTS ON TRAININGS, TECHNICAL ASSISTANCE, WEB-BASED RESOURCES AND ACCESS TO THE CORPORATION'S RESOURCE LIBRARY; AND V) OPPORTUNITY TO APPLY FOR ADMISSION AS A FULL MEMBER. FORM 990, PART VI, SECTION B, LINE 11B IRS FORM 990 IS REVIEWED WITH THE PREPARER BY THE MANAGEMENT SERVICES PERSONNEL AND THEN CIRCULATED TO BOARD MEMBERS PRIOR TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ANNUAL DISCLOSURE OF INTERESTS PROVIDED AS PART OF THE ANNUAL FINANCIAL STATEMENT AND TAX PREPARATION PROCESS. FORM 990, PART VI, SECTION B, LINE 15 EXECUTIVE COMPENSATION IS REVIEWED ANNUALLY AS PART OF THE BUDGET PROCESS. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS PROVIDED UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 11G OTHER CONSULTANTS: PROGRAM SERVICE EXPENSES 29,293. MANAGEMENT AND GENERAL EXPENSES 14,924. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 44,217. SUBCONTRACTED SERVICES: PROGRAM SERVICE EXPENSES 100,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 100,000.