Overview
What is Finequity Inc?
Finequity Inc is a nonprofit organization situated in Brooklyn, New York, dedicated to supporting individuals and families who have experienced long-term incarceration and financial exclusion. Their primary objective is to assist these individuals in establishing and improving their credit profiles as a crucial part of their re-entry journey. They accomplish this by offering free credit report summaries, enrolling credit-invisible individuals in a credit-establishing loan service, and providing guidance on utilizing no-cost financial resources. The loan service offers a $100 no-interest, no-fee loan, which is repaid over six months, thereby establishing a credit score in the mid-600s. In 2022, all community members who completed repayment established a healthy credit score. Additionally, Finequity Inc provides a post-mail-based financial education correspondence course to currently incarcerated community members in 13 New York State prisons, covering strategies for navigating credit barriers upon release. Finequity Inc employs a team of four individuals in their mission to empower and support those impacted by incarceration and financial exclusion.
Official website here: www.finequity.org/
Is Finequity Inc legitimate?
Finequity Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Finequity Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $70,005
Professional Fundraising Fees: $0
Other Salaries and Wages: $89,029
For more financial information, click here
Official website here: www.finequity.org/
What is the mission statement of Finequity Inc?
Finequity Inc's mission is centered around assisting individuals who have experienced long-term incarceration, mass incarceration, and financial exclusion. Their objective is to aid these individuals in enhancing their credit profiles as part of their re-entry process. They accomplish this by offering free credit report summaries, enrolling credit-invisible individuals in a credit-establishing loan service, and providing guidance on accessing financial resources and navigating financial emergencies. In 2022, 100% of those who completed repayment of FinEQUITY's loan established a healthy credit score. Furthermore, they offer a financial education correspondence course to currently incarcerated individuals, providing strategies to navigate credit barriers upon release from prison.
Official website here: www.finequity.org/
Who is the CEO of Finequity Inc?
Same As C Above is the Principal Officer of Finequity Inc.
Official website here: www.finequity.org/
What is the revenue of Finequity Inc?
Who are the executives of Finequity Inc and what are their salaries?
The average compensation at Finequity Inc during 2022 was $39,758. There are 4 employees and 13 volunteers at Finequity Inc.
Here are 4 key members and their salaries:
- Briane Cornish (Executive Director)
- Mark Shervington (Vice Chairman) [Trustee/Director]
- Joe Robinson (Secretary) [Trustee/Director]
- Carl Owens (Treasurer) [Trustee/Director]
Official website here: www.finequity.org/
Where can I find the form 990 for Finequity Inc?
The Finequity Inc’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.finequity.org/
Learn more at the official website: www.finequity.org/
Mission Statement of Finequity Inc
Finequity Inc is a mission-driven organization dedicated to aiding individuals who have been affected by prolonged incarceration, mass incarceration, and financial exclusion. Their primary goal is to assist these individuals in enhancing their credit profiles as a crucial step in their re-entry journey.
The nonprofit serves both formerly incarcerated community members and their families, offering them valuable resources to navigate credit barriers and establish credit profiles. One of the ways they achieve this is by providing free credit report summaries, which offer insights into how these reports may be perceived by potential lenders and landlords.
Furthermore, Finequity Inc offers a credit-establishing loan service specifically designed for individuals who are credit invisible, meaning they have no prior credit history. This service provides participants with a $100 loan, paid back over a six-month period, which helps establish a healthy credit score in the mid-600s. In 2022, all community members who completed repayment of these loans successfully established a credit score within this range.
In addition to these services, Finequity Inc also offers guidance on accessing no-cost financial resources and navigating financial emergencies. Beyond the prison walls, they provide financial education correspondence courses to currently incarcerated community members in 13 NY State prisons. These courses cover strategies for overcoming credit barriers upon release from prison. Over 75% of active participants in 2022 continued to engage with this course for at least six months.
Impact
This information is meant to be a general summary of Finequity Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Saturday, July 20, 2024
Finequity Inc's impact is significant in the realm of re-entry support for individuals impacted by long-term incarceration. By offering free credit report summaries, enrolling credit-invisible individuals in credit-establishing loan services, and providing guidance on accessing financial resources, Finequity enables community members to navigate credit barriers and establish healthy credit profiles. In 2022, all participants who completed repayment of Finequity's loan successfully established a healthy credit score, reflecting the organization's effectiveness in helping individuals rebuild their financial lives post-incarceration. Additionally, Finequity's engagement with currently incarcerated individuals through a financial education correspondence course demonstrates a commitment to equipping individuals with the tools needed to address credit challenges upon re-entry. The organization's dedication to serving this vulnerable population reflects its impactful contribution to promoting financial inclusion and stability within communities affected by the criminal justice system.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Organization Details
Founding Year
2019
Phone
(646) 760-6655
Principal Officer
Same As C Above
Main Address
41 SCHERMERHORN STREET SUITE 1002, BROOKLYN, NY, 11201
Website
www.finequity.org/
NTEE Category
Code: I40 - Crime
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