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The Midas Collaborative INC FY2024 filing

Tax-deductible

Boston, MA501(c)(3)Since 2007Education EIN 83-0485169Revenue $636K in FY2024

On file with the IRSmidascollab.org77 Franklin St FL 9, 02110-1510 · Boston, MATax-exempt since Mar 2008Publicly supported charity — 170(b)(1)(A)(vi)

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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.

501(c)(3) charity; gifts are tax-deductible.
58¢ of each $1 spent went to programs.
$37K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $84K a year · 16% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
58%
of spending
Worth a look: 58% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$37K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
7 mo
of spending, in cash
Looks good: 7.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
5
named funders · $230K
Looks good: 5 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$585K
53% of total assets
Fine: liabilities are 53% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$636K
+33% vs prior year
Spent
$581K
To programs
58%
Net assets
$512K
By yearFY2020–FY2025
Revenue
$636K
FY2024▲ +33%
Tap a bar for its year
Revenue by fiscal year
FY2020$223K
FY2022$628K
FY2023$478K
FY2024$636K
FY2025$686K
Expenses
$581K
FY2024▲ +13%
Tap a bar for its year
Expenses by fiscal year
FY2020$175K
FY2022$450K
FY2023$515K
FY2024$581K
FY2025$510K
Net assets
$512K
FY2024▲ +12%
Tap a bar for its year
Net assets by fiscal year
FY2020$172K
FY2022$370K
FY2023$457K
FY2024$512K
FY2025$688K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2008.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

58 cents of each dollar spent went to programs.

Program services 58% · $340K Management & general 31% · $180K Fundraising 10% · $61K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

11 people listed on the 990; $37K paid to officers and key staff.

Part VII, Section A · reportable compensation
Molly Goodman
Executive Director (until 2/24)
$36,911Pt VII · Sec A
$0Pt VII · Sec A
Alex Melikan
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Andrea Huff
Director
$0Pt VII · Sec A

Rose Francois’s $130K as Executive Director is at the 93rd percentile of top reported officer pay among 1613 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2025FY2024FY2023FY2020
Rose Francois$130,389———
Molly Goodman—$36,911$94,021—
Kimberly Hirsh———$49,615
Karen Burg$42,987———

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See The Midas Collaborative INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Improves financial security for low- and moderate-income Massachusetts residents.

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Provided by the organization

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2 programs · $340K · in their own filed words · FY2024
01

Matched Savings Program

Utilizing a systems change framework that includes increasing and sustaining matched savings programs, midas is the fiduciary for 600+ MSP bank accounts. These accounts are components of larger asset-building programs offered by community partner organizations.

$245Kprogram expense
02

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.

$95Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Massachusetts Museum of Contemporary Art Foundation INCFY2024$120K
United Way of Massachusetts Bay INCFY2024$100K
Needham Bank Charitable Foundation INCFY2024$5K
Berkshire Bank Foundation INCFY2024$2K
Bertram D Blaisdell Ins TrFY2024$2K
Total grants receivedfrom 5 funders$230K
See all 5 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$636K
Ln 12
Gifts and grantsLn 1h$466K
Fees for servicesLn 2g$191K
Investment incomeLn 3$257
Money outPt IX
$581K
Ln 25
Programscol B$340K
Managementcol C$180K
Fundraisingcol D$61K
Owns and owesPt X
$512K
net assets · Ln 32
Cash and savingsLn 1–2$357K
Total assetsLn 16$1.1M
LiabilitiesLn 26$585K
PeoplePt VI, VII
11
listed · VII A
PaidVII A1
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$466K
Government grantsLn 1e$250K
Fundraising eventsLn 1c$29K
Fees for servicesLn 2g$191K
Investment incomeLn 3$257
Total revenueLn 12$636K
Assets in detailPt X, end of year
CashLn 1$231K
SavingsLn 2$126K
Cash and savings togetherLn 1–2$357K
Other assetsLn 15$496K
Total assetsLn 16$1.1M
LiabilitiesLn 26$585K
Net assetsLn 32$512K
OperationsPt I, VI
EmployeesI 55
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$332K$357K
Total assetsLn 16$1.2M$1.1M
LiabilitiesLn 26$720K$585K
Net assetsLn 32$457K$512K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$37K$28K$5K$3K
Other salaries and wagesLn 7$188K$145K$27K$17K
Other employee benefitsLn 9$13K$12K$978$94
Payroll taxesLn 10$22K$18K$3K$2K
Legal feesLn 11b$9K$4K$4K$1K
Other fees for servicesLn 11g$227K$92K$103K$33K
Advertising and promotionLn 12$1K$705$624
TravelLn 17$220$220
Conferences, conventions and meetingsLn 19$200$200
Depreciation, depletion and amortizationLn 22$254$216$36$2
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$72K$41K$29K$3K
All other expensesLn 24e$6K$4K$2K
Total functional expensesLn 25$581K$340K$180K$61K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $686K$510K$176K$688K 990 PDF
FY2024 Viewing $636K$581K$55K$512K 990 PDF
FY2023 $478K$515K−$38K$457K 990 PDF
FY2022 $628K$450K$178K$370K 990 PDF
FY2021 Not on file
FY2020 $223K$175K$49K$172K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $636,124 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $373,622$466,104
I-9 Program service revenuePrior year $94,865$191,279
I-10 Investment incomePrior year $96$257
I-11 Other revenuePrior year $9,215−$21,516
I-12 Total revenuePrior year $477,798$636,124
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $328,938$260,964
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $186,560$320,253
I-18 Total expensesPrior year $515,498$581,217
I-19 Revenue less expensesPrior year −$37,700$54,907
Part VI · Governance 10 of 10 board members independent, 1 to look at
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $636,124 across 8 lines filed
VIII-1c Fundraising events$28,997
VIII-1e Government grants$250,000
VIII-1f All other contributions, gifts and grants$187,107
VIII-1h Total contributions, gifts and grants$466,104
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $191,279$191,279
VIII-3 Investment incomeExcluded from tax $257$257
VIII-8 Net income from fundraising eventsExcluded from tax −$21,516−$21,516
VIII-12 Total revenueRelated to mission $191,279 · Unrelated business $0 · Excluded from tax −$21,259$636,124
Part IX · Statement of functional expenses $581,217 across 13 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $28,353 · Management $5,315 · Fundraising $3,243$36,911
IX-7 Other salaries and wagesPrograms $144,689 · Management $27,123 · Fundraising $16,547$188,359
IX-9 Other employee benefitsPrograms $12,257 · Management $978 · Fundraising $94$13,329
IX-10 Payroll taxesPrograms $17,910 · Management $2,909 · Fundraising $1,546$22,365
IX-11b Legal feesPrograms $3,500 · Management $3,951 · Fundraising $1,243$8,694
IX-11g Other fees for servicesPrograms $91,572 · Management $103,391 · Fundraising $32,527$227,490
IX-12 Advertising and promotionPrograms $705 · Fundraising $624$1,329
IX-17 TravelFundraising $220$220
IX-19 Conferences, conventions and meetingsFundraising $200$200
IX-22 Depreciation, depletion and amortizationPrograms $216 · Management $36 · Fundraising $2$254
IX-23 InsuranceManagement $3,912$3,912
IX-24 Other expenses (24a–d)Programs $40,778 · Management $28,533 · Fundraising $2,660$71,971
IX-24e All other expensesManagement $4,079 · Fundraising $2,104$6,183
IX-25 Total functional expensesPrograms $339,980 · Management $180,227 · Fundraising $61,010$581,217
Part X · Balance sheet $1,097,147 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $331,852$230,537
X-2 Savings and temporary cash investments$126,189
X-3 Pledges and grants receivableStart of year $190,200$188,500
X-4 Accounts receivableStart of year $49,445$47,468
X-9 Prepaid expenses and deferred chargesStart of year $6,486$8,191
X-15 Other assetsStart of year $598,801$496,262
X-16 Total assetsStart of year $1,177,038$1,097,147
X-17 Accounts payable and accrued expensesStart of year $110,898$88,916
X-25 Other liabilitiesStart of year $609,078$496,262
X-26 Total liabilitiesStart of year $719,976$585,178
X-27 Net assets without donor restrictionsStart of year $457,062$511,969
X-32 Total net assets or fund balancesStart of year $457,062$511,969
X-33 Total liabilities and net assetsStart of year $1,177,038$1,097,147
Part XI · Reconciliation of net assets $511,969 net assets at year end
XI-1 Total revenue$636,124
XI-2 Total expenses$581,217
XI-3 Revenue less expenses$54,907
XI-4 Net assets at start of year$457,062
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$511,969

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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