Workmoney INC

Milwaukee, WIUnknown exempt organizationSince 2020 EIN 85-0604101Revenue $103.1M in FY2024

On file with the IRSworkmoney.org790 N Milwaukee St Ste 300 · Milwaukee, WI

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WorkMoney is dedicated to lowering costs and raising incomes for all Americans

95¢ of each $1 spent went to programs.
$2.5M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 5
filings with a surplus
Average surplus $6.0M a year · 14% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
95%
of spending
Looks good: 95% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.5M
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
3 mo
of spending, in cash
Fine: 2.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $40K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.0M
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$103.1M
+149% vs prior year
Spent
$97.8M
To programs
95%
Net assets
$30.9M
By yearFY2020–FY2024
Revenue
$103.1M
FY2024▲ +149%
Tap a bar for its year
Revenue by fiscal year
FY2020$20.7M
FY2021$19.1M
FY2022$31.1M
FY2023$41.4M
FY2024$103.1M
Expenses
$97.8M
FY2024▲ +232%
Tap a bar for its year
Expenses by fiscal year
FY2020$17.3M
FY2021$12.8M
FY2022$28.3M
FY2023$29.4M
FY2024$97.8M
Net assets
$30.9M
FY2024▲ +26%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.4M
FY2021$9.7M
FY2022$12.5M
FY2023$24.4M
FY2024$30.9M

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Where the money goes

95 cents of each dollar spent went to programs.

Program services 95% · $93.1M Management & general 4% · $3.9M Fundraising 1% · $709K

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

16 people listed on the 990; $2.5M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Marketing Officer (thru 10/24)
$346,070Pt VII · Sec A
SR Software Engineer (thru 11/24)
$230,184Pt VII · Sec A
Chief Advocacy Officer
$223,135Pt VII · Sec A
Chief Digital Officer
$212,344Pt VII · Sec A
President & CEO
$209,340Pt VII · Sec A
VP Communications (thru 6/24)
$191,633Pt VII · Sec A
VP People Operations
$183,763Pt VII · Sec A
VP Data & Analytics
$181,643Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Ivy Brown$346,070$293,654———
Carrie J Grimes———$165,367$299,849
Rachel Lauter—$235,303$212,216——
Anthony Lower-Basc$230,184————
Carrie Joy Grimes$209,340$116,119$228,712——
Kathryn Bethell——$227,596——
Winsor Aldeborgh$181,643$224,814$204,417——
Anjali Sakaria$223,135$220,865$197,400$200,000—

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.

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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

Helps Americans reduce expenses and increase earnings.

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Provided by the organization

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3 programs · $93.1M · in their own filed words · FY2024
01

Outreach

Workmoney communicated with millions of americans, delivering valuable real-time information to help them better weather financial challenges. Workmoney provided information across a range of communication channels to help americans navigate their financial lives including information on tax credits, goverment programs, and other.

$64.7Mprogram expense
02

Education

Workmoney provided information to subscribers to help them navigate complex financial programs and services, to materially improve their financial well-being. Workmoney held personal conversations with american families about economic tools and resources and their impact on their lives.

$20.2Mprogram expense
03

Advocacy

Workmoney educated decision-makers on the needs of working americans. This work included conducting policy research and analysis and supporting policies that help raise incomes and lower costs.

$8.3Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$40K
Grants paid · 8 grants · $12.6M · 2020–2024
Forward Action FundNH · FY2024$5,000,000
America VotesDC · FY2024$1,000,000
Votevets Action Fund INCDC · FY2024$750,000
Center for Voter InformationDC · FY2024$20,664
Forward Action FundNH · FY2023$250,000
America VotesDC · FY2020$4,200,000

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$103.1M
Ln 12
Gifts and grantsLn 1h$102.3M
Other incomeLn 4–11$705K
Fees for servicesLn 2g$103K
Money outPt IX
$97.8M
Ln 25
Programscol B$93.1M
Managementcol C$3.9M
Fundraisingcol D$709K
Owns and owesPt X
$30.9M
net assets · Ln 32
Cash and savingsLn 1–2$22.3M
Total assetsLn 16$32.8M
LiabilitiesLn 26$2.0M
PeoplePt VI, VII
16
listed · VII A
PaidVII A12
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$102.3M
Fees for servicesLn 2g$103K
Investment incomeLn 3$20K
Other incomeLn 4–11$705K
Gains on assetsLn 7−$4K
Total revenueLn 12$103.1M
Assets in detailPt X, end of year
CashLn 1$12.6M
SavingsLn 2$9.6M
Cash and savings togetherLn 1–2$22.3M
Other assetsLn 15$3.6M
Total assetsLn 16$32.8M
LiabilitiesLn 26$2.0M
Net assetsLn 32$30.9M
OperationsPt I, VI
EmployeesI 534
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$15.7M$22.3M
Total assetsLn 16$25.9M$32.8M
LiabilitiesLn 26$1.5M$2.0M
Net assetsLn 32$24.4M$30.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$8.1M$8.1M
Pay of current officers, directors and key staffLn 5$1.7M$1.3M$375K$33K
Other salaries and wagesLn 7$9.0M$7.2M$1.4M$391K
Pension plan contributionsLn 8$404K$354K$35K$15K
Other employee benefitsLn 9$1.7M$972K$702K$39K
Payroll taxesLn 10$792K$657K$113K$22K
Management feesLn 11a$8K$8K
Legal feesLn 11b$186K$186K
Accounting feesLn 11c$363K$363K
Professional fundraising feesLn 11e$174K$174K
Other fees for servicesLn 11g$23.9M$23.4M$447K$6K
Advertising and promotionLn 12$42.3M$42.3M$150
Office expensesLn 13$50K$33K$16K$1K
Information technologyLn 14$6.5M$6.3M$164K$1K
TravelLn 17$307K$219K$69K$19K
Conferences, conventions and meetingsLn 19$232K$142K$83K$7K
Payments to affiliatesLn 21$1.9M$1.9M
InsuranceLn 23$30K$17K$13K$10
Other expenses (24a–d)Ln 24$184K$184K
Total functional expensesLn 25$97.8M$93.1M$3.9M$709K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $103.1M$97.8M$5.3M$30.9M 990 PDF
FY2023 $41.4M$29.4M$11.9M$24.4M 990 PDF
FY2022 $31.1M$28.3M$2.8M$12.5M 990 PDF
FY2021 $19.1M$12.8M$6.2M$9.7M 990 PDF
FY2020 $20.7M$17.3M$3.4M$3.4M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $103,122,533 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $41,096,499$102,294,918
I-9 Program service revenuePrior year $41,215$102,549
I-10 Investment incomePrior year $22,896$20,012
I-11 Other revenuePrior year $202,808$705,054
I-12 Total revenuePrior year $41,363,418$103,122,533
I-13 Grants and similar amounts paidPrior year $250,000$8,130,664
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $9,083,639$13,580,265
I-16a Professional fundraising feesPrior year $216,750$174,000
I-17 Other expensesPrior year $19,880,585$75,902,823
I-18 Total expensesPrior year $29,430,974$97,787,752
I-19 Revenue less expensesPrior year $11,932,444$5,334,781
Part VI · Governance 4 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members4
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $103,122,533 across 7 lines filed
VIII-1f All other contributions, gifts and grants$102,294,918
VIII-1h Total contributions, gifts and grants$102,294,918
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $61,500 · Unrelated business $41,049$102,549
VIII-3 Investment incomeExcluded from tax $23,887$23,887
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$3,875−$3,875
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $705,054$705,054
VIII-12 Total revenueRelated to mission $61,500 · Unrelated business $41,049 · Excluded from tax $725,066$103,122,533
Part IX · Statement of functional expenses $97,787,752 across 19 lines filed
IX-1 Grants to domestic organizationsPrograms $8,130,664$8,130,664
IX-5 Pay of current officers, directors and key staffPrograms $1,304,975 · Management $375,186 · Fundraising $32,971$1,713,132
IX-7 Other salaries and wagesPrograms $7,204,447 · Management $1,362,270 · Fundraising $391,374$8,958,091
IX-8 Pension plan contributionsPrograms $353,526 · Management $34,946 · Fundraising $15,050$403,522
IX-9 Other employee benefitsPrograms $971,873 · Management $702,424 · Fundraising $39,317$1,713,614
IX-10 Payroll taxesPrograms $656,552 · Management $113,111 · Fundraising $22,243$791,906
IX-11a Management feesManagement $8,000$8,000
IX-11b Legal feesManagement $185,651$185,651
IX-11c Accounting feesManagement $362,695$362,695
IX-11e Professional fundraising feesFundraising $174,000$174,000
IX-11g Other fees for servicesPrograms $23,415,384 · Management $446,880 · Fundraising $5,580$23,867,844
IX-12 Advertising and promotionPrograms $42,345,799 · Management $150$42,345,949
IX-13 Office expensesPrograms $33,214 · Management $15,686 · Fundraising $1,110$50,010
IX-14 Information technologyPrograms $6,302,760 · Management $163,826 · Fundraising $1,275$6,467,861
IX-17 TravelPrograms $219,336 · Management $68,695 · Fundraising $19,352$307,383
IX-19 Conferences, conventions and meetingsPrograms $141,898 · Management $83,269 · Fundraising $7,037$232,204
IX-21 Payments to affiliatesPrograms $1,861,018$1,861,018
IX-23 InsurancePrograms $16,965 · Management $13,177 · Fundraising $10$30,152
IX-24 Other expenses (24a–d)Programs $184,056$184,056
IX-25 Total functional expensesPrograms $93,142,467 · Management $3,935,966 · Fundraising $709,319$97,787,752
Part X · Balance sheet $32,817,745 assets, 14 lines filed
Asset lines not itemized here account for $1,313,322; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $6,034,269$12,612,671
X-2 Savings and temporary cash investmentsStart of year $9,678,623$9,648,633
X-3 Pledges and grants receivableStart of year $9,775,082$5,000,000
X-4 Accounts receivableStart of year $70,545$242,356
X-9 Prepaid expenses and deferred chargesStart of year $100,621$413,968
X-15 Other assetsStart of year $0$3,586,795
X-16 Total assetsStart of year $25,898,687$32,817,745
X-17 Accounts payable and accrued expensesStart of year $1,367,262$1,964,744
X-25 Other liabilitiesStart of year $100,000$0
X-26 Total liabilitiesStart of year $1,467,262$1,964,744
X-27 Net assets without donor restrictionsStart of year $10,001,157$16,422,623
X-28 Net assets with donor restrictionsStart of year $14,430,268$14,430,378
X-32 Total net assets or fund balancesStart of year $24,431,425$30,853,001
X-33 Total liabilities and net assetsStart of year $25,898,687$32,817,745
Part XI · Reconciliation of net assets $30,853,001 net assets at year end
XI-1 Total revenue$103,122,533
XI-2 Total expenses$97,787,752
XI-3 Revenue less expenses$5,334,781
XI-4 Net assets at start of year$24,431,425
XI-5 Net unrealized gains (losses) on investments$1,086,795
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$30,853,001

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

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