Workmoney INC FY2023 filing

Milwaukee, WIUnknown exempt organizationSince 2020 EIN 85-0604101Revenue $41.4M in FY2023

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

88¢ of each $1 spent went to programs.
$2.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

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FY2023 · 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
88%
of spending
Looks good: 88% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$2.0M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
6 mo
of spending, in cash
Looks good: 6.4 months of spending in cash; 3 or more.
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
$1.5M
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$41.4M
+33% vs prior year
Spent
$29.4M
To programs
88%
Net assets
$24.4M
By yearFY2020–FY2024
Revenue
$41.4M
FY2023▲ +33%
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
$29.4M
FY2023▲ +4%
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
$24.4M
FY2023▲ +95%
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 FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

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

88 cents of each dollar spent went to programs.

Program services 88% · $25.9M Management & general 9% · $2.8M Fundraising 2% · $717K

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

12 people listed on the 990; $2.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
Chief Marketing Officer
$293,654Pt VII · Sec A
Chief Strategy Officer
$235,303Pt VII · Sec A
VP Data & Analytics
$224,814Pt VII · Sec A
Chief Advocacy Officer
$220,865Pt VII · Sec A
VP Finance & Operations
$219,533Pt VII · Sec A
VP Digital Engagement
$219,533Pt VII · Sec A
$219,533Pt VII · Sec A
VP People Operations
$219,533Pt 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 · $25.9M · in their own filed words · FY2023
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.

$18.0Mprogram 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.

$5.6Mprogram 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.

$2.3Mprogram 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 FY2023 990, line by line.

1The main four
Money inPt VIII
$41.4M
Ln 12
Gifts and grantsLn 1h$41.1M
Other incomeLn 4–11$203K
Fees for servicesLn 2g$41K
Money outPt IX
$29.4M
Ln 25
Programscol B$25.9M
Managementcol C$2.8M
Fundraisingcol D$717K
Owns and owesPt X
$24.4M
net assets · Ln 32
Cash and savingsLn 1–2$15.7M
Total assetsLn 16$25.9M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
12
listed · VII A
PaidVII A9
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$41.1M
Noncash giftsLn 1g$147K
Fees for servicesLn 2g$41K
Investment incomeLn 3$23K
Other incomeLn 4–11$203K
Total revenueLn 12$41.4M
Assets in detailPt X, end of year
CashLn 1$6.0M
SavingsLn 2$9.7M
Cash and savings togetherLn 1–2$15.7M
Total assetsLn 16$25.9M
LiabilitiesLn 26$1.5M
Net assetsLn 32$24.4M
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 FY23End FY23
Cash and savingsLn 1–2$12.9M$15.7M
Total assetsLn 16$12.9M$25.9M
LiabilitiesLn 26$431K$1.5M
Net assetsLn 32$12.5M$24.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$250K$250K
Pay of current officers, directors and key staffLn 5$957K$479K$239K$239K
Other salaries and wagesLn 7$6.1M$4.9M$1.2M$108K
Pension plan contributionsLn 8$323K$252K$57K$14K
Other employee benefitsLn 9$1.1M$647K$426K$44K
Payroll taxesLn 10$548K$420K$106K$22K
Legal feesLn 11b$44K$44K
Accounting feesLn 11c$45K$45K
Professional fundraising feesLn 11e$217K$217K
Other fees for servicesLn 11g$2.9M$2.7M$116K$10K
Advertising and promotionLn 12$11.8M$11.8M$25
Office expensesLn 13$27K$3K$23K
Information technologyLn 14$4.1M$3.9M$121K$10K
TravelLn 17$445K$169K$226K$49K
InsuranceLn 23$28K$19K$9K
Other expenses (24a–d)Ln 24$581K$354K$224K$3K
Total functional expensesLn 25$29.4M$25.9M$2.8M$717K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $103.1M$97.8M$5.3M$30.9M 990 PDF
FY2023 Viewing $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 M · Noncash J · Pay O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $41,363,418 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $31,021,931$41,096,499
I-9 Program service revenuePrior year $23,345$41,215
I-10 Investment incomePrior year $2,179$22,896
I-11 Other revenuePrior year $56,954$202,808
I-12 Total revenuePrior year $31,104,409$41,363,418
I-13 Grants and similar amounts paidPrior year $0$250,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $6,107,245$9,083,639
I-16a Professional fundraising feesPrior year $0$216,750
I-17 Other expensesPrior year $22,182,008$19,880,585
I-18 Total expensesPrior year $28,289,253$29,430,974
I-19 Revenue less expensesPrior year $2,815,156$11,932,444
Part VI · Governance 3 of 4 board members independent, no flags
VI-1a Voting members of the governing body4
VI-1b Independent voting members3
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 $41,363,418 across 7 lines filed
VIII-1f All other contributions, gifts and grants$41,096,499
VIII-1g Noncash contributions (included above)$146,567
VIII-1h Total contributions, gifts and grants$41,096,499
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,590 · Unrelated business $39,625$41,215
VIII-3 Investment incomeExcluded from tax $22,896$22,896
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $202,808$202,808
VIII-12 Total revenueRelated to mission $204,398 · Unrelated business $39,625 · Excluded from tax $22,896$41,363,418
Part IX · Statement of functional expenses $29,430,974 across 16 lines filed
IX-1 Grants to domestic organizationsPrograms $250,000$250,000
IX-5 Pay of current officers, directors and key staffPrograms $478,629 · Management $239,314 · Fundraising $239,314$957,257
IX-7 Other salaries and wagesPrograms $4,871,091 · Management $1,158,408 · Fundraising $108,061$6,137,560
IX-8 Pension plan contributionsPrograms $251,601 · Management $57,473 · Fundraising $13,665$322,739
IX-9 Other employee benefitsPrograms $647,236 · Management $426,370 · Fundraising $44,234$1,117,840
IX-10 Payroll taxesPrograms $419,696 · Management $106,191 · Fundraising $22,356$548,243
IX-11b Legal feesManagement $44,130$44,130
IX-11c Accounting feesManagement $44,648$44,648
IX-11e Professional fundraising feesFundraising $216,750$216,750
IX-11g Other fees for servicesPrograms $2,746,952 · Management $115,766 · Fundraising $10,000$2,872,718
IX-12 Advertising and promotionPrograms $11,765,552 · Management $25$11,765,577
IX-13 Office expensesPrograms $3,175 · Management $23,393$26,568
IX-14 Information technologyPrograms $3,942,266 · Management $120,873 · Fundraising $10,291$4,073,430
IX-17 TravelPrograms $169,319 · Management $226,256 · Fundraising $49,198$444,773
IX-23 InsurancePrograms $19,340 · Management $8,719$28,059
IX-24 Other expenses (24a–d)Programs $353,646 · Management $223,617 · Fundraising $3,419$580,682
IX-25 Total functional expensesPrograms $25,918,503 · Management $2,795,183 · Fundraising $717,288$29,430,974
Part X · Balance sheet $25,898,687 assets, 13 lines filed
Asset lines not itemized here account for $239,547; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $1,313,525$6,034,269
X-2 Savings and temporary cash investmentsStart of year $11,605,518$9,678,623
X-3 Pledges and grants receivableStart of year $0$9,775,082
X-4 Accounts receivableStart of year $8,939$70,545
X-9 Prepaid expenses and deferred chargesStart of year $0$100,621
X-16 Total assetsStart of year $12,929,547$25,898,687
X-17 Accounts payable and accrued expensesStart of year $360,566$1,367,262
X-25 Other liabilitiesStart of year $70,000$100,000
X-26 Total liabilitiesStart of year $430,566$1,467,262
X-27 Net assets without donor restrictionsStart of year $3,679,105$10,001,157
X-28 Net assets with donor restrictionsStart of year $8,819,876$14,430,268
X-32 Total net assets or fund balancesStart of year $12,498,981$24,431,425
X-33 Total liabilities and net assetsStart of year $12,929,547$25,898,687
Part XI · Reconciliation of net assets $24,431,425 net assets at year end
XI-1 Total revenue$41,363,418
XI-2 Total expenses$29,430,974
XI-3 Revenue less expenses$11,932,444
XI-4 Net assets at start of year$12,498,981
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$24,431,425

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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