Working Solutions Cdfi: Nonprofit Profile, Financials & Form 990 (EIN 91-1951777)

Revenue by fiscal year
FY2020	$3.5M
FY2021	$7.4M
FY2022	$2.7M
FY2023	$6.7M
FY2024	$5.2M
FY2025	$4.5M

Expenses by fiscal year
FY2020	$3.4M
FY2021	$3.5M
FY2022	$3.9M
FY2023	$4.6M
FY2024	$5.0M
FY2025	$5.1M

Net assets by fiscal year
FY2020	$4.7M
FY2021	$8.5M
FY2022	$7.3M
FY2023	$9.4M
FY2024	$9.6M
FY2025	$9.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1999.

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

Where the money goes

78 cents of each dollar spent went to programs.

78%

16%

Program services 78% · $4.0M Management & general 16% · $812K Fundraising 6% · $299K

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

22 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Sara Razavi

Chief Executive Officer

$182,055Pt VII · Sec A

Laura Hoover

Chief Development Officer

$166,053Pt VII · Sec A

Titilope Ikhile

Chief Program Officer

$164,731Pt VII · Sec A

John Palyo

Chief Lending Offier (thru 7/2024)

$161,243Pt VII · Sec A

Gasper Magallanes

Chief Financial Officer

$151,075Pt VII · Sec A

Debra Steineman

Senior Accounting Manager

$126,022Pt VII · Sec A

Natalya Blumenfeld

Director of Data & Impact

$118,261Pt VII · Sec A

Lynnda Mori

Business Consulting Manager

$116,527Pt VII · Sec A

Sara Razavi’s $182K as Chief Executive Officer is at the 86th percentile of top reported officer pay among 3869 $1–10M human services 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 · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Inga Mork	—	—	—	—	$254,279	$197,348
Sara Razavi	$182,055	$178,488	$178,136	$183,870	$178,017	$181,789
Gasper Magallanes	$151,075	$170,329	$176,990	$14,583	—	—
Laura Hoover	$166,053	$168,109	$170,561	$175,880	$168,188	$145,352
Titilope Ikhile	$164,731	$152,877	$146,281	$131,515	$123,491	—
John Palyo	$161,243	$159,672	—	—	—	—
Christina Travers	—	—	—	$159,137	$28,950	—
Debra Steineman	$126,022	$121,782	$111,947	$110,858	$104,561	—

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

Provides capital, consulting, and connections to Bay Area entrepreneurs starting and growing local businesses.

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Provided by the organization

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1 program · $4.0M · in their own filed words · FY2024

01

Working solutions cdfi ("working solutions or "the organization") is a california nonprofit corporation and a certified community development financial institution (cdfi). Working solutions is the first to believe in start-up and early-stage businesses by providing affordable capital, customized business consulting, and community…

$4.0Mprogram 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

Cathay Bank FoundationFY2025$8K

Total grants receivedfrom 1 funder$8K

Grants paid · 1 grant · $296K · 2023–2023

Unitemized GrantFY2023$296,500

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$4.5M

Ln 12

Gifts and grantsLn 1h$2.4M

Fees for servicesLn 2g$2.0M

Investment incomeLn 3$102K

Money outPt IX

$5.1M

Ln 25

Programscol B$4.0M

Managementcol C$812K

Fundraisingcol D$299K

Owns and owesPt X

$9.0M

net assets · Ln 32

Cash and savingsLn 1–2$3.0M

Total assetsLn 16$23.1M

LiabilitiesLn 26$14.1M

PeoplePt VI, VII

22

listed · VII A

PaidVII A10

Voting boardVI 1a12

IndependentVI 1b12

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$2.4M

Government grantsLn 1e$290K

Fees for servicesLn 2g$2.0M

Investment incomeLn 3$102K

Total revenueLn 12$4.5M

Assets in detailPt X, end of year

CashLn 1$772K

SavingsLn 2$2.2M

Cash and savings togetherLn 1–2$3.0M

InvestmentsLn 11–13$18.1M

Land, buildings, equipmentLn 10c$21K

Other assetsLn 15$658K

Total assetsLn 16$23.1M

LiabilitiesLn 26$14.1M

Net assetsLn 32$9.0M

OperationsPt I, VI

EmployeesI 525

VolunteersI 680

Fiscal year endsHeaderSeptember

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$5.5M	$3.0M
InvestmentsLn 11–13	$13.4M	$18.1M
Land, buildings, equipmentLn 10c	$10K	$21K
Total assetsLn 16	$21.4M	$23.1M
LiabilitiesLn 26	$11.8M	$14.1M
Net assetsLn 32	$9.6M	$9.0M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$940K	$407K	$370K	$163K
Other salaries and wagesLn 7	$1.8M	$1.6M	$134K	$64K
Pension plan contributionsLn 8	$15K	$11K	$3K	$1K
Other employee benefitsLn 9	$405K	$331K	$56K	$18K
Payroll taxesLn 10	$202K	$151K	$35K	$16K
Accounting feesLn 11c	$88K		$88K
Other fees for servicesLn 11g	$239K	$220K	$11K	$8K
Advertising and promotionLn 12	$17K	$6K	$1K	$10K
Office expensesLn 13	$28K	$12K	$14K	$2K
Information technologyLn 14	$196K	$127K	$58K	$11K
OccupancyLn 16	$14K	$12K	$1K	$804
TravelLn 17	$54K	$28K	$23K	$3K
Conferences, conventions and meetingsLn 19	$29K	$16K	$13K	$1K
InterestLn 20	$305K	$305K
Depreciation, depletion and amortizationLn 22	$5K	$4K	$566	$360
InsuranceLn 23	$14K	$11K	$2K	$945
Other expenses (24a–d)Ln 24	$676K	$674K	$2K	$295
Total functional expensesLn 25	$5.1M	$4.0M	$812K	$299K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$4.5M	$5.1M	−$545K	$9.0M	990 PDF
FY2024	$5.2M	$5.0M	$165K	$9.6M	990 PDF
FY2023	$6.7M	$4.6M	$2.1M	$9.4M	990 PDF
FY2022	$2.7M	$3.9M	−$1.2M	$7.3M	990 PDF
FY2021	$7.4M	$3.5M	$3.9M	$8.5M	990 PDF
FY2020	$3.5M	$3.4M	$111K	$4.7M	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 J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $4,517,533 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $3,660,675$2,439,542

I-9 Program service revenuePrior year $1,338,471$1,976,047

I-10 Investment incomePrior year $154,926$101,944

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $5,154,072$4,517,533

I-13 Grants and similar amounts paidPrior year $296,500$0

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $3,325,128$3,397,542

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $1,367,816$1,665,440

I-18 Total expensesPrior year $4,989,444$5,062,982

I-19 Revenue less expensesPrior year $164,628−$545,449

Part VI · Governance 12 of 12 board members independent, no flags

VI-1a Voting members of the governing body12

VI-1b Independent voting members12

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 $4,517,533 across 6 lines filed

VIII-1e Government grants$290,112

VIII-1f All other contributions, gifts and grants$2,149,430

VIII-1h Total contributions, gifts and grants$2,439,542

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,976,047$1,976,047

VIII-3 Investment incomeExcluded from tax $101,944$101,944

VIII-12 Total revenueRelated to mission $1,976,047 · Unrelated business $0 · Excluded from tax $101,944$4,517,533

Part IX · Statement of functional expenses $5,062,982 across 17 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $406,764 · Management $369,898 · Fundraising $163,315$939,977

IX-7 Other salaries and wagesPrograms $1,638,446 · Management $133,574 · Fundraising $64,088$1,836,108

IX-8 Pension plan contributionsPrograms $11,092 · Management $2,613 · Fundraising $1,146$14,851

IX-9 Other employee benefitsPrograms $330,726 · Management $56,178 · Fundraising $18,073$404,977

IX-10 Payroll taxesPrograms $150,597 · Management $35,473 · Fundraising $15,559$201,629

IX-11c Accounting feesManagement $88,002$88,002

IX-11g Other fees for servicesPrograms $220,276 · Management $11,207 · Fundraising $7,934$239,417

IX-12 Advertising and promotionPrograms $5,704 · Management $1,080 · Fundraising $9,940$16,724

IX-13 Office expensesPrograms $12,038 · Management $14,063 · Fundraising $1,522$27,623

IX-14 Information technologyPrograms $126,757 · Management $58,165 · Fundraising $11,162$196,084

IX-16 OccupancyPrograms $11,741 · Management $1,264 · Fundraising $804$13,809

IX-17 TravelPrograms $28,209 · Management $23,422 · Fundraising $2,509$54,140

IX-19 Conferences, conventions and meetingsPrograms $15,657 · Management $12,591 · Fundraising $1,214$29,462

IX-20 InterestPrograms $304,753$304,753

IX-22 Depreciation, depletion and amortizationPrograms $4,219 · Management $566 · Fundraising $360$5,145

IX-23 InsurancePrograms $11,157 · Management $1,766 · Fundraising $945$13,868

IX-24 Other expenses (24a–d)Programs $674,368 · Management $1,750 · Fundraising $295$676,413

IX-25 Total functional expensesPrograms $3,952,504 · Management $811,612 · Fundraising $298,866$5,062,982

Part X · Balance sheet $23,135,892 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $672,488$771,751

X-2 Savings and temporary cash investmentsStart of year $4,869,154$2,223,756

X-3 Pledges and grants receivableStart of year $1,372,500$1,117,677

X-4 Accounts receivableStart of year $105,981$194,509

X-9 Prepaid expenses and deferred chargesStart of year $33,379$38,059

X-10c Land, buildings and equipment, netStart of year $9,716$21,493

X-13 Program-related investmentsStart of year $13,406,504$18,110,362

X-15 Other assetsStart of year $919,987$658,285

X-16 Total assetsStart of year $21,389,709$23,135,892

X-17 Accounts payable and accrued expensesStart of year $661,210$576,361

X-19 Deferred revenueStart of year $542,698$767,148

X-24 Unsecured notes and loans payableStart of year $10,574,416$12,747,145

X-25 Other liabilitiesStart of year $25,282$12,584

X-26 Total liabilitiesStart of year $11,811,606$14,103,238

X-27 Net assets without donor restrictionsStart of year $7,536,231$7,655,154

X-28 Net assets with donor restrictionsStart of year $2,041,872$1,377,500

X-32 Total net assets or fund balancesStart of year $9,578,103$9,032,654

X-33 Total liabilities and net assetsStart of year $21,389,709$23,135,892

Part XI · Reconciliation of net assets $9,032,654 net assets at year end

XI-1 Total revenue$4,517,533

XI-2 Total expenses$5,062,982

XI-3 Revenue less expenses−$545,449

XI-4 Net assets at start of year$9,578,103

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$9,032,654

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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