Working Solutions Cdfi FY2022 filing

San Francisco, CA · Public charity (501(c)(3)) · Human Services

✓ Tax-deductible Latest data FY2022
Revenue
$2.7M
▼ -64% vs prior year
Spent
$3.9M
To programs
83%
Net assets
$7.3M
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Form 990 for the fiscal year ending September 2022 (IRS tax year 2021).

Figures match the IRS filing checked 8/25/26 · see original: IRS

Status and standing

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Foundation funders?
1 funder — Cathay Bank Foundation
$8K in the latest grant year.
Spent on programs?
83% to programs
Form 990 Part IX, latest filing.
Size and trend
$1–10M
↓ -64% vs prior year
Legal name (IRS)Hdr · item CWorking Solutions Cdfi
EINHdr · item D91-1951777
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFMay 1999
Latest filingForm 990FY2025 · Form 990
Principal addressHdr · item CSan Francisco, CA
NTEE classificationIRS BMFHuman Services (P800)
WebsiteHdr · item Jwww.workingsolutions.org

Where the money goes

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.83 Management & general $0.11 Fundraising $0.06
Program services83%$3.2M
Management & general11%$426K
Fundraising6%$249K
Total functional expensesLn 25$3.9M

Financial health

Revenue & expenses by yearFY2020–FY2025
Revenue
$2.7M
FY2022▼ -64%
Expenses
$3.9M
FY2022▲ +11%
Program efficiency
83%
of spending reaches programs
Operating runway
19.1mo
months of highly liquid reserves at operating expense rate
Surplus margin
-47%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Total assets
$16.3M
FY2022▼ -4%
Total liabilities
$9.0M
FY2022▲ +8%
Revenue less expensesPt I · Ln 19−$1.2M
Total assetsPt X · Ln 16$16.3M
Program-expense ratioPt IX · col B83%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 410

Balance Sheet

Part X · end of year
CashLn 1$6.2M
Total assetsLn 16$16.3M
Total liabilitiesLn 26$9.0M
Total net assetsLn 32$7.3M
Months of cash on handcomputed19.1

Statement of Revenue

Part VIII
Contributions & grants$1.5M · 55%
Program service revenue$1.2M · 45%
Contributions & grants55%$1.5M
Program service revenue45%$1.2M
Investment income$613
— government grantsLn 1e$733K
Total revenueLn 12$2.7M

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $6.2M · Operating expenses/yr $3.9M
19.1 months
Where the money goes
Program services
Program services $3.2M · Total expenses $3.9M
83%
Management & General
Management & general $426K · Total expenses $3.9M
11%
Fundraising
Fundraising $249K · Total expenses $3.9M
6%
Cost to raise $1
Fundraising expense (3-yr avg) $350K · Solicited contributions (3-yr avg) $1.9M
$0.18 to raise $1 (3-yr avg)
Where the money comes from
Contribution dependence
Contributions & grants $1.5M · Total revenue $2.7M
55%
Government reliance
Government grants $733K · Total revenue $2.7M
27%
Earned-income share
Program service revenue $1.2M · Total revenue $2.7M
45%
Investment reliance
Investment income $613 · Total revenue $2.7M
+0.02%
Program self-sufficiency
Program service revenue $1.2M · Total expenses $3.9M
31%
Growth & trend
Revenue growth (YoY)
This year $2.7M · Prior year $7.4M
-64%
Net-asset trend (YoY)
End of year $7.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.7M · Expenses $3.9M
-47%
Liabilities-to-Assets
Total liabilities — · Total assets $16.3M
—
Net-asset ratio
Net assets $7.3M · Total assets $16.3M
45%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $16.3M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Sara Razavi · Reported title CHIEF EXECUTIVE OFFICER · Highest reported compensation $184K · Total expenses $3.9M
5%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.4M · Total expenses $3.9M
62%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 83%——
Overhead ratio 11%——
Fundraising cost ratio 17%——
Revenue growth -64%——
Accounting fee ratio 2%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Chief Executive Officer
$183,870Pt VII · Sec A
Chief Development Officer
$175,880Pt VII · Sec A
CFO (through 10/2021), Treasurer
$159,137Pt VII · Sec A
Director of Lending & Consulting
$131,515Pt VII · Sec A
Senior Accounting Manager
$110,858Pt VII · Sec A
Portfolio Manager
$100,784Pt VII · Sec A
CFO (start 12/2021)
$14,583Pt VII · Sec A
Board Member
$0Pt 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
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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Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b10
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Mission and programs

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

Provided by the organization

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Mission & Programs · Part III

Where the work happens

1 program service account for $3.2M of program spending, described in the organization's own filed words · FY2021.
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…

$3.2Mprogram expense

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Funders

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$8K
Grants paid · 1 grant · $296K · 2023–2023
Unitemized GrantFY2023$296,500

Filing history

YearRevenueExpensesChangeFiling
FY2025 Latest $4.5M$5.1M-12% 990 PDF
FY2024 $5.2M$5.0M-23% 990 PDF
FY2023 $6.7M$4.6M+150% 990 PDF
FY2022 Viewing $2.7M$3.9M-64% 990 PDF
FY2021 $7.4M$3.5M+111% 990 PDF
FY2020 $3.5M$3.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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