Nonprofit · EIN 27-1916296
POVERTY SOLUTIONS INC
Tax-exempt · TORRANCE, CA 90501
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2023 | 990 | $3,825,665 | $627,834 | $3,197,831 | $10,846,692 | $2,352,178 | $8,494,514 |
Financial details: 990 for the year ended December 31, 2023
Revenue
- Contributions, gifts and grants
- $3,524,165
- of which government grants
- $3,524,165
- Program service revenue
- $301,500
- Investment income
- $0
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $126,835
- Salaries, compensation and benefits (total)
- $192,260
- Professional fundraising fees
- $0
- Legal fees
- $6,900
- Accounting fees
- $5,672
- Program services (functional)
- $593,569
- Management and general (functional)
- $22,622
- Fundraising (functional)
- $11,643
Balance sheet and other
- Total assets, start of year
- $5,234,004
- Total assets, end of year
- $10,846,692
- Total liabilities, end of year
- $2,352,178
- Net assets, end of year
- $8,494,514
- Land, buildings and equipment
- $31,037
- Net assets without donor restrictions
- $2,380,024
- Net assets with donor restrictions
- $6,114,490
- Gross receipts
- $3,825,665
- Employees
- 0
- Volunteers
- 45
- Year formed
- 2008
- State of legal domicile
- CA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2023, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| FRANK I IGWEALOR | President and CEO Officer | – | $0 |
| MARTIN NWAEGE | Director Trustee or director | – | $0 |
| AMBROSE O EGBUONU | Chairman Trustee or director | – | $0 |
Address and contacts
- Address (IRS master file)
- 370 AMAPOLA AVE STE 200A, TORRANCE, CA 90501-7239
- In care of
- % FRANK I IGWEALOR
- Principal officer (990 for 2023)
- FRANK I IGWEALOR, 370 Amapola Avenue Ste 200A, Torrance, CA 90501
- Signed the 990
- FRANK I IGWEALOR, President and CEO
- Phone
- (310) 895-1839
- Website
- Povsol.com
- Return prepared by
- Goldstein Franklin
Mission
During the year ended 12/31/2023, Poverty Solutions (P-Solutions) successfully served 17,380 low-income persons needing financial education, and entrepreneurship development.
Program accomplishments
- Entrepreneurship Development Training Managed 45 (legal and finance experts) volunteers, who spent 6,315 hours in our Civic Entrepreneurship, Small Business Accounting Seminars, and our Financial Literacy Classes. Capacity Building Technical Assistance: (1) Assisted 61 nonprofits needing accounting, audit and other technical assistance, helping 33 with strategic planning, budgeting, and compliance reviews; (2) Conducted 208 financial needs and technical capacity assessments for community-based nonprofits ? helping 29 of the participants to boost revenue; (3) Assisted 58 small businesses with strategic ?planning; and (4) Conducted 228 bookkeeping and budget projections.Expenses $273,489 · grants $221,025 · revenue $52,464
- Assisted 45 low-income families with down-payment assistance and home improvement/rehabilitation loans; Facilitated 97 small business loans as follows: (a) 21 real-estate facilities loans; (b) 19 equipment-loans, (c) 27 business expansion loans including 17 healthy-food expansion into food deserts.Expenses $241,249 · grants $219,536 · revenue $21,712
- Financial Literacy Hosted 28 Empowerment & Economic Opportunities Workshops Served 17,380 low-income persons needing financial literacy training Homeownership education, and entrepreneurship development.Expenses $107,930 · grants $98,216 · revenue $9,741
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | Not on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 27-1916296
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2010
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S40)
- Assets (IRS master file)
- $10,846,692
- Income (IRS master file)
- $3,825,665
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2023 | $3,825,665 | $627,834 | $10,846,692 | XML |
| 990 | December 2022 | $1,456,095 | $510,520 | $5,234,004 | IRS |
| 990 | December 2021 | $4,792,625 | $296,959 | $7,314,975 | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS publishes only the latest e-Postcard per organization; earlier years appear here as 990.tax collects the monthly files. 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS.
Questions about POVERTY SOLUTIONS INC
- What is the EIN of POVERTY SOLUTIONS INC?
- The employer identification number (EIN) of POVERTY SOLUTIONS INC is 27-1916296.
- Is POVERTY SOLUTIONS INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2010.
- Are donations to POVERTY SOLUTIONS INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does POVERTY SOLUTIONS INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of POVERTY SOLUTIONS INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did POVERTY SOLUTIONS INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2023.
- Who is the principal officer of POVERTY SOLUTIONS INC?
- The 990 for the year ended December 31, 2023 names FRANK I IGWEALOR.
- Who are the officers and directors of POVERTY SOLUTIONS INC?
- The 990 for the year ended December 31, 2023 lists 3 people; 0 received compensation from the organization.
- How much revenue does POVERTY SOLUTIONS INC have?
- On its 990 for the year ended December 31, 2023 it reported revenue of $3,825,665, expenses of $627,834 and total assets of $10,846,692 at year end.
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