POVERTY SOLUTIONS INC

TORRANCE, CA | Los Angeles County
Community Services

Overview

POVERTY SOLUTIONS INC
27-1916296
370 AMAPOLA AVE STE 200A
TORRANCE, CA 90501
Los Angeles County
(213) 325-3037

Mission Statement info

DURING THE TWELVE MONTHS ENDED 12/31/2016, POVERTY SOLUTIONS SUCCESSFULLY SERVED 12,358 LOW-INCOME PERSONS NEEDING FINANCIAL EDUCATION EITC TAX PREPARATION, JOB-TRAINING, AND ENTREPRENEURSHIP DEVELOPMENT.

Founded info
2008
Total Employees info
4
Total Volunteers info
278
CRA Category info
  • Community Services
Nonprofit location info
  • Majority Minority Census Tract
Awards & Certifications info
  • CDFI Organization
  • CDFI Award Recipient
Nonprofit Classification (NTEE Code) info
S40

S - Community Improvement, Capacity Building

Business & Industry

Organizations that provide technical assistance, loans, loan guarantees and other forms of assistance to support the development and growth of a wide variety of business establishments in the community.

IRS Activity Codes info
-
Not reported
-
Not reported
-
Not reported
Standard Business Classification (NAICS Code) info
813910
Business Associations

CRA Alignment

CRA Category info
Community Services
Social services and other support for low- and moderate-income, homeless or at-risk individuals.
CRA Certification info
Has not applied.
Awards & Certifications info
Community Development Financial Institution info
Date Certified info
9/17/2013
Native American CDFI info
N
Financial Institution Type info
Loan Fund
Community Development Financial Institution Award Recipient info
Most Recent CDFI Award info
2018
$2,250,000
Capital Magnet Fund
2015
$700,000
CDFI Financial Assistance
2011
$100,000
CDFI Technical Assistance
New Market Tax Credit Recipient info
HUD Counseling Agency info
Low Income Housing Tax Credit Recipient info

IRS Summary

Income
$32.8K
Revenue
$32.8K
Assets
$1.2M
Exempt Ruling Date info
2010-07
Deductibility Status info
Deductible
Tax Filing Year info
2017
Organization Type info
Corporation
Organization Tax Filing Status info
990 - Required to file Form 990-N - Income less than $25,000 per year
Foundation Tax Filing Status info
990-PF not required by IRS
Affiliation Classification info
Independent Organization
States Where Tax Return is Filed info
CA
Basis for Foundation/Public Charity Status info
Organization which receives a substantial part of its support from a governmental unit or the general public 170(b)(1)(A)(vi)
IRS Reported Activities info
Provides Credit Counseling
Conducts Gaming Activities
Engages in Lobbying Activities
Engages in Political Activities
Makes Grants to Individuals
Makes Grants to Organizations

Nonprofit Location

Physical Address info
370 AMAPOLA AVE STE 200A
TORRANCE, CA 90501
Los Angeles County
FIPS Geocoded Address info
31080
MSA/CBSA info
06
State info
037
County info
6509.01
Tract info
Middle
Income Level info
Core-Based Statistical Area info
Los Angeles-Long Beach-Anaheim, CA
Combined Statistical Area info
Los Angeles-Long Beach, CA
Metropolitan Division info
Los Angeles-Long Beach-Glendale, CA
Area Type info
Metropolitan Statistical Area
Located In info
Low- or Moderate-Income Census Tract info
Opportunity Zone info
Majority Minority Census Tract info 54.82%
Designated Distressed Census Tract info
Underserved Census Tract info

Market Data

Census Tract County
6509.01 Los Angeles County
Population
Total Population 6,102 10,081,570
Total Households 2,499 3,316,795
Income
Median Family Income (Census*) $70,098 $68,044
Median Family Income (2019 FFIEC) $73,100 N/A
Tract Income Percentage 111.79% N/A
Below Poverty Level 4.5% 14.9%
Unemployment Level 9.9% 6.1%
Housing
Total Housing Units 2,607 3,542,800
Total Owner-Occupied Units 40.0% 45.8%
Total Renter-Occupied Units 55.8% 54.2%
Total Vacant Units 4.1% 4.4%
* Census tract income based on 2019 Census estimated data; County income based on 2019 American Community Survey data.
View more than 200 performance context data points for this county now.

Management

7
Total Voting Members
in Governing Body
info
5
Independent Voting Members
in Governing Body
info
Tax Filing Signatory info
Frank I Igwealor
President & CEO
(213) 325-3037
Principal Officer info
Frank I Igwealor
Key Policies & Documents info
Written Conflict of Interest Policy
Written Document Retention & Destruction Policy
Written Wistleblower Policy
CEO Compensation Review Process
Written Minutes of Board Meetings
Financial Statements & Reporting info
Compiled or Reviewed by an Independent Accountant
Audited by an Independent Accountant
Included in Consolidated Financial Statements
Internal Audit Committee Review
Federal Grant Audit Required
Federal Grand Audit Performed

"NA" in this section indicates that the information was not available in the nonprofit's most recent IRS tax filing.

This Nonprofit Profile was automatically created by findCRA based on data available from publicly available government and industry sources and our own research. This Nonprofit Profile is not currently maintained by, endorsed by, or affiliated with this nonprofit. Whenever possible, we utilize the most recent information available including information as made public by the Internal Revenue Service, U.S. Census Bureau, Federal Financial Institutions Examination Council, and more. The format and design of this Nonprofit Profile is ©findCRA. For more information about our Nonprofit Profiles, please visit www.learncra.com.