2024-09-06T16:09:12-05:00 2023-12-31 411647057 MAHONEY ULBRICH CHRISTIANSEN & RUSS PA 10 RIVER PARK PLAZA SUITE 800 SAINT PAUL MN 55107 990 2023-01-01 471706853 EXODUS FINANCIAL SERVICES EXOD 6156150067 2380 WYCLIFF STREET B-100 SAINT PAUL MN 55114 ANNE LELAND CLARK EXECUTIVE DIRECTOR 6126150067 2024-09-04 1 0 ELIZABETH BARCHENGER P01270090 6512276695 2024-09-04 2023 2024-08-08 14:25:15Z EXODUS LENDING ANNE LELAND CLARK 2380 WYCLIFF STREET B-100 SAINT PAUL MN 55114 431800 0 X WWW.EXODUSLENDING.ORG X 2014 MN EXODUS FINANCIAL SERVICES (DBA EXODUS LENDING) WORKS WITH FINANCIALLY EXCLUDED MINNESOTANS TO ADVANCE ECONOMIC JUSTICE THROUGH CONSUMER LENDING, COMMUNITY ORGANIZING, AND ADVOCACY. IT DOES THIS BY REFINANCING UP TO $1,500 OF PREDATORY LOAN DEBT FOR MINNESOTANS, CHARGING NO INTEREST OR FEES, AND THROUGH ITS ADVOCACY AND ORGANIZING WORK OVERSEEING THE MINNESOTANS FOR FAIR LENDING (MFL) COALITION AND CAMPAIGN. THE ORGANIZATION IS COMMITED TO EXTENDING SMALL DOLLAR CONSUMER CREDIT AND CAPITAL TO COMMUNITIES THROUGHOUT MINNESOTA THAT OTHER LENDERS HAVE EXTRACTED, EXPLOITED, AND/OR LEFT BEHIND. 12 12 7 20 0 0 584689 412179 0 0 3015 12741 -4009 -1466 583695 423454 0 0 0 0 334266 446069 0 0 52168 129333 221260 463599 667329 120096 -243875 842929 630842 172500 204288 670429 426554 X EXODUS LENDING WORKS WITH FINANCIALLY EXCLUDED MINNESOTANS TO ADVANCE ECONOMIC JUSTICE THROUGH CONSUMER LENDING, COMMUNITY ORGANIZING, AND ADVOCACY. 1 0 554189 IN 2023, EXODUS LENDING HAD 141 ENROLLMENTS AND REFINANCED $151,000 OF PREDATORY DEBT. IN DOING SO, WE ESTIMATE OUR PROGRAM SAVED PARTICIPANTS $505,000, ASSUMING THESE PARTICIPANTS WOULD HAVE OTHERWISE REMAINED IN THE DEBT TRAP FOR A YEAR. ADDITIONALLY, IN 2023, 23 PARTICIPANTS PAID OFF THEIR EXODUS LENDING LOANS. IN JANUARY 2023, EXODUS LENDING PILOTED THE RESILIENCY LOAN PROGRAM WHICH WAS AN UPSTREAM, "ANTI-PAYDAY" RESILIENCY LOAN TO ADDRESS THE GAP IN CREDIT ACCESS BY OFFERING A 0% INTEREST PERSONAL LOAN IN LOW INCOME COMMUNITIES THROUGH A NETWORK OF TRUSTED NONPROFIT PARTNERS. IN THE FIRST THREE MONTHS OF THE YEAR, WE PROVIDED OVER $32,000 IN RESILIENCY LOANS TO 28 PARTICIPANTS THROUGH PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS. ALONGSIDE OUR DIRECT LENDING SERVICES, OUR ADVOCACY COALITION, MINNESOTANS FOR FAIR LENDING (MFL), ORGANIZED LOCAL COMMUNITIES TO RECLAIM AND LEVERAGE THEIR POWER. MFL SPENT YEARS ADVOCATING FOR A 36% INTEREST RATE CAP ON SMALL DOLLAR, SHORT TERM CONSUMER LOANS IN MINNESOTA AND WON MEANINGFUL RATE CAP REFORM DURING THE 2023 LEGISLATIVE SESSION EFFECTIVELY ENDING PAYDAY LENDING AS WE KNEW IT IN MN BY JANUARY 1, 2024 WHEN THE LAW TOOK EFFECT. 554189 1 1 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 3 0 1 7 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X ANNE LELAND CLARK 6126150067 2380 WYCLIFF STREET SUITE B-100 SAINT PAUL MN 55114 NICK SCHEIBEL TREASURER 3.00 X X 0 0 0 MICHAEL STEELE DIRECTOR 1.50 X 0 0 0 ANNA BRELJE DIRECTOR 1.50 X 0 0 0 KIMBERLY MILLER SECRETARY 2.50 X X 0 0 0 VIENNA WILSON PRESIDENT 2.50 X X 0 0 0 SOLA OLATEJU DIRECTOR 1.50 X 0 0 0 RYAN SMITH DIRECTOR 1.50 X 0 0 0 ROXANNY ARMENDARIZ DIRECTOR 1.50 X 0 0 0 MELISSA JULIETTE VICE PRESIDENT 2.50 X X 0 0 0 LATICHIA HARPER DIRECTOR 1.50 X 0 0 0 TIMOTHY ANDERSON DIRECTOR 1.50 X 0 0 0 JAMES UNGLAUBE DIRECTOR 1.50 X 0 0 0 ANNE LELAND CLARK EXECUTIVE DIRECTOR 40.00 X 95809 0 8442 95809 0 8442 0 0 0 0 0 24814 28048 359317 412179 12741 12741 6880 24814 8346 -1466 -1466 423454 0 0 11275 X 104251 62551 20850 20850 280900 244573 15166 21161 31446 27341 1699 2406 29472 25483 1794 2195 1550 1550 94034 77552 15818 664 10998 10706 282 10 5786 3660 406 1720 30882 27955 1243 1684 9780 8422 611 747 4635 3756 690 189 129 107 10 12 500 500 3330 2758 257 315 PROVISION FOR LOAN LOSS 49894 49894 LOAN MANAGEMENT EXPENSE 5656 5656 MISC EXPENSES 2902 2304 397 201 STAFF DEVELOPMENT 1184 971 199 14 667329 554189 60972 52168 104400 69813 511420 406687 12866 160000 67109 133603 7873 842929 630842 11788 60000 172500 132500 172500 204288 X 468777 397554 201652 29000 670429 426554 842929 630842 -243875 0 X X 0 1 X 1 0 X 269011 536187 463198 584689 412179 2265264 269011 536187 463198 584689 412179 2265264 470189 1795075 501 1851 2341 3015 12741 20449 2285713 0.78530 0.85340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 10366 25892 36258 631071 667329 125099 31275 0 0 125099 125099 187649 36258 36258 31275 31275 46913 10366 10366 0 0 0 529796 106342 106342 423454 0 423454 773671 106342 106342 667329 0 667329 ANNUAL SUMMER FUNDRAISER 31694 24814 6880 8346 31694 24814 6880 8346 8346 -1466 FORM 990, PART III, LINE 2 IN JANUARY 2023, EXODUS LENDING PILOTED THE RESILIENCY LOAN PROGRAM WHICH WAS AN UPSTREAM, "ANTI-PAYDAY" RESILIENCY LOAN TO ADDRESS THE GAP IN CREDIT ACCESS BY OFFERING A 0% INTEREST PERSONAL LOAN IN LOW INCOME COMMUNITIES THROUGH A NETWORK OF TRUSTED NONPROFIT PARTNERS. IN THE FIRST THREE MONTHS OF THE YEAR, WE PROVIDED OVER $32,000 IN RESILIENCY LOANS TO 28 PARTICIPANTS THROUGH PARTNERSHIPS WITH COMMUNITY ORGANIZATIONS. WE ARE TAKING OUR LEARNINGS FROM THIS PILOT TO REASSESS AND RELAUNCH THE RESILIENCY LOAN IN SPRING 2024. FORM 990, PART VI, SECTION A, LINE 2 IN MAY 2022 THE ORGANIZATION HIRED A DIRECTOR OF LENDING AND PROGRAMS WHO IS THE EX-SPOUSE OF A CURRENT BOARD MEMBER AND THEY SHARE CUSTODY OF A CHILD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS SENT VIAL EMAIL TO ALL BOARD MEMBERS FOR REVIEW PRIOR TO FILING. THE BOARD'S FINANCE AND EXECUTIVE COMMITTEES ARE REQUIRED TO COMPLETE A THOROUGH REVIEW AND DISCUSS AT THEIR RESPECTIVE COMMITTEES BEFORE A FINAL DISCUSSION AT A BI-MONTHLY BOARD MEETING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD DISCUSSES ANY CONFLITCS OF INTEREST THAT INDIVIDUAL BOARD MEMBERS MAY HAVE ANNUALLY, USUALLY BEFORE OR AT THE ANNUAL BOARD RETREAT AND ENSURES NOTHING IS VOTED ON BY A BOARD MEMBER WITH A CONFLICT OF INTEREST IN THE PARTICULAR ISSUE. ALL NEW BOARD MEMBERS MUST REVIEW AND COMPLETE THE CONFLICT OF INTEREST FORM BEFORE BEGINNING THEIR SERVICE. FORM 990, PART VI, SECTION B, LINE 15 MEMBERS OF THE EXECUTIVE COMMITEE OF THE BOARD PERFORMS AN ANNUAL REVIEW AND ALSO COMPARED THE EXECUTIVE DIRECTOR'S SALARY WITH THOSE OF OTHER EXECUTIVE DIRECTORS IN MINNESOTA, USING THE MINNESOTA COUNCIL OF NONPROFIT'S "MINNESOTA NONPROFIT SALARY & BENEFITS SURVEY." ANY CHANGE IN COMPENSATION IS BROUGHT TO AND APPROVED BY THE FULL BOARD FOR A VOTE. OFFICERS ARE NOT COMPENSATED. OTHER KEY EMPLOYEES' COMPENSATION AMOUNTS WERE BASED ON NONPROFIT INDUSTRY STANDARDS IN MINNESOTA AND EXPERIENCE. ANNUAL PERFORMANCE REVIEWS WERE PERFORMED BY THE EXECUTIVE DIRECTOR ON OR NEAR THE DATE OF THEIR WORK ANNIVERSARIES. FORM 990, PART VI, SECTION C, LINE 19 ORGANIZATIONAL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. PART VI, LINE 2 IN MAY 2022 THE ORGANIZATION HIRED A DIRECTOR OF LENDING AND PROGRAMS WHO IS THE EX-SPOUSE OF A CURRENT BOARD MEMBER AND THEY SHARE CUSTODY OF A CHILD. FORM 990, PART IX, LINE 11G CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 76,318. MANAGEMENT AND GENERAL EXPENSES 15,720. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 92,038. MARKETING: PROGRAM SERVICE EXPENSES 1,234. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 118. TOTAL EXPENSES 1,352. MISCELLANEOUS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 98. FUNDRAISING EXPENSES 546. TOTAL EXPENSES 644. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAD AN AUDIT FOR THE FIRST TIME IN 2023. THE BOARD SELECTED THE AUDITOR AND REVIEWED THE AUDIT WHEN COMPLETED BEFORE IT WAS FINALIZED.