Department of the Treasury Internal Revenue Service
Public Charity Status and Public Support
Complete if the organization is a section 501(c)(3) organization or a section
4947(a)(1) nonexempt charitable trust.
Attach to Form 990 or Form 990-EZ. See separate instructions.
OMB No. 1545-0047
2012
Open to Public Inspection
Name of the organization
THE MIDAS COLLABORATIVE INC
Employer identification number
83-0485169
Part I
Reason for Public Charity Status
(All organizations must complete this part.) See instructions.
The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)
1
2
3
4
5
section 170(b)(1)(A)(iv). (Complete Part II.)
6
7
8
9
receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of
its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses
acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)
10
11
e
By checking this box, I certify that the organization is not controlled directly or indirectly by one or more disqualified persons other than foundation managers and other than one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2).
f
If the organization received a written determination from the IRS that it is a Type I, Type II, or Type III supporting organization, check this box
..................................................
g
Since August 17, 2006, has the organization accepted any gift or contribution from any of the following persons?
(i) A person who directly or indirectly controls, either alone or together with persons described in (ii)
Yes
No
and (iii) below, the governing body of the supported organization?
................
11g(i)
(ii)
A family member of a person described in (i) above?
......................
11g(ii)
(iii)
A 35% controlled entity of a person described in (i) or (ii) above?
................
11g(iii)
h
Provide the following information about the supported organization(s).
(i) Name of supported organization
(ii) EIN
(iii) Type of organization (described on lines 1- 9 above or IRC section (see instructions))
(iv) Is the organization in col. (i) listed in your governing document?
(v) Did you notify the organization in col. (i) of your support?
(vi) Is the organization in col. (i) organized in the U.S.?
(vii) Amount of monetary support
Yes
No
Yes
No
Yes
No
Total
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990EZ.
Cat. No. 11285F
Schedule A (Form 990 or 990-EZ) 2012
Schedule A (Form 990 or 990-EZ) 2012
Page 2
Part II
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (Complete only if you checked the box on line 5, 7, or 8 of Part I or if the
organization failed to qualify under Part III. If the organization fails to
qualify under the tests listed below, please complete Part III.)
Section A. Public Support
Calendar year (or fiscal year beginning in)
(a) 2008
(b) 2009
(c) 2010
(d) 2011
(e) 2012
(f) Total
1
Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....
192,634
207,953
249,321
284,994
218,742
1,153,644
2
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3
The value of services or facilities furnished by a governmental unit to the organization without charge..
4
Total. Add lines 1 through 3
192,634
207,953
249,321
284,994
218,742
1,153,644
5
The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included
on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
286,860
6
Public support. Subtract line 5 from line 4.
866,784
Section B. Total Support
Calendar year
(or fiscal year beginning in)
(a) 2008
(b) 2009
(c) 2010
(d) 2011
(e) 2012
(f) Total
7
Amounts from line 4..
192,634
207,953
249,321
284,994
218,742
1,153,644
8
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
3,857
1,723
11,547
17,127
9
Net income from unrelated business activities, whether or not the business is regularly carried on..
10
Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)..
3,642
12,009
15,651
11
Total support (Add lines 7 through 10).
1,186,422
12
Gross receipts from related activities, etc. (see instructions)
..................
12
462
13
First five years.
If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here........................................
Section C. Computation of Public Support Percentage
14
Public support percentage for 2012 (line 6, column (f) divided by line 11, column (f))
.........
14
15
Public support percentage for 2011 Schedule A, Part II, line 14
...............
15
16a
33 1/3% support test—2012.
If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization
.......................
b
33 1/3% support test—2011.
If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization
.....................
17a
10%-facts-and-circumstances test—2012.
If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain
in Part IV how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization
.....................................................
b
10%-facts-and-circumstances test—2011.
If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part IV how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported organization
................................................
18
Private foundation.
If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions
.....................................................
Schedule A (Form 990 or 990-EZ) 2012
Schedule A (Form 990 or 990-EZ) 2012
Page 3
Part III
Support Schedule for Organizations Described in Section 509(a)(2) (Complete only if you checked the box on line 9 of Part I or if the organization
failed to qualify under Part II. If the organization fails to qualify under
the tests listed below, please complete Part II.)
Section A. Public Support
Calendar year (or fiscal year beginning in)
(a) 2008
(b) 2009
(c) 2010
(d) 2011
(e) 2012
(f) Total
1
Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......
3
Gross receipts from activities that are not an unrelated trade or business under section 513..
4
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5
The value of services or facilities furnished by a governmental unit to the organization without charge..
6
Total. Add lines 1 through 5.
7a
Amounts included on lines 1, 2, and 3 received from disqualified persons...
b
Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c
Add lines 7a and 7b..
8
Public support (Subtract line 7c from line 6.)
Section B. Total Support
Calendar year (or fiscal year beginning in)
(a) 2008
(b) 2009
(c) 2010
(d) 2011
(e) 2012
(f) Total
9
Amounts from line 6...
10a
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b
Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c
Add lines 10a and 10b.
11
Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12
Other income. Do not include gain or loss from the sale of capital assets (Explain in Part IV.)
..
13
Total support. (Add lines 9, 10c, 11, and 12.)..
14
First five years.
If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a 501(c)(3) organization,
check this box and stop here.............................................
Section C. Computation of Public Support Percentage
15
Public support percentage for 2012 (line 8, column (f) divided by line 13, column (f))
.........
15
16
Public support percentage from 2011 Schedule A, Part III, line 15
...............
16
Section D. Computation of Investment Income Percentage
17
Investment income percentage for 2012 (line 10c, column (f) divided by line 13, column (f))
......
17
18
Investment income percentage from 2011 Schedule A, Part III, line 17
.............
18
19a
33 1/3% support tests—2012.
If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization
........
b
33 1/3% support tests—2011.
If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization
.....
20
Private foundation.
If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions
.....
Schedule A (Form 990 or 990-EZ) 2012
Schedule A (Form 990 or 990-EZ) 2012
Page 4
Part IV
Supplemental Information.
Complete this part to provide the explanations required by Part II, line 10; Part II, line 17a or 17b; and Part III, line 12. Also complete this part for any additional information. (See instructions).
Facts And Circumstances Test
Explanation
Schedule A (Form 990 or 990-EZ) 2012
Additional Data
Software ID:
Software Version:
-
TIN:
SCHEDULE O (Form 990 or 990-EZ)
Department of the Treasury Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
Attach to Form 990 or 990-EZ.
OMB No. 1545-0047
2012
Open to Public Inspection
Name of the organization
THE MIDAS COLLABORATIVE INC
Employer identification number
83-0485169
Identifier
Return Reference
Explanation
ORGANIZATION'S MISSION
FORM 990 - ORGANIZATION'S MISSION
TO COORDINATE A STATEWIDE COLLABORATIVE OF COMMUNITY-BASED, NOT-FOR-PROFIT ORGANIZATIONS THAT FACILITATE THE ASSET DEVELOPMENT OF LOW-INCOME FAMILIES, THROUGH INCREASED FINANCIAL MANAGEMENT SKILLS, COMMUNITY AND PEER SUPPORT, AND ACCESS TO WEALTH-BUILDING VEHICLES SUCH AS HOMES, BUSINESSES, AND EDUCATION.
FIRST ACCOMPLISHMENT DESCRIPTION
FORM 990, PAGE 2, PART III, LINE 4A
INNOVATING FOR SCALE: MIDAS LAUNCHED THE EFFICIENT ECONOMIC INVESTMENT PROGRAM (EEI) IN OCTOBER --THE LARGEST MATCHED SAVINGS PROGRAM TO DATE IN MASSACHUSETTS-- HUNDREDS OF LOW AND MODERATE INCOME RESIDENTS WILL INCREASE THEIR PERSONAL SAVINGS, BUILD THEIR FINANCIAL SKILLS, INVEST IN FIRST HOMES, SMALL BUSINESSES, AND HIGHER EDUCATION. COMMUNITY PARTNER ORGANIZATIONS WILL PROVIDE TRAINING AND AN INCENTIVE MATCH TO HUNDREDS OF RESIDENTS OF BOSTON, CAMBRIDGE, SOMERVILLE, LAWRENCE, AND NORTH ADAMS, AS WELL AS SOME OUT-OF-STATE RESIDENTS. WE WILL BUILD UPON WHAT WE HAVE LEARNED MANAGING THESE PROGRAMS TO DATE. NEW INNOVATIONS IN THE PROGRAM INCLUDE AUTOMATED TRANSACTIONS, MOBILE COMMUNICATIONS, AND REMOTE SUPPORT, WHICH WILL INCREASE COMMUNICATION WHILE REDUCING PROGRAM COSTS. GATEWAY CITIES FOCUS: MIDAS PROVIDED TECHNICAL SUPPORT FOR ORGANIZATIONS AND MUNICIPALITIES PURSUING FINANCIAL STABILITY STRATEGIES IN CHELSEA, LAWRENCE, LYNN, SPRINGFIELD/HOLYOKE, MARLBOROUGH, AND CAMBRIDGE. THIS FOLLOWED THE DISTRIBUTION OF THE 2011 "ENHANCING STABILITY IN HAMPDEN COUNTY" REPORT, WITH LOCAL DATA, NATIONAL MODELS, AND SPECIFIC RECOMMENDATIONS FOR FINANCIAL STABILITY STRATEGIES FOR THE SPRINGFIELD/HOLYOKE AREA. NEW FINANCIAL STABILITY CENTERS ARE OPEN AND OPERATING IN CHELSEA, LYNN, LAWRENCE, AND BOSTON. PROVIDING FINANCIAL EDUCATION: MIDAS MEMBERS AND PARTNERS DELIVERED 20,000 COPIES OF THE MIDAS RESOURCE, "STAYING AFLOAT: MANAGING YOUR FINANCES IN A CHANGING ECONOMY", TO LOW INCOME HOUSEHOLD THROUGHOUT THE STATE. THE GUIDE PROVIDES ACCESSIBLE, MASSACHUSETTS-SPECIFIC FINANCIAL INFORMATION TO CONSUMERS IN FOUR LANGUAGES. BUS PLACARDS IN SPRINGFIELD AND BOSTON GENERATED MORE INTEREST; ADDING TO THE OVER 6,000 VISITS TO THE MASS SAVES.ORG WEBSITE FOR CONSUMER INFORMATION. TRAINING PROVIDERS: MIDAS PROVIDED TRAININGS IN CRITICAL AREAS FOR STAFF MEMBERS SERVING LOW AND MODERATE INCOME RESIDENTS OF MASSACHUSETTS. TRAININGS INCLUDED: DESIGNING AN EFFECTIVE FINANCIAL EDUCATION WORKSHOP- METHODS THAT WORK FOR ADULTS; POST-SECONDARY EDUCATION TRAINING- IDENTIFY, ACCESS, AND PAY FOR CAREER ENHANCING POST-SECONDARY EDUCATION; CONSUMER RIGHTS IN THE DEBT COLLECTION PROCESS; RESOURCES FOR STUDENT LOAN REPAYMENT OPTIONS; BEHAVIORAL ECONOMICS STRATEGIES FOR FINANCIAL STABILITY PROGRAMS. MORE THAN 100 DIRECT PROVIDERS WILL SHARE THIS EXPERTISE WITH THOUSANDS OF MASSACHUSETTS CLIENTS. MIDAS IS HOSTING THE MASSACHUSETTS FINANCIAL EDUCATION COLLABORATIVE (MFEC) WITH A GROUP OF PUBLIC/PRIVATE PARTNERS TO BUILD AN EFFICIENT, COLLABORATIVE SYSTEM FOR COORDINATING AND EXPANDING FINANCIAL EDUCATION DELIVERY IN THE STATE. A DIRECTOR WAS HIRED, THE NUMBER OF MFEC MEMBERS AND FANS INCREASED TO OVER 600, WEBSITE TRAFFIC INCREASED TO OVER 6000 UNIQUE VISITORS. IN 2012, A LEADERSHIP GROUP OF FINANCIAL EDUCATORS WAS TRAINED IN OUTCOMES ASSESSMENT AND BEGAN SHARING THEIR SKILLS WITH THE FIELD, STARTING AT THE SUMMIT ON FINANCIAL EDUCATION IN OCTOBER IN WORCESTER. A NEW STEERING COMMITTEE WAS ELECTED, A HIGH SCHOOL EDUCATION PILOT WAS LAUNCHED, AND PLANS FOR A PUBLIC AWARENESS CAMPAIGN HAVE BEGUN.
MANAGEMENT DELEGATED
FORM 990, PAGE 6, PART VI, LINE 3
FINANCIAL MANAGMENT SERVICES AND PAYROLL AND BENEFIT PROCESSING PROVIDED BY ALLSTON BRIGHTON COMMUNITY DEVELOPMENT CORPORATION FOR A FEE. ALL EXPENSES REIMBURSED TO ALLSTON BRIGHTON COMMUNITY DEVLEOPMENT CORPORATION.
ELECTION OF MEMBERS AND THEIR RIGHTS
FORM 990, PAGE 6, PART VI, LINE 7A
ADMISSION AS A FULL MEMBER REQUIRES: (I) NOMINATION BY AN EXISTING FULL MEMBER IN GOOD STANDING, (II) APPROVAL BY THE BOARD OF DIRECTORS, AND; (III)APPROVAL BY AN AFFIRMATIVE VOTE OF AT LEAST THREE-FOURTHS OF ALL FULL MEMBERS IN GOOD-STANDING. ADMISSION AS AN AFFILIATE MEMBER REQUIRES APPROVAL BY AN AFFIRMATIVE VOTE OF A SIMPLE MAJORITY OF THE BOARD OF DIRECTORS.
DECISIONS SUBJECT TO APPROVAL OF MEMBERS
FORM 990, PAGE 6, PART VI, LINE 7B
EACH FULL MEMBER WILL BE ENTITLED THE FOLLOWING RIGHTS: I) ONE VOTE IN ALL MATTERS REQUIRING MEMBER VOTE; II) ONE VOTE TO ELECT REPRESENTATIVES TO THE BOARD OF DIRECTORS; III) ELIGIBILITY TO SERVE ON THE BOARD OF DIRECTORS; IV) EQUAL OPPORTUNITY TO PRESENT IDEAS TO THE CORPORATION, TO VOICE CONCERNS, AND TO REQUEST CHANGES TO THE CORPORATION'S STRUCTURE, POLICIES, OR OPERATIONS; V) ELIGIBILITY FOR PROGRAM FUNDS RAISED BY THE CORPORATION ON BEHALF OF MEMBERS; VI) IN THE CASE OF A MATCHED SAVINGS PROGRAM, ACCESS TO CENTRALIZED MATCHED ACCOUNT MANAGEMENT, RECORD-KEEPING, AND STATEWIDE PROGRAM DATA COLLECTION AND ANALYSIS BY THE CORPORATION, AS FUNDING AND OPPORTUNITIES PERMIT; VII) DISCOUNTS ON TRAININGS, TECHNICAL ASSISTANCE, WEB-BASED RESOURCES AND ACCESS TO THE CORPORATION'S RESOURCE LIBRARY; AND VIII) ACCESS TO ANY CORPORATION ADMINISTRATIVE RECORDS, INCLUDING MEETING MINUTES, GRANT APPLICATIONS, PEER PROGRAM EVALUATION RESULTS,COMMUNICATIONS WITH AND FROM CORPORATION FUNDERS, AND ANY OTHER DOCUMENTS RELATED TO CORPORATION BUSINESS. EACH AFFILIATE MEMBER WILL BE ENTITLED THE FOLLOWING RIGHTS: I) EQUAL OPPORTUNITY TO PRESENT IDEAS TO THE CORPORATION, TO VOICE CONCERNS, AND TO REQUEST CHANGES TO THE CORPORATION'S STRUCTURE, POLICIES OR OPERATIONS; II) PARTICIPATION IN MEMBER MEETINGS AS NON-VOTING MEMBERS; III) PARTICIPATION IN EDUCATIONAL EFFORTS; IV) DISCOUNTS ON TRAININGS, TECHNICAL ASSISTANCE, WEB-BASED RESOURCES AND ACCESS TO THE CORPORATION'S RESOURCE LIBRARY; AND V) OPPORTUNITY TO APPLY FOR ADMISSION AS A FULL MEMBER.
ORGANIZATION'S PROCESS USED TO REVIEW FORM 990
FORM 990, PAGE 6, PART VI, LINE 11B
IRS FORM 990 IS REVIEWED WITH PREPARER BY THE MANAGEMENT SERVICES PERSONNEL AND THEN CIRCULATED TO BOARD MEMBERS PRIOR TO SUBMISSION.
COMPENSATION PROCESS FOR TOP OFFICIAL
FORM 990, PAGE 6, PART VI, LINE 15A
EXECUTIVE COMPENSATION IS REVIEWED ANNUALLY AS PART OF THE BUDGET PROCESS.
COMPENSATION PROCESS FOR OFFICERS
FORM 990, PAGE 6, PART VI, LINE 15B
EXECUTIVE COMPENSATION IS REVIEWED ANNUALLY AS PART OF THE BUDGET PROCESS.
GOVERNING DOCUMENTS DISCLOSURE EXPLANATION
FORM 990, PAGE 6, PART VI, LINE 19
GOVERNING DOCUMENTS PROVIDED UPON WRITTEN REQUEST.
OTHER FEES FOR SERVICES
FORM 990, PART IX, LINE 11G
PROFESSIONAL SERVICES 12,521 13,714 0 INTERNSHIPS 11,500 0 0
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.