Better Business Bureau Report for
Louisville Asset Building Coalition

Better Business Bureau Report issued March 2018
Better Business Bureau Report expires March 2019


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Louisville Asset Building Coalition
Address: 701 W. Ormsby Ave, Suite 201
  Louisville, KY 40203
Phone: 502-574-5687
Web Address: www.labcservices.org
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Better Business Bureau Comments

Year, State Incorporated: 2012, Kentucky
Affiliates: None
Stated Purpose: The Louisville Asset Building Coalition (LABC) is a broad public/private collaborative dedicated to promoting financial stability and asset building for individuals and families. By providing direct services and linkages to other community resources, LABC strives to build an economic foundation that will allow community members to reach their high potential. The coalition is committed to bettering its members and the community by leveraging the success of its free tax tax preparation and Earned Income Credit (EITC) Campaign. LABC also provides a continuum of financial education resources and asset development initiatives for Metro Louisville and Jefferson County.

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Evaluation Conclusions

              

Louisville Asset Building Coalition (LABC) does not meet the following 3 Standards for Charity Accountability.

Standard 7: Board Approval of Written Report on Effectiveness - Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

 LABC does not meet this Standard because: 

  • The board has not completed an assessment of organizational effectiveness within the past two years. 

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

LABC does not meet this standard because:

  • The organization does not have a current annual report. 

LABC said they are currently working on creating an annual report that will be available soon. 

Standard 17: Web Site Disclosures - Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

LABC does not meet this Standard because its website does not include: 

  • A current annual report

LABC said as soon as they complete the annual report, they will post it on the organization's website. 

 

Louisville Asset Building Coalition (LABC) meets the remaining 17 Standards for Charity Accountability.
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Programs

              

The Louisville Asset Building Coalition's principal program is the Volunteer Income Tax Assistance Program. Through this program, the Coalition prepares free tax returns for more than 9,000 low to moderate income individuals annually. In 2017, this program saved its clients more than $1,7 million in filing fees and generated $14.5 million in total refunds, including more than $5 million in Earned Income Tax Credits.

For the fiscal year ended June 30, 2017, LABC's program expenses were:

  
Volunteer Income Tax Preparation 180,340
Total Program Expenses: $180,340
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Governance

              

Chief Executive : Brittany Sims, Program Director
Compensation*: 
$45,320

Chair of the Board: Gena Redmon
Chair's Profession / Business Affiliation: Director, Louisville Metro Office of Resilience and Community Services

Co-Chair of the Board : Stacy Deck

Chair's Profession / Business Affiliation: Spalding Universiity

Board Size: 12

Paid Staff Size: 4

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

Methods of fund raising include grants and internet appeals.

In addition, LABC is a Metro United Way member agency.

Fund raising costs were 7% of related contributions. (Related contributions, which totaled $169,588, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on LABC's IRS Form 990 for the fiscal year ending June 30, 2017.

Ending net assets as reported below include $31,353 in unrestricted net assets and $29,750 in temporarily restricted net assets.

Ending net assets include $5,070 invested in property and equipment, net.

Source of Funds  
Government grants 97,443
Contributions 72,145
Investment Income 32
Total Income $169,620


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Uses of Funds as a % of Total Expenses

Programs: 76%  Fund Raising: 5%  Administrative: 19% 

Total income $169,620
Program expenses $180,340
Fund raising expenses 11,481
Administrative expenses 45,395
Total expenses $237,216
Expenses in Excess of Income (67,596)
Beginning net assets 128,699
Ending net assets 61,103
Total liabilities 4,997
Total assets $66,100


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

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