WorldofMoney.org

Developing Financially Responsible Adults. One Child At A Time.

aka WorldofMoney.org   |   New York, NY   |  http://www.worldofmoney.org

Mission

WorldofMoney.org's mission is to give young people, ages 7 -18, empowering financial education to survive economic roller-coasters by using their innate intelligence and creativity to expand their access to the free enterprise system beyond that of consumerism, but to disciplined saving, and the understanding of investing in capital markets.

Ruling year info

2006

CEO

Ms. Sabrina Lamb

Main address

1441 Broadway, 5FL, PMB 5084

New York, NY 10018 USA

Show more contact info

EIN

20-3813654

NTEE code info

Alliance/Advocacy Organizations (O01)

Alliance/Advocacy Organizations (B01)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

A quarter of all U.S. households do not have a basic checking or savings account or rely on alternative, often toxic, financial services for banking needs. The result is billions of dollars lost on the high fees and interest rates associated with alternative products. In fact, the average underserved household spends roughly $2,400 annually on alternative financial services, representing an average of almost 10% of their income. These costly fees are especially detrimental to these families who are already struggling to cover basic needs. Even when these individuals do gain access to financial services, they do not usually have the background or information to be effective stewards. A recent survey revealed that 90% of high school students rely on parents for financial advice, but 70% say parents have not taught them how to spend wisely. Traditional “financial literacy" classes don't have a measurable long-term impact unless they are accompanied with real world and business classes.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Youth Financial Education Training Institute

It is the mission of the WorldofMoney.org, to give young people, ages 7 -18, empowering tools to survive economic roller-coasters by using their innate intelligence and creativity to expand their access to the free enterprise system beyond that of consumerism, but to disciplined saving, and the understanding of investing in capital markets.

Population(s) Served

World of Money's annual youth business pitch competition teaches our students the value of public speaking, strategic planning, self-confidence and entrepreneurship.

Population(s) Served

Where we work

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of students showing improvement in test scores

This metric is no longer tracked.
Totals By Year
Related Program

Youth Financial Education Training Institute

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

In addition to daily attendance, homework and family discussions, our students must successfully pass a final exam.

Number of teachers retained after 12 months

This metric is no longer tracked.
Totals By Year
Related Program

Youth Financial Education Training Institute

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Context Notes

The average duration of service of our teachers is 10 years.

Number of returning students.

This metric is no longer tracked.
Totals By Year
Related Program

Youth Financial Education Training Institute

Type of Metric

Outcome - describing the effects on people or issues

Direction of Success

Increasing

Context Notes

Our students benefit from financial education by attending each year so that as they mature they are able to comprehend and apply the course work.

Number of free participants on field trips

This metric is no longer tracked.
Totals By Year
Related Program

Youth Financial Education Training Institute

Type of Metric

Output - describing our activities and reach

Direction of Success

Increasing

Number of paid participants on field trips

This metric is no longer tracked.
Totals By Year
Type of Metric

Output - describing our activities and reach

Direction of Success

Holding steady

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

I. Attract additional resources to impact additional students and their parents.
2. Attract additional board members who recognize the urgency of financial education.

Recruit board members through board development organizations.

World of Money's approach is considered a leading provider in our approach and impact in immersive youth financial education. World of Money financial and business teachers have taught youth in Senegal, Rwanda and Ghana. World of Money's solid fundraising history and strong track record ensure confidence in the sustainability of our organization and vision. Despite the fact that 55% of our students come from low-income households, our students' high school graduation and college matriculation rates exceed the New York City public school averages by 20% and 33% respectively. As the World of Money Institute is based in New York City, 20% of our students reside in other states and countries such as Florida, Texas, Virginia, New Jersey, India, Saudi Arabia, England, California and Pennsylvania. According to the Center for Technology Innovation at the Brookings Institute mobile learning will provide facilitate financial education wherever a student resides. The World of Money mobile app will allow students to interactive with a digital resource, preparing them to adapt to ever evolving financial products and technologies. Our mobile app provides real-time assessment of students' performance and daily notifications of financial principles. Mobile learning can transcend classroom and geographical boundaries and help eradicate global financial education disparities. The World of Money self-guided mobile application allows students to proceed at their own pace and can reach millions of at-risk rural and urban youth, even if they are not enrolled in school. According to the MIT Start Up Lab, 50% of Africans use mobile technology, indicating that mobile technology is the largest modern platform with one billion users emerging from rural areas. The World of Money mobile application is a catalyst for delivering impactful financial education and critical-thinking. These are life skills that underserved youth need in order to secure their place in the globally competitive and financially demanding economy.

ORGANIZATIONAL IMPACT

95%: Punctual Attendance
100%: Homework Completion
99%: Final Exam Pass Rate
99%: Institute Graduation Rate
85%: College Enrollment
100%: Savings Accounts opened
80%: improvement in school grades
58%: community service
65%: youth created businesses

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Suggestion box/email,

  • How is your organization using feedback from the people you serve?

    To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects,

  • What significant change resulted from feedback?

    We implemented technology to access learning

  • With whom is the organization sharing feedback?

    Our board,

  • Which of the following feedback practices does your organization routinely carry out?

  • What challenges does the organization face when collecting feedback?

    We don't have any major challenges to collecting feedback,

Financials

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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

WorldofMoney.org

Board of directors
as of 11/23/2019
SOURCE: Self-reported by organization
Board chair

Ms. Niles Stewart

Carver Bank

Term: 2019 -

Sabrina Lamb

WorldofMoney.org

Evan Bliss

Valley Bank

Mercedes Garcia

MasterCard

Deborah Price

Bank of China

Keith Wheelous

Essex Lake Group

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes