Public, Society Benefit

CREDIT DO

South Orange, NJ

Mission

Credit Do's mission is to deliver the first debt-free generation. Credit Do is a non-profit dedicated to making financial independence a reality for all. We create unique opportunities for purchasing food, clothes, school supplies, and other essential goods in exchange for doing social good. Think of them as Smarter Barters™. By leading relief efforts that meet their community's specific needs, participants earn credit to local businesses and cash contributions that jumpstart their savings accounts.

Ruling Year

2012

Principal Officer

Chris Avila Hübschmann

Main Address

376 Montrose Avenue

South Orange, NJ 7079 USA

Keywords

Community Credit, Community Dvp., Economic Dvp., Asset-Building, College Savings

EIN

27-3885847

 Number

7022898700

Cause Area (NTEE Code)

Public, Society Benefit - Multipurpose and Other N.E.C. (W99)

Economic Development (S30)

Business, Youth Development (O53)

IRS Filing Requirement

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

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Social Media

Programs + Results

What we aim to solve New!

PROBLEM: We have a student debt crisis. The average undergraduate finishes school with over $37,000 in debt. The total student debt is over 1.6 trillion dollars, the second highest level of consumer debt behind only mortgages. For low-income youths, debt might be the only resource available to access college education. At the same time, due to their financial vulnerability, college education can be seen as a financial risk.

Our programs

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

SOURCE: Self-reported by organization

Cornelia Connelly Center's - Credit Do Pilot Program - October 16, 2010

Cornelia Connelly Center's - 7th Grade Work for Good. Save for Greatness!- October 1, 2011

Cornelia Connelly Center's - 8th Grade Work for Good. Save for Greatness!- May 5, 2012

Work for Good. Save for Greatness! - Credit Do's NY Lower East Side Pilot Fall '12 & Spring '13

Cornelia Connelly Center Fall 2015 - 8th Grade Smarter Barter

Cornelia Connelly Center's - 7th Grade Smarter Barter - May 2016

Cornelia Connelly Center Fall 2017 - Smarter Barter Savings Event

Where we workNew!

Charting Impact

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

SOURCE: Self-reported by organization

What is the organization aiming to accomplish?

What are the organization's key strategies for making this happen?

What are the organization's capabilities for doing this?

How will they know if they are making progress?

What have and haven't they accomplished so far?

Credit Do aims to break the cycle of financial exclusion for the nation’s underserved. That is nearly 50% of all Americans, and specific to youth’s behavioral patterns with credit cards, work opportunity, and the affordability of college. We work with students to create a debt-free college experience by providing opportunities to learn, work and save. Our mission is to deliver the first debt- free generation. Credit Do has designed a “Smarter Barter” program that allows our participants to work for what they need while meeting the needs of their community. Our Smarter Barter is the first and only asset-building program in the U.S that has introduced a unique financial–work literacy curriculum into the public school system, and directly links the concept of “hard work” to earning credit. The two-week intervention is implemented in high-need communities (currently operating in New York City) where middle school students: - Learn 7 - 10 lessons of financial education in their math class. - Work a 5-hour food drive food at the grocery store their families frequent and earn $10/work-service hour in credit. Students measure how much food is collected and the food is distributed to local food banks. With a guardian, students complete a grocery shopping exercise and are encouraged to spend their credit wisely. Each student turns in a summary detailing how many essentials they yield from their $50 credit and how they felt about their experience. - Save by receiving a $50 jump-start toward their deposit-only savings account and are auto-enrolled in an educational savings program. They receive customized business plans in the form of a savings tool kit. Parents are further incentivized to complete financial counseling with the local community credit union and receive matched funds through our partnership with the 1:1 Fund.

Credit Do has designed a “Smarter Barter” program that allows our participants to work for what they need while meeting the needs of their community. Our Smarter Barter is the first and only asset-building program in the U.S that has introduced a unique financial–work literacy curriculum into the public school system, and directly links the concept of “hard work” to earning credit. The two-week intervention is implemented in high-need communities (currently operating in New York City) where middle school students: - Learn 7 - 10 lessons of financial education in their math class. - Work a 5-hour food drive food at the grocery store their families frequent and earn $10/work-service hour in credit. Students measure how much food is collected and the food is distributed to local food banks. With a guardian, students complete a grocery shopping exercise and are encouraged to spend their credit wisely. Each student turns in a summary detailing how many essentials they yield from their $50 credit and how they felt about their experience. - Save by receiving a $50 jump-start toward their deposit-only savings account and are auto-enrolled in an educational savings program. They receive customized business plans in the form of a savings tool kit. Parents are further incentivized to complete financial counseling with the local community credit union and receive matched funds through our partnership with the 1:1 Fund. Credit Do has successfully implemented their Smarter Barter program in two racially-diverse, low-income middle schools in New York City. In the program, the average student collects 82lbs. of food worth $158 and rescues 56 meals. Two hundred twenty-four students collected 18,813 lbs. of food, rescued 12,533 meals worth $35,344 and earned $11,200 in credit. Lastly, 213 students saved $12,080. Although our grassroots efforts have gained traction on Manhattan’s Lower East Side, we know that creative thinking and additional analysis is needed to produce a scalable intervention that effectively enables the first debt-free generation.

BUDGET: The primary sources for funding our 2018 - 2019 school year $225,000 budget are as follows:
 Board of Directors: $25,000 / Business and Individual Donors: $50,000 / Foundation Support: $125,000 / Special Events: $25,000. Total: $225,000. 
Please note: Average funding for previous 3 yrs. - 2013-2014, 2014-15 and 2015 - 2016 school yr.
 Board of Directors: $25,000 / Business and Individual Donors: $45,000 / Foundation Support: $15,000 / Special Events: $10,000. Total: $95,000 We have sponsorships, partners from top private, public, and educational institutions. TEAM: Our core team is made up of the founder, CEO, Chris Avila Hübschmann and Chris Clement (Tech Advisor) and we bring 33 years of combined experience in managing small and large-scale businesses marketing and outreach. We are working with Upright NYC, a development and operations group. We have a proven track record of delivering results of (11) iterations of the classic Smarter Barter program in NYC, the largest school district in the nation. We share a strong network of asset-building groups and the passion to provide financially inclusive opportunities to underserved youth and their families. Most recently we were voted 2016 Most Innovative Solution in Digital and Financial Inclusion at the Points of Light CivicX Accelerator demo night. Leading our technical and creative development is Chris Clement, bringing over 12 years of industry experience that has included: concepting and developing first-class UX/UI patterns that drive products forward; building teams that hustle hard and launch bold initiatives. Chris will drive our product vision and will curate a team for the development of our infrastructure that will enable banking transactions, vender-student matching algorithms, integrations, and more. Additional consultants, board members, thought partners and mentors to guide us through our tech development include: BOARD OF DIRECTORS:
 Anne C. Beagan - Special Agent - FBI
, Halle Darmstadt - Effective Brands
, Bryan Lynch - JANA Partners, 
Ritu Pancholy - Compliance - NYC Dept. of Ed, Dunn & Bradstreet ADVISORS:
 Joselle Deocampo, Co-founder & Head of Global Operations, PwC Global Financial Innovation Center, Banny Bannerjee: Founder & Dir. of Stanford Changelabs
, Gabriel Brodbar: Founder & Dir. - NYU’s-Reynold’s Program in Social Entrepreneurship, Jayme Rothman: Managing Director, Robin Hood Foundation, Ed Perez: First Data Card Processors
, Sarah Soule: Dir., Stanford Center for Social Innovation Eddie Stern: Ashtanga Yoga NY
Doug Young: Dir., Council for Economic Education

METRICS: We conduct debriefs with key partners for each SB, customer interviews, student pre-post tests, attendance records, neighborhood surveys, guide how we devise our budget, milestones, short-term goals and assumed outcomes. We have weekly, monthly peer deep dives with other start-ups, pitch practices, feedback and score each other based on CivicX peer mentor modeling, receive feedback from our advisory board, Mentoring by Joselle Deocampo of PwC, and Thought Partners that stem from top academic, private and public institutions. We developed the SB 4-category framework: FINANCIAL RESILIENCE: Improved financial literacy, confidence and management; ECONOMIC BENEFITS: Increased savings, work opportunities, available funds (merchant store credit) to improve access to affordable essentials. SOCIAL BENEFITS: Increased substantial food supplies for the community, reduced anxiety and food waste, improve social capital. INNOVATION: Improve financial technology to support positive behavior change, enhanced efficiency, reduced transaction cost (POS), enhance capacity to collect-analyze data for product service improvement.

IMPACT: In 11 Smarter Barters, 310 students have each received 7-10 hours of financial education lessons, conducted 5 work service hours including one New York City public middle school pilot, and 223 have established deposit-only educational savings accounts. A student on average collects 82 lbs. of food valued at $164, which are 60 meals rescued for their local food pantry. 283 students worked a 5-hour food drive at 7 participating grocery stores and yielded the following: - Over 11 tons, or 22,263 lbs. of food contributions - 14,405 meals rescued for food banks - $43,244 valued food contribution and extra sales generated for local merchants - Earned a combined $12,100 in credit to local grocery stores - Received and self-contributed a savings amount of $13,030. Merchant ROI: On average each merchant donates $50 credit ($10 / work svc. hr.) and $25-$50 in savings. The average student generates over $150 / 5 hr. food drive. Grocery store ROI is over 100%. Our grocery store and school retention rates are 100%.

External Reviews

Financials

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Operations

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Board Leadership Practices

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section, which enables organizations and donors to transparently share information about essential board leadership practices.

SOURCE: Self-reported by organization

BOARD ORIENTATION & 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 & 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