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Center for Women & Enterprises Inc.

 24 School Street, Suite 700
 Boston, MA 02108
[P] (617) 536-0700
[F] (617) 536-7373
www.cweonline.org
[email protected]
Veronica Rosa
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INCORPORATED: 1995
 Printable Profile (Summary / Full)
EIN 04-3256236

LAST UPDATED: 09/30/2017
Organization DBA Center for Women & Enterprise
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years Yes

Summary

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Mission StatementMORE »

The mission of the Center for Women & Enterprise (CWE) is to provide opportunities for women entrepreneurs and women in business to increase professional success, personal growth, and financial independence.

Mission Statement

The mission of the Center for Women & Enterprise (CWE) is to provide opportunities for women entrepreneurs and women in business to increase professional success, personal growth, and financial independence.

FinancialsMORE »

Fiscal Year Jan 01, 2017 to Dec 31, 2017
Projected Income $2,788,650.00
Projected Expense $2,736,759.00

ProgramsMORE »

  • Build Your Business Workshops
  • Community Entrepreneurs Program
  • One-on-One Consulting

Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Overview

Mission Statement

The mission of the Center for Women & Enterprise (CWE) is to provide opportunities for women entrepreneurs and women in business to increase professional success, personal growth, and financial independence.

Background Statement

On October 23, 1995, the Center for Women & Enterprise (CWE), founded by Andrea Silbert and Susan Hammond, officially opened in Boston, Massachusetts. Operating out of donated space at Northeastern University with a budget of just $350,000 and three full-time staff members, this small, local organization served hundreds of women during its inaugural year and set the foundation for great things to come.

 

Twenty-two years later, CWE has established itself as a national center of excellence and model for training, counseling, business assistance, and innovative approaches in small business finance. In 2016 alone, participation in our programs and events totaled 8,272 and we trained and counseled 3,815 women (and men), providing them with the tools they need to successfully create new income opportunities for themselves and their families, while also boosting the greater New England economy. The mission of CWE is to provide opportunities for women entrepreneurs and women in business to increase professional success, personal growth, and financial independence. We achieve this mission by providing education, training, technical assistance, access to markets, and paths to funding to entrepreneurs at every stage of business development.

 

The vision of CWE is to propel all women to achieve economic power and equity. While we do not discriminate and approximately 17% of our clients are men, we do have a specific focus on low-income and underserved women. Our clients are drawn from a wide variety of racial, ethnic, and socio-economic backgrounds, ranging from women living in public housing starting home-based or small retail businesses, to established women business owners hoping to grow their enterprises with funding and technical assistance. We provide scholarships in order to make our services available to all clients, regardless of their ability to pay.

 

CWE is a 501(c)(3) nonprofit organization governed by an active 23-member Board of Directors. We operate offices in Boston and Westborough, MA, Providence, RI, Nashua, NH, and Burlington, VT. We employ 22 staff and are supported by a dedicated and talented corps of volunteers.


Impact Statement

In 2016 alone:

  • Participation in our programs and events totaled 8,272;

  • We trained and counseled 3,815 women (and men);

  • We helped entrepreneurs create and/or nurture over 3,200 jobs; and

  • We helped entrepreneurs generate over $92 million in wages;


Needs Statement

Our most pressing need is to continue delivering services to a growing number of clients while our traditional funding sources, particularly at the state and federal level, have been significantly cut. 
 
1)  Continue offering quality programs while updating key curriculum;
2)  Expand our online education programs, including online community resources;
3)  Expand our fundraising efforts, particularly to individuals;
4)  Increase staffing; and
5)  Continue to improve organization's financials.

CEO Statement

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Board Chair Statement

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Geographic Area Served

STATEWIDE

CWE serves as the statewide Women's Business Center in Massachusetts, Rhode Island, New Hampshire, and Vermont. We operate five offices located in Boston and Westborough, MA, Providence, RI, Nashua, NH, and Burlington, VT.

Organization Categories

  1. Human Services - Centers to Support the Independence of Specific Populations
  2. Education -
  3. -

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

No

Programs

Build Your Business Workshops

Sixty-five percent of Business Planning graduates continue their learning through our workshops. Building Your Business Workshops are designed to provide strategies for survival and growth. Workshops typically highlight a topic that was covered in the Business Planning module, and explore it in depth, providing more advanced education. Workshops are two hours long and are offered monthly. CWE has also developed Boot Camps, seven hour day-long intensive programs, as well as two hour workshops, targeted to the needs of existing business owners. Examples of these include:

 

· Quickbooks: provides business owners with hands-on experience setting up their own bookkeeping system, including entering invoices, paying bills, preparing invoices, and reconciling bank statements. Participants gain an understanding of basic financial terms, along with techniques for analyzing and fine-tuning the health of their business.

· Social Media/Marketing: helps business owners develop a social media presence and using those tools for marketing purposes.

· Crowdfunding: identifies tools needed for business owners to generate funding from family, friends and others to leverage collective financial resources/capital for growth.

Budget  $130,000.00
Category  Human Services, General/Other Services for Specific Populations
Population Served Females Poor,Economically Disadvantaged,Indigent Unemployed, Underemployed, Dislocated
Program Short-Term Success 
Short term successes include clients increasing their knowledge of offered topics.
Program Long-Term Success 
Long-term success is determined by clients who start new businesses and grow existing businesses.
Program Success Monitored By 
Program success is monitored by staff and instructors through surveys. Clients are asked to complete a survey at the end of the course. We also do an annual survey to determine outcomes such as business creation, job creation, and revenues.
Examples of Program Success 
Increased client numbers, increased number of clients taking more than one class, and the addition of several new workshops by client request.

Community Entrepreneurs Program

Founded in 1999, the CWE Community Entrepreneurs Program provides services for more than 120 enterprising low-moderate income women annually. CEP is a two-module course that provides an introduction to entrepreneurship through its preliminary course, Visioning. Once participants determine to pursue small business ownership, intensive business planning training is provided through Business Planning. Through either full-day or multi-week sessions, the Visioning and Business Planning programs are designed to provide participants with learning opportunities they can use to improve their financial literacy, start new businesses, and create economic security for themselves and their families. Typically, Business Planning participants launch their new businesses within six months of course graduation. CWE provides follow-up services for new business owners through topical workshops and one-on-one consulting.

Budget  $130,000.00
Category  Human Services, General/Other Services for Specific Populations
Population Served Females Poor,Economically Disadvantaged,Indigent Unemployed, Underemployed, Dislocated
Program Short-Term Success 
94% of participants increase their overall understanding of business and entrepreneurship.
80% of participants increase their business confidence.
76% of participants increase their courage to start a business. 
Program Long-Term Success 
43% start a business
45% decrease their debt
37% improve their credit score
53% increase the revenue of an existing business
44% increase their personal income
Program Success Monitored By 
Program success is monitored by staff and instructors through surveys.  Clients are asked to complete a survey at the end of the course. We also do an annual survey to determine outcomes such as business creation, job creation, and revenues. 
Examples of Program Success 

CWE's Community Entrepreneurs Program provides budding entrepreneurs with the tools they need to successfully create new income opportunities for themselves and their families, while also boosting the local economy. Every year, as a result of this program, approximately 100 women receive entrepreneurship and financial literacy training.


One-on-One Consulting

During the first year of business, one-on-one consulting helps new entrepreneurs navigate the challenges to growth and sustainability. Since 2001, CWE has paired new entrepreneurs with industry experts to develop action plans to mitigate obstacles and prepare for growth. CWE’s one-on-one business consulting services give clients access to expert advice on all aspects of business, such as: Marketing, Legal, Taxes, Strategy, and Business plan development.
Budget  $75,000.00
Category  Human Services, General/Other Services for Specific Populations
Population Served Females Poor,Economically Disadvantaged,Indigent Unemployed, Underemployed, Dislocated
Program Short-Term Success 
Clients increase their knowledge about specific challenges affecting their business ventures and implement strategies developed with their consultant.
Program Long-Term Success 
The goal of our consulting program is to help clients stabilize and grow their business ventures in a variety of ways. As such, long term success varies depending on the client.  For example, clients may utilize consulting services to help them address a cash flow issue, thereby stabilizing their business venture.  They may seek assistance with completing financial statements and other documents to secure loan financing for their business.  They may seek legal advice about hiring their first employee, securing a patent to bring a new product to market, or develop a new marketing plan for a new product. 
Program Success Monitored By 
Program success is monitored by client surveys as well as formal and informal feedback from consultants. Staff meet quarterly with consultants to review successes and challenges to the consulting program.
Examples of Program Success 
Over 450 clients participated in consulting in 2013. Our years of experience have taught us that one-on-one consulting is our most effective follow-up service for clients after they have completed our training courses, and it benefits women who have already started their business but need additional support. 

CEO/Executive Director/Board Comments

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Management


CEO/Executive Director Ms. Susan Rittscher
CEO Term Start Sept 2008
CEO Email [email protected]
CEO Experience

Susan has over 30 years of non-profit experience and 17 years of experience as a CEO. Most recently, Susan was director of Executive and Volunteer Development for the YMCA of the USA, with responsibility for educating and training the executive and volunteer leaders of the nation’s 2,600 YMCAs. Susan was formerly President and CEO of the Greater Providence YMCA, where she served for 12 years. While there, she led the first successful capital campaign in two decades and oversaw 200 percent growth as well as 88 percent growth in program and membership. Susan has held other key leadership roles, having served on the boards of the United Way, Leadership Rhode Island, Leadership Broward, the Junior League, University Club and in particular, the Women’s Fund of Rhode Island, where Rittscher worked to make the mission of the organization, “to advance equity and social justice for women and girls,” a reality. She holds a Master’s degree in Human Service Leadership and Management from Springfield College, and a Bachelor’s degree in Social Welfare from California State University, Chico.

Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
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Senior Staff

Name Title Experience/Biography
Ms. Carmen Diaz-Jusino Vice President Program & Community Development --
Ms. Amy Grondin Vice President Finance --
Ms. Michelle Riendeau Vice President Operations, Technology & Marketing --
Ms. Veronica Rosa Vice President Development & Engagement --

Awards

Award Awarding Organization Year
-- -- --

Affiliations

Affiliation Year
-- --
Member of state association of nonprofits? No
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --

Collaborations

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CEO/Executive Director/Board Comments

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Foundation Comments

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Staff Information

Number of Full Time Staff 20
Number of Part Time Staff 1
Number of Volunteers 30
Number of Contract Staff 0
Staff Retention Rate % 63%

Staff Demographics

Ethnicity African American/Black: 2
Asian American/Pacific Islander: 1
Caucasian: 17
Hispanic/Latino: 2
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 20
Male: 22
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? No
Organization has Strategic Plan? No
Years Strategic Plan Considers --
Management Succession Plan No
Business Continuity of Operations Plan --
Organization Policies And Procedures Yes
Nondiscrimination Policy No
Whistle Blower Policy Yes
Document Destruction Policy --
Directors and Officers Insurance Policy --
State Charitable Solicitations Permit Exempt
State Registration Exempt

Risk Management Provisions

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Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency Yes Annually
Senior Management Formal Evaluation and Frequency Yes Annually
Non Management Formal Evaluation and Frequency Yes Annually

Governance


Board Chair Ms. Karen Copenhaver
Board Chair Company Affiliation Choate, Hall & Stewart
Board Chair Term Jan 2017 - Dec 2020
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Ms. Maria Abernethy Deloitte Voting
Ms. Amy Acampora RBS Citizens --
Mr. Joel Adler Accretive Solutions Voting
Ms. Elizabeth Ames Community Volunteer Voting
Ms. Karen Copenhaver Choate Hall & Stewart Voting
Ms. Roslyn Daum Community Volunteer --
Ms. Janet Dunlap Monotype Image Consulting --
Ms. Ellen Hoffman Community Volunteer --
Ms. Susan Keller Liberty Capital Parnters Voting
Ms. Pamela Lenehan Ridge Hill Consulting LLC Voting
Ms. Sandy Lish The Castle Group Voting
Ms. Marcia Morris Community Volunteer Voting
Ms Susan Loconto Penta MIDIOR Consulting --
Ms. Susan Rittscher Center for Women & Enterprise Exofficio
Ms. Pamela Selby Salkovitz Community Volunteer Voting
Mr. Doug Shaw Community Volunteer --
Mr. Chris Sheehan Common Angels Voting
Ms. Cynthia C. Smith CPA Lighthouse Financial Advisors LLC --
Ms. Jacqueline Taylor Staples --
Ms. Deb Thomas Community Volunteer Voting
Ms. Lisa Wood Foley Hoag LLP --
Ms. Connie Wright Patina Solutions Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
-- -- --

Board Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 22
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 21
Male: 3
Not Specified 0

Board Information

Board Term Lengths --
Board Term Limits --
Board Meeting Attendance % 75%
Written Board Selection Criteria No
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions 30%
Constituency Includes Client Representation Yes

Standing Committees

  • Audit
  • Board Governance
  • Executive
  • Finance

CEO/Executive Director/Board Comments

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Foundation Comments

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Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2016 2015 2014
Total Revenue $2,945,904 $2,754,026 $2,540,231
Total Expenses $2,937,259 $2,707,668 $2,484,115

Prior Three Years Revenue Sources

Fiscal Year 2016 2015 2014
Foundation and
Corporation Contributions
$772,636 $912,858 $841,662
Government Contributions $1,005,906 $948,895 $826,564
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $1,005,906 $948,895 $826,564
Individual Contributions $512,022 $221,483 $200,862
Indirect Public Support -- -- --
Earned Revenue $295,858 $287,090 $275,645
Investment Income, Net of Losses -- -- --
Membership Dues -- -- --
Special Events $265,975 $235,269 $256,525
Revenue In-Kind $93,507 $148,431 $138,973
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year 2016 2015 2014
Program Expense $2,194,524 $2,072,542 $1,822,086
Administration Expense $254,734 $238,364 $185,905
Fundraising Expense $488,001 $396,762 $476,124
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 1.00 1.02 1.02
Program Expense/Total Expenses 75% 77% 73%
Fundraising Expense/Contributed Revenue 19% 17% 22%

Prior Three Years Assets and Liabilities

Fiscal Year 2016 2015 2014
Total Assets $965,488 $730,175 $801,582
Current Assets $681,413 $602,562 $691,618
Long-Term Liabilities $65,065 $77,050 $76,916
Current Liabilities $538,844 $300,191 $418,090
Total Net Assets $361,579 $352,934 $306,576

Prior Three Years Top Three Funding Sources

Fiscal Year 2016 2015 2014
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy N/A
Percentage(If selected) --
Credit Line Yes
Reserve Fund No
How many months does reserve cover? --

Capital Campaign

Are you currently in a Capital Campaign? No
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? Yes

Short Term Solvency

Fiscal Year 2016 2015 2014
Current Ratio: Current Assets/Current Liabilities 1.26 2.01 1.65

Long Term Solvency

Fiscal Year 2016 2015 2014
Long-term Liabilities/Total Assets 7% 11% 10%

CEO/Executive Director/Board Comments

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Foundation Comments

Financial summary data in the charts and graphs above are per the organization's audited financials.  

Documents


Other Documents

No Other Documents currently available.

Impact

The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.


1. What is your organization aiming to accomplish?

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2. What are your strategies for making this happen?

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3. What are your organization’s capabilities for doing this?

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4. How will your organization know if you are making progress?

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5. What have and haven’t you accomplished so far?

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