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Midas Collaborative Inc.

 18R Shepard Street, Suite 100
 Brighton, MA 02135
[P] (617) 787-9804
[F] (617) 787-0425
[email protected]
Kimberly Hirsh
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 Printable Profile (Summary / Full)
EIN 83-0485169

LAST UPDATED: 02/22/2019
Organization DBA The Midas Collaborative, Inc.
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years No



Mission StatementMORE »

Midas is a network of member organizations and other partners working to advance the financial security of low- and moderate-income residents across Massachusetts.

Mission Statement

Midas is a network of member organizations and other partners working to advance the financial security of low- and moderate-income residents across Massachusetts.

FinancialsMORE »

Fiscal Year Jan 01, 2018 to Dec 31, 2018
Projected Income $220,166.00
Projected Expense $234,550.00

ProgramsMORE »

  • MassSaves
  • Matched Savings Programs
  • Midas Membership
  • Policy

Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

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


Mission Statement

Midas is a network of member organizations and other partners working to advance the financial security of low- and moderate-income residents across Massachusetts.

Background Statement

Midas was formed in 1999 as a network of four members within the Allston-Brighton Community Development Corporation, which served as its fiscal sponsor in its early years.

In 2007, Midas became an independent non-profit corporation and increased its training capacity and management services in matched savings programs. It transitioned from an umbrella organization to a service provider -- in partnership with community partner members -- in matched savings and expanded its impact to the areas of consumer financial protection and financial education policy discussions in Massachusetts.

In this era of economic instability, a fresh look at financial habits, personal savings, and investment decisions is in order. Midas began our work in economic development with a strategy that incentivizes and supports asset acquisition through matched savings as a vehicle to enhance long-term financial and economic stability. More recently, the work of Midas has expanded to include a broader scope of asset development strategies and policies. We are now over 30 members strong, with numerous public and private partners. Across the state, Midas programs offer opportunity in the form of savings, homeownership, post-secondary education, appropriate financial products, and small business investment as well as key financial skills that make a critical difference to low-and-moderate income workers, savers, and investors.

Impact Statement

The Midas Collaborative in increasing financial capability and security of low and moderate income individuals and families through a variety of strategies, including matched savings programs, financial education, and advocating for policy change. We manage matched savings programs for 14 community partners. These programs have assisted individual participants and micro-businesses in building $4.7 million in matched savings, as well as building their capability to manage these assets. The over 800 graduates thus far have invested over $46 million (the value of their assets) into the economy.  In addition, Midas participated in the Invest in College Success (ICS) pilot, an innovative public-private partnership focused in helping community college students manage their personal finances, get matches for their savings for college costs to increase access, and complete their higher education. With coalition partners, Midas advanced legislation increasing the financial security of families via financial education and ensuring consumer financial protection. Midas has convened, provided research for, and supported many local, city, and statewide financial security initiatives, including the MassSaves Coalition, Treasurer Goldberg's Financial Literacy Taskforce, Mass Office of Consumer Affairs & Business Regulation's Occupational School Advisory, Federal Reserve of Boston's Working Group on Racial Wealth Gap.

Needs Statement

Only 29% of Americans have the recommended six months of expenses saved. Only 39% of Americans have enough savings to cover a $1,000 emergency. Nearly 25% of adults have no emergency savings at all. Recent data shows that 42% of Massachusetts residents have subprime credit scores and 23% have debt in collections. The Midas Collaborative is one of the few nonprofits utilizing policy initiatives to inform program work to achieve comprehensive financial security for Massachusetts families and communities. The burden in Massachusetts of increasing housing, living, and educational expenses calls for creativity and support for those struggling in this dynamic environment and uneven economy. The need vastly surpasses the current services available. To address these challenges, our work brings together a diverse network of community development corporations, banks and other funding partners, transitional housing service providers, community action agencies, multi-service agencies, faith-based organizations, small businesses, researchers, coaches and educators. Funding sources for Midas tend to be limited to one year while Midas offers multi-year programs. Our work of capacity building and technical assistance intends to address systemic issues and does not always fall neatly into focus areas as defined by philanthropic funders.

CEO Statement


Board Chair Statement


Geographic Area Served

Midas is a network that provides direct services to residents, as well as indirect services via its community-based member organizations across the Commonwealth of Massachusetts. Midas's public policy education work serves low and moderate income residents throughout the commonwealth.

Organization Categories

  1. Community Improvement, Capacity Building - Alliances & Advocacy
  2. Mutual & Membership Benefit - Management & Technical Assistance
  3. Public & Societal Benefit -

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




MassSaves is a broad network of public and private stakeholders including financial educators, providers, community organizations and advocates active and interested in financial literacy and education. The MassSaves Steering Committee is a group of 12 volunteers committed to improving the delivery and access of financial education at every stage of life. The committee builds awareness and support for financial education initiatives/policies including pending legislation. The committee, through its Planning Committee, plans and hosts an annual Summit every April for financial literacy month. An Advocacy and Policy Committee is active in advancing a variety of legislation around K-12 financial education, personal finance, debt collection practices, and other related interests by group members.
Budget  --
Category  None of the above
Population Served Poor,Economically Disadvantaged,Indigent K-12 (5-19 years) Adults
Program Short-Term Success  The MassSaves Annual summit unites over 100 attendees in advancing financial literacy and education for diverse communities targeting groups such as youth, veterans, seniors, and racially and ethnically diverse low-income populations.
Program Long-Term Success  The Policy and Advocacy Committee is active in various legislative areas, including pending Debt Collection Fairness.
Program Success Monitored By  --
Examples of Program Success  Recently announced, the SeedMA initiative, started in 2016 by State Treasurer Deborah B. Goldberg, the Office of Economic Empowerment, and the Massachusetts Educational Financing Authority is being expanded. Beginning in January 2020, every baby born to or adopted by a Massachusetts resident will be eligible for a free $50 seed deposit into a college savings account.

Matched Savings Programs

Midas designs matched savings programs that combine incentives, support and access to help people build assets, where low-wage workers and micro- entrepreneurs invest in their futures. The matched savings programs are in collaboration with Midas leading on program design, fiscal administration, and reporting and each community partner organization leading recruitment, enrollment, and education. The majority of programs are privately funded, with the remaining coming from federal funding through the Assets for Independence program, which will end in September 2020.
Budget  --
Category  None of the above
Population Served Poor,Economically Disadvantaged,Indigent
Program Short-Term Success  Midas manages nearly 500 active matched savings accounts with 13 community partner organizations.
Program Long-Term Success  Participants enrolled in programs across the state have saved over $2 million dollars and earned nearly $3 million in matched funds.
Program Success Monitored By  --
Examples of Program Success  Program participants are able to utilize their eventual matched savings accounts for such purposes as a down payment on a home, higher education programs, starting a business, debt relief, or other qualified emergencies.

Midas Membership

Midas serves as an umbrella collaborative for member organizations and other community-oriented partners, sharing current developments and best practices, as well as amplifying their efforts to promote more prosperous communities across the state. Midas’ membership network includes 21 organizations and associates. Midas holds quarterly member meetings which include member business, experts presenting new research, advocacy opportunities, or resources; hosts a forum for members and guests to share what’s happening within their organization; and publishes a monthly newsletter.
Budget  --
Category  Mutual, Membership Benefit, General/Other
Population Served Other Named Groups
Program Short-Term Success  Midas held its annual membership meeting in December 2018, which brought together 22 representatives community, banking, academic, and government institutions. Membership business included re-election of board members and approving a new membership organization. Updates and expertise was shared for member engagement on the following topics impacting wealth-building of low- and moderate-income communities: unfair practices in debt collection, SeedMA Baby child savings program, cash transfer programs, and discriminatory housing practices.
Program Long-Term Success  The ultimate goals of the collaborative is to bring together organizations with missions to improve the financial status of low- and moderate-income families and individuals -- a goal that remains in the forefront as the wealth divide grows. We do this by bringing together organizations to share updates, expertise, and best practices, and to form effective partnerships to amplify their impact.
Program Success Monitored By  --
Examples of Program Success  An outgrowth of the December 2018 annual membership meeting is bringing together a community organization with a world-class university to seek joint funding for developing and delivering a cash transfer program for a targeted low-income urban immigrant population. 


The Midas Collaborative, with its many partners and members, educates and advocates for policy change at both the state and federal levels. Midas is committed to advocating for policies and regulations that advance financial security by increasing opportunity and removing barriers. Midas’ current policy is focused on the Debt Collections Fairness Act and K-12 personal finance literacy bill.

Budget  --
Category  Civil Rights, Social Action & Advocacy, General/Other
Population Served General/Unspecified
Program Short-Term Success  Midas, along with many institutions and organizations, supported the SeedMA Baby initiative, designed to assist families in saving for post-high school education, which will be expanding across the commonwealth starting in January 2020.
Program Long-Term Success  Midas, along with a broad coalition of supporters, is advocating for improvements in fair debt collection practices.
Program Success Monitored By  --
Examples of Program Success  We are practitioner-led by direct service providers; as a result, our organization was one of the first to alert national regulators of the prevalence of sub-prime mortgages in the early 2000s, and we continue to be a key market surveyor and monitor.

CEO/Executive Director/Board Comments

As a result of the rollback by the federal government of the Assets for Independence (AFI) Program, The Midas Collaborative needed to initiate a process, which is ongoing, to examine its current programs, seek alternate sources of funding, and conduct long-term strategic planning. It has eliminated some of its programs and functions that were supported by AFI funding. 2018 was a key year for streamlining of operations and program administration. In 2019, we expect efficiency efforts to continue, and we have begun building a business development plan which will encompass new program development that allows us to utilize more limited funding to fulfill our mission and maximize our impact.


CEO/Executive Director Ms. Kimberly Hirsh
CEO Term Start Sept 2018
CEO Email [email protected]
CEO Experience Kimberly Hirsh brings over two decades of management experience in corporate, non-profit, and educational settings. Having transitioned from for-profits to non-profits fourteen years ago, she is dedicated to contributing her energies and experience to mission-driven organizations. An experienced manager of human and financial resources, she has served on multiple senior management teams and boards of directors. She specializes in steering organizations through significant growth and change. Prior to joining Midas, she worked in public health and she is interested in the overlaps across financial well-being and overall health and wellness outcomes.
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
Pamela Hoffman -- --
Margaret Miley -- --

Senior Staff

Name Title Experience/Biography
-- -- --


Award Awarding Organization Year
-- -- --


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

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --



CEO/Executive Director/Board Comments


Foundation Comments


Staff Information

Number of Full Time Staff 0
Number of Part Time Staff 4
Number of Volunteers 10
Number of Contract Staff 0
Staff Retention Rate % --

Staff Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 4
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 4
Male: 0
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers 1
Management Succession Plan --
Business Continuity of Operations Plan No
Organization Policies And Procedures Yes
Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
State Charitable Solicitations Permit --
State Registration --

Risk Management Provisions


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


Board Chair Ms. Angela Gomes
Board Chair Company Affiliation Skadden Arps.
Board Chair Term Dec 2016 - Dec 2019
Board Co-Chair Angela Gomes
Board Co-Chair Company Affiliation Skadden
Board Co-Chair Term Dec 2016 - Dec 2019

Board Members

Name Company Affiliations Status
Katherine Adam Denterlein Co. Voting
Blair Benjamin Mass MoCA Voting
Barbara Fern Greenwood JVS-Boston Voting
Angela Gomes Skadden et al, LLP Voting
Thomas Keydel Financial Coach Voting
Jennifer Lowe Crittenton Women's Union Voting
Nelson Ortiz Blue Cross Blue Shield 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: 1
Asian American/Pacific Islander: 0
Caucasian: 5
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 4
Male: 3
Not Specified 0

Board Information

Board Term Lengths 3
Board Term Limits --
Board Meeting Attendance % --
Written Board Selection Criteria No
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions 100%
Constituency Includes Client Representation Yes

Standing Committees

  • Community Outreach / Community Relations
  • Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
  • Finance

CEO/Executive Director/Board Comments


Foundation Comments



Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Fiscal Year Jan 01, 2018 to Dec 31, 2018
Projected Income $220,166.00
Projected Expense $234,550.00
Form 990s

2017 Form 990

2016 Form 990

2015 Form 990

Audit Documents

2017 Audited Financials

2016 Audited Financials

2015 Audited Financials

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2017 2016 2015
Total Revenue $396,252 $546,548 $654,971
Total Expenses $431,079 $544,029 $564,676

Prior Three Years Revenue Sources

Fiscal Year 2017 2016 2015
Foundation and
Corporation Contributions
-- -- --
Government Contributions $76,745 $243,808 $304,961
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $76,745 $243,808 $304,961
Individual Contributions $124,840 $143,949 $199,191
Indirect Public Support -- -- $0
Earned Revenue $163,241 $126,192 $122,366
Investment Income, Net of Losses -- -- $0
Membership Dues -- -- $0
Special Events $30,714 $32,599 $28,453
Revenue In-Kind -- -- --
Other $712 -- $0

Prior Three Years Expense Allocations

Fiscal Year 2017 2016 2015
Program Expense $338,151 $469,787 $491,702
Administration Expense $61,531 $47,214 $52,201
Fundraising Expense $31,397 $27,028 $20,773
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 0.92 1.00 1.16
Program Expense/Total Expenses 78% 86% 87%
Fundraising Expense/Contributed Revenue 14% 6% 4%

Prior Three Years Assets and Liabilities

Fiscal Year 2017 2016 2015
Total Assets $1,610,769 $1,961,820 $1,824,376
Current Assets $1,609,908 $1,960,538 $1,822,549
Long-Term Liabilities $0 $0 $0
Current Liabilities $1,479,736 $1,795,960 $1,661,035
Total Net Assets $131,033 $165,860 $163,341

Prior Three Years Top Three Funding Sources

Fiscal Year 2017 2016 2015
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy --
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? --

Short Term Solvency

Fiscal Year 2017 2016 2015
Current Ratio: Current Assets/Current Liabilities 1.09 1.09 1.10

Long Term Solvency

Fiscal Year 2017 2016 2015
Long-term Liabilities/Total Assets 0% 0% 0%

CEO/Executive Director/Board Comments


Foundation Comments

Financial summary data in charts and graphs are per the organization's IRS Form 990s. Contributions from foundations and corporations are listed under individuals when the breakout was not available.


Other Documents

No Other Documents currently available.


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?


2. What are your strategies for making this happen?


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


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


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