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ElatUS Financial Services, Inc.

 1452 Dorchester Avenue, FCBL-4
 Boston, MA 02122
[P] (781) 9743753
[F] (781) 549-8006
www.elatus.us
[email protected]
David Rapaport
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INCORPORATED: 2016
 Printable Profile (Summary / Full)
EIN 46-3600748

LAST UPDATED: 10/28/2016
Organization DBA Elatus
Elatus Services
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years No

Summary

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Mission StatementMORE »

Elatus Financial Services, Inc. provides a hand up to those experiencing some of the most challenging periods of their life. Our Representative Payee and Fiscal Literacy services deliver hope combined with real world solutions that remove barriers to a meaningful quality of life. Those served by Elatus should have the quality of life that they want rather than a quality of life they have to settle for.

 
 

Mission Statement

Elatus Financial Services, Inc. provides a hand up to those experiencing some of the most challenging periods of their life. Our Representative Payee and Fiscal Literacy services deliver hope combined with real world solutions that remove barriers to a meaningful quality of life. Those served by Elatus should have the quality of life that they want rather than a quality of life they have to settle for.

 
 

FinancialsMORE »

Fiscal Year Jan 01, 2016 to Dec 31, 2016
Projected Income $2,000.00
Projected Expense $24,000.00

ProgramsMORE »

  • Collaborative Financial Management
  • Low Income Subsidy Application Assistance
  • Representative Payee Program

Revenue vs. Expense ($000s)

Expense Breakdown (%)

No data available

Expense Breakdown (%)

No data available

Expense Breakdown (%)

No data available

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


Overview

Mission Statement

Elatus Financial Services, Inc. provides a hand up to those experiencing some of the most challenging periods of their life. Our Representative Payee and Fiscal Literacy services deliver hope combined with real world solutions that remove barriers to a meaningful quality of life. Those served by Elatus should have the quality of life that they want rather than a quality of life they have to settle for.

 
 

Background Statement

Elatus is a nonprofit organization dedicated to bringing homelessness beyond functional zero in Massachusetts. We recognize that addictions and mental illness may complicate this goal and our services areforce multipliers in facilitating sucess. Elatus works with all stakeholders to develop meaningful, holistic and therapeutic solutions that meet the needs of each person being served. While the organization's nonprofit status was formally recognized in January, 2016, Elatus has existed since October 2013. The board and officers have over 100 combined years in serving communities in need. The bylaws are written to exclude family members from the Board and ensure that decisions are independent of undue founder influence and inurement.

Currently, there are nonprofit housing and service agencies that provide representative payee services to stable populations in housing transitional program services. There are no comparable services afforded to a transient and homeless population that moves between shelters and the streets on a regular basis. Shelters, other facilities and agencies are reluctant to be assigned as representative payees because of the administrative costs associated with maintaining contact with a transient population when they are not directly serviced. There are also un-reimbursed costs associated with paperwork, reporting and case management.

An organization that can provide services in conjunction with multiple shelters, facilities and agencies throughout the service area is an invaluable resource in the care, treatment and recovery of the at risk individual and a force multiplier is eliminating long-term homelessness. Our current successes in that area are proof that this model works. 

Impact Statement

  • The Elatus financial support programs are key drivers to help end homelessness, facilitate addictions recovery and ensure quality of life
  • Elatus provides fiscal literacy and support to the women, men, families and agencies that operate on the front lines every day.
  • Elatus is positioned to provide reliable, therapeutic and effective financial management as a key component in addictions recovery and financial skill building.
 

Needs Statement

  1. First year operating expenses inclusive of salaries ($24,000)
  • Rent $285 monthly
  • Website support $75 monthly
  • Supplies/Expenses $50 monthly
  • Quickbooks Online $15 monthly
  • Telecommunications $50 monthly
  • Payroll Expense $25 monthly
  • Salaries $1,500 monthly
      2.   Grant writing support and resources
 
      3.   Social Service and locality networking opportunities
 
      4.   Ethics training resources
 
      5.   Board of Director  development training
  • Access to organization board meetings to study styles, formats, and agenda presentation 
      6. Sponsorship for beneficiary accounts to cover:
  • Monthly accounting fee
  • Case Management
  • Resource referral                
       
  

CEO Statement

   I would like to explore with you the real possibility of serving the homeless, addicted and finctionally disabled populations in Massachusetts. There are many in our communities that have been barred from receiving Social Security Administration (SSA) and Veterans Administration (VA) benefits as a direct result of their homelessness and/or substance addictions or unable to manage the SSA funds they receive. I believe that I offer a solution that responds to the requirements of the federal and state funding agencies and has the potential to end the cyclical issues that remove hope from those individuals, known as beneficiaries who need it most.
   I have spent 2 decades in Human Services, currently a retired Veteran with over 32 years in the Massachusetts Army National Guard with deployments to Bosnia-Herzegovina and Iraq. I am a small businessperson with active government contracts. I founded the Cambridge College Veterans Support and Action Center for Veteran students.  
    In 1996 I was tasked with forming a representative Payee program for Bay Cove Human Services, Inc. The program grew from 10 individuals to 150 when I left in 2000. The program continued to grow, as designed, for the next 13 years, during which I served on and chaired the Bay Cove Human Rights Committee, a model of advocacy and overview for the human rights for individuals in community living situations. Currently over 800 individuals are served by Bay Cove Human Services, Inc.  
   As designed, the Bay Cove program took advantage of the technology available at the time and has benefitted from improvements in communications and web technologies. They have also been able to serve the developmentally disabled and mentally ill populations with very effectively. Many in these populations thrive on routine and standardization. As an example, checks are still printed and mailed to creditors and cash is still distributed. This solution, as currently designed, is not effective for a population that is mostly transient and in need of critical mental health and social services. My solution uses electronic bill payment from a dedicated, interest bearing account and the use of debit cards rather than cash.  
   Each season contains its challenges for any under-served population. Winters are especially harsh. Elatus, with your help, is trying to make this the last unfunded year for many vulnerable homeless and addicted individuals.

Board Chair Statement

The dual role of CEO and President allows me to expand the mission of eliminating homelessness while remaining true to the core principles of the organization through its start up stages. Nothing would please me more than to be able to develop a successful concept that is expandable beyond my extensive capabilities and pass it to more qualified resources.

Geographic Area Served

STATEWIDE
City of Boston- Citywide (Indiv. neighborhoods also listed)
SOUTHEAST REGION, MA
GREATER BOSTON REGION, MA
Elatus Financial Services, Inc. is a nonprofit corporation formed in Massachusetts. We have the ability to conduct business nationwide through Registered Agents in each state as a Foreign Corporation. Fees in each state are generally under $100 per year for nonprofit organizations. Reporting requirements are minimal beyond our normal in-state requirements. Telecommunications technology allows us to conduct regular video type face to face visits when in-person meetings are impractical..

Organization Categories

  1. Housing, Shelter - Support NEC
  2. Mental Health & Crisis Intervention - Substance Abuse Prevention
  3. Human Services - Financial Counseling

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

Yes

Programs

Collaborative Financial Management

Elatus does not have the capability to individually resolve the core causes of homelessness and addictions. Rather, we focus on mitigating the re-sheltering challenges that come with a "Housing First" approach for those with minimal or non-existent money management skills. Elatus focuses on keeping people in housing allowing them to grow and develop skills in their own ways. Elatus collaborates with the individual and treatment team to develop meaningful personal budgets and resource allocations to ensure financial security and responsibility. We are a force multiplier in any supportive housing program. 
Budget  $75,000.00
Category  Housing, General/Other Homeless Shelter
Population Served Homeless Alcohol, Drug, Substance Abusers Elderly and/or Disabled
Program Short-Term Success  Growth from 0 to 20 clients within the first 12 months.
Program Long-Term Success 
  • Clients will be able to accept partial responsibility for personal money management as skills and confidence are built
  • Clients may seek part-time or full-time employment to supplement or replace limited entitlement income
  • Client may attend school
Program Success Monitored By 
Board of Directors
Funding Agencies
Case Mamangers 
Examples of Program Success 
  • A client may call and schedule monthly rent and other expenses with Elatus rather than being paid automatically
  • Food, personal needs allowances and spending money may be delivered monthly rather than weekly
  • Client may work part-time to supplement limited income

Low Income Subsidy Application Assistance

Elatus trained staff will assist applicants for Massachusetts Low Income Subsidy medical and pharmacy programs to fill out paper and online applications. We will work with individuals, their family, guardians, stakeholders and attorneys to accurately represent the applicants status and resources to obtain the appropriate level of assistance.

Budget  $5,000.00
Category  Health Care, General/Other Health Insurance Counseling
Population Served Aging, Elderly, Senior Citizens Homeless Alcohol, Drug, Substance Abusers
Program Short-Term Success  Short term success will be measured by completing 25 LIS applications within the first 6 months of operation.
Program Long-Term Success  Long term measures of success will include a growing case load through agency referrals.
Program Success Monitored By 
Board of Directors
Funding agencies 
Examples of Program Success 
  • >1% error rate
  • Increasing referrals from agencies
  • < 100 applications submitted within the first 12 mos. of operation
 

Representative Payee Program

Elatus Financial Services, Inc. offers representative payee services to homeless, addicted, mentally ill and disabled populations. We work with the Social Security Administration, Veterans Administration and any other state or federal agency that helps fund those in need to manage their taxpayer provided funds. We responsibly pay current debts of a transient population at risk and provide a meaningful spending plan in accordance with case management developed while they are receiving detoxification, recovery and rehabilitation services from homeless and emergency shelters and facilities. We are a force multiplier in any supportive housing program.

Budget  $60,000.00
Category  Housing, General/Other Housing, General/Other
Population Served Homeless Alcohol, Drug, Substance Abusers Offenders/Ex-Offenders
Program Short-Term Success  Short term success will be measured agency and funder confidence exhibited by referrals and a growing case load.
Program Long-Term Success  Long term success is measured in terms of servicing agency, funder and client satisfaction reports.
Program Success Monitored By 
  • Board of Directors
  • Funders 
Examples of Program Success 
  • Client growth from 0 to 50 within the 1st 6 mos. of operations
  • Inquiries from agencies for services
  • Out of state inquiries

CEO/Executive Director/Board Comments

The Elatus programs supplement very successful, hard working and well meaning programs. We mitigate the leading cause of recidivism and return to shelter living. Our Representative Payee service can be funded by the beneficiary if SSA authorizes it. The reality is that the allowable fees are not designed to provide meaningful income for the service provider but are a  significant percentage of a beneficiary's limited income. A successful model must include charitable funding.
 
The model can only work with a clinical component attached. The target populations  will not thrive without individualized case management services. A program that simply provides static bill payment without the flexibility and accountability to respond to dynamic lifestyles will fail every benchmark.

Management


CEO/Executive Director Mr. David Scot Rapaport
CEO Term Start Jan 2016
CEO Email [email protected]
CEO Experience

Developed and opened the Cambridge College Veterans Support and Action Center serving Veteran students nationally by providing program and academic support.

Provided subject matter expertise and logistical support for up to 100 wounded and injured soldiers from 7 Northeast states while assigned to a remote medical and behavioral healthcare treatment unit.

Designed and delivered highly technical military related courses to newly reclassified soldiers in advanced support and leadership training for command elements in preparation for overseas deployments.

Trained 20 military staff to certify with the IRS Volunteer Income Tax Assistance (VITA) program in income tax preparation. Supervised the refunding of $4 million to the Fort Drum military community and retirees.

Monitored, briefed and coordinated aviation military support actions throughout 34,000 square miles and synchronized actions with over 20 units at varying command levels.

Maintained 100% payroll accuracy during 2 major computer software conversions.

Identified wholesale telecom billing discrepancies that resulted in over $1.5 million in adjustment credits positively impacting efforts to consolidate operations in the Northeast US.

Developed and implemented a federally certified Representative Payee program to manage Social Security funds; Program currently serves over 800 developmentally disabled and behaviorally challenged adults.

Proactively planned and coordinated with state funding agencies to develop contingency medical strategies for an aging developmentally disabled population.

Managed >100,00 Veteran 1st and 3rd party billing accounts as Lead Accounting Technician for the VISN 1, Boston VA Healthcare System 

Responded to behavioral and medical emergencies resulting in safety of the residents and program staff.

Co-developed Veterans educational programming grant for Cambridge College

CPR Certified 
 
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
-- -- --

Senior Staff

Name Title Experience/Biography
-- -- --

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

--

CEO/Executive Director/Board Comments

--

Foundation Comments

--

Staff Information

Number of Full Time Staff 1
Number of Part Time Staff 2
Number of Volunteers 0
Number of Contract Staff 0
Staff Retention Rate % --

Staff Demographics

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

Plans & Policies

Organization has Fundraising Plan? Yes
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers N/A
Management Succession Plan Under Development
Business Continuity of Operations Plan No
Organization Policies And Procedures Under Development
Nondiscrimination Policy Under Development
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 N/A Annually
Senior Management Formal Evaluation and Frequency N/A Annually
Non Management Formal Evaluation and Frequency N/A Annually

Governance


Board Chair Mr. David Scot Rapaport
Board Chair Company Affiliation President
Board Chair Term Jan 2016 - Dec 2018
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Mr. Edward S. Cowen Veteran Voting
Rabbi Elliott Hurvitz Temple Beth Shalom in Holbrook Voting
Mr. John J. Prall Community Volunteer/IT Specialist 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: 4
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 2
Other (if specified): Service Disabled Veteran
Gender Female: 0
Male: 4
Not Specified 0

Board Information

Board Term Lengths 3
Board Term Limits --
Board Meeting Attendance % --
Written Board Selection Criteria Yes
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 0%
Percentage of In-Kind Contributions 4%
Constituency Includes Client Representation Yes

Standing Committees

    --

CEO/Executive Director/Board Comments

Elatus has added provisions in its Articles of Conversion that forbid family involvement on the board of Directors and mitigate personal inurement. Additionally, we have developed a rigorous and unambiguous Conflict of Interest policy.

Foundation Comments

--

Financials


Revenue vs. Expense ($000s)

Expense Breakdown (%)

No data available

Expense Breakdown (%)

No data available

Expense Breakdown (%)

No data available

Fiscal Year Jan 01, 2016 to Dec 31, 2016
Projected Income $2,000.00
Projected Expense $24,000.00
Form 990s --
Audit Documents --
IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year -- -- --
Total Revenue -- -- --
Total Expenses -- -- --

Prior Three Years Revenue Sources

Fiscal Year -- -- --
Foundation and
Corporation Contributions
-- -- --
Government Contributions -- -- --
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified -- -- --
Individual Contributions -- -- --
Indirect Public Support -- -- --
Earned Revenue -- -- --
Investment Income, Net of Losses -- -- --
Membership Dues -- -- --
Special Events -- -- --
Revenue In-Kind -- -- --
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year -- -- --
Program Expense -- -- --
Administration Expense -- -- --
Fundraising Expense -- -- --
Payments to Affiliates -- -- --
Total Revenue/Total Expenses -- -- --
Program Expense/Total Expenses -- -- --
Fundraising Expense/Contributed Revenue -- -- --

Prior Three Years Assets and Liabilities

Fiscal Year -- -- --
Total Assets -- -- --
Current Assets -- -- --
Long-Term Liabilities -- -- --
Current Liabilities -- -- --
Total Net Assets -- -- --

Prior Three Years Top Three Funding Sources

Fiscal Year -- -- --
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 Yes
How many months does reserve cover? 6.00

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 -- -- --
Current Ratio: Current Assets/Current Liabilities -- -- --

Long Term Solvency

Fiscal Year -- -- --
Long-term Liabilities/Total Assets -- -- --

CEO/Executive Director/Board Comments

Projections only. 1st year of operations. 990 not filed until 2017. Currently self-funding.

Foundation Comments

This organization is newer and received its nonprofit status from the IRS in August 2016, as noted in the IRS Letter of Determination posted above. As such, a full year of financial data will be posted when it becomes available.

Documents


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?

Elatus works with all stakeholders engaged with homeless, addicted and disabled populations to facilitate and educate on the effective management of government funds (SSI/SSDI/SSA/VA). We follow established agency guidelines related to Representative Payee/Fiduciary duties to create a therapeutic and resource-laden environment in which the homeless, addicted and disabled consumers of our services will eventually be able to take on additional responsibilities while succeeding in recovery and obtaining adequate housing.

2. What are your strategies for making this happen?

  • Maintain a firm sense of mission
  • Build a strong sense of trust with stakeholders
  • Ensure realistic methodologies for regular face to face contacts
  • Issue bi-annual updates to Board of Directors and funders
  • Develop Mental Health Supervision with qualified and licensed Psychiatrist
  • Hire and train competent staff
  • Develop and maintain effective relationships with SSA and VA
  • Communicate with beneficiary vendors
  • Seek donor funding to finance case management and record keeping support
  • WE ARE THE ONLY SKILLED ENTITY IN THE SPACE THAT BATTLES HOMELESSNESS AND ADDICTIONS THROUGH EFFECTIVE PERSONAL FINANCIAL MANAGEMENT.

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

With graduate degrees in Management, Education and Mental Health Counseling I am well prepared to execute this mission and build the capacity required to ensure success.  In summary, the operational model for Elatus Financial Services, Inc. is a case management process that works with social service providers and homeless shelters to identify residents that do not receive SSA and VA funding as a result of their homelessness, addictions or disabilities. The Elatus solution uses electronic bill payment from a dedicated checking account and interest bearing savings account using debit cards rather than cash delivered to the beneficiary mitigating unhealthy purchasing behaviors.

Currently, there are no specialized companies or other agencies to provide financial management services to the homeless and addicted populations. These populations have unique requirements and needs that most agencies are not prepared or funded to fulfill. Additionally, most agencies are set up to only work with people that are present in their facility. An empty bed is an unfunded space, the shelter as Representative Payee would still be responsible for the unfunded associated duties.

 As a Veteran led organization, success is the only viable outcome. 

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

  • Annual client quality of service questionaire
  • Partner agency updates and reports
  • Funding feedback
  • Repeated client referrals from same source agencies

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

  • MA Non-profit status granted
  • IRS Form 1023 filed
  • IRS Tax Exemption 501(c)3 issued
  • Member of the National Care Planning Council
  • Partnership with Boston Foundation
  • Psychiatrist on staff
  • Beneficiaries actively served
  • Organizational NPI issued for insurance billing
  • Medicare being canvassed for Coordinated Care Management (CCM) funding