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Penny Forward Inc

EIN 87-2376924 · Minneapolis, MN

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthGood79 out of 100GovernanceNot ratedThe short tax form does not cover thisImpact evidenceDescribes programsHow well its results are evidenced

What it says it does

Penny Forward is a 501C3 nonprofit organization founded and led by blind people. Through education mentoring and mutual support we help each other learn to confidently navigate the complicated landscape of personal finance. We offer self-paced online financial education courses weekly and monthly personal finance workshops and one to one financial counseling provided by blind financial counselors.

Income
$199,411
Spending
$180,031
Reserves
3.5 months of spending
Largest source of income
donations and private grants, 62%
Highest pay
$13,500, ceo and president

Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Good: 79 out of 100. Higher than 58% of charities in its peer group (human services, under $250k).

  • Reserves

    20 of 35

    Spendable reserves would cover 3.5 months of spending.

  • Debt

    20 of 20

    It owes 13% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 10% of income.

Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

This organization files the short tax form, which does not ask about boards, policies or audits. That is normal for a small charity and is not a mark against it.

Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (4)
  1. $4,000 spent. Self paced online financial education courses benifited in excess of 200 members in 2024.
  2. $78,000 spent. Fifty two hours of weekly financial workshops benifited in excess of 200 individuals in 2024.
  3. $1,800 spent. 12 hours of public webinars benefited 120 people in 2024.
  4. Our web site and podcast contain a wealth of free financial education resources open to the public. We estimate that our web site served over 8,500 unique visiters and our podcast served over 6,000 unique listeners in 2023.

Source: Form 990EZ for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since May 2023.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.