New Life Corporation (also known as New Financial Life)
224-226 Dixwell Avenue
New Haven CT 06511-3416
Contact Information
Address 224-226 Dixwell Avenue
New Haven, CT 06511-3416
Telephone (203) 777-0313 x
Fax 203-907-0408
E-mail memcguire@newlifecorp.org
Web and Social Media
Mission

New Financial Life, Inc. (NFL's) mission is to incease the economic security of low and moderate income individuals and families living in the Greater New Haven area through a combination of multi-lingual financial education and asset building services.

NFL provides programs such as Volunteer Income Tax Assistance (VITA), Earned Income Tax Credits (EITC), Individual Tax Identification Number (ITIN), Access Benefits Online (ABO), and Access Health CT (AHCT).

At A Glance
Year of Incorporation 1997
Organization's type of tax exempt status Public Supported Charity
Organization received a competitive grant from the community foundation in the past five years Yes
Leadership
CEO/Executive Director Ms. Mary Ellen McGuire n/a
Board Chair Mr. Jerald S. Barber Esq.
Board Chair Company Affiliation Community Volunteer
Financial Summary
 
Projected Revenue $330,318.00
Projected Expenses $295,767.00
Statements
Mission

New Financial Life, Inc. (NFL's) mission is to incease the economic security of low and moderate income individuals and families living in the Greater New Haven area through a combination of multi-lingual financial education and asset building services.

NFL provides programs such as Volunteer Income Tax Assistance (VITA), Earned Income Tax Credits (EITC), Individual Tax Identification Number (ITIN), Access Benefits Online (ABO), and Access Health CT (AHCT).

Background
New Financial Life, Inc. (NFL) formerly New Life Corporation (NLC) was incorporated in 1995 by an inner city church named the Door of Salvation church which is the second oldest Hispanic church in the city of New Haven.  Originally formed as a Community Development Corporation (CDC), in order to deal with the growing housing blight in its neighborhood, in 2003 NLC reorganized itself changing its mission in which we work with no and low-income individuals and families helping them improve their Financial Economic Security (FES).  Understanding the importance of servicing both English and Spanish speaking clients, NFL continues to provide services and outreach to an increasing bi-lingual population in our city and state.  In 2004 we partnered with eight organizations establishing the Coalition for Working Families (CWF) in order to assist in our first Volunteer Income Tax Assistance (VITA).  That year we assisted 478 low-income families helping them claim a total of $611,45 in Federal/State refunds and $292,367 in Earned Income Tax Credits (EITC). 
 
Our current services are: (1) Access Benefits On-line (ABO) where we connect low-income individuals and families to a range of income-enhancing public and private benefits, such as tax credits, food stamps, health insurance and bank accounts: (2) Individual Tax Identification Number (ITIN) Acceptance Site where we are certified by the Internal Revenue Service (IRS) to assist undocumented individuals in obtaining an ITIN in order to legally pay their income taxes for their earnings; (3) Financial Education where we counsel individuals and families on the pitfalls of predatory services, bad credit as well as the benefits of budgeting, credit repair and savings.  In addition, NFL is a partner in a state-wide financial literacy initiative "Connecticut Money School" (CMS); and (5) Volunteer Income Tax Assistance (VITA) where low-moderate income residents receive free tax preparation and in which qualified individuals/families are able to access federal EITC credits which are due to them.  NFL now partners with over 30 organizations within the Coalition for Working Families which was first created in 2004.  Over the past eight years, we have serviced well over 16,000 people (families) with these programs and in particular through the VITA program.
Impact
New Financial Life, Inc. (NFL) formerly New Life Corporation (NLC) is the only non-profit in the Greater New Haven area whose mission is to be a multi-lingual community financial resource center with a full suite of year-round tax assistance, financial education and asset building support services available to low and moderate income individuals and families to enhance their "Freedom to Dream" and become economically secure.
 
This is significant considering the median family income in New Haven is $29,253 and 23 percent of its families live in poverty, according to a report published by the Annie E. Casey Foundation, entitled "The Impact of Free Tax Preparation on New Haven's Economy".  NFL's service intermediary programs, i.e., VITA, EITC, ABO, ITIN and AHCT address specific needs.  In the past however, these stand - alone programs have operated in silos and participants received no follow-up services.
 
NFL's innovative response to this glaring gap in service has been to begin development and implementation of an integrated direct service model that includes not only the intermediary programs, but a multi-lingual financial education and client advocacy program.
 
Since 2003, in partnership with the Coalition for Working Families (CWF), NFL has offered a combination of social and work skills training, financial education and asset building to working poor individuals and families to improve their prospects for a brighter financial future.  Our highest profile program, VITA, in partnership with the Internal Revenue Service (IRS), provides free tax preparation to working families through certified community volunteers.  They gain huge financial benefits; they save hundreds of dollars of fees charged by commercial tax preparers, and because NFL makes sure that the filer gets every tax credit they deserve, they receive an average refund of $2,000 - a significant sum given that the median family income in New Haven is below $30,000 and roughly one quarter of the families live in poverty.
 
A family of 5, earning less than $57K a year, could get a federal, state and tax credit refund of well over $5,000.  Astonishingly, more than 20 percent of the eligible filers do not take advantage of VITA and the many tax credits available, including Earned Income Tax Credit (EITC), the Child Care Credit (CCC) and the Dependent Care Credit (DCC).  They either pay big fees to commercial tax preparers, because they believe they will get a quicker refund, or they do not file at all.
 
NFL wants to increase the number of eligible families that claim the credits, with good reason. For example, the EITC is considered the U.S. Government's most effective anti-poverty program.  Since it began 37 years ago, the EITC has brought more families out of poverty than any other federal program - about 6.6 million per year - of whom 3.3 million are children.
 
NFL's years of VITA/EITC work through the 2011 tax season, with the help of its Coalition For Working Families, has yielded over $20 million in refunds to almost 16,000 filers.  Furthermore, 2011's total refunds of $7 million were contributed back into to the local economy.  Finally, for every $1 given to NFL for its VITA / EITC work, NFL has returned $38 back to the community, according to the report published by the Annie E. Casey Foundation, entitled "The Impact of Free Tax Preparation on New Haven's Economy".
 
NFL has successfully established an annual client base of nearly 3,000 through its VITA, EITC and ABO intermediary programs, and it expects many more will be connected through ITIN.  All NFL clients receive bi-lingual surveys or evaluation forms for quality assurance purposes that they may voluntarily answer.  Respondents are generally pleased with the services we provide and return year after year.  Last tax season roughly one third of the respondents specifically requested additional services, i.e., benefit screening follow ups and financial educational workshops.
 
Needs

New Financial Life, Inc. (NFL) formerly New Life Corporation is at an important juncture of its growth.  It has earned a reputation for high quality tax services, and ability to recruit, train and mobilize large numbers of volunteers, and developed trusting relationships with neighborhood residents and community partners in the course of providing its services.  The demands for our intermediary services and financial educational programs have steadily increased during a very poor economic environment.  NFL's board of directors and its executive director have been engaged in evaluating the organizations capacity for effective and sustainable growth.   Its five most pressing needs are the funds, time, new board members, additional staff and partnerships to develop its program potential by becoming a full service community financial resource center with realistic prospects for long term sustainability. 

CEO Statement
I am proud to be associated and working with caring and dedicated individuals like our board members, our staff and volunteers.  We are all committed to helping our clients to achieve economic independence.
 
We believe in connecting people to the things that they need in order to gain self sufficiency, providing services that will give our clients the tools that they need in order to stabilize and improve the financial health of their lives and/or families.  Our services help them to access more of their hard earned money while teaching them how to save and spend it in a way a way that benefits them.  We teach them about home budgeting, low interest loans, credit card rates and the importance of having and/or obtaining a good credit rating by learning the steps necessary to repair their credit. 
Board Chair Statement

I am proud of the efforts and achievements made by NFL over the past several years.  In spite of the challenging economic times, our programs have expanded and reached additional numbers of our serviced populations.  The Executive Director, NFL's employees, volunteers and board members have all worked towards making a real and positive difference for working families in greater New Haven.  Personally, my greatest joy is hearing directly from people who have utilized our programs - a young mother who received an income tax refund which allowed her to purchase a car to travel to and from work -  a volunteer who feels that she has been able to "make her city a better place" by helping others in need.  I volunteered and continue to serve on the Board of NFL because I feel energized and hopeful that my efforts, whether through Board service or by way of financial contribution are part of a growing 'grass roots' success story in my local community.

Service Categories
Primary Organization Category Employment /
Secondary Organization Category Human Services / Human Services
Tertiary Organization Category Human Services / Human Services
Areas Served
Hamden
Ansonia
Bethany
Branford
Cheshire
Derby
East Haven
Guilford
Madison
Milford
New Haven
North Branford
North Haven
Orange
Oxford
Seymour
Shelton
Wallingford
West Haven
Woodbridge

The majority of clients served are residents of New Haven and West Haven.  In the City of New Haven we serve the following neighborhoods; Annex, Beaver Hill, Dixwell, Dwight, East Shore, Edgewood, Fair Haven, Hill, West Hills, West Rock, Westville and Wooster Square. Due to the economic downturn, NFL has served an increasing number of clients from the greater New Haven area.

Programs
Description
The VITA Program offers income tax preparation services to low and moderate income people at no cost to them.  New Financial Life, Inc. formerly New Life Corporation recruits a volunteer workforce of over 40 community residents and professionals and manages various VITA sites in the cities of New Haven and West Haven. In partnership with the Internal Revenue Service (IRS) NFL trains and certifies the volunteers who prepare and electronically file income taxes throughout the neighborhood VITA sites.  By combining tax assistance with hands on training, the program assists low-income individuals and families in better understanding their personal and family finances while also helping to ensure that they receive all of the proper deductions that they are entitled to from the Federal Earn Income Tax Credit (EITC) program.  
 
Population Served General/Unspecified / General/Unspecified / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
Last year NLC's VITA program served a total of 2,289 tax filers, a total of $7 million in federal/state and tax credit refunds,  combined with the savings of free tax preparation, contributed nearly $8 million to local economy.  
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.
NLC has been the largest VITA provider in the greater New Haven area for the past 10 years.  It has yielded over $22 million in federal and state tax refunds to an average of 2,000 filers annually for free.  
 
The VITA program: 1) meets a growing demand for free tax preparation services; 2) serves the hardest-to-reach and most financially needy taxpayers through VITA program volunteers who are viewed as familiar and trusted members of the local low-income community; 3) increases Earned Income Tax Credit (EITC) uptake and helps to boost the incomes of low-income, working families; 4) increases taxpayer compliance by helping low-income taxpayers navigate the complex federal tax code as the federal government's increased reliance on electronic filing, limited Internet access and computer illiteracy create significant obstacles for many low-income taxpayers and 5) brings real financial and economic benefits back to poor communities. The program enables the clients it serves to receive the credits and refunds they deserve. In turn, because low-wage earners typically spend their tax refunds locally, the community benefits from a multiplier effect where additional spending helps to support local businesses and spur economic development.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Internal Revenue Services VITA software known as Tax Wise, NLC collects a range of demographic data, including income, filing statuses, addresses and telephone numbers. With access to this type of information, we are able to track our "success" by monitoring key indicators such as: amount of people served, percentage of all filers eligible for the EITC credit, percentage of all persons served who reside in different zip codes.  NLC also collects VITA statistics from the Connecticut Association of Human Services to inform needs, assessments and shape program effectiveness.
Success/change will be measured using a combination of client data: information distribution (number of brochures distributed); number of tax assistance volunteers recruited and trained; total number of tax returns filed; total amount of money gained in refunds for clients; estimated amount of money saved by clients using the VITA program rather than commercial tax preparation services.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.
A low income family of five earning less than $50k per year can be eligible for federal/state refunds of $5K or more.One of our VITA volunteers,  a former IRS agent, tells the story of  a woman who,  a single head of household with three children, actually received $9,000 in refunds and tax credits was then able to purchase a car to drive to work and school.   Our VITA coordinator at Gateway Community College shared the story of a student who was able to pay down student loans with his refund of $6,000.
Description
As part of its Family Economic Success (FES) strategy, New Financial Life, Inc. formerly New Life Corporation understands the importance of teaching individuals and families how to better manage and spend their hard-earned income.  NFL offers multi-lingual financial education program using the Federal Deposit Insurance Corporation's (FDIC) "Money Smart" curriculum.  They receive instruction on issues such as household budgeting, managing checking and savings accounts, credit card and mortgage interest rates, identity theft, credit repair counseling, preditory lending and financial scams. 
 
In 2009 NFL partnered with the Connecticut Association for Human Services and four other organizations establishing the Connecticut Money School www.ctmoney.org, a state-wide financial literacy program for no and low income residents.  We work with local banking and financial institutions, such as Money Management, International, in recruiting qualified instructors who are willing to teach classes on a pro-bono basis. 
Population Served General/Unspecified / General/Unspecified / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
Since March of 2012, NLC has offered 25 financial education classes to 273 partcipants at 7 partnership locations: STRIVE, Careways, Martha's Place, Easter Seals, St. Martin de Porres, and the social work school at Southern Connecticut State College.
 
For example, NLC has newly a developed financial eduation model at St. Martin de Porres Academy, New Haven.  School administrators there have fully supported our offering budget coaching, debt and credit counseling, money management, information about financial aid for college assistance and small business assistance to parents of students from grades 5-8.  The school, known as a Nativity school, and is funded, governed, and administered by lay professionals, grants full tuition scholarships to all of its students.  Close "mentoring and tutorial" relationships are fostered and efforts are underway to track the academic progress and personal development of all their student graduates through college.
 
Our partnering with SMdP could have significant impact on parents and children, and with tracking family outcomes, vield very valuable information regarding our program effectiveness.  NLC hopes to replicate this "model" in the community with groups that already have tracking models, since data on the efficacy of financial education is difficult to measure.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.
Though NLC's finacial education program was first begun in 2009 with a grant from the Connecticut Association of Human Services, NLC's former administrative staff did not compile or store data that could determine long term success.  
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Program success monitored by on-site client bi-lingual surveys/evaluations for quality assurance purposes, and for client interest in obtaining additional information and follow-up for financial education classes and services.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.
One of our young mothers, Gina, came to us with bad credit, subsistence level job, and no hope for a stable financial future.  Her goal was to enter the medical field, not only because she wanted to be able to support her young sons, but she dreamed of helping others.
 
Through us, she was able to access available benefits through our EBO program.  Because of this her children received better nutritious meals, fuel assistance for a warm home and access to medical care.
 
After addressing their immediate needs, Gina enrolled in our financial education classes where she was able to begin the process of repairing her credit, learned to budget and avoid predatory practices such as the high cost of pay day loans and bank fees.
 
Finally, we filed Gina's federal and state income taxes for free and we were able to maximized her refunds enough to provide her with a small financial cushion for her family and gifts in time for her boys birthdays.
 
Gina is now doing well and on her way to achieving financial stability.
Description
As another part of its emphasis on financial education and asset building, New Financial Life, Inc. formerly New Life Corporation offers assistance to undocumented individuals in registering for an Individual Tax Identification Numbers (ITIN).  For individuals who are required to have a U.S. taxpayer identification number but who do not have, and are not eligible to obtain a Social Security Number, registering for an ITIN number is an important step in getting on the path towards legal naturalization. This service allows non-residents to obtain a tax processing number from the Internal Revenue Service in order to file and pay federal income taxes.  Many of the people who seek NFL's help are undocumented immigrants.  In this way, NFL addresses a real need of the communitiesy it serves. 
Population Served General/Unspecified / General/Unspecified / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
Our Individual Tax Identification Number (ITIN) program, also sponsored by the IRS, has undergone some very positive and significant changes since our agency prepared these applications from 2009-2011.  The executive director and administrative assistant, who is bi-lingual, have recently been commissioned as IRS Certifiying Acceptance Agents.  Therefore, ITIN applicants will no longer have to submit original identification documentation with their ITIN applications to the IRS; that being a major deterrent in the past for a majority of those wanting to apply for their ITIN on the pathway to citizenship.  Instead, NLC agents will forensically determine authenticity of original documents, and attest to that with their (agents) signatures.
 
The IRS does not allow agencies with this special ITIN designation to charge fees for service, nor will it support program costs.  Once their ITIN numbers are received, our agency will then offer free tax preparation to the ITIN recipients year around.  The agency is also planning to provide this as a "mobile ITIN application service", going to trusted faith-based communities in the Greater New Haven area where the applicants feel safe.  Once fully operational, our agency's special ITIN program and year round VITA program will be only one of two in Connecticut.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.
NLC's former administrative staff has not provided data/documentation from 2009-2011 to support long term success of its ITIN program.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Program success monitored by the Internal Revenue Service agency's spec division and the IRS's VITA Taxwise software program.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.
The executive director and administrative assistant, who is bi-lingual, have recently been commissioned as IRS Certifiying Acceptance Agents.  The mobile ITIN application program has a waiting list of interested applicants and expects to begin offering the program in June 2013.  Therefore, there are no examples of program success to share at this time.
 
Description
Access Benefits uses a state of the art technology tool – Access Benefits Online (ABO) – and facilitated enrollment services to connect low-wage workers to a range of income-enhancing public and private benefits, such as tax credits, food stamps, health insurance, and bank accounts.  The program was initially launched in New York City in 2003 in partnership with the United Way of New York City.  Access Benefits has expanded to Memphis, Atlanta, Baltimore, and Louisville.  Since its inception, Access Benefits has connected low-wage workers in these cities to over 48,000 recorded benefits totaling over $58 million in value.  
 
Population Served General/Unspecified / General/Unspecified / General/Unspecified
Program is linked to organization’s mission and strategy Yes
Short Term SuccessHelpOrganizations describe near term achievement(s) or improvement(s) that will result from this program. This may represent immediate outcomes occurring as a result of the end of a session or service.
Since March of 2012, our multi-lingual financial services advocate, (who is fluent in five languages), has screened 113 clients, with food stamps being the primary benefit awarded.  Half of those screened are unemployed, and the rest are at or below the government poverty line.  The number of referrals we receive are gradually increasing every month and come from networking with other agencies, half-way houses, shelters and self-referrals.
Long Term SuccessHelpOrganizations describe the ultimate change(s) that will result from this program. This may be far into the future and represent an ideal state.
There are no long-term success stories documented regarding NLC's EBO program because former adminstrative staff did not keep records.
Program Success Monitored ByHelpOrganizations describe the tools used to measure or track program impact.
Earned Benefits On-line (EBO) Program success/data is monitored by the Connecticut Department of Social Services (CT DSS) and the Connecticut Association of Human Services (CAHS).  Statistics are tracked and reported to NLC on a monthly basis.
Examples of Program SuccessHelpOrganization's site specific examples of changes in clients' behaviors or testimonies of client's changes to demonstrate program success.
Recently, a woman working 2 part-time jobs with 3 young children, walked into NLC's office, without an appointment and met with our financial services advocate.  Within an hour her application for SNAP and medical insurance was completed and submitted for approval.   Another client, who only spoke Arabic and came in with an interpreter, was relieved to hear our financial services advocate speak fluently in Arabic was able to help him complete his benefit application.  
Description Information on Access Health CT, a new health insurance marketplace being developed by the State of Connecticut to satisfy the requirements of the federal Affordable Care Act.  Its mission is to increase the number of Connecticut residents who are insured, lower their costs, promote health and eliminate health disparities.  Access Health CT will operate at no cost to the state or its taxpayers.
Population Served / /
Program Comments
CEO Comments I am proud of the efforts and achievements made by New Financial Life, Inc. formerly New Life Corporation over the past several years.  In spite of the challenging economic times, our programs have expanded and reached additional numbers of our target populations.  The Executive Director, NFL's employees, volunteers and board members have all worked towards making a real and positive difference for working families in the New Haven area.  Personally, my greatest joy is hearing directly from people who have utilized our programs - a young mother who received an income tax refund which allowed her to purchase a car to travel to and from work -  a volunteer who feels that she has been able to "make her city a better place" by helping others in need.  I volunteer and continue to serve on the Board of NFL because I feel energized and hopeful that my efforts, whether through Board service or by way of financial contribution are part of a growing 'grass roots' success story in my local community.
CEO/Executive Director
Ms. Mary Ellen McGuire n/a
Term Start Sept 2011
Email memcguire@newlifecorp.org
Experience

Effective September 1, 2011 Mary Ellen McGuire an experienced non-profit consultant was hired to serve as Interim Executive Director.  The Board of Directors has developed a three year strategic plan that includes, building agency capacity, program development, and diversifying revenue streams. In April 2012, Mary Ellen McGuire was hired to be New Financial Life, Inc.'s (formerly New Life Corporation's) permanent Executive Director.

Staff
Number of Full Time Staff 3
Number of Part Time Staff 0
Number of Volunteers 45
Number of Contract Staff 2
Staff Retention Rate 90%
Staff Demographics - Ethnicity
African American/Black 0
Asian American/Pacific Islander 0
Caucasian 4
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Staff Demographics - Gender
Male 2
Female 3
Unspecified 0
Formal Evaluations
CEO Formal Evaluation Yes
CEO/Executive Formal Evaluation Frequency Annually
Senior Management Formal Evaluation Yes
Senior Management Formal Evaluation Frequency Annually
Non Management Formal Evaluation Yes
Non Management Formal Evaluation Frequency Annually
Collaborations
The following is a list of current collaborators; The Internal Revenue Tax Division (IRS Spec Division), CT Association for Human Services (CAHS), CT Department of Social Services (DSS), Anne E. Casey Foundation (AECF), St. Martin de Porres Nativity School, New Haven Asset Building Collaborative, St. Rose of Lima Parish of New Haven, Coalition of Working Families, and STRIVE.
Affiliations
AffiliationYear
United Way of Greater New Haven2010
Connecticut Association of Nonprofits2006
Awards
Award/RecognitionOrganizationYear
Volunteer Income Tax Assistance/Earned Income Tax Credit OutreachInternal Revenue Service (IRS)2004
Volunteer Income Tax Assistance/Tax Counseling to Low-Income ResidentsInternal Revenue Service (IRS)2010
Money Smart Alliance MembershipFederal Deposit Insurance Corporation (FDIC)2010
Comments
CEO Comments
The greatest challenges over the past three years were the limitations of vision and mission, inadequate staff, resources and funding to sustain ongoing operations.
 
In 2011 an executive non-profit consultant was hired by NFL's Board of Directors to facilitate a strategic planning process because the Board members knew the agency had reached a critical junction. Between January and July 2011, the consultant facilitated eight (8) planning sessions with the Board; interviewed key stakeholders, staff and consultants; conducted a program assessment and provided implementation coaching to the former Executive Director and the Board. Early in the planning process, the Board acknowledged that NFL was indeed at an organizational crossroads and needed to shift from a "mom and pop" organization with an emphasis on one operating program (VITA) to a viable and sustainable non-profit organization that could document a range of financially "better off" results for its customers.

The board realized it had been unable to fully achieve their mission primarily due to the lack of staff resources and capacity. At the time, staff included a full time executive director, a grant restricted full time education coordinator, a consultant serving as VITA Coordinator and a six-hour a week bookkeeper consultant. The former executive director focused the majority of his time on staffing issues and program implementation versus organizational growth and management.

Through the strategic planning discussions the board made several fundamental organizational decisions: (A) Revised the mission statement to ensure it clearly reflected the organization's aspirations and focus on financial self-sufficiency; (B) Re-framed the service model to a "people serving" organization whereby personal relationships would be established with individuals and families who would be connected to a year-round suite of financial asset building services; (C) Adopted a transition plan that would restructure the organization through Board and staff development and enhance the agency's capacity to become a full service financial resource center within 12-18 months.

In August 2011, the board hired an interim executive director to facilitate part I of the transitional phase: make staffing/program assessments and recommendations to the board while managing daily operations.

The board and staff also met with current and potential funders to advise them of the changes in organizational leadership, mission and vision.  The goal was to assure key stakeholders that the program was stable and strategically expanding, and that continued support was, and is a good investment. 

Board Chair
Mr. Jerald S. Barber Esq.
Company Affiliation Community Volunteer
Term Jan 2007 to Dec 2013
Email Jerald_s_barber@sbcglobal.net
Board of Directors
NameAffiliation
Ms. Susan A. Bailey n/a
Mr. Edgar n/a Colon n/aCommunity Volunteer
Mr. Angel C. Fernandez n/aCommunity Volunteer
Ms. Sarah B. Greenblatt n/aCommunity Volunteer
Ms. Kelly O'Leary n/aPrincipal of St. Martin Academy
Board Demographics - Ethnicity
African American/Black 1
Asian American/Pacific Islander 0
Caucasian 4
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Board Demographics - Gender
Male 3
Female 3
Unspecified 0
Governance
Board Term Lengths 3
Board Term Limits 2
Written Board Selection Criteria Under Development
Written Conflict of Interest Policy Under Development
Percentage Making Monetary Contributions 100%
Percentage Making In-Kind Contributions 100%
Constituency Includes Client Representation No
Board Co-Chair
n/a n/a n/a n/a n/a
Company Affiliation n/a
Standing Committees
Strategic Planning / Strategic Direction
Finance
Board Governance
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
CEO Comments
"We ask people to file out a survey on how they plan to spend their money, and they say things like they're are buying a car so they can get to work or pay their bills.  Those refunds stayed in the community and support small businesses.  The impact of all of this is incredible when you consider that we run our VITA program for $70,000."
 
Mary Ellen McGuire, Executive Director
 
Regarding VITA and how it saves the working poor money, "If those eligible for VITA, go to the professional companies many end up paying big fees just to be sure their forms are done correctly or they don't file at all.  We are trained by the IRS and we make sure they get every tax credit they deserve."
 
Angel Fernandez-Chavero, Board Member
 
 
Financials
Fiscal Year Start July 01 2012
Fiscal Year End June 30 2013
Projected Revenue $330,318.00
Projected Expenses $295,767.00
Spending Policy N/A
Detailed Financials
Prior Three Years Revenue Sources ChartHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201320122011
Foundation and
Corporation Contributions
$160,170$72,510$259,152
Government Contributions$106,086$108,198$200,691
Federal------
State------
Local------
Unspecified$106,086$108,198$200,691
Individual Contributions$498----
------
----$482
Investment Income, Net of Losses------
Membership Dues------
Special Events$8,500----
Revenue In-Kind------
Other------
Prior Three Years Expense Allocations Chart
Fiscal Year201320122011
Program Expense$147,630$229,693$292,230
Administration Expense$118,800$73,576$48,802
Fundraising Expense$750--$2,323
Payments to Affiliates------
Total Revenue/Total Expenses1.030.601.34
Program Expense/Total Expenses55%76%85%
Fundraising Expense/Contributed Revenue0%0%1%
Prior Three Years Assets and Liabilities Chart
Fiscal Year201320122011
Total Assets$106,642$78,781$262,963
Current Assets$106,642$72,088$247,278
Long-Term Liabilities------
Current Liabilities$65,333$45,546$65,959
Total Net Assets$41,309$33,235$197,004
Prior Three Years Top Three Funding Sources
Fiscal Year201320122011
Top Funding Source & Dollar AmountAnnie E. Casey Foundation $104,167Annie E. Casey Foundation $37,391 --
Second Highest Funding Source & Dollar AmountThe Community Foundation for Greater New Haven $25,000New Alliance Foundation $22,500 --
Third Highest Funding Source & Dollar Amount -- -- --
Solvency
Short Term Solvency
Fiscal Year201320122011
Current Ratio: Current Assets/Current Liabilities1.631.583.75
Long Term Solvency
Fiscal Year201320122011
Long-Term Liabilities/Total Assets0%0%0%
Capitial Campaign
Currently in a Capital Campaign? No
Capital Campaign Anticipated in Next 5 Years? No
Comments
CEO Comments
New Financial Life, Inc formerly New Life Corporation is filling a well recognized need in the community as is evidenced by the support of the organization through grants from the Department of Social Services, the Internal Revenue Service as well as private and corporate foundations.  Grant support focuses specifically on programmatic expenses and only provides support for general operating expenses which can be specifically tied to a program (i.e. percentage of rent of a classroom is for program activities).
NFL faces the challenge of raising general operating expenses to cover its basic "business" needs including rent, phones, internet, electronic equipment repairs and replacement, audit expense, office supplies, board meeting expenses, electricity, IT support, janitorial services and other normal operating needs.  In response we are looking to expand on our end of year donor drive by increasing the number of donors we solicit tax deduction support.  Since 2003, NFL has served well over 16,000 people with our programs and the number continues to increase yearly.  We want to continue to be grass-roots and community based.
Foundation Staff Comments

This profile, including the financial summaries prepared and submitted by the organization based on its own independent and/or internal audit processes and regulatory submissions, has been read by the Foundation. Financial information is inputted by Foundation staff directly from the organization’s IRS Form 990, audited financial statements or other financial documents approved by the nonprofit’s board. The Foundation has not audited the organization’s financial statements or tax filings, and makes no representations or warranties thereon. The Community Foundation is continuing to receive information submitted by the organization and may periodically update the organization’s profile to reflect the most current financial and other information available. The organization has completed the fields required by The Community Foundation and updated their profile in the last year. To see if the organization has received a competitive grant from The Community Foundation in the last five years, please go to the General Information Tab of the profile.

Address 224-226 Dixwell Avenue
New Haven, CT 065113416
Primary Phone 203 777-0313
CEO/Executive Director Ms. Mary Ellen McGuire n/a
Board Chair Mr. Jerald S. Barber Esq.
Board Chair Company Affiliation Community Volunteer

 

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Meet Basic Needs

A strong community not only meets its members’ basic needs but also works to create long-term solutions to their problems. Provide people with affordable housing, enough to eat and access to affordable health care and you enable them to envision a better future for themselves.