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).
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.
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.
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.
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.
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.
Indirect Public Support HelpIndirect public support represents revenue received through solicitation campaigns. This includes funding United Way and other federated fundraising organizations, but does not include donor designated contributions.
Earned Revenue HelpEarned revenue represents income generated in direct exchange for a product or service.Earned income includes income from government contracts.
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.
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