THE MODEST NEEDS 2015-2016 ANNUAL REPORT

Introduction

In keeping with our commitment to operational transparency, Modest Needs publishes an annual report which is freely accessible to the public at large both via our website or in hard-copy.

The purpose of this annual report is to update interested persons on our prior year's program service achievements and to report on other significant accomplishments by Modest Needs throughout 2015 and 2016.

Our Mission Statement

At Modest Needs, we work to prevent otherwise self-sufficient but low-income households from entering the cycle of poverty and to strengthen the communities in which these persons live. We do this by offering two specific grant types:

  • The Self-Sufficiency Grant: Our Self-Sufficiency grant is our hallmark grant and helps low income workers to afford short-term emergency expenses that would otherwise pose an enormous burden to the applicant;

  • The Homecoming Heroes Grant: Our Homecoming Heroes grant is designed to assist persons returning home from active military service with short term expenses they may incur as they adjust to civilian life.

Modest Needs in 2015-2016: Our Most Eventful Years Ever

We have an extraordinary amount of news to share about Modest Needs in 2015 and 2016. In fact, we have so much to report that it has taken us a bit more time than we anticipated to complete these annual reports, which we're rapidly working to finalize.

We're waiting on a single piece of paper that I'd like to have in hand at the time I publish our complete 2015-2016 annual report. The second I have that in hand, I'll publish these reports, but for now, we want to provide you with our financial and other similar data for these years.

I'll send out an update as soon as the full 2015-2016 Annual Report is available. You'll definitely want to read it, and I can promise that when you learn what we've been up to, you'll be impressed.

--Dr. Keith P. Taylor, President / Executive Director, Modest Needs Foundation (10 November 2017)


2015 Financial Information at a Glance

Income and Expense Categories Amount
Income from Direct Public Support $1,605,360.00
Other Program Service Income $0.00
Other Income $0.00
Total 2015 Income $1,605,360.00
Program Service Expenses (90.33%) $1,755,544.00
Management / Administrative Expenses (4.62%) $89,797.00
Fundraising Expenses (5.05%) $158,313.00
Total 2015 Expenses $1,943,442.00
Net Assets & Fund Balances, Beginning of Year $468,617.00
Net Assets & Fund Balances, End of Year $320,246.00

You may view a breakdown of the functional expenses listed above by accessing either our FY 2015 Form 990, linked below

Supporting Financial Documents for 2015

Please note: all documents below are in PDF format and can be viewed via the free Adobe Acrobat Reader.

2016 Financial Information at a Glance

Income and Expense Categories Amount
Income from Direct Public Support $1,005,324.00
Other Program Service Income $0.00
Other Income $0.00
Total 2016 Income $1,005,324.00**
Program Service Expenses (88.81%) $1,088,877.00
Management / Administrative Expenses (6.06%) $74,346.00
Fundraising Expenses (5.13%) $62,911.00
Total 2016 Expenses $1,226.134.00
Net Assets & Fund Balances, Beginning of Year $320,246.00
Net Assets & Fund Balances, End of Year $47,428.00

**Note: For the reasons outlined in our 2015-2016 Annual Report (to be published shortly), Modest Needs neither sought nor received major grants (grants from foundations, for example) in 2016. The contributions reported as "Income from Direct Public Support" for 2016 are therefore somewhat less than in years past but represent a 27.53% growth in contributions from individual members of the public.

You may view a breakdown of the functional expenses listed above by accessing either our FY 2016 Form 990, linked below:

Supporting Financial Documents for 2016

Please note: all documents below are in PDF format and can be viewed via the free Adobe Acrobat Reader.

  • View our 2016 Form 990 (Warning: Large File - May Take Time to Download)

Donor Privacy Policy

Modest Needs has long maintained a strict Donor Privacy Policy. However, because this policy is listed within our Terms of Use and sometimes is missed by our donors, we include it in our Annual Reports for their reference:

Modest Needs respects the privacy of our donors. To that end, Modest Needs will not sell, rent, loan, give away, or otherwise disseminate the personal information of our donors, including their names, mailing addresses, email addresses, contribution amounts, or any other data of any kind to any entity for any reason whatsoever. Persons who choose to contribute to Modest Needs may rest secure that their data will never be shared with any other entity under any circumstances, ever.

Modest Needs Board of Directors

Current as of 1 November 2017

  • Marianne White, Chair (Independent, Voting)

  • Charles Cissel, Vice President (Independent, Voting)

  • Maria Castillo, Secretary (Independent, Voting)

  • Thierry Mellon, Treasurer & Chair of Audit Committee (Independent, Voting)

  • Rosa Ng, Board Member (Independent, Voting)

  • Rebekah Hoffman, Board Member (Independent,Voting)

Modest Needs Key Employees

  • Dr. Keith P. Taylor, President

  • Annemarie Galvin, Associate Director and Compliance Officer

Would you like a hard copy of our finalized 2015-2016 Annual Report or audit reports for these years?

If you do not have regular internet access but would like to receive a hard copy of the Annual Report above, along with accompanying materials, please send your request to:

Modest Needs Foundation
120 E 23 St, FL 5
New York NY 10010

We will provide a hard-copy of our 2015 - 2016 annual report along with all attachments to anyone who requests them at no charge. You may request a hard copy of this report by calling Annemarie Galvin, Associate Director, at (844) 667-3776, ext 2.