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Top Rated

Fortune Society

CharityWatch report issued
October 2021

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Fortune Society
29-76 Northern Boulevard
Long Island City, NY 11101

Other Names


Tax Status


Stated Mission

To support successful re-entry from prison & to promote alternatives to incarceration, thus strengthening the fabric of our communities.

View similar charities
Data based on Fiscal Year Ended 06/30/2020

Program Percentage: 77%

The percentage of Fortune Society's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $14

How many dollars Fortune Society spends on fundraising to raise each $100 of contributions.


Calculated Total Contributions


Government Funding

50% to 100%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
The Fortune Society IRS Form 990 13-2645436
The Fortune Society Audited Consolidated Financial Statements Multiple
Entity: The Fortune Society
Document Type: IRS Form 990
Tax ID: 13-2645436
Entity: The Fortune Society
Document Type: Audited Consolidated Financial Statements
Tax ID: Multiple

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
Fortune Society
meets governance benchmarks.
Fortune Society
meets transparency benchmarks.
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy

  Name Title Compensation
1 Joanne Page President/CEO $285,598
2 Stanley Richards Executive VP $223,956
3 Steven Hickman CFO $194,106
Name: Joanne Page
Title: President/CEO
Compensation: $285,598
Name: Stanley Richards
Title: Executive VP
Compensation: $223,956
Name: Steven Hickman
Title: CFO
Compensation: $194,106

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

CharityWatch's rating of The Fortune Society also includes the financial activities of the affiliates consolidated in The Fortune Society audited financial statements for the fiscal year ended June 30, 2020, including Fortune Housing Development Fund Corporation. All material intercompany transactions have been eliminated in the audit consolidation.

According to The Fortune Society (FSI) consolidated audit of June 30, 2020 (Note 9A, Loans Payable):

"On March 27, 2020, in response to COVID-19, the federal government passed the Coronavirus Aid, Relief, and Economic Stability Act ('CARES Act'). Among many other provisions, to help businesses retain employees, the CARES Act provides relief to qualifying businesses through a program called the Paycheck Protection Program ('PPP'). Participating in the PPP enables the business to obtain a loan from the Small Business Administration (SBA) sector of the government. If the proceeds from the loan are used for specified purposes, some or all of the loan can be forgiven.

"FSI applied for this loan through an SBA authorized lender. The loan, amounting to $3,863,500, was approved on April 18, 2020 and funded on April 20, 2020. If the forgiveness is not approved, the loan bears interest at a rate of 1% and matures on April 18, 2022...

"...Once the loan is forgiven in part o[r] wholly, and legal release is received, FSI will reduce the liability by the amount forgiven and record a gain on extinguishment."

According to The Fortune Society (FSI) consolidated audit of June 30, 2020 (Note 9B, Loans Payable):

"In December 2019, FSI obtained an emergency loan of $443,943 from the Fund for the City of New York for the sole purpose of covering operating expenses pending receipt of funds from the Mayor's Office of Criminal Justice. The loan was paid on August 5, 2020."

According to The Fortune Society consolidated audit of June 30, 2020 (Note 11D, Commitments and Contingencies):

"The COVID-19 pandemic remains an evolving situation. The extent of the impact of COVID-19 on Fortune's business and financial results will depend on future developments, including the duration and spread of the outbreak. Due to the changing business environment, unprecedented market volatility, and other circumstances resulting from the COVID-19 pandemic, Fortune is currently unable to fully determine the extent of COVID-19's impact on its operations in future periods. Fortune's performance in future periods will be heavily influenced by the timing, length, and intensity of the economic recoveries in the United States. Fortune continues to monitor evolving economic and general business conditions and the actual and potential impacts on their financial position and results of operations."

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