Christopher Peterson, Founder, President, and CEO
202 N Cedar AVE
Owatonna, MN, 55060
FOR IMMEDIATE RELEASE
Penny Forward INC Becomes a Public Charity, Amplifying Ability to Empower the Blind and Disabled through Financial Education
Minneapolis, MN –Penny Forward INC, a Minnesota-based nonprofit organization dedicated to providing financial education programs for individuals who are blind or disabled, announced its recent classification as a public charity – marking a pivotal moment for Penny Forward. Public Charity classification expands Penny Forward’s ability to serve and support more blind and disabled individuals who need support managing their personal and family finances.
However, this moment has not come without challenges. Penny Forward initially obtained tax-exempt status in January 2022, with the classification as a private foundation. However, the misclassification hindered Penny Forward’s ability to access funding opportunities, impeding its ability to serve its fifty-one clients.
The need is great. During a time of continued economic uncertainty caused by sticky inflation, several bank failures, and the rapidly approaching debt ceiling, limiting Penny Forwards ability to serve would be devastating to the over seven million individuals who are blind in the US. To rectify this situation, Penny Forward sought assistance through LegalCORPS, a nonprofit organization that pairs small nonprofits with volunteer attorneys.
Under the guidance of Brendan Donahue, a mergers and acquisitions attorney at Winston & Strawn LLP, Penny Forward sought reclassification as a public charity. Brendan also generously raised funds to apply towards the IRS application fee, further highlighting his commitment to Penny Forward’s mission. Their invaluable support has paved the way for Penny Forward to broaden its impact on the blind and disabled community.
Being a public charity heralds a new era for Penny Forward. “Becoming a public charity is a game-changer for Penny Forward,” expressed Chris Peterson, Penny Forward’s founder, president, and CEO. “We are immensely grateful to Brendan Donahue and LegalCORPS for their unwavering support throughout this process, as well as to the generous people who stepped up to help cover the application fee. This reclassification empowers us to reach more blind and disabled individuals, empowering them to gain control over their financial futures.”
Penny Forward INC remains steadfast in its commitment to providing accessible financial education programs tailored to the unique needs of individuals who are blind or disabled. Through online courses, weekly group discussions, and one-on-one financial counseling, the organization strives to foster financial independence, promote economic well-being, and enhance overall quality of life.
To learn more about Penny Forward INC and its financial education programs, please visit www.pennyforward.com or contact them by calling 1 (888) 332-5558 or emailing [email protected].
ABOUT PENNY FORWARD
Founded in 2021, Penny Forward Inc is a Minnesota Nonprofit Corporation whose mission is to help blind people confidently navigate the landscape of personal finance through education, mentoring, and mutual support. They envision a world where blind people have the resources to weather hard times, take advantage of rare opportunities, and generously support causes they deeply care about. Since their founding they’ve released nearly 70 podcast episodes, four online courses, held over 60 group discussions, and presented at the American Council of the Blind and National Federation of the Blind national conventions. More information about Penny Forward is available at their web site, pennyforward.com.