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Nonprofiteer
← BAY AREA HYBRID COLLEGE INITIATIVE

Form 990 for tax year 2025

Filed by BAY AREA HYBRID COLLEGE INITIATIVE.

Totals

Total revenue
$6,139,816
Total expenses
$4,940,187
Contributions and grants received
$4,768,962
Grants paid
$239,379
Program service revenue
$1,235,492
Investment income
$134,465
Other revenue
$897
Total assets, end of year
$6,711,646
Total liabilities, end of year
$510,357
Net assets or fund balances, end of year
$6,201,289
Program services expenses (Part IX)
$4,084,819
Management and general expenses
$627,149
Fundraising expenses
$228,219
Program service expenses (Part III)
$4,084,819

Program services were 82.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $4,768,962

  • 2a · Program service revenue: Fellow Support Fees

    total $1,235,492 · related or exempt $1,235,492

  • 3 · Investment income

    total $134,465 · excluded $134,465

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: Miscellaneous

    total $897 · excluded $897

  • 11e · Other revenue, total

    $897

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $134,997 · program services $134,997

  • 2 · Grants to domestic individuals

    total $104,382 · program services $104,382

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $347,816 · program services $23,277 · management and general $199,327 · fundraising $125,212

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $3,008,499 · program services $2,845,119 · management and general $143,733 · fundraising $19,647

  • 8 · Pension plan contributions

    total $4,252 · management and general $4,252

  • 9 · Other employee benefits

    total $378,497 · program services $296,875 · management and general $71,712 · fundraising $9,910

  • 10 · Payroll taxes

    total $254,431 · program services $219,556 · management and general $23,828 · fundraising $11,047

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $21,745 · management and general $21,745

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $50,000 · fundraising $50,000

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $148,245 · program services $97,865 · management and general $44,999 · fundraising $5,381

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $33,725 · program services $29,630 · management and general $3,823 · fundraising $272

  • 14 · Information technology

    total $91,598 · program services $89,063 · management and general -$590 · fundraising $3,125

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $47,327 · program services $4,500 · management and general $42,827

  • 17 · Travel

    total $28,962 · program services $6,409 · management and general $19,031 · fundraising $3,522

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $2,500 · management and general $2,500

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $0

  • 23 · Insurance

    total $17,824 · management and general $17,824

  • 24a · Other expenses: Other program/oper. expenses

    total $131,920 · program services $102,797 · management and general $29,020 · fundraising $103

  • 24b · Other expenses: Credit loss expense

    total $85,784 · program services $85,784

  • 24c · Other expenses: Admissions

    total $47,683 · program services $44,565 · management and general $3,118

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $530,149 · end of year $836,695

  • 2 · Savings and temporary cash investments

    end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $640,500 · end of year $1,326,306

  • 4 · Accounts receivable

    beginning of year $310,002 · end of year $164,357

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,146 · end of year $24,556

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $3,925,970 · end of year $4,200,151

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $276,451 · end of year $159,581

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $213,398 · end of year $313,894

  • 19 · Deferred revenue

    end of year $96,463

  • 24 · Unsecured notes and loans payable

    beginning of year $718,160 · end of year $100,000

  • 27 · Net assets without donor restrictions

    beginning of year $2,177,903 · end of year $3,402,840

  • 28 · Net assets with donor restrictions

    beginning of year $2,583,757 · end of year $2,798,449

Mission and programs · 2025

Mission

Rivet School's mission is to build and scale a new model of higher education that reliably enables traditionally underserved students to earn an affordable bachelor's degree in as little as two years, leading to a great first job and increased opportunity over time.

  • Rivet School was founded in 2018 with the mission of building a college experience designed entirely around the needs of real students. Our founding degree partner is Southern New Hampshire University, which offers a program called College for America, or CfA. Through CfA, enrollees earn their Associates of Arts or Bachelors of Arts degrees. In 2025, we continued executing on our ambitious strategy to grow and enroll 800 students annually by EOY 2026. We built on our past successes by exploring opportunities in our newest regions (Chicago and New Orleans), expanding our employer partnerships and programming (Educator and Healthcare Pathways), and refining our teams capacity to maximize outcomes for our students and graduates. (Continued at Schedule O.)

    Expenses $4,084,819 · Grants $239,379 · Revenue $1,235,492

As filed on the 2025 return.

Listed in Part VII

  • Jeff Manassero

    CEO

    Total calculated
    $192,634
    From this org
    $192,634
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,634
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $192,634

  • Amy Barad

    Senior Director of Partnerships

    Total calculated
    $189,258
    From this org
    $189,258
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $189,258
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $189,258

  • Nora Maxwell Chief

    Growth Officer

    Total calculated
    $155,678
    From this org
    $135,218
    From related orgs
    $0
    Other
    $20,460
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,218
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $20,460
    Filer's total
    $155,678

  • Iris Jong

    COO

    Total calculated
    $155,183
    From this org
    $149,186
    From related orgs
    $0
    Other
    $5,997
    Hours/week
    38

    Schedule J breakdown matched by us

    Base
    $149,186
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $5,997
    Filer's total
    $155,183

  • Sandra Nunez Chief

    Program Officer

    Total calculated
    $143,667
    From this org
    $135,429
    From related orgs
    $0
    Other
    $8,238
    Hours/week
    40

  • Ted Williams

    Chairman

    Total calculated
    $0
    Hours/week
    0.5

  • Lauren Dutton Dir

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • John Philip Coghlan Dir

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5

  • Jaclyn Pinero

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Yin Lu

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Adanta Ahanonu

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Jonathan Chaparro

    Director

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Provenance

Return type
form_990
Tax year
2025
Filed
27 August 2026
IRS schema version
2025v4.1
Source object
202612399349301246

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