Form 990 for tax year 2023
Filed by BAY AREA HYBRID COLLEGE INITIATIVE.
Totals
- Total revenue
- $4,866,308
- Total expenses
- $3,187,817
- Contributions and grants received
- $4,192,509
- Grants paid
- $238,624
- Program service revenue
- $602,194
- Investment income
- $70,579
- Other revenue
- $1,026
- Total assets, end of year
- $5,863,880
- Total liabilities, end of year
- $999,400
- Net assets or fund balances, end of year
- $4,864,480
- Program services expenses (Part IX)
- $2,568,887
- Management and general expenses
- $468,701
- Fundraising expenses
- $150,229
- Program service expenses (Part III)
- $2,568,887
Program services were 80.6% 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
$4,192,509
-
2a · Program service revenue: Contract Fees
total $137,769 · related or exempt $137,769
-
2b · Program service revenue: Fellow Support Fees
total $464,425 · related or exempt $464,425
-
3 · Investment income
total $70,579 · excluded $70,579
-
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 $1,026 · excluded $1,026
-
11e · Other revenue, total
$1,026
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $114,277 · program services $114,277
-
2 · Grants to domestic individuals
total $124,347 · program services $124,347
-
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 $329,493 · program services $49,424 · management and general $212,594 · fundraising $67,475
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $1,679,841 · program services $1,595,121 · management and general $84,317 · fundraising $403
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $170,690 · program services $141,544 · management and general $24,422 · fundraising $4,724
-
10 · Payroll taxes
total $168,271 · program services $139,060 · management and general $23,740 · fundraising $5,471
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $35,633 · program services $1,505 · management and general $34,128
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $37,857 · fundraising $37,857
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $87,409 · program services $59,865 · management and general $26,416 · fundraising $1,128
-
12 · Advertising and promotion
total $32,598 · management and general $2,500 · fundraising $30,098
-
13 · Office expenses
total $26,346 · program services $19,204 · management and general $6,829 · fundraising $313
-
14 · Information technology
total $120,276 · program services $87,249 · management and general $32,292 · fundraising $735
-
15 · Royalties
total $0
-
16 · Occupancy
total $25,761 · program services $21,984 · management and general $3,070 · fundraising $707
-
17 · Travel
total $28,360 · program services $20,456 · management and general $7,078 · fundraising $826
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $2,500 · program services $630 · management and general $1,870
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $0
-
23 · Insurance
total $15,636 · program services $14,287 · management and general $1,096 · fundraising $253
-
24a · Other expenses: Other program/oper. expenses
total $95,573 · program services $87,995 · management and general $7,352 · fundraising $226
-
24b · Other expenses: Bad debt expense
total $67,822 · program services $67,822
-
24c · Other expenses: Admissions
total $22,816 · program services $22,307 · management and general $509
-
24d · Other expenses: Recruitment
total $2,311 · program services $1,810 · management and general $488 · fundraising $13
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,876,339 · end of year $2,791,416
-
2 · Savings and temporary cash investments
end of year $0
-
3 · Pledges and grants receivable
beginning of year $1,450,000 · end of year $815,000
-
4 · Accounts receivable
beginning of year $47,249 · end of year $34,416
-
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 $23,860 · end of year $22,831
-
10c · Land, buildings and equipment, net
end of year $0
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
beginning of year $437,027 · end of year $1,889,334
-
13 · Investments: program-related
beginning of year $310,401 · end of year $310,883
-
14 · Intangible assets
end of year $0
-
15 · Other assets
end of year $0
-
17 · Accounts payable and accrued expenses
beginning of year $86,167 · end of year $190,280
-
24 · Unsecured notes and loans payable
beginning of year $872,720 · end of year $809,120
-
27 · Net assets without donor restrictions
beginning of year $724,459 · end of year $1,861,267
-
28 · Net assets with donor restrictions
beginning of year $2,461,530 · end of year $3,003,213
Mission and programs · 2023
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 CfA. Through CfA, enrollees earn their Associates of Arts or Bachelors of Arts degrees. In 2023, our team grew from nineteen to twenty-five. Through it all, we maintained a remarkable 95% voluntary retention rate, with only one voluntary transition among team members who started the year with us. This achievement aligns with the positive team culture reflected in our quarterly Team Experience Surveys (TES). (Cont'd at Schedule O)
Expenses $2,568,887 · Grants $238,624 · Revenue $464,425
As filed on the 2023 return.
Listed in Part VII
-
Jeff Manassero
Executive Dir.
- Total calculated
- $188,574
- From this org
- $187,168
- From related orgs
- $0
- Other
- $1,406
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,168
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- $1,406
- Filer's total
- $188,574
-
Iris Jong
COO
- Total calculated
- $131,137
- From this org
- $130,762
- From related orgs
- $0
- Other
- $375
- Hours/week
- 35
-
Nora Maxwell Chief
Growth Officer
- Total calculated
- $111,083
- From this org
- $109,652
- From related orgs
- $0
- Other
- $1,431
- Hours/week
- 40
-
Claire Michaels
Director of Career
- Total calculated
- $102,291
- From this org
- $101,917
- From related orgs
- $0
- Other
- $374
- Hours/week
- 40
-
Ted Williams
Chairman
- Total calculated
- $0
- Hours/week
- 1
-
Lauren Dutton Dir
Secretary
- Total calculated
- $0
- Hours/week
- 1
-
John Philip Coghlan Dir
Treasurer
- Total calculated
- $0
- Hours/week
- 1
-
Jaclyn Pinero
Director
- Total calculated
- $0
- Hours/week
- 1
-
Yin Lu
Director
- Total calculated
- $0
- Hours/week
- 1
-
Adanta Ahanonu
Director
- Total calculated
- $0
- Hours/week
- 0
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
-
$114,277
Tuition Support
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 9 September 2024
- IRS schema version
- 2023v5.1
- Source object
- 202412539349301051
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