Civic Intelligence

Inspiring Minds

990 • Fiscal year 2023 • EIN 05-0310175

Jul 01, 2022 to Jun 30, 2023 • Filed on May 14, 2024

Organization ProfileINSPIRINGMINDSRI.ORG
65 Pavilion AvenueProvidence, RI 02905

(401) 274-3240

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

71st percentile

0.13x

Higher debt load relative to assets than 71% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

65th percentile

0.08x

Higher debt load relative to revenue than 65% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

53rd percentile

5.5%

Higher net margin than 53% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

73rd percentile

$62,453

Higher top officer pay than 73% of similar nonprofits.

Top officer pay equals 6.8% of source-year revenue.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

75th percentile

19%

Faster asset growth than 75% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

45th percentile

4.7%

Faster revenue growth than 45% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$530,361

Up $86,083 (+19%) from 2022

Net Assets

Up

$460,763

Up $50,280 (+12%) from 2022

Liabilities

Up

$69,598

Up $35,803 (+106%) from 2022

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin53rd percentile

Revenue

Up

$914,966

Up $41,442 (+4.7%) from 2022

Expenses

Up

$864,686

Up $69,222 (+8.7%) from 2022

Net Income

Down

$50,280

Down $27,780 (-36%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth75th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$800K$600K$400K$200K$0Assets 2011: $611,897Liabilities 2011: $67,420Net Assets 2011: $544,4772011Assets 2012: $677,777Liabilities 2012: $29,397Net Assets 2012: $648,3802012Assets 2013: $600,540Liabilities 2013: $23,647Net Assets 2013: $576,8932013Assets 2014: $478,554Liabilities 2014: $24,439Net Assets 2014: $454,1152014Assets 2015: $348,570Liabilities 2015: $23,429Net Assets 2015: $325,1412015Assets 2016: $225,425Liabilities 2016: $24,763Net Assets 2016: $200,6622016Assets 2017: $161,368Liabilities 2017: $11,727Net Assets 2017: $149,6412017Assets 2018: $117,950Liabilities 2018: $7,274Net Assets 2018: $110,6762018Assets 2019: $206,224Liabilities 2019: $17,763Net Assets 2019: $188,4612019Assets 2020: $321,316Liabilities 2020: $43,978Net Assets 2020: $277,3382020Assets 2021: $352,378Liabilities 2021: $19,955Net Assets 2021: $332,4232021Assets 2022: $444,278Liabilities 2022: $33,795Net Assets 2022: $410,4832022Assets 2023: $530,361Liabilities 2023: $69,598Net Assets 2023: $460,7632023Assets 2024: $584,271Liabilities 2024: $117,667Net Assets 2024: $466,6042024

Highlighted filing

2023

Assets$530,361
Liabilities$69,598
Net Assets$460,763
Open 2023 Filing

Operations Trend

Revenue Growth45th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2011: $1,308,778Expenses 2011: $1,175,220Net Income 2011: $133,5582011Revenue 2012: $1,342,418Expenses 2012: $1,238,515Net Income 2012: $103,9032012Revenue 2013: $839,311Expenses 2013: $910,798Net Income 2013: -$71,4872013Revenue 2014: $764,514Expenses 2014: $907,639Net Income 2014: -$143,1252014Revenue 2015: $605,357Expenses 2015: $744,385Net Income 2015: -$139,0282015Revenue 2016: $524,154Expenses 2016: $646,976Net Income 2016: -$122,8222016Revenue 2017: $337,274Expenses 2017: $388,295Net Income 2017: -$51,0212017Revenue 2018: $161,804Expenses 2018: $200,769Net Income 2018: -$38,9652018Revenue 2019: $306,445Expenses 2019: $228,660Net Income 2019: $77,7852019Revenue 2020: $387,566Expenses 2020: $298,691Net Income 2020: $88,8752020Revenue 2021: $481,831Expenses 2021: $426,745Net Income 2021: $55,0862021Revenue 2022: $873,524Expenses 2022: $795,464Net Income 2022: $78,0602022Revenue 2023: $914,966Expenses 2023: $864,686Net Income 2023: $50,2802023Revenue 2024: $928,590Expenses 2024: $922,749Net Income 2024: $5,8412024

Highlighted filing

2023

Revenue$914,966
Expenses$864,686
Net Income$50,280
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 14, 2024
Return Version
2022v5.0
Gross Receipts
$914,966
Mission and Program Overview

Mission

Inspiring minds empowers students to succeed in school and life by supporting them with trusted relationships, tutoring and mentoring from inspired community members.

To provide tutoring, mentoring and educational services to students within providence, ri.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$289,692$402,410▲ $112,718
Accounts Receivable$138,428$76,439▼ $61,989
Land, Buildings, and Equipment, Net$0$13,152▲ $13,152
Prepaid Expenses and Deferred Charges$16,158$7,054▼ $9,104
Total Assets$444,278$530,361▲ $86,083
Other Assets Total$0$31,306▲ $31,306
Liabilities
Accounts Payable and Accrued Expenses$33,795$37,735▲ $3,940
Other Liabilities$0$31,863▲ $31,863
Total Liabilities$33,795$69,598▲ $35,803
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$365,163$272,242▼ $92,921
Net Assets With Donor Restrictions$45,320$188,521▲ $143,201
Total Net Assets Fund Balance$410,483$460,763▲ $50,280
Total Liabilities and Net Assets / Fund Balance$444,278$530,361▲ $86,083

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$13,152-$13,152
Equipment$0$12,200$12,200
Other Assets Org$31,306--
Compensation and Service Providers
Top Officer Pay73rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Melissa Emidy Until June 5 2023Executive DirectorFT$61,899$554$62,453

Board Members and Trustees

NameTitle
Kimberly BrightChairman
Margaret KoosaVice Chair
Celine CogginsBoard Member
Dr Mary Ann Shallcross SmithBoard Member
Dr Noni Thomas LopezBoard Member
Elida MeziniBoard Member
Kelly ChippasBoard Member
Laura HartBoard Member
Lorraine LalliBoard Member
Lynn AbramsBoard Member
Regina MaddoxBoard Member
Rothel De La CruzBoard Member
Sokeo Ros Beginning January 15 2024Executive Director
Jen LintonSecretary
Tammy WarnerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$660,741
Program Service Revenue
$236,047
Investment Income
$2,439
Other Revenue
$15,739
All Other Contributions
$660,741
Change in Net Assets
$50,280

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeReported AmountValuation Method
Other Non Cash Contri Table$367,359Hourly Rates
Total Noncash Contributions$367,359-

Audited Revenue Reconciliation

Revenue per Audited Statements
$914,966
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$320,009
Total Revenue per Audited Statements
$1,234,975
Total Revenue per Form 990
$914,966
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$466,999
Other Expenses$397,687
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$271,094$106,416-$377,510
Payroll Taxes$38,381$9,399-$47,780
Other Employee Benefits$28,147$13,562-$41,709
Occupancy$9,775$24,457-$34,232
Fees for Services Other$9,509$11,177-$20,686
Insurance$12,806$4,658-$17,464
All Other Expenses$9,507$5,194-$14,701
Office Expenses$4,595$5,661-$10,256
Other Expenses$5,354$2,093-$7,447
Travel$5,396$701-$6,097
Total Functional Expenses$609,834$254,852$0$864,686

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,184,695
Expenses per Audited Statements$864,686
Total Expenses per Form 990$864,686
Expenses Not Reported on Form 990$320,009
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$31,863
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Form 990 is prepared by the independent accountants and reviewed by the executive director and the audit committee. The form 990 is also provided to all members of the governing body before its filing.”

Form 990, Part VI, Section B, Line 15

“Inspiring minds practice is a performance evaluation and compensation ("committee"), comprised of independent board members, is formed for the purpose of researching/gathering comparable salary range data from local organization for the executive director position and other key positions, if any. The annual salary of the executive director is set after the committee has completed its performance review, responding to the executive director's written progress report on identified goals and a discussion of general performance. A letter is sent to the organization by the board president (chair) stating the salary decision of the committee.”

Form 990, Part VI, Section C, Line 19

“All employees are provided a copy of the conflict of interest policy. Governing documents and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Inspiring Minds
EIN
05-0310175
Phone
4012743240
Address
65 PAVILION AVENUE, PROVIDENCE, RI 02905

Signing Officer

Name
Sokeo Ros
Title
Executive Director
Phone
4012743240
Signed
2024-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sokeo Ros
Formed
1963
Legal Domicile
Ri
Voting Board Members
14
Independent Board Members
14
Employees
68
Volunteers
420

Preparer

Firm
Mullen Scorpio & Cerilli
Address
67 CEDAR STREET, PROVIDENCE, RI 02903
Preparer
Anthony W Scorpio
Phone
4017513860
Supplemental Narrative

Additional Explanations

This Process Has Not Changed From Prior Year.

“This process has not changed from prior year.”

Financial Statement Notes

PART X, LINE 2:

“Inspiring minds is exempt from federal income taxes on related income under section 501(a) of the internal revenue code (irc) of 1986, as amended, as an organization described in irc section 501(c)(3). Further, inspiring minds has been classified as an organization that is not a private foundation under irc section 509(a) and, as such, contributions to inspiring minds qualify for deduction as charitable contributions. However, any income generated from activities unrelated to inspiring minds' exempt purpose is subject to tax under irc section 511. Inspiring minds did not have any unrelated business income in fiscal years ended june 30, 2023 and 2022. Inspiring minds believes that it has taken no significant uncertain tax positions.”

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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0INSPIRING MINDS EMPOWERS STUDENTS TO SUCCEED IN SCHOOL AND LIFE BY SUPPORTING THEM WITH TRUSTED RELATIONSHIPS, TUTORING AND MENTORING FROM INSPIRED COMMUNITY MEMBERS.
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IRS990/OtherExpensesGrp/ProgramServicesAmt35354
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IRS990/OtherExpensesGrp/TotalAmt150700
IRS990/OtherExpensesGrp/TotalAmt211073
IRS990/OtherExpensesGrp/TotalAmt37447
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IRS990/OtherRevenueMiscGrp/BusinessCd0611710
IRS990/OtherRevenueMiscGrp/Desc0OTHER INCOME
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt09399
IRS990/PayrollTaxesGrp/ProgramServicesAmt038381
IRS990/PayrollTaxesGrp/TotalAmt047780
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt016158
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt07054
IRS990/PrincipalOfficerNm0SOKEO ROS
IRS990/ProfessionalFundraisingInd00
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IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0873524
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt050280
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0251786
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0660741
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt012200
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INSPIRING MINDS IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE (IRC) OF 1986, AS AMENDED, AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3). FURTHER, INSPIRING MINDS HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER IRC SECTION 509(A) AND, AS SUCH, CONTRIBUTIONS TO INSPIRING MINDS QUALIFY FOR DEDUCTION AS CHARITABLE CONTRIBUTIONS. HOWEVER, ANY INCOME GENERATED FROM ACTIVITIES UNRELATED TO INSPIRING MINDS' EXEMPT PURPOSE IS SUBJECT TO TAX UNDER IRC SECTION 511. INSPIRING MINDS DID NOT HAVE ANY UNRELATED BUSINESS INCOME IN FISCAL YEARS ENDED JUNE 30, 2023 AND 2022. INSPIRING MINDS BELIEVES THAT IT HAS TAKEN NO SIGNIFICANT UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990/ScheduleJRequiredInd00
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IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS PREPARED BY THE INDEPENDENT ACCOUNTANTS AND REVIEWED BY THE EXECUTIVE DIRECTOR AND THE AUDIT COMMITTEE. THE FORM 990 IS ALSO PROVIDED TO ALL MEMBERS OF THE GOVERNING BODY BEFORE ITS FILING.

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$530,361
Liabilities
$69,598
Net assets
$460,763
Revenue
$914,966
Expenses
$864,686
Net income
$50,280
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.58$0.12$0.47$0.93$0.92$0.01
2023Detailed filing. Detailed filing data is available for this year.$0.53$0.07$0.46$0.91$0.86$0.05
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.44$0.03$0.41$0.87$0.80$0.08
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.35$0.02$0.33$0.48$0.43$0.06
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.32$0.04$0.28$0.39$0.30$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.21$0.02$0.19$0.31$0.23$0.08
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.12$0.01$0.11$0.16$0.20$0.04
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.16$0.01$0.15$0.34$0.39$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.23$0.02$0.20$0.52$0.65$0.12
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.35$0.02$0.33$0.61$0.74$0.14
2014Detailed filing. Detailed filing data is available for this year.$0.48$0.02$0.45$0.76$0.91$0.14
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.60$0.02$0.58$0.84$0.91$0.07
2012Summary only. Only limited summary data is available for this year.$0.68$0.03$0.65$1.34$1.24$0.10
2011Summary only. Only limited summary data is available for this year.$0.61$0.07$0.54$1.31$1.18$0.13