Civic Intelligence

Sweat Equity Enterprises Inc

990 • Fiscal year 2014 • EIN 20-3498290

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 16, 2015

Organization ProfileWWW.ENSTITUTE.ORG
32 Havemeyer Street No 2BBrooklyn, NY 11211

(602) 369-8832

Siviq Scores

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

Liabilities / Assets

64th percentile

0.14x

Higher debt load relative to assets than 64% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Liabilities / Revenue

50th percentile

0.04x

Higher debt load relative to revenue than 50% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Net Margin

72nd percentile

14%

Higher net margin than 72% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Top Officer Pay

90th percentile

$110,780

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 17.7% of source-year revenue.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2014

Asset Growth

95th percentile

116%

Faster asset growth than 95% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Revenue Growth

90th percentile

68%

Faster revenue growth than 90% of similar nonprofits.

2014 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets64th percentile

Assets

Up

$195,908

Up $105,043 (+116%) from 2013

Net Assets

Up

$167,896

Up $88,868 (+112%) from 2013

Liabilities

Up

$28,012

Up $16,175 (+137%) from 2013

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin72nd percentile

Revenue

Up

$625,142

Up $253,912 (+68%) from 2013

Expenses

Up

$536,274

Up $205,869 (+62%) from 2013

Net Income

Up

$88,868

Up $48,043 (+118%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

$300K$200K$100K$0Assets 2010: $280,808Liabilities 2010: $0Net Assets 2010: $280,8082010Assets 2011: $115,425Liabilities 2011: $0Net Assets 2011: $115,4252011Assets 2012: $26,303Liabilities 2012: $0Net Assets 2012: $26,3032012Assets 2013: $90,865Liabilities 2013: $11,837Net Assets 2013: $79,0282013Assets 2014: $195,908Liabilities 2014: $28,012Net Assets 2014: $167,8962014Assets 2015: $0Liabilities 2015: $0Net Assets 2015: $02015

Highlighted filing

2014

Assets$195,908
Liabilities$28,012
Net Assets$167,896
Open 2014 Filing

Operations Trend

Revenue Growth90th percentile

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

$1.0M$500K$0-$500KExpenses 2010: $759,0122010Expenses 2011: $732,4062011Revenue 2012: $138,023Expenses 2012: $227,145Net Income 2012: -$89,1222012Revenue 2013: $371,230Expenses 2013: $330,405Net Income 2013: $40,8252013Revenue 2014: $625,142Expenses 2014: $536,274Net Income 2014: $88,8682014Revenue 2015: $193,350Expenses 2015: $361,244Net Income 2015: -$167,8942015

Highlighted filing

2014

Revenue$625,142
Expenses$536,274
Net Income$88,868
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 16, 2015
Return Version
2014v5.0
Gross Receipts
$625,142
Mission and Program Overview

Mission

Sweat equity education works to address both the growing cost of higher education as well as the current youth unemployment crisis. Sweat equity education provides young adults with one year, full-time, apprenticeships at high growth startups, small businesses, and corporations around the country to prepare them for the workforce and accelerate their career trajectory.

Addresses the growing cost of higher education as well as the current youth unemployment crisis.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$90,865$160,808▲ $69,943
Pledges and Grants Receivable$0$35,100▲ $35,100
Total Assets$90,865$195,908▲ $105,043
Liabilities
Accounts Payable and Accrued Expenses$11,837$28,012▲ $16,175
Total Liabilities$11,837$28,012▲ $16,175
Net Assets / Fund Balance
Temporarily Rstr Net Assets$0$190,246▲ $190,246
Unrestricted Net Assets$79,028$-22,350▼ $101,378
Total Net Assets Fund Balance$79,028$167,896▲ $88,868
Total Liabilities and Net Assets / Fund Balance$90,865$195,908▲ $105,043
Compensation and Service Providers
Top Officer Pay90th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kane SarhanCo-chief Executive OfficerFT$104,984$5,796$110,780
Shaila IttycheriaCo-chief Executive OfficerFT$104,975$5,796$110,771

Board Members and Trustees

NameTitle
Stuart GoldfarbBoard Chairman
Lesa MitchellVice-chairman
Christina Lewis HalpernBoard Member
Dale JasinskiBoard Member
Jason MadhosinghBoard Member
Marc EckoBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$593,620
Program Service Revenue
$31,522
Investment Income
$0
Other Revenue
$0
All Other Contributions
$593,620
Change in Net Assets
$88,868

Audited Revenue Reconciliation

Revenue per Audited Statements
$625,142
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$9,133
Total Revenue per Audited Statements
$634,275
Total Revenue per Form 990
$625,142
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$388,167
Other Expenses$148,107
Total Fundraising Expense$94,267
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$155,654$23,216$42,681$221,551
Other Salaries and Wages$94,880$14,151$26,014$135,045
Travel$34,726$3,504$11,147$49,377
Payroll Taxes$19,516$2,911$5,351$27,778
Information Technology$19,943$3,140$639$23,722
Fees for Services Other$10,798$487$2,783$14,068
Fees for Services Accounting-$10,900-$10,900
Occupancy$6,950$2,059$18$9,027
Office Expenses$2,646$1,041$405$4,092
Other Employee Benefits$2,665$398$730$3,793
Advertising$2,492$310$801$3,603
Insurance-$2,899-$2,899
All Other Expenses$51$2,216-$2,267
Other Expenses$847$428$87$847
Total Functional Expenses$373,370$68,637$94,267$536,274

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$545,407
Expenses per Audited Statements$536,274
Total Expenses per Form 990$536,274
Expenses Not Reported on Form 990$9,133
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
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 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 11

“Form 990 is reviewed by the executive officers for approval. If changes are required, sweat equity education will then forward to the auditing firm and a final version will be distributed to all board members prior to the irs submission.”

Form 990, Part VI, Section B, Line 12C

“Sweat equity education shares its conflict of interest policy with board members and officers on an annual basis. Officers, directors, and key employees are expected to declare if at any point a conflict of interest arises.”

Form 990, Part VI, Section B, Line 15

“Performance review and comparable data are used by the board when determining the compensation of officers and key employees.”

Form 990, Part VI, Section C, Line 19

“Upon request, sweat equity education makes available to the public its governing documents, conflict of interest policy, and financial statements.”

Filing and Contact Details

Filer

Filer Name
Sweat Equity Enterprises Inc
EIN
20-3498290
Phone
6023698832
Address
32 HAVEMEYER STREET NO 2B, BROOKLYN, NY 11211
Doing Business As
Sweat Equity Education

Signing Officer

Name
Shaila Ittycheria
Title
Co-chief Executive Officer
Phone
6023698832
Signed
2015-11-16

Organization Details

Principal Officer
Shaila Ittycheria
Formed
2005
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
6
Volunteers
0

Preparer

Firm
Fruchter Rosen & Co Pc
Address
156 WEST 56TH STREET STE 1804, NEW YORK, NY 10019
Preparer
Gus Saliba
Phone
2129573600
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C:

“Sweat equity education has a finance committee that is responsible for oversight of the audit and selection of the independent auditor.”

Financial Statement Notes

PART X, LINE 2:

“Sweat equity education's accounting policy provides that a tax expense or benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Sweat equity education has no uncertain tax position resulting in an accrual of tax expense or benefit.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0SWEAT EQUITY EDUCATION WORKS TO ADDRESS BOTH THE GROWING COST OF HIGHER EDUCATION AS WELL AS THE CURRENT YOUTH UNEMPLOYMENT CRISIS. SWEAT EQUITY EDUCATION PROVIDES YOUNG ADULTS WITH ONE YEAR, FULL-TIME, APPRENTICESHIPS AT HIGH GROWTH STARTUPS, SMALL BUSINESSES, AND CORPORATIONS AROUND THE COUNTRY TO PREPARE THEM FOR THE WORKFORCE AND ACCELERATE THEIR CAREER TRAJECTORY.
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IRS990ScheduleA/PublicSupportCY170Pct00.36740
IRS990ScheduleA/PublicSupportPY170Pct00.33840
IRS990ScheduleA/PublicSupportTotal170Amt0469291
IRS990ScheduleA/SubstantialContributorsTotAmt0808103
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0593620
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0311700
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0138023
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0123794
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0110257
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01277394
IRS990ScheduleA/TotalSupportAmt01277394
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/DonatedServicesAndUseFcltsAmt09133
IRS990ScheduleD/DonatedServicesUseFcltsAmt09133
IRS990ScheduleD/ExpensesNotReportedAmt09133
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0536274
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt09133
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0625142
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SWEAT EQUITY EDUCATION'S ACCOUNTING POLICY PROVIDES THAT A TAX EXPENSE OR BENEFIT FROM AN UNCERTAIN TAX POSITION MAY BE RECOGNIZED WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL BE SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTIONS OF ANY RELATED APPEALS OR LITIGATION PROCESSES, BASED ON THE TECHNICAL MERITS. SWEAT EQUITY EDUCATION HAS NO UNCERTAIN TAX POSITION RESULTING IN AN ACCRUAL OF TAX EXPENSE OR BENEFIT.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0536274
IRS990ScheduleD/TotalRevenuePerForm990Amt0625142
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0634275
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0545407
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED BY THE EXECUTIVE OFFICERS FOR APPROVAL. IF CHANGES ARE REQUIRED, SWEAT EQUITY EDUCATION WILL THEN FORWARD TO THE AUDITING FIRM AND A FINAL VERSION WILL BE DISTRIBUTED TO ALL BOARD MEMBERS PRIOR TO THE IRS SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SWEAT EQUITY EDUCATION SHARES ITS CONFLICT OF INTEREST POLICY WITH BOARD MEMBERS AND OFFICERS ON AN ANNUAL BASIS. OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE EXPECTED TO DECLARE IF AT ANY POINT A CONFLICT OF INTEREST ARISES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PERFORMANCE REVIEW AND COMPARABLE DATA ARE USED BY THE BOARD WHEN DETERMINING THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON REQUEST, SWEAT EQUITY EDUCATION MAKES AVAILABLE TO THE PUBLIC ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4SWEAT EQUITY EDUCATION HAS A FINANCE COMMITTEE THAT IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT AND SELECTION OF THE INDEPENDENT AUDITOR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, FINANCIAL STATEMENTS AND REPORTING, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt00
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0190246
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt090865
IRS990/TotalAssetsEOYAmt0195908
IRS990/TotalAssetsGrp/BOYAmt090865
IRS990/TotalAssetsGrp/EOYAmt0195908
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0593620
IRS990/TotalEmployeeCnt06
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt094267
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt068637
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0373370
IRS990/TotalFunctionalExpensesGrp/TotalAmt0536274
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011837
IRS990/TotalLiabilitiesEOYAmt028012
IRS990/TotalLiabilitiesGrp/BOYAmt011837
IRS990/TotalLiabilitiesGrp/EOYAmt028012
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt079028
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0167896
IRS990/TotalOtherCompensationAmt011592
IRS990/TotalProgramServiceExpensesAmt0373370
IRS990/TotalProgramServiceRevenueAmt031522
IRS990/TotalReportableCompFromOrgAmt0209959
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt031522
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0625142
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt090865
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0195908
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/FundraisingAmt011147
IRS990/TravelGrp/ManagementAndGeneralAmt03504
IRS990/TravelGrp/ProgramServicesAmt034726
IRS990/TravelGrp/TotalAmt049377
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt079028
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-22350
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt032 HAVEMEYER STREET 2B
IRS990/USAddress/CityNm0BROOKLYN
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd011211
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.ENSTITUTE.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/PersonNm0SHAILA ITTYCHERIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CO-CHIEF EXECUTIVE OFFICER
ReturnHeader/BusinessOfficerGrp/PhoneNum06023698832
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SWEAT EQUITY ENTERPRISES INC
ReturnHeader/Filer/BusinessNameControlTxt0SWEA
ReturnHeader/Filer/EIN0203498290
ReturnHeader/Filer/PhoneNum06023698832
ReturnHeader/Filer/USAddress/AddressLine1Txt032 HAVEMEYER STREET NO 2B
ReturnHeader/Filer/USAddress/CityNm0BROOKLYN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011211
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0061671819
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FRUCHTER ROSEN & CO PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0156 WEST 56TH STREET STE 1804
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010019
ReturnHeader/PreparerPersonGrp/PhoneNum02129573600
ReturnHeader/PreparerPersonGrp/PreparationDt02015-11-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GUS SALIBA
ReturnHeader/ReturnTs02015-11-16T08:36:29-06:00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$195,908
Liabilities
$28,012
Net assets
$167,896
Revenue
$625,142
Expenses
$536,274
Net income
$88,868
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2015Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$1.93$3.61$1.68
2014Detailed filing. Detailed filing data is available for this year.$1.96$0.28$1.68$6.25$5.36$0.89
2013Detailed filing. Detailed filing data is available for this year.$0.91$0.12$0.79$3.71$3.30$0.41
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.26$0.00$0.26$1.38$2.27$0.89
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.15$0.00$1.15$7.32
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$0.00$2.81$7.59