Civic Intelligence

Collegespring Inc.

990 • Fiscal year 2023 • EIN 27-0920698

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 29, 2024

1990 N California Blvd 8th FloorWalnut Creek, CA 94596

(707) 641-2376

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.08x

Higher debt load relative to assets than 53% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

59th percentile

0.14x

Higher debt load relative to revenue than 59% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

5th percentile

-72%

Higher net margin than 5% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

91st percentile

$217,573

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 11.7% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

4th percentile

-29%

Faster asset growth than 4% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

5th percentile

-57%

Faster revenue growth than 5% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$3,209,463

Up $181,962 (+6.0%) from 2021

Net Assets

Up

$2,943,925

Up $180,548 (+6.5%) from 2021

Liabilities

Up

$265,538

Up $1,414 (+0.5%) from 2021

Revenue

Down

$1,856,852

Down $906,265 (-33%) from 2021

Expenses

Up

$3,191,922

Up $628,526 (+25%) from 2021

Net Income

Down

-$1,335,070

Down $1,534,791 (-768%) from 2021

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2014: $968,931Liabilities 2014: $316,424Net Assets 2014: $652,5072014Assets 2015: $761,253Liabilities 2015: $377,643Net Assets 2015: $383,6102015Assets 2016: $1,787,513Liabilities 2016: $437,315Net Assets 2016: $1,350,1982016Assets 2017: $2,370,162Liabilities 2017: $470,907Net Assets 2017: $1,899,2552017Assets 2019: $2,224,164Liabilities 2019: $269,391Net Assets 2019: $1,954,7732019Assets 2021: $3,027,501Liabilities 2021: $264,124Net Assets 2021: $2,763,3772021Assets 2023: $3,209,463Liabilities 2023: $265,538Net Assets 2023: $2,943,9252023Assets 2024: $2,676,266Liabilities 2024: $192,060Net Assets 2024: $2,484,2062024

Highlighted filing

2023

Assets$3,209,463
Liabilities$265,538
Net Assets$2,943,925

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2014: $3,335,859Expenses 2014: $3,099,181Net Income 2014: $236,6782014Revenue 2015: $2,876,465Expenses 2015: $3,145,362Net Income 2015: -$268,8972015Revenue 2016: $4,181,819Expenses 2016: $3,215,231Net Income 2016: $966,5882016Revenue 2017: $3,857,604Expenses 2017: $3,429,359Net Income 2017: $428,2452017Revenue 2019: $4,286,309Expenses 2019: $3,977,776Net Income 2019: $308,5332019Revenue 2021: $2,763,117Expenses 2021: $2,563,396Net Income 2021: $199,7212021Revenue 2023: $1,856,852Expenses 2023: $3,191,922Net Income 2023: -$1,335,0702023Revenue 2024: $2,624,939Expenses 2024: $3,196,529Net Income 2024: -$571,5902024

Highlighted filing

2023

Revenue$1,856,852
Expenses$3,191,922
Net Income-$1,335,070
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 29, 2024
Return Version
2022v5.0
Gross Receipts
$1,856,852
Mission and Program Overview

Mission

To narrow the college opportunity gap by offering a high-quality sat and college preparation program that lifts the aspirations and outcomes of low-income students and empowers them to act as beacons of what is possible for their communities.

Our mission is to partner with educators to help students impacted by poverty demonstrate their full potential on college and career readiness assessments that unlock better opportunities after high school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities-$2,113,685-
Pledges and Grants Receivable$1,525,740$420,160▼ $1,105,580
Cash and Non-Interest-Bearing Accounts$188,316$393,133▲ $204,817
Savings and Temporary Cash Investments$2,781,878$240,882▼ $2,540,996
Prepaid Expenses and Deferred Charges$22,795$37,914▲ $15,119
Accounts Receivable$30,930$2,506▼ $28,424
Land, Buildings, and Equipment, Net$2,018$1,183▼ $835
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$4,551,677$3,209,463▼ $1,342,214
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$290,031$243,955▼ $46,076
Deferred Revenue$20,620$21,583▲ $963
Total Liabilities$310,651$265,538▼ $45,113
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,616,262$2,304,619▼ $311,643
Net Assets With Donor Restrictions$1,624,764$639,306▼ $985,458
Total Net Assets Fund Balance$4,241,026$2,943,925▼ $1,297,101
Total Liabilities and Net Assets / Fund Balance$4,551,677$3,209,463▼ $1,342,214

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,183$1,322$2,505
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Geanette TreadwayCOOFT$158,829$58,744$217,573
Yoon ChoiCEOFT$130,081$38,486$168,567
Nichole GangitanoHead of Prgrm/ImpactFT$141,379$10,712$152,091
Courtney CalfeeCOOFT$99,111$20,740$119,851
Tenesha Villanueva Head ofPartner SuccessFT$100,479$356$100,835
Revenue and Support

Revenue Composition

Contributions and Grants
$1,409,154
Program Service Revenue
$426,520
Investment Income
$18,026
Other Revenue
$3,152
All Other Contributions
$1,409,154
Change in Net Assets
$-1,335,070

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,856,852
Revenue Not Reported on Form 990
$168,080
Total Revenue per Audited Statements
$2,024,932
Total Revenue per Form 990
$1,856,852
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,439,993
Other Expenses$751,929
Total Fundraising Expense$499,947
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$788,524$310,219$200,122$1,298,865
Current Officers, Directors, Trustees, and Key Employees$151,006$430,643$190,705$772,354
Fees for Services Other$225,823$71,654$23,043$320,520
Information Technology$214,633$13,832$15,421$243,886
Other Employee Benefits$122,060$44,530$31,221$197,811
Payroll Taxes$72,627$50,911$28,354$151,892
Fees for Services Accounting-$19,409-$19,409
Pension Plan Contributions$12,691$2,775$3,605$19,071
Other Expenses$600$8,695$1,619$10,914
Insurance-$9,760-$9,760
Fees for Services Legal-$7,500-$7,500
Travel$4,687$2,248$457$7,392
Office Expenses$1,263$624$413$2,300
Occupancy-$2,115-$2,115
Depreciation Depletion-$835-$835
Total Functional Expenses$1,684,620$1,007,355$499,947$3,191,922

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,322,033
Expenses per Audited Statements$3,191,922
Total Expenses per Form 990$3,191,922
Expenses Not Reported on Form 990$130,111
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
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
Yes
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 A, Line 4

Added a new board member category for Emeritus Directors and associated criteria, term, and authority of these individuals.

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

Draft Form 990 will be provided to all voting members prior to finalization via email for approval.

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

The Board of Directors, Officers, and Key Employees (Covered Person) are required to sign a conflict of interest policy and disclosure annually. Each Covered Person has an ongoing obligation to disclose any actual or potential conflict of interest as soon as it is known or reasonably should be known. Should an actual or potential conflict arise, the Covered Person is required to promptly submit a Disclosure Statement to the Board disclosing in good faith all relevant material facts. If it is determined that an actual or potential conflict of interest exists between the interests of the Corporation and a Covered Person with respect to a specific proposed action or transaction, the Corporation shall refrain from the proposed action or transaction until such time as the proposed action or transaction has been approved by the disinterested Directors. The minutes of the meeting shall reflect that the conflict of interest disclosure was made, the vote taken and, where appropriate, the abstention from voting and participation by the Covered Person. CollegeSpring maintains a conflict of interest policy for employees as well. Every employee, upon hire, is required to acknowledge and sign this conflict of interest policy. This policy is easily accessible within the payroll system and in the employee handbook and contains specific examples of prohibited activities and obligations to notify management in the event of a potential or perceived conflict.

Form 990, Part VI, Section B, Line 15A

A formal review is done by the Board of Directors annually for CEO compensation. This process last occurred in 22-23.

Form 990, Part VI, Section B, Line 15B

A formal performance evaluation was completed for the COO and CGO which determined the respective merit increases. This process last occurred in 22-23.

Form 990, Part VI, Section C, Line 19

Governing documents, policies, and financial statements will be provided upon request. Annual Reports and Financial Statements may be viewed on the Organization's website.

Filing and Contact Details

Filer

Filer Name
Collegespring Inc
EIN
27-0920698
Phone
7076412376
Address
1990 N California Blvd 8th Floor, Walnut Creek, CA 94596

Signing Officer

Name
Yoon Choi
Title
CEO
Signed
2024-04-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Yoon Choi
Formed
2009
Legal Domicile
CA
Voting Board Members
13
Independent Board Members
16
Employees
33

Preparer

Firm
Cook & Company A Prof Actcy Corporation
Address
One Sansome St Ste 3500, San Francisco, CA 94104
Preparer
Douglas Cook PhDMPACPA
Phone
4156211112
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

We added several new product offerings: The Digital SAT, ACT, and TSIA2.

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