Civic Intelligence

Elevated Thought Foundation Inc Lester Sydney-Treasurer

990 • Fiscal year 2023 • EIN 27-3519031

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 01, 2024

Organization ProfileWWW.ELEVATEDTHOUGHT.ORG
15 Union StreetLawrence, MA 01841

(978) 420-7920

Siviq Scores

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

Liabilities / Assets

88th percentile

0.73x

Higher debt load relative to assets than 88% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

92nd percentile

2.78x

Higher debt load relative to revenue than 92% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

5th percentile

-68%

Higher net margin than 5% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

50th percentile

$125,000

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 9.1% of source-year revenue.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

91st percentile

61%

Faster asset growth than 91% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

5th percentile

-57%

Faster revenue growth than 5% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$5,213,399

Up $1,969,467 (+61%) from 2022

Net Assets

Down

$1,385,485

Down $934,875 (-40%) from 2022

Liabilities

Up

$3,827,914

Up $2,904,342 (+314%) from 2022

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin5th percentile

Revenue

Down

$1,378,207

Down $1,857,123 (-57%) from 2022

Expenses

Up

$2,313,085

Up $795,753 (+52%) from 2022

Net Income

Down

-$934,878

Down $2,652,876 (-154%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $584Liabilities 2010: $280Net Assets 2010: $3042010Assets 2011: $689Net Assets 2011: $6892011Assets 2012: $13Liabilities 2012: $57Net Assets 2012: -$442012Assets 2013: $1,493Liabilities 2013: $306Net Assets 2013: $1,1872013Assets 2014: $11,729Liabilities 2014: $1,620Net Assets 2014: $10,1092014Assets 2015: $34,199Liabilities 2015: $496Net Assets 2015: $176,8672015Assets 2019: $49,940Liabilities 2019: $9,992Net Assets 2019: $39,9482019Assets 2020: $374,082Liabilities 2020: $41,407Net Assets 2020: $332,6752020Assets 2021: $1,075,802Liabilities 2021: $523,812Net Assets 2021: $551,9902021Assets 2022: $3,243,932Liabilities 2022: $923,572Net Assets 2022: $2,320,3602022Assets 2023: $5,213,399Liabilities 2023: $3,827,914Net Assets 2023: $1,385,4852023Assets 2024: $5,022,746Liabilities 2024: $3,996,407Net Assets 2024: $1,026,3392024

Highlighted filing

2023

Assets$5,213,399
Liabilities$3,827,914
Net Assets$1,385,485
Open 2023 Filing

Operations Trend

Revenue Growth5th percentile

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

$4.0M$2.0M$0-$2.0MRevenue 2010: $1,679Expenses 2010: $1,375Net Income 2010: $3042010Revenue 2011: $1,088Expenses 2011: $703Net Income 2011: $3852011Revenue 2014: $33,0072014Revenue 2015: $166,7582015Revenue 2019: $385,412Expenses 2019: $411,013Net Income 2019: -$25,6012019Revenue 2020: $616,599Expenses 2020: $325,130Net Income 2020: $291,4692020Revenue 2021: $1,012,461Expenses 2021: $739,542Net Income 2021: $272,9192021Revenue 2022: $3,235,330Expenses 2022: $1,517,332Net Income 2022: $1,717,9982022Revenue 2023: $1,378,207Expenses 2023: $2,313,085Net Income 2023: -$934,8782023Revenue 2024: $2,256,495Expenses 2024: $2,566,226Net Income 2024: -$309,7312024

Highlighted filing

2023

Revenue$1,378,207
Expenses$2,313,085
Net Income-$934,878
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 1, 2024
Return Version
2023v5.0
Gross Receipts
$1,378,207
Mission and Program Overview

Mission

Provide educational scholarship

Art & social justice organization using art to empower youth, launch beautification projects, youth organizing and public outreach

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$2,015,000--
Cash and Non-Interest-Bearing Accounts$513,211$1,108,895▲ $595,684
Land, Buildings, and Equipment, Net$305,774$890,734▲ $584,960
Accounts Receivable$11,150$51,000▲ $39,850
Prepaid Expenses and Deferred Charges$90,010$35,730▼ $54,280
Loans From Officers Directors-$5,640-
Total Assets$3,243,932$5,213,399▲ $1,969,467
Other Assets Total$308,787$3,127,040▲ $2,818,253
Liabilities
Mortgage Notes Payable Secured by Investment Property$810,348$3,751,423▲ $2,941,075
Accounts Payable and Accrued Expenses$113,224$70,851▼ $42,373
Total Liabilities$923,572$3,827,914▲ $2,904,342
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,000,000--
Net Assets Without Donor Restrictions$320,360$1,385,485▲ $1,065,125
Total Net Assets Fund Balance$2,320,360$1,385,485▼ $934,875
Total Liabilities and Net Assets / Fund Balance$3,243,932$5,213,399▲ $1,969,467

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$879,537$77,992$957,529
Leasehold Improvements$11,197$270$11,467
Other Assets Org$3,127,040--
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Marquis VictorExecutive DiFT$125,000$125,000

Board Members and Trustees

NameTitle
Allison ArguetaDirector
Corina CornejoDirector
Eddie RosaDirector
Francellis QuinonesDirector
Kiara RojasDirector
Gladys MartinezClerk
Debra FoxTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,251,671
Program Service Revenue
$126,536
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,666
Change in Net Assets
$-934,878

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,378,207
Total Revenue per Audited Statements
$1,378,207
Total Revenue per Form 990
$1,378,207
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,432,398
Other Expenses$880,687
Total Fundraising Expense$3,064
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$896,761$224,191-$1,120,952
Occupancy$149,911$58,299-$208,210
Interest-$145,417-$145,417
Fees for Services Other$3,625$122,069-$125,694
Current Officers, Directors, Trustees, and Key Employees$100,000$25,000-$125,000
Payroll Taxes$82,152$20,539-$102,691
All Other Expenses$32,077$49,873$3,064$85,014
Other Employee Benefits$67,004$16,751-$83,755
Office Expenses$30,277$7,334-$37,611
Depreciation Depletion-$35,538-$35,538
Travel$14,543$8,579-$23,122
Other Expenses$5,102$17,876-$22,978
Advertising$10,636--$10,636
Insurance-$7,732-$7,732
Total Functional Expenses$1,494,722$815,299$3,064$2,313,085

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,313,085
Expenses per Audited Statements$2,313,082
Total Expenses per Audited Statements$2,313,082
Expenses Not Reported on Financial Statements$3
Other Expense Adjustments$3
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
Loans from Officers, Directors, Trustees, and Key Employees-$5,640-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
No
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, Page 6, Part VI, Line 11B

“Board chair, treasurer and executive director review with board prior to vote on accepting return.”

Form 990, Page 6, Part VI, Line 12C

“Board members are required to disclose conflicts and annually review policy with current and new board members”

Form 990, Page 6, Part VI, Line 15A

“Board reviews comparable data on salaries”

Form 990, Page 6, Part VI, Line 19

“Governing documents made available after request is approved and nda is obtained”

Filing and Contact Details

Filer

Filer Name
Elevated Thought Inc
EIN
27-3519031
Phone
9784207920
Address
15 UNION STREET, LAWRENCE, MA 01841

Signing Officer

Name
Marquis Victor
Title
Executive Director
Phone
9784207920
Signed
2024-06-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Marquis Victor
Formed
2010
Legal Domicile
Ma
Voting Board Members
7
Independent Board Members
7
Employees
47

Preparer

Firm
Penchansky & Coii Pllc
Address
1650 ELM ST SUITE 302, MANCHESTER, NH 03101
Preparer
Adam M Lord CPA
Phone
6036472400
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“An art & social justice organization that serves & develops communities through youth empowerment curriculum, beautification projects, youth organization, and public outreach. Provide opportunities for youths & communities to expand understanding of art.”

Form 990, Part XI, Line 9

“Book / tax depreciation difference 3”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 4B

“Book / tax depreciation difference 3”

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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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS AND ANNUALLY REVIEW POLICY WITH CURRENT AND NEW BOARD MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOARD REVIEWS COMPARABLE DATA ON SALARIES
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$5,213,399
Liabilities
$3,827,914
Net assets
$1,385,485
Revenue
$1,378,207
Expenses
$2,313,085
Net income
-$934,878
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.02$4.00$1.03$2.26$2.57$0.31
2023Detailed filing. Detailed filing data is available for this year.$5.21$3.83$1.39$1.38$2.31$0.93
2022Detailed filing. Detailed filing data is available for this year.$3.24$0.92$2.32$3.24$1.52$1.72
2021Detailed filing. Detailed filing data is available for this year.$1.08$0.52$0.55$1.01$0.74$0.27
2020Detailed filing. Detailed filing data is available for this year.$0.37$0.04$0.33$0.62$0.33$0.29
2019Detailed filing. Detailed filing data is available for this year.$0.05$0.01$0.04$0.39$0.41$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.03$0.00$0.18$0.17
2014Detailed filing. Detailed filing data is available for this year.$0.01$0.00$0.01$0.03
2013Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.00$0.00
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.00$0.00$0.00$0.00$0.00$0.00