Civic Intelligence

Lets Get Ready Inc.

990 • Fiscal year 2020 • EIN 31-1698832

Sep 01, 2019 to Aug 31, 2020 • Filed on Jul 14, 2021

50 Broadway 25th FloorNew York, NY 10004

(646) 808-2760

Siviq Scores

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

Liabilities / Assets

65th percentile

0.33x

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

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

62nd percentile

0.23x

Higher debt load relative to revenue than 62% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Net Margin

43rd percentile

2.2%

Higher net margin than 43% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

83rd percentile

$173,401

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 6.4% of source-year revenue.

2020 filings • NTEE B • $1M-$5M nonprofits • Source year 2020

Asset Growth

77th percentile

35%

Faster asset growth than 77% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

20th percentile

-21%

Faster revenue growth than 20% of similar nonprofits.

2020 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Up

$1,899,061

Up $495,593 (+35%) from 2019

Net Assets

Down

$1,280,189

Down $32,760 (-2.5%) from 2019

Liabilities

Up

$618,872

Up $528,353 (+584%) from 2019

Revenue

Down

$2,728,106

Down $705,030 (-21%) from 2019

Expenses

Down

$2,668,305

Down $1,231,174 (-32%) from 2019

Net Income

Up

$59,801

Up $526,144 (+113%) from 2019

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 2016: $2,478,833Liabilities 2016: $143,999Net Assets 2016: $2,334,8342016Assets 2017: $2,207,340Liabilities 2017: $105,928Net Assets 2017: $2,101,4122017Assets 2018: $1,845,021Liabilities 2018: $171,882Net Assets 2018: $1,673,1392018Assets 2019: $1,403,468Liabilities 2019: $90,519Net Assets 2019: $1,312,9492019Assets 2020: $1,899,061Liabilities 2020: $618,872Net Assets 2020: $1,280,1892020Assets 2021: $3,033,033Liabilities 2021: $524,497Net Assets 2021: $2,508,5362021Assets 2022: $3,115,570Liabilities 2022: $244,148Net Assets 2022: $2,871,4222022Assets 2023: $3,810,176Liabilities 2023: $89,028Net Assets 2023: $3,721,1482023Assets 2024: $3,138,215Liabilities 2024: $75,126Net Assets 2024: $3,063,0892024

Highlighted filing

2020

Assets$1,899,061
Liabilities$618,872
Net Assets$1,280,189

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2016: $3,317,988Expenses 2016: $3,073,114Net Income 2016: $244,8742016Revenue 2017: $3,234,995Expenses 2017: $3,468,417Net Income 2017: -$233,4222017Revenue 2018: $3,541,624Expenses 2018: $3,969,897Net Income 2018: -$428,2732018Revenue 2019: $3,433,136Expenses 2019: $3,899,479Net Income 2019: -$466,3432019Revenue 2020: $2,728,106Expenses 2020: $2,668,305Net Income 2020: $59,8012020Revenue 2021: $3,876,606Expenses 2021: $2,685,258Net Income 2021: $1,191,3482021Revenue 2022: $3,738,443Expenses 2022: $2,988,462Net Income 2022: $749,9812022Revenue 2023: $4,282,623Expenses 2023: $3,457,828Net Income 2023: $824,7952023Revenue 2024: $3,521,201Expenses 2024: $4,217,343Net Income 2024: -$696,1422024

Highlighted filing

2020

Revenue$2,728,106
Expenses$2,668,305
Net Income$59,801
Jump To
Filing Snapshot
Filing Period
Sep 1, 2019 to Aug 31, 2020
Signed
Jul 14, 2021
Return Version
2019v5.2
Gross Receipts
$3,191,580
Mission and Program Overview

Mission

Let's get ready, inc. Provides high school students from low-income backgrounds with free sat preparation, admissions counseling and other support services needed to gain admission to and graduate from college. Services are provided by volunteer college students.

To help high school students from low-income backgrounds attain a college education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$495,508$971,243▲ $475,735
Cash and Non-Interest-Bearing Accounts$44,414$390,771▲ $346,357
Pledges and Grants Receivable$587,409$282,472▼ $304,937
Investments in Publicly Traded Securities$167,096$187,091▲ $19,995
Land, Buildings, and Equipment, Net$54,424$35,736▼ $18,688
Accounts Receivable$33,000$26,200▼ $6,800
Prepaid Expenses and Deferred Charges$21,617$5,548▼ $16,069
Total Assets$1,403,468$1,899,061▲ $495,593
Liabilities
Other Liabilities$21,377$539,078▲ $517,701
Accounts Payable and Accrued Expenses$65,142$79,794▲ $14,652
Deferred Revenue$4,000$0▼ $4,000
Total Liabilities$90,519$618,872▲ $528,353
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$638,690$973,717▲ $335,027
Net Assets With Donor Restrictions$674,259$306,472▼ $367,787
Total Net Assets Fund Balance$1,312,949$1,280,189▼ $32,760
Total Liabilities and Net Assets / Fund Balance$1,403,468$1,899,061▲ $495,593

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$29,800$155,713$185,513
Equipment$5,936$54,053$59,989
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lena EberhartChief Executive OfficerFT$147,573$25,828$173,401
Allison CaffreyDirector of DevelopmentFT$118,319$13,845$132,164
Kathrine MottFormer Chief Executive Officer-$118,657$10,452$129,109
Janey OzoriaDirector of Instit. Giving and Dev. OperationsFT$109,540$15,098$124,638
Brian DeverVP of PhilantrophyFT$114,837$9,337$124,174
Sean FischerDiretor of DataFT$100,757$10,980$111,737
Natasha RequenaFormer Chief Dev. & Ext. Affairs-$103,035$8,297$111,332

Board Members and Trustees

NameTitle
Eugenie Lang RosenthalCo-chair
Jeffrey WatersCo-chair/treasurer
Gary MatthewsVice Chair
Alan SchoenfeldDirector
Andrea LopezDirector
Ann YaspanDirector
Ben TagoeDirector
Brook PaynerDirector
Cassie RosenthalDirector
Grace LamontDirector
Jeffrey a JacobsDirector
Joanne JensenDirector
Judy BigelowDirector
Kate LevinDirector
Kate RubensteinDirector
Leah PeskinDirector
Mimi SaltzmanDirector
Patricia McwadeDirector
Priscilla NatkinsDirector
Gil KempDirector Thru 12/31/19
Ibrahim MajeedDirector Thru 12/31/19
Josh BennDirector Thru 12/31/19
Lynda BaqueroDirector Thru 12/31/19
Lynn P Harrison IiiDirector Thru 12/31/19
Susan H MurphyDirector Thru 12/31/19
Laurent DesmanglesSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$2,525,686
Program Service Revenue
$157,214
Investment Income
$116,209
Other Revenue
$-71,003
All Other Contributions
$1,681,443
Change in Net Assets
$59,801

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded9$170,947Avg. Selling Price
Total Noncash Contributions9$170,947-

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,728,097
Revenue Not Reported on Financial Statements
$9
Revenue Not Reported on Form 990
$-63,034
Total Revenue per Audited Statements
$2,665,063
Total Revenue per Form 990
$2,728,106
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,038,718
Other Expenses$629,587
Total Fundraising Expense$470,327
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,000,605$181,210$350,197$1,532,012
Occupancy$188,210$10,456$10,456$209,122
Current Officers, Directors, Trustees, and Key Employees$166,792$31,274$10,425$208,491
Payroll Taxes$103,936$23,097$37,945$164,978
Information Technology$65,544$40,403$8,516$114,463
Other Employee Benefits$63,812$14,630$27,216$105,658
Fees for Services Other$38,239$31,808$4,390$74,437
Office Expenses$47,476$12,177$10,311$69,964
Pension Plan Contributions$16,559$3,813$7,207$27,579
Depreciation Depletion$13,082$4,672$934$18,688
Travel$16,155$897$897$17,949
Fees for Services Accounting$5,499$10,269$232$16,000
Insurance$6,762$376$376$7,514
Other Expenses$2,165$1,032$303$3,500
Fees for Services Legal$856$1,599$36$2,491
Advertising$482$230$67$779
Conferences and Meetings$88$42$12$142
Fees for Service Investment Mgmnt Fees-$9-$9
Total Functional Expenses$1,826,927$371,051$470,327$2,668,305

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,697,823
Total Expenses per Form 990$2,668,305
Expenses per Audited Statements$2,668,296
Expenses Not Reported on Form 990$29,527
Expenses Not Reported on Financial Statements$9
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$79,003
Fundraising Gross Income$8,000
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
New York Virtual Gala$735,090-$38,530-
New England Virtual Gala$117,153$8,000$3,815$4,185
Total Events$852,243$8,000$79,003$-71,003
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Paycheck Protection Program Loan$524,300
Deferred Rent Liability$14,778
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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, Part VI, Section B, Line 11B

The form 990 is prepared by an independent public accounting firm and is provided to management for review and approval. A complete copy of the form 990 is provided to the board of directors prior to the filing of the form 990 with the internal revenue service.

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

The organization has a conflict of interest policy applicable to all board members and officers. All applicable individuals are required to sign a conflict of interest agreement annually, disclosing any possible conflict of interest and are given the opportunity to disclose all material facts to the board. After disclosure of all material facts, and after any discussions with the interested person, he/she leaves the board meeting while the determination of a conflict of interest is discussed and voted upon. The remaining disinterested board members decide if a conflict of interest exists by a majority vote. The interested person recuses themselves from deliberations and voting on matters giving rise to such conflict. Deliberation and decisions are recorded in the minutes of the board.

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

The finance committee of the board of directors, along with the board chairperson, is responsible for determining the compensation of the chief executive officer. The finance committee meets to discuss the ceo's compensation, which is determined based on compensation data for similar qualified persons in comparable positions at similarly situated organizations. Comparability data includes the form 990s of other similar organizations. The process for determining officer compensation as outlined above was last conducted in 2020.

Form 990, Part VI, Section C, Line 19

Let's get ready makes its governing documents, conflict of interest policy, financial statements, and form 990 available upon request. The form 990 and financial statements are available on our website, letsgetready.org. In addition, the form 990 is available on guidestar.org and similar websites.

Filing and Contact Details

Filer

Filer Name
LET'S GET READY INC
EIN
31-1698832
Phone
6468082760
Address
50 BROADWAY 25TH FLOOR, NEW YORK, NY 10004

Signing Officer

Name
Lena Eberhart
Title
Chief Executive Officer
Phone
6468082760
Signed
2021-07-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lena Eberhart
Formed
1999
Legal Domicile
Ny
Voting Board Members
20
Independent Board Members
20
Employees
280
Volunteers
35

Preparer

Firm
PKF O'CONNOR DAVIES LLP
Address
500 MAMARONECK AVENUE, HARRISON, NY 10528-1633
Preparer
Garrett M Higgins
Phone
9143818900
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 2A

The organization utilizes the services of a professional employer organization. The number reported in part v, line 2a represents the number of employees per the form w-3 filed by the peo.

FORM 990, PART XII, LINE 2C:

The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The oversight and selection process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

Lgr recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Management has determined that lgr had no uncertain tax positions that would require financial statement recognition or disclosure. Lgr is no longer subject to examinations by the applicable taxing jurisdictions for the periods prior to august 31, 2017.

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IRS990/Desc0LET'S GET READY, INC. PROVIDED STUDENTS THROUGHOUT THE NORTHEAST WITH INTENSIVE SAT PREPARATION AND CRITICAL ASSISTANCE WITH ALL ASPECTS OF THE COLLEGE ADMISSIONS PROCESS INCLUDING COLLEGE SELECTION, APPLICATIONS, PERSONAL STATEMENT AND FINANCIAL AID OPPORTUNITIES THROUGH ITS COLLEGE ACCESS PROGRAM. THROUGH ITS COLLEGE SUCCESS PROGRAM, LET'S GET READY, INC. ALSO SUPPORTED THOUSANDS OF STUDENTS TO TRANSITION TO AND PERSIST IN COLLEGE BY HELPING THEM NAVIGATE THE COMPLEXITIES OF COLLEGE LIFE THROUGH ONE-ONE-SUPPORT, RESOURCE AGGREGATION, MENTORING EVENTS AND COMMUNITY-BUILDING. SERVICES WERE PROVIDED BY COLLEGE STUDENTS (COACHES) TRAINED AND MANAGED BY LET'S GET READY, INC. WHO SERVE AS MENTORS AND ADVISERS.
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IRS990/Form990PartVIISectionAGrp/PersonNm14JOSH BENN
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IRS990/Form990PartVIISectionAGrp/PersonNm16JEFFREY A JACOBS
IRS990/Form990PartVIISectionAGrp/PersonNm17JOANNE JENSEN
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHIEF EXECUTIVE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2FORMER CHIEF EXECUTIVE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIR OF INSTIT. GIVING AND DEV. OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt4VP OF PHILANTROPHY
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRETOR OF DATA
IRS990/Form990PartVIISectionAGrp/TitleTxt6FORMER CHIEF DEV. & EXT. AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt7CO-CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt8CO-CHAIR/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt23DIRECTOR THRU 12/31/19
IRS990/Form990PartVIISectionAGrp/TitleTxt24DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt25DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt27DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt32DIRECTOR
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IRS990/FormationYr01999
IRS990/FormerOfcrEmployeesListedInd01
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IRS990/FSAuditedInd01
IRS990/FundraisingActivitiesInd01
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0LET'S GET READY, INC. PROVIDES HIGH SCHOOL STUDENTS FROM LOW-INCOME BACKGROUNDS WITH FREE SAT PREPARATION, ADMISSIONS COUNSELING AND OTHER SUPPORT SERVICES NEEDED TO GAIN ADMISSION TO AND GRADUATE FROM COLLEGE. SERVICES ARE PROVIDED BY VOLUNTEER COLLEGE STUDENTS.
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt0-71003
IRS990/NetUnrelatedBusTxblIncmAmt00

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