Civic Intelligence

Work2Future Foundation

990 • Fiscal year 2022 • EIN 45-3156415

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

Organization ProfileWWW.WORK2FUTUREFOUNDATION.ORG
38 N Almaden Blvd 306San Jose, CA 95110

(408) 394-0369

Siviq Scores

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

Liabilities / Assets

88th percentile

0.37x

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

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

93rd percentile

0.67x

Higher debt load relative to revenue than 93% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

29th percentile

-7.2%

Higher net margin than 29% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

78th percentile

$0

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

79th percentile

36%

Faster asset growth than 79% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

23rd percentile

-22%

Faster revenue growth than 23% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$254,693

Up $66,795 (+36%) from 2021

Net Assets

Down

$161,261

Down $10,077 (-5.9%) from 2021

Liabilities

Up

$93,432

Up $76,872 (+464%) from 2021

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin29th percentile

Revenue

Down

$140,255

Down $38,743 (-22%) from 2021

Expenses

Down

$150,332

Down $103,783 (-41%) from 2021

Net Income

Up

-$10,077

Up $65,040 (+87%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth79th percentile

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

$1.5M$1.0M$500K$0Assets 2014: $121,193Liabilities 2014: $100,222Net Assets 2014: $20,9712014Assets 2015: $405,629Liabilities 2015: $204,122Net Assets 2015: $201,5072015Assets 2016: $855,642Liabilities 2016: $328,722Net Assets 2016: $526,9202016Assets 2017: $1,004,298Liabilities 2017: $400,124Net Assets 2017: $604,1742017Assets 2018: $1,245,100Liabilities 2018: $475,265Net Assets 2018: $769,8352018Assets 2019: $566,037Liabilities 2019: $399,577Net Assets 2019: $166,4602019Assets 2020: $323,291Liabilities 2020: $76,836Net Assets 2020: $246,4552020Assets 2021: $187,898Liabilities 2021: $16,560Net Assets 2021: $171,3382021Assets 2022: $254,693Liabilities 2022: $93,432Net Assets 2022: $161,2612022Assets 2023: $149,028Liabilities 2023: $8,532Net Assets 2023: $140,4962023Assets 2024: $97,724Liabilities 2024: $8,024Net Assets 2024: $89,7002024

Highlighted filing

2022

Assets$254,693
Liabilities$93,432
Net Assets$161,261
Open 2022 Filing

Operations Trend

Revenue Growth23rd percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2014: $623,643Expenses 2014: $643,230Net Income 2014: -$19,5872014Revenue 2015: $3,553,646Expenses 2015: $3,373,110Net Income 2015: $180,5362015Revenue 2016: $4,918,130Expenses 2016: $4,592,717Net Income 2016: $325,4132016Revenue 2017: $5,043,471Expenses 2017: $4,966,217Net Income 2017: $77,2542017Revenue 2018: $5,108,498Expenses 2018: $4,942,837Net Income 2018: $165,6612018Revenue 2019: $4,554,552Expenses 2019: $5,157,927Net Income 2019: -$603,3752019Revenue 2020: $625,159Expenses 2020: $691,136Net Income 2020: -$65,9772020Revenue 2021: $178,998Expenses 2021: $254,115Net Income 2021: -$75,1172021Revenue 2022: $140,255Expenses 2022: $150,332Net Income 2022: -$10,0772022Revenue 2023: $193,411Expenses 2023: $214,176Net Income 2023: -$20,7652023Revenue 2024: $124,730Expenses 2024: $175,526Net Income 2024: -$50,7962024

Highlighted filing

2022

Revenue$140,255
Expenses$150,332
Net Income-$10,077
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.0
Gross Receipts
$140,255
Mission and Program Overview

Mission

September of 2011 with the purpose of creating and advancing new opportunities to connect workforce and economic development as well as to promote small business development, growth and sustainability. The foundation is a 501(c)(3) corporation that provides private and publicly funded vocational education and training programs. The primary activity of the foundation is to support resource and fund development for workforce and economic development, small business development, and growth and sustainability initiatives as well as serve as a catalyst and incubator of new economic and workforce models.

The work2future foundation was established in september of 2011 with the purpose of creating and advancing new opportunities to connect workforce and economic development as well as to promote small business development, growth and sustainability. The work2future foundation provides private and publicly funded vocational education and training programs in santa clara county and its unincorporated areas. The work2future foundation serves an estimated 5,000 job seekers each year.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$187,898$254,693▲ $66,795
Total Assets$187,898$254,693▲ $66,795
Liabilities
Accounts Payable and Accrued Expenses$16,560$93,432▲ $76,872
Total Liabilities$16,560$93,432▲ $76,872
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$171,338$161,261▼ $10,077
Total Net Assets Fund Balance$171,338$161,261▼ $10,077
Total Liabilities and Net Assets / Fund Balance$187,898$254,693▲ $66,795
Compensation and Service Providers
Top Officer Pay78th percentile

Board Members and Trustees

NameTitle
Khanh RussoBoard Chair
Nick AlmeidaDirector
Tamara AlvaradoDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$112,810
Program Service Revenue
$27,445
Investment Income
$0
Other Revenue
$0
All Other Contributions
$112,810
Change in Net Assets
$-10,077
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$99,900
Other Expenses$50,432
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$99,900--$99,900
Fees for Services Other$5,851$35,463-$41,314
Insurance-$7,124-$7,124
Other Expenses-$4-$4
Total Functional Expenses$105,751$44,581$0$150,332
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
City of San JoseSan Jose, CAGovWorkforce Programs$99,900
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
No
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, Page 6, Part VI, Line 11B

“The accountant and executive director review the 990 and compare it to the organization's financial statements and accounting reports.”

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

“Individual board members report and the full board discusses any potential conflicts of interest if/when they arise.”

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

“The process to determine the compensation of the organization's management officials all of the following elements: (1) review and approval by the board of directors or compensation committee of the organization; (2) use of data as to comparable compensation; and (3) contemporaneous documentation and recordkeeping.”

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

“The process to determine the compensation of the organization's management officials all of the following elements: (1) review and approval by the board of directors or compensation committee of the organization; (2) use of data as to comparable compensation; and (3) contemporaneous documentation and recordkeeping.”

Form 990, Page 6, Part VI, Line 19

“These documents are available on the organization's website and on request.”

Filing and Contact Details

Filer

Filer Name
Work2future Foundation
EIN
45-3156415
Phone
4083940369
Address
38 N ALMADEN BLVD 306, SAN JOSE, CA 95110

Signing Officer

Name
Khanh Russo
Title
Board Chair
Phone
4083940369
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Khanh Russo
Formed
2011
Legal Domicile
CA
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Chavan & Associates Llp
Address
15105 CONCORD CIRCLE SUITE 130, MORGAN HILL, CA 95037
Preparer
Sheldon Chavan
Phone
4082178749
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“September of 2011 with the purpose of creating and advancing new opportunities to connect workforce and economic development as well as to promote small business development, growth and sustainability. The foundation is a 501(c)(3) corporation that provides private and publicly funded vocational education and training programs. The primary activity of the foundation is to support resource and fund development for workforce and economic development, small business development, and growth and sustainability initiatives as well as serve as a catalyst and incubator of new economic and workforce models.”

Form 990, Part IX, Line 11G

“Professional services 5,851 35,463 0”

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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/ExplanationTxt0SEPTEMBER OF 2011 WITH THE PURPOSE OF CREATING AND ADVANCING NEW OPPORTUNITIES TO CONNECT WORKFORCE AND ECONOMIC DEVELOPMENT AS WELL AS TO PROMOTE SMALL BUSINESS DEVELOPMENT, GROWTH AND SUSTAINABILITY. THE FOUNDATION IS A 501(C)(3) CORPORATION THAT PROVIDES PRIVATE AND PUBLICLY FUNDED VOCATIONAL EDUCATION AND TRAINING PROGRAMS. THE PRIMARY ACTIVITY OF THE FOUNDATION IS TO SUPPORT RESOURCE AND FUND DEVELOPMENT FOR WORKFORCE AND ECONOMIC DEVELOPMENT, SMALL BUSINESS DEVELOPMENT, AND GROWTH AND SUSTAINABILITY INITIATIVES AS WELL AS SERVE AS A CATALYST AND INCUBATOR OF NEW ECONOMIC AND WORKFORCE MODELS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ACCOUNTANT AND EXECUTIVE DIRECTOR REVIEW THE 990 AND COMPARE IT TO THE ORGANIZATION'S FINANCIAL STATEMENTS AND ACCOUNTING REPORTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2INDIVIDUAL BOARD MEMBERS REPORT AND THE FULL BOARD DISCUSSES ANY POTENTIAL CONFLICTS OF INTEREST IF/WHEN THEY ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS TO DETERMINE THE COMPENSATION OF THE ORGANIZATION'S MANAGEMENT OFFICIALS ALL OF THE FOLLOWING ELEMENTS: (1) REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS OR COMPENSATION COMMITTEE OF THE ORGANIZATION; (2) USE OF DATA AS TO COMPARABLE COMPENSATION; AND (3) CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE PROCESS TO DETERMINE THE COMPENSATION OF THE ORGANIZATION'S MANAGEMENT OFFICIALS ALL OF THE FOLLOWING ELEMENTS: (1) REVIEW AND APPROVAL BY THE BOARD OF DIRECTORS OR COMPENSATION COMMITTEE OF THE ORGANIZATION; (2) USE OF DATA AS TO COMPARABLE COMPENSATION; AND (3) CONTEMPORANEOUS DOCUMENTATION AND RECORDKEEPING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THESE DOCUMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AND ON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6PROFESSIONAL SERVICES 5,851 35,463 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SHELDON CHAVAN
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ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$254,693
Liabilities
$93,432
Net assets
$161,261
Revenue
$140,255
Expenses
$150,332
Net income
-$10,077
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.10$0.01$0.09$0.12$0.18$0.05
2023Summary only. Only limited summary data is available for this year.$0.15$0.01$0.14$0.19$0.21$0.02
2022Detailed filing. Detailed filing data is available for this year.$0.25$0.09$0.16$0.14$0.15$0.01
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.19$0.02$0.17$0.18$0.25$0.08
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.32$0.08$0.25$0.63$0.69$0.07
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.57$0.40$0.17$4.55$5.16$0.60
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.25$0.48$0.77$5.11$4.94$0.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.00$0.40$0.60$5.04$4.97$0.08
2016Detailed filing. Detailed filing data is available for this year.$0.86$0.33$0.53$4.92$4.59$0.33
2015Summary only. Only limited summary data is available for this year.$0.41$0.20$0.20$3.55$3.37$0.18
2014Detailed filing. Detailed filing data is available for this year.$0.12$0.10$0.02$0.62$0.64$0.02