Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2014 • EIN 46-0807740

Jul 01, 2013 to Jun 30, 2014 • Filed on May 13, 2015

141 Portland Street 9th Floor02139

(617) 253-2744

Siviq Scores

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

Liabilities / Assets

75th percentile

0.58x

Higher debt load relative to assets than 75% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Liabilities / Revenue

75th percentile

0.94x

Higher debt load relative to revenue than 75% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Net Margin

10th percentile

-15%

Higher net margin than 10% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Top Officer Pay

86th percentile

$565,885

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2014

Asset Growth

96th percentile

58%

Faster asset growth than 96% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Revenue Growth

12th percentile

-17%

Faster revenue growth than 12% of similar nonprofits.

2014 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2013 to 2014

Assets

Up

$34,701,912

Up $12,786,143 (+58%) from 2013

Net Assets

Down

$14,629,899

Down $3,270,655 (-18%) from 2013

Liabilities

Up

$20,072,013

Up $16,056,798 (+400%) from 2013

Revenue

Down

$21,432,057

Down $4,410,351 (-17%) from 2013

Expenses

Up

$24,702,712

Up $9,646,715 (+64%) from 2013

Net Income

Down

-$3,270,655

Down $14,057,066 (-130%) from 2013

Historical Trend

Balance Sheet Trend

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

$1.0B$500M$0-$500MAssets 2013: $21,915,769Liabilities 2013: $4,015,215Net Assets 2013: $17,900,5542013Assets 2014: $34,701,912Liabilities 2014: $20,072,013Net Assets 2014: $14,629,8992014Assets 2015: $39,125,559Liabilities 2015: $24,569,147Net Assets 2015: $14,556,4122015Assets 2016: $37,929,199Liabilities 2016: $26,637,066Net Assets 2016: $11,292,1332016Assets 2017: $35,922,260Liabilities 2017: $27,610,524Net Assets 2017: $8,311,7362017Assets 2018: $32,621,304Liabilities 2018: $31,222,029Net Assets 2018: $1,399,2752018Assets 2019: $43,668,830Liabilities 2019: $40,481,976Net Assets 2019: $3,186,8542019Assets 2020: $48,485,627Liabilities 2020: $62,450,462Net Assets 2020: -$13,964,8352020Assets 2021: $40,596,773Liabilities 2021: $98,497,378Net Assets 2021: -$57,900,6052021Assets 2022: $718,634,723Liabilities 2022: $450,321Net Assets 2022: $718,184,4022022Assets 2023: $734,942,016Liabilities 2023: $560,253Net Assets 2023: $734,381,7632023Assets 2024: $749,791,928Liabilities 2024: $1,459,594Net Assets 2024: $748,332,3342024

Highlighted filing

2014

Assets$34,701,912
Liabilities$20,072,013
Net Assets$14,629,899

Operations Trend

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

$1.0B$500M$0-$500MRevenue 2013: $25,842,408Expenses 2013: $15,055,997Net Income 2013: $10,786,4112013Revenue 2014: $21,432,057Expenses 2014: $24,702,712Net Income 2014: -$3,270,6552014Revenue 2015: $36,309,401Expenses 2015: $36,382,888Net Income 2015: -$73,4872015Revenue 2016: $42,808,106Expenses 2016: $46,072,385Net Income 2016: -$3,264,2792016Revenue 2017: $54,092,657Expenses 2017: $57,073,054Net Income 2017: -$2,980,3972017Revenue 2018: $59,894,721Expenses 2018: $66,807,182Net Income 2018: -$6,912,4612018Revenue 2019: $76,020,153Expenses 2019: $74,437,114Net Income 2019: $1,583,0392019Revenue 2020: $84,692,713Expenses 2020: $101,844,402Net Income 2020: -$17,151,6892020Revenue 2021: $97,534,307Expenses 2021: $131,913,038Net Income 2021: -$34,378,7312021Revenue 2022: $834,605,979Expenses 2022: $56,776,928Net Income 2022: $777,829,0512022Revenue 2023: $15,380,878Expenses 2023: $9,203,446Net Income 2023: $6,177,4322023Revenue 2024: $30,144,489Expenses 2024: $16,928,111Net Income 2024: $13,216,3782024

Highlighted filing

2014

Revenue$21,432,057
Expenses$24,702,712
Net Income-$3,270,655
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 13, 2015
Return Version
2013v4.0
Gross Receipts
$21,432,057
Mission and Program Overview

Mission

The edx mission is to expand access to education and become a leading resource for learners and learning worldwide by providing and enhancing teaching and learning on campus and online through advanced technologies and research.

SEE SCHEDULE O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$18,164,215$17,163,594▼ $1,000,621
Pledges and Grants Receivable$3,450,362$8,834,863▲ $5,384,501
Accounts Receivable$1,046$6,722,458▲ $6,721,412
Land, Buildings, and Equipment, Net$300,146$1,482,531▲ $1,182,385
Prepaid Expenses and Deferred Charges$0$498,466▲ $498,466
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Loans From Officers Directors$0$0→ $0
Total Assets$21,915,769$34,701,912▲ $12,786,143
Other Assets Total-$0-
Liabilities
Deferred Revenue$1,165,000$13,038,356▲ $11,873,356
Accounts Payable and Accrued Expenses$1,601,150$5,491,218▲ $3,890,068
Other Liabilities$1,249,065$1,542,439▲ $293,374
Total Liabilities$4,015,215$20,072,013▲ $16,056,798
Net Assets / Fund Balance
Temporarily Rstr Net Assets$3,486,362$8,913,363▲ $5,427,001
Unrestricted Net Assets$14,414,192$5,716,536▼ $8,697,656
Total Net Assets Fund Balance$17,900,554$14,629,899▼ $3,270,655
Total Liabilities and Net Assets / Fund Balance$21,915,769$34,701,912▲ $12,786,143

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,482,531$247,445$1,729,976
Buildings$0--
Other Land Buildings$0--
Land$0--
Leasehold Improvements$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Anant AgarwalCEOFT$446,571$119,314$565,885
Robert RubinVP for EngineeringFT$291,477$133,947$425,424
James SheehanTreasurer/CFOFT$240,124$97,810$337,935
Edward BatchelderedX ArchitectFT$231,922$55,875$287,797
Tena HerlilyVP and General CounselFT$202,289$78,470$280,759
Nancy MossDirector of PR and CommunicationsFT$173,563$68,179$241,742
Johannes HeinleinVP of Strategic PartnershipsFT$170,060$48,443$218,504
Christopher DodgeSoftware ArchitectFT$187,182$26,198$213,380
Calen PenningtonedX ArchitectFT$145,572$30,723$176,295

Board Members and Trustees

NameTitle
Alan GarberCo-Chair & Director
Chris KaiserCo-Chair & Director
Martin SchmidtCo-Chair & Director
Wendy CebulaPresident, COO
Alan SpoonDirector
Israel RuizDirector
James RyanDirector
Katherine LappDirector
Michael SmithDirector
Sanjay SarmaDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Amazon Web ServicesWeb Hosting-$592,431
Rf Binder Partners INCPublic Relations-$305,144
Lee RubensteinBusiness Development-$237,497
Innovecs LLCEngineering Services-$213,420
Matthew MalloyMarketing Consulting-$163,541
Revenue and Support

Revenue Composition

Contributions and Grants
$17,184,161
Program Service Revenue
$3,411,758
Investment Income
$0
Other Revenue
$836,138
All Other Contributions
$16,629,163
Change in Net Assets
$-3,270,655

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,432,057
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$21,432,057
Total Revenue per Form 990
$21,432,057
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$15,854,733
Other Expenses$8,847,979
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,145,607$1,850,897-$10,996,504
Fees for Services Other$3,456,963$699,624$0$4,156,587
Other Employee Benefits$3,269,945$661,775-$3,931,720
Occupancy$1,264,156$255,841-$1,519,997
Current Officers, Directors, Trustees, and Key Employees$770,562$155,947-$926,509
Information Technology$629,559$127,411-$756,970
Travel$482,089$97,566-$579,655
Royalties$423,860$85,781-$509,641
Other Expenses$372,299$75,346-$447,645
Fees for Services Legal$185,442$37,530-$222,972
Conferences and Meetings$164,781$33,349-$198,130
Depreciation Depletion$142,250$28,789-$171,039
Office Expenses$140,086$28,351-$168,437
Insurance$45,976$9,305-$55,281
Fees for Services Accounting$45,474$9,203-$54,677
Total Functional Expenses$20,544,828$4,157,884$0$24,702,712

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$24,702,712
Total Expenses per Audited Statements$24,702,712
Total Expenses per Form 990$24,702,712
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

International Summary

Spending
$240,994

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesMeetings--$115,385
Europe (including Iceland and Greenland)Program ServicesMeetings--$91,929
Middle East and North AfricaProgram ServicesMeetings--$29,572
North America (canada & Mexico Only)Program ServicesMeetings--$2,217
South AsiaProgram ServicesMeetings--$1,083
Central America and the CaribbeanProgram ServicesMeetings--$808
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$1,542,439
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Sec A, Line 4, Significant changes to organizational documents

This fiscal year, edx was provided with a 509(a)2 tax exempt status by the irs as a public charity and updated the articles of organization to reflect this change.

Form 990, Part VI, Sec A, Line 6, Classes of members or stockholders

The sole members of the organization are the president and fellows of harvard college (harvard) and the massachusetts institute of technology (mit).

Form 990, Part VI, Sec A, Line 7A, Members or stockholders electing members of governing body

As set forth in the bylaws, edx's governing body (board of trustees) is composed of an equal number of persons appointed by its two members, harvard and mit (in addition to the edx ceo who serves as an ex-officio member of the board).

Form 990, Part VI, Sec A, Line 7B, Decisions requiring approval by members or stockholders

As set forth in the bylaws, the following powers are reserved to the members: (i) determination of the size of the of the board of trustees; (ii) election, suspension, or removal of the president and, if different, the chief executive officer; and (iii) determination of whether a third party's educational or informational content will be made accessible through the organization.

Form 990, Part VI, Sec B, Line 11B, Review of form 990 by governing body

Members of edx's senior management review the form 990. Following that review and before the form 990 is filed, edx's audit committee is provided the form for review, comment and approval.

Form 990, Part VI, Sec B, Line 12C, Conflict of interest policy

All directors, officers and key employees are requested to complete a conflict of interest questionnaire on an annual basis.

Form 990, Part VI, Sec B, Line 15A, Process to establish compensation of top management official

Edx has a compensation committee that reviews the salaries of the president, key employees and other officers. The compensation review process includes industry benchmarking with both academic and technology salaries in the local area of cambridge, ma.

Form 990, Part VI, Sec B, Line 15B, Process to establish compensation of other employees

Edx has a compensation committee that reviews the salaries of the president, key employees and other officers. The compensation review process includes industry benchmarking with both academic and technology salaries in the local area of cambridge, ma.

Form 990, Part VI, Sec C, Line 19, Required documents available to the public

Edx's governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

EIN
46-0807740
Phone
6172532744

Signing Officer

Name
Manali Bettendorf
Title
Controller
Signed
2015-05-13

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
8
Employees
77
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1, Form 990, Part I, Line 1

The edx mission is to expand access to education and become a leading resource for learners and learning worldwide by providing and enhancing teaching and learning on campus and online through advanced technologies and research.

Form 990, Part IX, Column (D), Form 990, Part IX, Column (D)

The organization receives generous donations to support the mission but does not actively engage in fundraising.

Form 990, Part IX, Line 11G, Other Expenses

Recruiting - total expense: 630550, program service expense: 524418, management and general expenses: 106132, fundraising expenses: ; marketing & business development - total expense: 924865, program service expense: 769195, management and general expenses: 155670, fundraising expenses: ; engineering - total expense: 1147561, program service expense: 954407, management and general expenses: 193154, fundraising expenses: ; educational support services - total expense: 232632, program service expense: 193476, management and general expenses: 39156, fundraising expenses: ; architecture & design - total expense: 3156, program service expense: 2625, management and general expenses: 531, fundraising expenses: ; hosting - total expense: 509002, program service expense: 423328, management and general expenses: 85674, fundraising expenses: ; temporary help - total expense: 333577, program service expense: 277430, management and general expenses: 56147, fundraising expenses: ; other - total expense: 375244, program service expense: 312084, management and general expenses: 63160, fundraising expenses: ;

Financial Statement Notes

Schedule D, Part X, Line 2, FIN 48 (ASC 740) footnote

The company complies with the authoritative guidance and accounting for and disclosure of uncertainty in tax positions and no estimates for uncertainty have been recorded to date.

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