Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2018 • EIN 46-0807740

Jul 01, 2017 to Jun 30, 2018 • Filed on Jul 02, 2019

141 Portland Street 9th FloorCambridge, MA 02139

(617) 253-2744

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$32,621,304

Flat from 2018

Net Assets

Up

$1,603,815

Up $204,540 (+15%) from 2018

Liabilities

Down

$31,017,489

Down $204,540 (-0.7%) from 2018

Revenue And Expenses

Revenue

Down

$59,894,720

Down $1 (-0.0%) from 2018

Expenses

Down

$66,602,641

Down $204,541 (-0.3%) from 2018

Net Income

Up

-$6,707,921

Up $204,540 (+3.0%) from 2018

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: $31,017,489Net Assets 2018: $1,603,8152018Assets 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

2018

Assets$32,621,304
Liabilities$31,017,489
Net Assets$1,603,815

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: $59,894,720Expenses 2018: $66,602,641Net Income 2018: -$6,707,9212018Revenue 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

2018

Revenue$59,894,720
Expenses$66,602,641
Net Income-$6,707,921
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jul 2, 2019
Return Version
2017v2.2
Gross Receipts
$59,894,720
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$25,613,650$22,292,565▼ $3,321,085
Accounts Receivable$5,908,155$7,309,621▲ $1,401,466
Prepaid Expenses and Deferred Charges$1,876,023$1,977,715▲ $101,692
Pledges and Grants Receivable$1,480,000$0▼ $1,480,000
Land, Buildings, and Equipment, Net$1,044,432$1,041,403▼ $3,029
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors-$0-
Total Assets$35,922,260$32,621,304▼ $3,300,956
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$16,430,633$17,099,900▲ $669,267
Accounts Payable and Accrued Expenses$8,766,096$7,398,288▼ $1,367,808
Other Liabilities$2,413,795$6,519,301▲ $4,105,506
Total Liabilities$27,610,524$31,017,489▲ $3,406,965
Net Assets / Fund Balance
Unrestricted Net Assets$6,779,736$1,603,815▼ $5,175,921
Temporarily Rstr Net Assets$1,532,000$0▼ $1,532,000
Total Net Assets Fund Balance$8,311,736$1,603,815▼ $6,707,921
Total Liabilities and Net Assets / Fund Balance$35,922,260$32,621,304▼ $3,300,956

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,041,403$1,816,223$2,857,626
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-CEOFT$484,660$302,870$787,530
-Interim PresidentFT$305,512$227,291$532,803
-President (Outgoing)FT$257,697$207,779$465,476
-VP, Strategic PartnershipsFT$260,704$173,892$434,596
-VP, MarketingFT$279,070$147,166$426,236
-VP, Business DevelopmentFT$264,026$149,203$413,229
-VP, Educational ServicesFT$216,652$142,275$358,927
-ClerkFT$212,145$113,521$325,666
-Software ArchitectFT$207,362$115,696$323,058
-VP, ProductFT$186,719$98,017$284,736
-Senior Director, Strategic PartnershipsFT$179,262$91,757$271,019
-Director, EngineeringFT$179,212$89,623$268,835
-Senior Director, ProductFT$185,758$75,416$261,174
-Director, Business DevelopmentFT$171,304$54,821$226,125
-Treasurer (Outgoing)FT$161,617$43,092$204,709
-President and COOFT$52,601$2,886$55,487

Board Members and Trustees

NameTitle
-Co-Chair
-Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Arbisoft LLCTechnology Services2035 Central Circle 201, McKinney, TX 75069$1,577,045
True Capital Partners True SearchRecruiting Services66 Tanner Street, Haddonfield, NJ 08033$278,510
EdelmanCommunications Services200 E Randoph Drive, Chicago, IL 60601$234,455
True Synthesis LLCTalent Advisory Services56 N Haddon Avenue 1st Floor, Haddonfield, NJ 08033$233,400
PSI Services LLCCareer Development Services611 N Brand Boulevard 10th Floor, Glendale, CA 91203$203,856
Revenue and Support

Revenue Composition

Contributions and Grants
$19,770,580
Program Service Revenue
$37,144,085
Investment Income
$0
Other Revenue
$2,980,055
All Other Contributions
$2,321,126
Change in Net Assets
$-6,707,921

Audited Revenue Reconciliation

Revenue per Audited Statements
$59,894,720
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$59,894,720
Total Revenue per Form 990
$59,894,720
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$36,181,503
Salaries, Compensation, and Employee Benefits$30,421,138
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,833,612$3,669,955-$19,503,567
Royalties$15,459,866$3,583,327-$19,043,193
Fees for Services Other$6,928,831$1,605,982$0$8,534,813
Other Employee Benefits$5,397,987$1,251,159-$6,649,146
Current Officers, Directors, Trustees, and Key Employees$3,465,242$803,183-$4,268,425
Occupancy$2,507,607$581,219-$3,088,826
Office Expenses$1,827,264$423,528-$2,250,792
Other Expenses$1,227,174$284,434-$1,511,608
Travel$471,720$109,337-$581,057
Depreciation Depletion$325,279$75,394-$400,673
Fees for Services Legal$213,610$49,511-$263,121
Conferences and Meetings$120,214$27,864-$148,078
Information Technology$110,127$25,526-$135,653
Fees for Services Accounting$109,174$25,305-$134,479
Insurance$71,920$16,670-$88,590
Total Functional Expenses$54,070,130$12,532,511$0$66,602,641

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$66,602,641
Total Expenses per Audited Statements$66,602,641
Total Expenses per Form 990$66,602,641
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
International Activity

International Summary

Offices
0
Employees
3
Spending
$2,484,438

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
South AsiaProgram ServicesMeetings--$1,599,232
Europe (Including Iceland and Greenland)Program ServicesMeetings--$775,155
North America (Canada & Mexico only)Program ServicesMeetings--$70,928
East Asia and the PacificProgram ServicesMeetings-2$28,255
Central America and the CaribbeanProgram ServicesMeetings-1$5,883
South AmericaProgram ServicesMeetings--$2,698
Russia and Neighboring StatesProgram ServicesMeetings--$1,598
Middle East and North AfricaProgram ServicesMeetings--$689
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-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$6,519,301
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 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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2 BUSINESS RELATIONSHIP

The following current officers/directors of edx, inc. Are employed by mit, of which israel ruiz is an officer and director: martin schmidt and sanjay sarma. The following current officers/directors of edx, inc. Are employed by harvard, of which katherine lapp is an officer and director: jeff bussgang, alan garber and michael smith. Additionally, israel ruiz and alan spoon are members of the board of fortive corporation.

Form 990, Part VI, Line 15 COMPENSATION PROCESS

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, 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, 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, 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 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, 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, Line 12C Conflict of interest policy

The questionnaire and policies require that covered individuals annually acknowledge in writing that they are aware of the policy and identify any relationships or responsibilities that have the potential of producing conflicts of interest. Each year, disclosure forms are distributed to those covered by these policies. If a response reveals a conflict or potential conflict, such conflict is referred to the appropriate individual or body for consideration and management.

Form 990, Part VI, 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

Filer Name
edX Inc
EIN
46-0807740
Phone
6172532744
Address
141 Portland Street 9th Floor, Cambridge, MA 02139

Signing Officer

Name
Peter Brau
Title
Vice President of Finance
Signed
2019-07-02

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
1
Employees
201
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Column (D) FUNDRAISING

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

Form 990, Part IX, Line 11G Other Fees

RECRUITING - Total Expense: 275867, Program Service Expense: 223958, Management and General Expenses: 51909, Fundraising Expenses: ; MARKETING & BUSINESS DEVELOPMENT - Total Expense: 1901113, Program Service Expense: 1543384, Management and General Expenses: 357729, Fundraising Expenses: ; ENGINEERING - Total Expense: 2463319, Program Service Expense: 1999800, Management and General Expenses: 463519, Fundraising Expenses: ; EDUCATIONAL SUPPORT SERVICES - Total Expense: 1437442, Program Service Expense: 1166961, Management and General Expenses: 270481, Fundraising Expenses: ; ARCHITECTURE & DESIGN - Total Expense: 47479, Program Service Expense: 38545, Management and General Expenses: 8934, Fundraising Expenses: ; HOSTING - Total Expense: 1486794, Program Service Expense: 1207026, Management and General Expenses: 279768, Fundraising Expenses: ; TEMPORARY HELP - Total Expense: 455571, Program Service Expense: 369847, Management and General Expenses: 85724, Fundraising Expenses: ; OTHER - Total Expense: 467228, Program Service Expense: 379310, Management and General Expenses: 87918, Fundraising Expenses: ;

Form 990, Item B Amended Return

Form 990, parts i, iii, viii, ix, x, xi and schedule d, parts xi and xii were updated to reflect a financial change.

Financial Statement Notes

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

For tax purposes the company is designated as a not for profit under section 501(c)(3) of the internal revenue code. 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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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt2Martin Schmidt
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt3Jeff Bussgang
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4Katherine Lapp
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5Israel Ruiz
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6Sanjay Sarma
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7Michael Smith
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8Alan Spoon
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Wendy Cebula
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10Mark Haseltine
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11Nell Ma'luf
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12Adam Medros
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13Risa Sparks
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Johannes Heinlein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15Iain Kennedy
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16Alexandra Norkin
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17Kathleen Pugh
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18Lee Rubenstein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19Edward Batchelder
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt20Catherine Cho
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt21Lauren Holliday
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt22Steve Magoun
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt23John Schwartz
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IRS990/MissionDesc0THE 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.
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IRS990/OtherExpensesGrp/Desc0MATERIALS & SUPPLIES
IRS990/OtherExpensesGrp/Desc1OTHER EXPENSES

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