Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2020 • EIN 46-0807740

Jul 01, 2019 to Jun 30, 2020 • Filed on May 14, 2021

141 Portland Street 9th FloorCambridge, MA 02139

(617) 253-2744

Siviq Scores

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

Liabilities / Assets

97th percentile

1.29x

Higher debt load relative to assets than 97% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

65th percentile

0.74x

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

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

11th percentile

-20%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

87th percentile

$955,759

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

64th percentile

11%

Faster asset growth than 64% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

71st percentile

11%

Faster revenue growth than 71% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Up

$48,485,627

Up $4,816,797 (+11%) from 2019

Net Assets

Down

-$13,964,835

Down $17,151,689 (-538%) from 2019

Liabilities

Up

$62,450,462

Up $21,968,486 (+54%) from 2019

Revenue

Up

$84,692,713

Up $8,672,560 (+11%) from 2019

Expenses

Up

$101,844,402

Up $27,407,288 (+37%) from 2019

Net Income

Down

-$17,151,689

Down $18,734,728 (-1183%) from 2019

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

2020

Assets$48,485,627
Liabilities$62,450,462
Net Assets-$13,964,835

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

2020

Revenue$84,692,713
Expenses$101,844,402
Net Income-$17,151,689
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 14, 2021
Return Version
2019v5.0
Gross Receipts
$85,093,783
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$29,746,794$30,855,949▲ $1,109,155
Accounts Receivable$8,710,695$9,614,107▲ $903,412
Prepaid Expenses and Deferred Charges$4,458,061$7,210,345▲ $2,752,284
Land, Buildings, and Equipment, Net$753,280$805,226▲ $51,946
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$43,668,830$48,485,627▲ $4,816,797
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$26,218,629$33,071,582▲ $6,852,953
Accounts Payable and Accrued Expenses$11,493,666$20,291,895▲ $8,798,229
Other Liabilities$2,769,681$9,086,985▲ $6,317,304
Total Liabilities$40,481,976$62,450,462▲ $21,968,486
Net Assets / Fund Balance
Net Assets With Donor Restrictions$0$347,131▲ $347,131
Net Assets Without Donor Restrictions$3,186,854$-14,311,966▼ $17,498,820
Total Net Assets Fund Balance$3,186,854$-13,964,835▼ $17,151,689
Total Liabilities and Net Assets / Fund Balance$43,668,830$48,485,627▲ $4,816,797

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$805,226$2,738,676$3,543,902
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-CEOFT$524,110$333,420$857,530
-PresidentFT$399,768$191,883$591,650
-Chief Commercial Officer and SVP, Strategic PartnershipsFT$328,209$154,203$482,411
-VP, Business DevelopmentFT$277,917$141,091$419,008
-VP, Content & Partner SuccessFT$232,280$127,822$360,102
-ClerkFT$247,053$109,452$356,504
-VP, ProductFT$240,892$99,859$340,750
-Software ArchitectFT$218,866$120,001$338,867
-Director, SalesFT$239,619$89,740$329,359
-Data Scientist and ArchitectFT$219,324$95,742$315,067
-Senior Director of People and CultureFT$205,436$92,074$297,510
-Director, Software EngineeringFT$178,891$111,122$290,014
-TreasurerFT$188,040$97,446$285,487
-VP, LearningFT$157,213$61,722$218,934
-Former Chief Product OfficerFT$95,848$70,417$166,266

Board Members and Trustees

NameTitle
-Co-Chair
-Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Arbisoft LLCTechnology Services2035 CENTRAL CIRCLE 201, Mckinney, TX 75069$1,589,825
True Synthesis LLCTalent Advisory Services56 N HADDON AVENUE 1ST FLOOR, Haddonfield, NJ 08033$308,873
Psi Services LLCCareer Development Services18000 W 105TH STREET, Olathe, KS 66061$301,582
Pricewaterhousecoopers LLPAccounting ServicesPO BOX 7247-8001, Philadelphia, PA 19170$277,500
Empirical Path LLCConsulting Services512 TULANE DRIVE, Albuquerque, NM 87106$121,342
Revenue and Support

Revenue Composition

Contributions and Grants
$11,438,680
Program Service Revenue
$71,803,832
Investment Income
$358,959
Other Revenue
$1,091,242
All Other Contributions
$4,761,701
Change in Net Assets
$-17,151,689

Audited Revenue Reconciliation

Revenue per Audited Statements
$84,333,754
Revenue Not Reported on Financial Statements
$358,959
Revenue Not Reported on Form 990
$401,070
Other Revenue Adjustments
$358,959
Total Revenue per Audited Statements
$84,734,824
Total Revenue per Form 990
$84,692,713
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$62,193,582
Salaries, Compensation, and Employee Benefits$39,645,820
Total Fundraising Expense$715,749
Grants and Similar Amounts Paid$5,000
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Royalties$38,579,123--$38,579,123
Other Salaries and Wages$23,921,570$2,810,744$204,638$26,936,952
Fees for Services Other$11,964,002$1,405,750$0$13,369,752
Current Officers, Directors, Trustees, and Key Employees$3,178,544$373,473$360,725$3,912,742
Other Employee Benefits$3,188,952$374,696$69,173$3,632,821
Occupancy$2,698,135$317,026-$3,015,161
Pension Plan Contributions$2,282,798$268,225$56,536$2,607,559
Payroll Taxes$2,264,942$266,127$24,677$2,555,746
Office Expenses$2,125,117$249,698-$2,374,815
Advertising$980,821$115,245-$1,096,066
Conferences and Meetings$438,795$51,558-$490,353
Depreciation Depletion$411,768$48,382-$460,150
Travel$340,969$40,063-$381,032
Fees for Services Legal$283,705$33,335-$317,040
Information Technology$137,144$16,114-$153,258
Fees for Services Accounting$134,230$15,772-$150,002
Other Expenses$133,941$35,568-$133,941
Insurance$115,913$13,620-$129,533
Interest$115,137$13,528-$128,665
All Other Expenses$87,375$10,266$0$97,641
Grants to Domestic Orgs$5,000--$5,000
Total Functional Expenses$94,597,386$6,531,267$715,749$101,844,402

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$102,116,807
Total Expenses per Form 990$101,844,402
Expenses per Audited Statements$101,715,737
Expenses Not Reported on Form 990$401,070
Expenses Not Reported on Financial Statements$128,665
Other Expense Adjustments$128,665
International Activity

International Summary

Offices
0
Employees
9
Spending
$3,019,331

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
Europe (Including Iceland and Greenland)Program ServicesMeetings and Services-1$1,665,793
Middle East and North AfricaProgram ServicesMeetings and Services-1$942,382
South AsiaProgram ServicesMeetings and Services--$376,133
East Asia and the PacificProgram ServicesMeetings and Services-7$22,287
South AmericaProgram ServicesMeetings and Services--$10,325
North America (Canada & Mexico only)Program ServicesMeetings and Services--$2,411
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$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of Credit From Affiliates$5,128,665
Due to Affiliate$3,958,320
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 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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2 BUSINESS RELATIONSHIP

For fiscal year 2020, the following current officers/directors of edx, inc. Were employed by mit, of which israel ruiz was an officer and director: martin schmidt and sanjay sarma. For fiscal year 2020, the following current officers/directors of edx, inc. Were employed by harvard, of which katherine lapp was an officer and director: bharat anand, jeff bussgang, and alan garber. Additionally, israel ruiz and alan spoon were members of the board of fortive corporation during fiscal year 2020.

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.

Form 990, Part VIII, Line 11D Other Miscellaneous Revenue

ALL OTHER REVENUE - Total Revenue: 54403, Related or Exempt Function Revenue: 54403, Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ;

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
Treasurer
Signed
2021-05-14

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
1
Employees
247
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Column (D) FUNDRAISING

The organization receives generous donations to support the mission and actively engages in fundraising.

Form 990, Part IX, Line 11G Other Fees

ENGINEERING - Total Expense: 5042542, Program Service Expense: 4512349, Management and General Expenses: 530193, Fundraising Expenses: ; MARKETING & BUSINESS DEVELOPMENT - Total Expense: 2869572, Program Service Expense: 2567854, Management and General Expenses: 301718, Fundraising Expenses: ; HOSTING - Total Expense: 2715530, Program Service Expense: 2430008, Management and General Expenses: 285522, Fundraising Expenses: ; EDUCATIONAL SUPPORT SERVICES - Total Expense: 1077320, Program Service Expense: 964046, Management and General Expenses: 113274, Fundraising Expenses: ; OTHER - Total Expense: 1014217, Program Service Expense: 907577, Management and General Expenses: 106640, Fundraising Expenses: ; TEMPORARY HELP - Total Expense: 410289, Program Service Expense: 367150, Management and General Expenses: 43139, Fundraising Expenses: ; RECRUITING - Total Expense: 240282, Program Service Expense: 215018, Management and General Expenses: 25264, Fundraising Expenses: ;

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 authoritative guidance and accounting for and disclosure of uncertainty in tax positions, and no estimates for uncertainty have been recorded to date.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Gross rental income netted with rental expenses - 401070

Schedule D, Part XI, Line 4(B) Other revenues in form 990 not in audited financial statements

Interest income included in non-operating amount of "other" - 358959

Schedule D, Part XII, Line 2(D) Other expenses in audited financial statements not in form 990

Rental expenses netted with gross rental income - 401070

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

Interest expenses included in non-operating amount of "other" - 128665

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