Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2015 • EIN 46-0807740

Jul 01, 2014 to Jun 30, 2015 • Filed on May 04, 2016

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

78th percentile

0.63x

Higher debt load relative to assets than 78% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

69th percentile

0.68x

Higher debt load relative to revenue than 69% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

30th percentile

-0.2%

Higher net margin than 30% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

90th percentile

$727,391

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

79th percentile

13%

Faster asset growth than 79% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

93rd percentile

69%

Faster revenue growth than 93% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Assets

Up

$39,125,559

Up $4,423,647 (+13%) from 2014

Net Assets

Down

$14,556,412

Down $73,487 (-0.5%) from 2014

Liabilities

Up

$24,569,147

Up $4,497,134 (+22%) from 2014

Revenue

Up

$36,309,401

Up $14,877,344 (+69%) from 2014

Expenses

Up

$36,382,888

Up $11,680,176 (+47%) from 2014

Net Income

Up

-$73,487

Up $3,197,168 (+98%) from 2014

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

2015

Assets$39,125,559
Liabilities$24,569,147
Net Assets$14,556,412

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

2015

Revenue$36,309,401
Expenses$36,382,888
Net Income-$73,487
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 4, 2016
Return Version
2014v6.0
Gross Receipts
$36,309,401
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$17,163,594$23,852,144▲ $6,688,550
Pledges and Grants Receivable$8,834,863$6,924,272▼ $1,910,591
Accounts Receivable$6,722,458$6,177,696▼ $544,762
Land, Buildings, and Equipment, Net$1,482,531$1,493,786▲ $11,255
Prepaid Expenses and Deferred Charges$498,466$677,661▲ $179,195
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$34,701,912$39,125,559▲ $4,423,647
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$13,038,356$15,681,717▲ $2,643,361
Accounts Payable and Accrued Expenses$5,491,218$6,380,609▲ $889,391
Other Liabilities$1,542,439$2,506,821▲ $964,382
Total Liabilities$20,072,013$24,569,147▲ $4,497,134
Net Assets / Fund Balance
Unrestricted Net Assets$5,716,536$7,529,640▲ $1,813,104
Temporarily Rstr Net Assets$8,913,363$7,026,772▼ $1,886,591
Total Net Assets Fund Balance$14,629,899$14,556,412▼ $73,487
Total Liabilities and Net Assets / Fund Balance$34,701,912$39,125,559▲ $4,423,647

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,493,786$630,289$2,124,075
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-CEOFT$460,725$266,666$727,391
-VP for EngineeringFT$185,191$373,607$558,798
-Treasurer/CFOFT$245,574$168,504$414,078
-VP, Business DevelopmentFT$313,346$77,598$390,944
-Vice President of Strategic PartnershipsFT$241,162$127,100$368,262
-Clerk and General CounselFT$221,646$145,249$366,895
-Vice President of Education ServicesFT$200,694$138,452$339,146
-President & COOFT$277,879$53,786$331,665
-VP, MarketingFT$138,378$183,388$321,766
-edX ArchitectFT$194,178$118,228$312,406
-edX Senior Director, EngineeringFT$180,290$111,650$291,940
-Director of PR and CommunicationsFT$206,247$78,678$284,925
-TreasurerFT$134,252$78,771$213,023

Board Members and Trustees

NameTitle
-Co-Chair & Director
-Director

Highest Paid Contractors

ContractorServicesLocationCompensation
Stephen E SmithSales Agent330 Madison Ave, Ste 280, New York, NY 10017$269,750
Revenue and Support

Revenue Composition

Contributions and Grants
$22,873,789
Program Service Revenue
$9,958,262
Investment Income
$0
Other Revenue
$3,477,350
All Other Contributions
$18,863,571
Change in Net Assets
$-73,487

Audited Revenue Reconciliation

Revenue per Audited Statements
$36,309,401
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$36,309,401
Total Revenue per Form 990
$36,309,401
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$21,766,435
Other Expenses$14,615,253
Grants and Similar Amounts Paid$1,200
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,657,120$2,158,931-$13,816,051
Fees for Services Other$4,826,872$893,950$0$5,720,822
Other Employee Benefits$4,097,696$758,904-$4,856,600
Royalties$3,391,081$628,038-$4,019,119
Current Officers, Directors, Trustees, and Key Employees$2,610,342$483,442-$3,093,784
Occupancy$1,313,411$243,247-$1,556,658
Travel$581,505$107,696-$689,201
Information Technology$538,687$99,766-$638,453
Other Expenses$488,418$90,456-$578,874
Depreciation Depletion$328,103$60,766-$388,869
Fees for Services Legal$267,071$49,462-$316,533
Office Expenses$266,856$49,422-$316,278
Conferences and Meetings$163,158$30,217-$193,375
Fees for Services Accounting$96,861$17,939-$114,800
Insurance$67,308$12,466-$79,774
Grants to Domestic Individuals$1,200--$1,200
Total Functional Expenses$30,697,796$5,685,092$0$36,382,888

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$36,382,888
Total Expenses per Audited Statements$36,382,888
Total Expenses per Form 990$36,382,888
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
0
Spending
$424,123

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--$145,163
East Asia and the PacificProgram ServicesMeetings--$140,538
Middle East and North AfricaProgram ServicesMeetings--$62,028
North America (Canada & Mexico only)Program ServicesMeetings--$37,722
Europe (Including Iceland and Greenland)Program ServicesSubrecipient Agreements--$36,667
South AsiaProgram ServicesMeetings--$1,381
Russia and Neighboring StatesProgram ServicesMeetings--$624
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
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$2,506,821
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 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 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, 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, 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
Manali Bettendorf
Title
Treasurer
Signed
2016-05-04

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
8
Employees
125
Volunteers
0
Supplemental Narrative

Additional Explanations

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)

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: 450175, Program Service Expense: 379830, Management and General Expenses: 70345, Fundraising Expenses: ; Marketing & Business Development - Total Expense: 1018251, Program Service Expense: 859136, Management and General Expenses: 159115, Fundraising Expenses: ; Engineering - Total Expense: 2293022, Program Service Expense: 1934709, Management and General Expenses: 358313, Fundraising Expenses: ; Educational Support Services - Total Expense: 936118, Program Service Expense: 789838, Management and General Expenses: 146280, Fundraising Expenses: ; Architecture & Design - Total Expense: 2162, Program Service Expense: 1824, Management and General Expenses: 338, Fundraising Expenses: ; Hosting - Total Expense: 598724, Program Service Expense: 505166, Management and General Expenses: 93558, Fundraising Expenses: ; Temporary Help - Total Expense: 284962, Program Service Expense: 240433, Management and General Expenses: 44529, Fundraising Expenses: ; Other - Total Expense: 137408, Program Service Expense: 115936, Management and General Expenses: 21472, 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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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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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4Katherine Lapp
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5James Ryan
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6Michael Smith
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7Sanjay Sarma
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8Alan Spoon
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Wendy Cebula
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10James Sheehan
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11Tena Herlihy
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12Manali Bettendorf
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13Johannes Heinlein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Kathleen Pugh
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15Lee Rubenstein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16Matthew Malloy
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17Edward Batchelder
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18Nancy Moss
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19Robert Victor Rubin
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt20Mukul Goyal
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9President & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt10Treasurer/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt11Clerk and General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt12Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt13Vice President of Strategic Partnerships
IRS990/Form990PartVIISectionAGrp/TitleTxt14Vice President of Education Services
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP, Business Development
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP, Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt17edX Architect
IRS990/Form990PartVIISectionAGrp/TitleTxt18Director of PR and Communications
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP for Engineering
IRS990/Form990PartVIISectionAGrp/TitleTxt20edX Senior Director, Engineering
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