Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2016 • EIN 46-0807740

Jul 01, 2015 to Jun 30, 2016 • Filed on May 12, 2017

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

81st percentile

0.70x

Higher debt load relative to assets than 81% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

67th percentile

0.62x

Higher debt load relative to revenue than 67% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Net Margin

18th percentile

-7.6%

Higher net margin than 18% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

23rd percentile

-3.1%

Faster asset growth than 23% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

80th percentile

18%

Faster revenue growth than 80% of similar nonprofits.

2016 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Down

$37,929,199

Down $1,196,360 (-3.1%) from 2015

Net Assets

Down

$11,292,133

Down $3,264,279 (-22%) from 2015

Liabilities

Up

$26,637,066

Up $2,067,919 (+8.4%) from 2015

Revenue

Up

$42,808,106

Up $6,498,705 (+18%) from 2015

Expenses

Up

$46,072,385

Up $9,689,497 (+27%) from 2015

Net Income

Down

-$3,264,279

Down $3,190,792 (-4342%) from 2015

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

2016

Assets$37,929,199
Liabilities$26,637,066
Net Assets$11,292,133

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

2016

Revenue$42,808,106
Expenses$46,072,385
Net Income-$3,264,279
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 12, 2017
Return Version
2015v3.0
Gross Receipts
$42,808,106
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$23,852,144$25,412,768▲ $1,560,624
Accounts Receivable$6,177,696$7,402,377▲ $1,224,681
Pledges and Grants Receivable$6,924,272$2,475,000▼ $4,449,272
Prepaid Expenses and Deferred Charges$677,661$1,480,709▲ $803,048
Land, Buildings, and Equipment, Net$1,493,786$1,158,345▼ $335,441
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Total Assets$39,125,559$37,929,199▼ $1,196,360
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$15,681,717$17,727,655▲ $2,045,938
Accounts Payable and Accrued Expenses$6,380,609$6,912,507▲ $531,898
Other Liabilities$2,506,821$1,996,904▼ $509,917
Total Liabilities$24,569,147$26,637,066▲ $2,067,919
Net Assets / Fund Balance
Unrestricted Net Assets$7,529,640$8,760,133▲ $1,230,493
Temporarily Rstr Net Assets$7,026,772$2,532,000▼ $4,494,772
Total Net Assets Fund Balance$14,556,412$11,292,133▼ $3,264,279
Total Liabilities and Net Assets / Fund Balance$39,125,559$37,929,199▼ $1,196,360

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,158,345$1,064,284$2,222,629
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-CEOFT$471,180$244,193$715,373
-President & COOFT$365,396$146,213$511,609
-VP, Business DevelopmentFT$250,201$146,396$396,597
-Vice President of Strategic PartnershipsFT$246,895$144,830$391,725
-VP, MarketingFT$261,495$98,667$360,162
-Clerk and General CounselFT$222,633$132,954$355,587
-VP Educational ServicesFT$205,194$130,082$335,276
-VP, ProductFT$170,001$154,803$324,804
-edX ArchitectFT$198,977$111,283$310,260
-VP, EngineeringFT$227,794$78,665$306,459
-edX Senior Director, EngineeringFT$200,763$103,075$303,838
-Senior Director, ServicesFT$174,172$81,360$255,532
-Director, ProductFT$180,667$59,383$240,050
-Senior Software ArchitectFT$197,482$30,866$228,348
-TreasurerFT$150,907$75,638$226,545

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$133,985
Ron Mulero LLCEngineering Services64 Brook St, Brookline, MA 02445$105,900
Austin Cooke (Cook Consulting LLC)Consulting and Recruiting Services8720 Southshore Dr, Waxhaw, NC 28173$100,780
Revenue and Support

Revenue Composition

Contributions and Grants
$23,826,449
Program Service Revenue
$14,878,188
Investment Income
$0
Other Revenue
$4,103,469
All Other Contributions
$17,474,758
Change in Net Assets
$-3,264,279

Audited Revenue Reconciliation

Revenue per Audited Statements
$42,808,106
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$42,808,106
Total Revenue per Form 990
$42,808,106
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$24,384,635
Other Expenses$21,687,750
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$12,874,098$2,635,063-$15,509,161
Fees for Services Other$7,240,403$1,481,962$0$8,722,365
Royalties$7,002,971$1,433,365-$8,436,336
Other Employee Benefits$4,085,175$836,152-$4,921,327
Current Officers, Directors, Trustees, and Key Employees$3,282,323$671,824-$3,954,147
Occupancy$1,292,176$264,482-$1,556,658
Other Expenses$563,862$115,411-$679,273
Travel$527,291$107,926-$635,217
Information Technology$462,752$94,716-$557,468
Depreciation Depletion$402,426$82,368-$484,794
Office Expenses$265,945$54,433-$320,378
Insurance$69,369$14,199-$83,568
Fees for Services Legal$59,018$12,080-$71,098
Conferences and Meetings$58,806$12,036-$70,842
Fees for Services Accounting$55,233$11,305-$66,538
Total Functional Expenses$38,244,517$7,827,868$0$46,072,385

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$46,072,385
Total Expenses per Audited Statements$46,072,385
Total Expenses per Form 990$46,072,385
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
$571,246

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 ServicesSubrecipient Agreements--$190,000
Europe (Including Iceland and Greenland)Program ServicesMeetings--$145,747
Europe (Including Iceland and Greenland)Program ServicesSubrecipient Agreements--$92,333
North America (Canada & Mexico only)Program ServicesSubrecipient Agreements--$66,667
South AsiaProgram ServicesMeetings--$53,623
East Asia and the PacificProgram ServicesMeetings--$10,487
Middle East and North AfricaProgram ServicesMeetings--$9,050
North America (Canada & Mexico only)Program ServicesMeetings--$1,790
Central America and the CaribbeanProgram ServicesMeetings--$1,549
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
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$1,996,904
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
Risa Sparks
Title
Treasurer
Signed
2017-05-12

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
8
Employees
169
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: 818545, Program Service Expense: 679471, Management and General Expenses: 139074, Fundraising Expenses: ; Marketing & Business Development - Total Expense: 1810096, Program Service Expense: 1502553, Management and General Expenses: 307543, Fundraising Expenses: ; Engineering - Total Expense: 2659550, Program Service Expense: 2207683, Management and General Expenses: 451867, Fundraising Expenses: ; Educational Support Services - Total Expense: 1243213, Program Service Expense: 1031987, Management and General Expenses: 211226, Fundraising Expenses: ; Architecture & Design - Total Expense: 1457, Program Service Expense: 1209, Management and General Expenses: 248, Fundraising Expenses: ; Hosting - Total Expense: 1245031, Program Service Expense: 1033496, Management and General Expenses: 211535, Fundraising Expenses: ; Temporary Help - Total Expense: 330218, Program Service Expense: 274113, Management and General Expenses: 56105, Fundraising Expenses: ; Other - Total Expense: 614255, Program Service Expense: 509891, Management and General Expenses: 104364, 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.

Raw XML AppendixShowing 400 of 919 raw XML fields

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/BusinessNameLine1Txt0Martin A Schmidt
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt1Anant Agarwal
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt2Alan Garber
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt3Alan G Spoon
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt4Israel Ruiz
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt5Katherine Lapp
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt6James Ryan
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt7Michael Smith
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt8Sanjay Sarma
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt9Manali Bettendorf
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt10Wendy Cebula
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11Tena Herlihy
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt12Mark Haseltine
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13Johannes Heinlein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Alexandra Norkin
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt15Elizabeth Porter
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16Kathleen Pugh
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17Lee Rubenstein
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18Edward Batchelder
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19Christopher Dodge
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt20Mukul Goyal
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt21Sherry Heffner
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt22Louis Wang
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt10President & COO
IRS990/Form990PartVIISectionAGrp/TitleTxt11Clerk and General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP, Engineering
IRS990/Form990PartVIISectionAGrp/TitleTxt13Vice President of Strategic Partnerships
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP, Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP, Product
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP Educational Services
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP, Business Development
IRS990/Form990PartVIISectionAGrp/TitleTxt18edX Architect
IRS990/Form990PartVIISectionAGrp/TitleTxt19Senior Software Architect
IRS990/Form990PartVIISectionAGrp/TitleTxt20edX Senior Director, Engineering
IRS990/Form990PartVIISectionAGrp/TitleTxt21Senior Director, Services
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