Civic Intelligence

The Center for Reimagining Learning Inc

990 • Fiscal year 2017 • EIN 46-0807740

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

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

83rd percentile

0.77x

Higher debt load relative to assets than 83% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

56th percentile

0.51x

Higher debt load relative to revenue than 56% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

19th percentile

-5.5%

Higher net margin than 19% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

85th percentile

$871,960

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

10th percentile

-5.3%

Faster asset growth than 10% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

81st percentile

26%

Faster revenue growth than 81% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Down

$35,922,260

Down $2,006,939 (-5.3%) from 2016

Net Assets

Down

$8,311,736

Down $2,980,397 (-26%) from 2016

Liabilities

Up

$27,610,524

Up $973,458 (+3.7%) from 2016

Revenue

Up

$54,092,657

Up $11,284,551 (+26%) from 2016

Expenses

Up

$57,073,054

Up $11,000,669 (+24%) from 2016

Net Income

Up

-$2,980,397

Up $283,882 (+8.7%) from 2016

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

2017

Assets$35,922,260
Liabilities$27,610,524
Net Assets$8,311,736

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

2017

Revenue$54,092,657
Expenses$57,073,054
Net Income-$2,980,397
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.0
Gross Receipts
$54,092,657
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$25,412,768$25,613,650▲ $200,882
Accounts Receivable$7,402,377$5,908,155▼ $1,494,222
Prepaid Expenses and Deferred Charges$1,480,709$1,876,023▲ $395,314
Pledges and Grants Receivable$2,475,000$1,480,000▼ $995,000
Land, Buildings, and Equipment, Net$1,158,345$1,044,432▼ $113,913
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Total Assets$37,929,199$35,922,260▼ $2,006,939
Other Assets Total$0$0→ $0
Liabilities
Deferred Revenue$17,727,655$16,430,633▼ $1,297,022
Accounts Payable and Accrued Expenses$6,912,507$8,766,096▲ $1,853,589
Other Liabilities$1,996,904$2,413,795▲ $416,891
Total Liabilities$26,637,066$27,610,524▲ $973,458
Net Assets / Fund Balance
Unrestricted Net Assets$8,760,133$6,779,736▼ $1,980,397
Temporarily Rstr Net Assets$2,532,000$1,532,000▼ $1,000,000
Total Net Assets Fund Balance$11,292,133$8,311,736▼ $2,980,397
Total Liabilities and Net Assets / Fund Balance$37,929,199$35,922,260▼ $2,006,939

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,044,432$1,421,802$2,466,234
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
-CEO, Director, Treasurer (Outgoing)FT$471,550$246,753$718,304
-President & COOFT$374,924$165,503$540,426
-VP, EngineeringFT$294,646$164,608$459,253
-Clerk and General Counsel (Outgoing)FT$132,651$283,851$416,501
-VP, MarketingFT$271,039$140,268$411,307
-VP, Business DevelopmentFT$256,956$146,012$402,967
-VP, Strategic PartnershipsFT$253,265$146,646$399,910
-VP, Educational ServicesFT$211,000$125,517$336,516
-edX ArchitectFT$203,481$120,188$323,668
-Director of EngineeringFT$173,553$89,781$263,334
-Chief ArchitectFT$189,308$60,504$249,813
-Clerk and General CounselFT$180,003$65,865$245,868
-Director of Content AcquisitionFT$165,834$78,072$243,906
-Treasurer (Outgoing)FT$125,010$84,982$209,993
-VP, ProductFT$79,919$110,550$190,469

Board Members and Trustees

NameTitle
-Co-Chair and Director
-Director
-Treasurer (Incoming)

Highest Paid Contractors

ContractorServicesLocationCompensation
Material Advantage LLCOrganizational Development Consultant12 Stedman Road, Lexington, MA 02421$252,759
Stephen E SmithSales Agent330 Madison Ave, New York, NY 10017$233,582
Corporate TravelerTravel Agent Services467 Washington St, Boston, MA 02111$201,310
BigRio LLCEngineering Services300 Baker Ave 300, Concord, MA 01742$136,200
Foundation Talent LLCRecruiting Services56 N Haddon Avenue, Haddonfield, NJ 08033$125,500
Revenue and Support

Revenue Composition

Contributions and Grants
$25,749,405
Program Service Revenue
$24,909,208
Investment Income
$0
Other Revenue
$3,434,044
All Other Contributions
$7,659,589
Change in Net Assets
$-2,980,397

Audited Revenue Reconciliation

Revenue per Audited Statements
$54,092,657
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$54,092,657
Total Revenue per Form 990
$54,092,657
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$29,166,950
Other Expenses$27,906,104
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,629,018$2,772,327-$18,401,345
Royalties$11,660,215$2,068,328-$13,728,543
Fees for Services Other$7,303,792$1,295,571$0$8,599,363
Other Employee Benefits$5,396,189$957,194-$6,353,383
Current Officers, Directors, Trustees, and Key Employees$3,747,481$664,741-$4,412,222
Occupancy$1,488,407$264,018-$1,752,425
Office Expenses$987,628$175,189-$1,162,817
Other Expenses$699,692$124,114-$823,806
Travel$528,511$93,749-$622,260
Depreciation Depletion$303,655$53,863-$357,518
Information Technology$302,448$53,649-$356,097
Conferences and Meetings$135,941$24,114-$160,055
Fees for Services Legal$107,114$19,000-$126,114
Fees for Services Accounting$103,919$18,433-$122,352
Insurance$76,545$13,578-$90,123
Total Functional Expenses$48,474,488$8,598,566$0$57,073,054

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$57,073,054
Total Expenses per Audited Statements$57,073,054
Total Expenses per Form 990$57,073,054
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
$505,909

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--$168,000
Europe (Including Iceland and Greenland)Program ServicesMeetings--$152,181
East Asia and the PacificProgram ServicesMeetings--$105,899
Middle East and North AfricaProgram ServicesMeetings--$40,009
South AsiaProgram ServicesMeetings--$22,295
North America (Canada & Mexico only)Program ServicesMeetings--$16,588
Central America and the CaribbeanProgram ServicesMeetings--$937
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$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$2,413,795
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.

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 at fortive corporation.

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
2018-05-15

Organization Details

Formed
2012
Legal Domicile
Ma
Voting Board Members
9
Independent Board Members
1
Employees
199
Volunteers
0
Supplemental Narrative

Additional Explanations

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: 139599, Program Service Expense: 118567, Management and General Expenses: 21032, Fundraising Expenses: ; Marketing & Business Development - Total Expense: 3336486, Program Service Expense: 2833815, Management and General Expenses: 502671, Fundraising Expenses: ; Engineering - Total Expense: 1940664, Program Service Expense: 1648286, Management and General Expenses: 292378, Fundraising Expenses: ; Educational Support Services - Total Expense: 1444313, Program Service Expense: 1226714, Management and General Expenses: 217599, Fundraising Expenses: ; Architecture & Design - Total Expense: 364, Program Service Expense: 309, Management and General Expenses: 55, Fundraising Expenses: ; Hosting - Total Expense: 619335, Program Service Expense: 526027, Management and General Expenses: 93308, Fundraising Expenses: ; Temporary Help - Total Expense: 473813, Program Service Expense: 402429, Management and General Expenses: 71384, Fundraising Expenses: ; Other - Total Expense: 644789, Program Service Expense: 547645, Management and General Expenses: 97144, 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 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 1,106 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/Desc0edX's largest program service activities are to develop a learning platform as open source software and to host its partners courses on that platform, in order to provide high quality online educational experiences worldwide. Total enrollments were approximately 42 million with over 3,600 online courses.
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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
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt11Nell Ma'luf
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt13Tena Zara
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt14Mark Haseltine
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt16Iain Kennedy
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt17Alexandra Norkin
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt18Kathleen Pugh
IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt19Lee Rubenstein
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IRS990/Form990PartVIISectionAGrp/BusinessName/BusinessNameLine1Txt23Edward Fagin
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