Civic Intelligence

College Unbound

990 • Fiscal year 2019 • EIN 46-2470807

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 13, 2020

325 Public StreetProvidence, RI 02905

(401) 752-3528

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.09x

Higher debt load relative to assets than 63% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

64th percentile

0.08x

Higher debt load relative to revenue than 64% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

4th percentile

-66%

Higher net margin than 4% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

95th percentile

$174,684

Higher top officer pay than 95% of similar nonprofits.

Top officer pay equals 20.2% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

4th percentile

-41%

Faster asset growth than 4% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

7th percentile

-41%

Faster revenue growth than 7% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Assets

Down

$780,881

Down $546,741 (-41%) from 2018

Net Assets

Down

$713,152

Down $568,724 (-44%) from 2018

Liabilities

Up

$67,729

Up $21,983 (+48%) from 2018

Revenue

Down

$865,080

Down $600,311 (-41%) from 2018

Expenses

Up

$1,433,804

Up $331,150 (+30%) from 2018

Net Income

Down

-$568,724

Down $931,461 (-257%) from 2018

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0M$4.0M$2.0M$0Assets 2016: $572,798Liabilities 2016: $53,955Net Assets 2016: $518,8432016Assets 2017: $972,697Liabilities 2017: $53,558Net Assets 2017: $919,1392017Assets 2018: $1,327,622Liabilities 2018: $45,746Net Assets 2018: $1,281,8762018Assets 2019: $780,881Liabilities 2019: $67,729Net Assets 2019: $713,1522019Assets 2020: $1,441,857Liabilities 2020: $480,278Net Assets 2020: $961,5792020Assets 2021: $1,692,870Liabilities 2021: $137,554Net Assets 2021: $1,555,3162021Assets 2022: $1,169,599Liabilities 2022: $213,405Net Assets 2022: $956,1942022Assets 2023: $2,295,950Liabilities 2023: $499,456Net Assets 2023: $1,796,4942023Assets 2024: $2,484,560Liabilities 2024: $572,234Net Assets 2024: $1,912,3262024Assets 2025: $4,806,855Liabilities 2025: $780,544Net Assets 2025: $4,026,3112025

Highlighted filing

2019

Assets$780,881
Liabilities$67,729
Net Assets$713,152

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2016: $1,040,112Expenses 2016: $761,806Net Income 2016: $278,3062016Revenue 2017: $915,200Expenses 2017: $916,004Net Income 2017: -$8042017Revenue 2018: $1,465,391Expenses 2018: $1,102,654Net Income 2018: $362,7372018Revenue 2019: $865,080Expenses 2019: $1,433,804Net Income 2019: -$568,7242019Revenue 2020: $2,599,541Expenses 2020: $2,351,114Net Income 2020: $248,4272020Revenue 2021: $3,483,486Expenses 2021: $2,889,749Net Income 2021: $593,7372021Revenue 2022: $3,481,524Expenses 2022: $4,080,646Net Income 2022: -$599,1222022Revenue 2023: $7,676,053Expenses 2023: $6,835,753Net Income 2023: $840,3002023Revenue 2024: $8,424,432Expenses 2024: $8,308,600Net Income 2024: $115,8322024Revenue 2025: $10,194,743Expenses 2025: $8,080,758Net Income 2025: $2,113,9852025

Highlighted filing

2019

Revenue$865,080
Expenses$1,433,804
Net Income-$568,724
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 13, 2020
Return Version
2018v3.2
Gross Receipts
$865,080
Mission and Program Overview

Mission

College unbound's mission is to reinvent higher education for underrepresented returning adult learners, using a model that is individualized, interest-based, project driven, workplace-enhanced, cohort-supported, flexible, supportive, and affordable.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,278,616$731,976▼ $546,640
Accounts Receivable$30,418$23,732▼ $6,686
Prepaid Expenses and Deferred Charges$13,168$18,835▲ $5,667
Land, Buildings, and Equipment, Net$5,420$6,338▲ $918
Total Assets$1,327,622$780,881▼ $546,741
Liabilities
Accounts Payable and Accrued Expenses$45,746$67,729▲ $21,983
Total Liabilities$45,746$67,729▲ $21,983
Net Assets / Fund Balance
Temporarily Rstr Net Assets$222,939$368,503▲ $145,564
Unrestricted Net Assets$1,058,937$344,649▼ $714,288
Total Net Assets Fund Balance$1,281,876$713,152▼ $568,724
Total Liabilities and Net Assets / Fund Balance$1,327,622$780,881▼ $546,741

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,338$35,579$41,917
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Adam BushVice President of Academic AffairsFT$93,919$16,089$110,008
Tracy MoneyVice President of Strategic PlanningFT$82,872$16,094$98,966
Robert CarothersExecutive Vice PresidentPT$60,125-$60,125

Board Members and Trustees

NameTitle
Pat KidderChairman
Dennis LittkyPresident
Louis SoaresVice Chairman
Armeather GibbsBoard Member
Carlos MorenoBoard Member
Darrell WaldronBoard Member
Elliot WashorBoard Member
Honorable Robert Flanders JrBoard Member
Honorable Rogeriee ThompsonBoard Member
J Phillip SchmidtBoard Member
Jennifer Davis-allisonBoard Member
Johan UvinBoard Member
Judge Judith Savage RetBoard Member
Nancy DiazBoard Member
Nicholas LongoBoard Member
Rep Joseph McnamaraBoard Member
Richard CulattaBoard Member
Scott EvenbeckBoard Member
Seney ChangBoard Member
Todd FlahertyBoard Member
William HollandBoard Member
Chris MontagninoSecretary
Cedric HuntleyTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$662,905
Program Service Revenue
$189,971
Investment Income
$8,269
Other Revenue
$3,935
All Other Contributions
$662,905
Change in Net Assets
$-568,724

Audited Revenue Reconciliation

Revenue per Audited Statements
$865,080
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$162,077
Total Revenue per Audited Statements
$1,027,157
Total Revenue per Form 990
$865,080
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$892,297
Other Expenses$541,507
Total Fundraising Expense$141,129
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$239,724$177,103$22,214$439,041
Current Officers, Directors, Trustees, and Key Employees$112,351$135,157-$247,508
Fees for Services Other$77,794$74,187$77,631$229,612
Other Employee Benefits$61,166$53,133$3,285$117,584
Payroll Taxes$35,740$31,562$2,186$69,488
Travel$1,745$6,981$26,178$34,904
Information Technology$14,448$10,766$3,118$28,332
Occupancy$9,690$9,259$2,583$21,532
Fees for Services Accounting-$21,000-$21,000
Pension Plan Contributions$7,471$9,338$1,867$18,676
Office Expenses$10,435$7,026$920$18,381
All Other Expenses$3,436$14,279-$17,715
Other Expenses$5,018$2,585-$7,603
Depreciation Depletion$3,822$1,401$1,147$6,370
Fees for Services Legal-$6,337-$6,337
Insurance-$2,530-$2,530
Total Functional Expenses$730,031$562,644$141,129$1,433,804

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,595,881
Expenses per Audited Statements$1,433,804
Total Expenses per Form 990$1,433,804
Expenses Not Reported on Form 990$162,077
Expenses Not Reported on Financial Statements$0
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The board of directors approves the 990 before filing.

Form 990, Part VI, Section B, Line 12C

Board members are required to review and sign the organization's conflict of interest policy annually and disclose any conflicts should they exist.

Form 990, Part VI, Section B, Line 15

The board of directors approves the increases for the staff annually when they approve the budget.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy, and financial statements are made available to the public upon request in addition to form 990 being available on another's website.

Filing and Contact Details

Filer

Filer Name
College Unbound
EIN
46-2470807
Phone
4017523528
Address
325 PUBLIC STREET, PROVIDENCE, RI 02905

Signing Officer

Name
Dennis Littky
Title
President
Phone
4017523528
Signed
2020-07-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dennis Littky
Formed
2012
Legal Domicile
Ri
Voting Board Members
23
Independent Board Members
22
Employees
31
Volunteers
0

Preparer

Firm
O'CONNOR & DREW PC
Address
25 BRAINTREE HILL OFC PK SUITE 102, BRAINTREE, MA 02184
Preparer
Steven J Cohen
Phone
6174711120
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consultants: program service expenses 77,794. Management and general expenses 74,187. Fundraising expenses 77,631. Total expenses 229,612.

Form 990, Part XII, Line 2C

The board of directors are responsible for the oversight of the organization's audit.

Financial Statement Notes

PART X, LINE 2:

Fin 48 disclosure accounting principles generally accepted in the united states require an entity to assess the probability that a tax position has a "more likely than not" sustainability after review by tax authorities. If a tax position is deemed not to meet this threshold, any unrecognized tax benefits and costs are estimated and recognized. As a not-for-profit entity exempt from income taxes in accordance with section 501(c)(3) of the internal revenue code, college unbound may, however, be subject to tax on unrelated business income. College unbound has also been classified as an entity that is not a private foundation within the meaning of 509(a) and qualifies for deductible contributions as provided in section 170 (b)(1)(a)(vi).

Part XII, Line 2E

Balance represents in-kind personnel costs and insurance expense.

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