Civic Intelligence

Fabnewport Inc

990 • Fiscal year 2015 • EIN 46-3237048

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 10, 2016

1 York StreetNewport, RI 02840

(401) 439-0160

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.01x

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

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

61st percentile

0.01x

Higher debt load relative to revenue than 61% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Net Margin

90th percentile

45%

Higher net margin than 90% of similar nonprofits.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Top Officer Pay

87th percentile

$32,500

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 10.6% of source-year revenue.

2015 filings • 501(c)3 • <$500k nonprofits • Source year 2015

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Assets

$167,179

No earlier filing loaded for comparison.

Net Assets

$165,210

No earlier filing loaded for comparison.

Liabilities

$1,969

No earlier filing loaded for comparison.

Revenue

$307,166

No earlier filing loaded for comparison.

Expenses

$170,453

No earlier filing loaded for comparison.

Net Income

$136,713

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$1.0M$500K$0Assets 2015: $167,179Liabilities 2015: $1,969Net Assets 2015: $165,2102015Assets 2016: $162,542Liabilities 2016: $0Net Assets 2016: $162,5422016Assets 2017: $94,607Liabilities 2017: $2,752Net Assets 2017: $91,8552017Assets 2018: $232,519Liabilities 2018: $0Net Assets 2018: $232,5192018Assets 2019: $263,186Liabilities 2019: $0Net Assets 2019: $263,1862019Assets 2020: $402,255Liabilities 2020: $3,213Net Assets 2020: $399,0422020Assets 2021: $805,623Liabilities 2021: $2,787Net Assets 2021: $802,8362021Assets 2022: $708,893Liabilities 2022: $47,299Net Assets 2022: $661,5942022Assets 2023: $578,841Liabilities 2023: $21,955Net Assets 2023: $556,8862023Assets 2024: $580,201Liabilities 2024: $35,694Net Assets 2024: $544,5072024

Highlighted filing

2015

Assets$167,179
Liabilities$1,969
Net Assets$165,210

Operations Trend

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

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2015: $307,166Expenses 2015: $170,453Net Income 2015: $136,7132015Revenue 2016: $270,151Expenses 2016: $272,819Net Income 2016: -$2,6682016Revenue 2017: $216,363Expenses 2017: $287,049Net Income 2017: -$70,6862017Revenue 2018: $803,955Expenses 2018: $663,291Net Income 2018: $140,6642018Revenue 2019: $884,859Expenses 2019: $854,192Net Income 2019: $30,6672019Revenue 2020: $1,054,508Expenses 2020: $918,652Net Income 2020: $135,8562020Revenue 2021: $1,530,716Expenses 2021: $1,126,922Net Income 2021: $403,7942021Revenue 2022: $1,180,808Expenses 2022: $1,310,349Net Income 2022: -$129,5412022Revenue 2023: $1,074,239Expenses 2023: $1,201,610Net Income 2023: -$127,3712023Revenue 2024: $1,131,496Expenses 2024: $1,147,875Net Income 2024: -$16,3792024

Highlighted filing

2015

Revenue$307,166
Expenses$170,453
Net Income$136,713
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 10, 2016
Return Version
2015v2.1
Gross Receipts
$307,166
Mission and Program Overview

Mission

to liberate the maker intrinsic in all of us. We accomplish this by teaching youth to make, focusing on coding, physical computing and fabrication. We also run teacher trainings and workshops for adults.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$75,650$103,392▲ $27,742
Savings and Temporary Cash Investments-$45,006-
Land, Buildings, and Equipment, Net$21,426$16,481▼ $4,945
Prepaid Expenses and Deferred Charges-$2,300-
Total Assets$97,076$167,179▲ $70,103
Liabilities
Deferred Revenue$68,579--
Accounts Payable and Accrued Expenses-$1,969-
Total Liabilities$68,579$1,969▼ $66,610
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$126,680-
Unrestricted Net Assets$28,497$38,530▲ $10,033
Total Net Assets Fund Balance$28,497$165,210▲ $136,713
Total Liabilities and Net Assets / Fund Balance$97,076$167,179▲ $70,103

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,481$7,956$24,437
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Steven HeathExecutive DirectorFT$32,500$32,500

Board Members and Trustees

NameTitle
Stephen LichtChairman
Daniel ByrandVice Chair
Chris SemonelliDirector
Eric CiminoDirector
Kerry ClarkeDirector
Mary VieiraDirector
Alex JosephSecretary
Chris GrossTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$259,929
Program Service Revenue
$47,231
Investment Income
$6
Other Revenue
$0
All Other Contributions
$259,929
Change in Net Assets
$136,713
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$86,701
Other Expenses$83,752
Total Fundraising Expense$10,685
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$31,824$10,296$4,680$46,800
Current Officers, Directors, Trustees, and Key Employees$22,100$5,850$4,550$32,500
Fees for Services Management$25,672--$25,672
Other Expenses$12,095$81$415$12,095
Fees for Services Other$8,454$3,640-$12,094
Payroll Taxes$5,033$1,507$861$7,401
All Other Expenses$3,590$1,820-$5,410
Depreciation Depletion$4,802$143-$4,945
Information Technology-$2,134-$2,134
Advertising$1,186$347$112$1,645
Insurance$341$380-$721
Office Expenses-$476$67$543
Occupancy$500--$500
Fees for Services Accounting-$340-$340
Conferences and Meetings$11$295-$306
Travel-$259-$259
Total Functional Expenses$129,169$30,599$10,685$170,453
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Members or stockholder classes and rights Part VI line 6

Members have no rights other than access to the lab and FabNewports staff.

Form 990 governing body review Part VI line 11

A copy of form 990 is submitted to all board members for questions, feedback, and objections, prior to filing.

Conflict of interest policy compliance Part VI line 12C

A conflict of interest policy is in place. Officers, directors, and key employees are canvassed annually for their knowledge of any conflicts of interest or personal conflicts of interest.

CEO executive director top management comp Part VI line 15A

The board of directors is responsible for setting the executive directors compensation. It does this with a board discussion, review of responsibilities and other financial and non-financial information, which the board then votes on.

Governing documents etc available to public Part VI line 19

The organizations governing documents and Form 990 are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
FabNewport Inc
EIN
46-3237048
Address
1 York Street, Newport, RI 02840

Signing Officer

Name
Stephen Licht
Title
Chairman
Phone
4014390160
Signed
2016-08-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Licht
Formed
2013
Legal Domicile
Ri
Voting Board Members
8
Independent Board Members
8
Employees
2
Volunteers
20

Preparer

Firm
Katharine H Leary CPA Inc
Address
73 Simmons Road PO Box 263, Little Compton, RI 02837
Preparer
Katharine Leary
Phone
4016352706
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IRS990/ProgSrvcAccomActy2Grp/Desc0Float Your Boat was a 4-week boat building program serving 10 neighborhood children who received a stipend for their attendance. The goal of the program was 2-fold. One, we exposed underserved children to the waterfront and sailing with trips. We sailed on a 12-meter; took four sailing outings on J 24s and 2 outings on Hobie Cats. Secondly, the children learned about boat building by constructing a small wooden sailboat. They also learned about design using the labs software and hardware. The program was funded by 11th Hour Racing and Prince Hospital Trust.
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IRS990/ProgSrvcAccomActy3Grp/Desc0Camp--in 2015 we ran a 5-week summer camp with 15 middle school aged children. One third of the children were neighborhood children in full scholarship, 2/3rds of the children were from surrounding communities. The goal of the camp is to encourage children to dream, design and make. The camp ran from 9-4 5 days/wk. Mornings are spent learning and honing skills. Afternoons are dedicated to project development. Students, working independently or with partners, are encouraged to develop ideas using the full range of tools and materials in the lab. We celebrated the end of camp with a community showcase attended by 25 people.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Various programming including adult workshops, school programs, professional development, homeschool programs, memberships, and Hackathon.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1The East Bay Mini Maker Faire is a family-friendly community event designed to showcase innovation. We hosted 34 exhibitors and 1500 visitors. The event is free to attendees and exhibitors. The event ran on one October Saturday from 11am to 5pm.
IRS990/ProgSrvcAccomActyOtherGrp/Desc2Future Lab is a grant funded program primarily serving low income children after school three afternoons a week between between September and June. Tuesdays is for girls. Wednesdays for boys and Thursdays are mixed. It is a drop in program open for 3-5:30. Children learn how to use all the tools and materials in the lab and are encouraged to develop their own projects with the support of the FabNewport team. In the 2015-2016 school year we served 99 individual students. The program just completed its second year.
IRS990/ProgSrvcAccomActyOtherGrp/Desc3Workshops After School serve mostly underserved youth from the north end of Newport. We served over 125 individual youth in 2015. Children learn how to code, design and fabricate while developing essential skills such as: problem solving, persistence, curiosity, and collaboration. Occasionally youth from outside the neighborhood participate and pay a modest fee, $10, to join our after school workshops.
IRS990/ProgSrvcAccomActyOtherGrp/Desc4Family Creative Computing involved parents and children. We ran 3 separate 5-session workshops. The families learned how to code, using Scratch and Makey Makey boards. Prior to each session we shared a community meal. At the final session the families presented their work to group and community members. FCC served 26 unduplicated adults and 52 unduplicated youth.
IRS990/ProgSrvcAccomActyOtherGrp/Desc5All Saints Academy is a 120 K-8 Christian School about 3 miles from the lab. We run their STEAM Program, working with their entire student body for 14 hours a week teaching coding, physical computing and fabrication.
IRS990/ProgSrvcAccomActyOtherGrp/Desc6Small miscellaneous programs
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Members have no rights other than access to the lab and FabNewports staff.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A copy of form 990 is submitted to all board members for questions, feedback, and objections, prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2A conflict of interest policy is in place. Officers, directors, and key employees are canvassed annually for their knowledge of any conflicts of interest or personal conflicts of interest.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The board of directors is responsible for setting the executive directors compensation. It does this with a board discussion, review of responsibilities and other financial and non-financial information, which the board then votes on.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The organizations governing documents and Form 990 are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Members or stockholder classes and rights Part VI line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
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