Civic Intelligence

Let'S Innovate Through Education

EIN 47-2532088 • 501(c)3 • Memphis, TN

Profile

Let's innovate through education's mission is to equip african american and latinx students with 21st century skills to build wealth through entrepreneurship.

2400 Poplar Ave Suite 318Memphis, TN 38112

litememphis.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

75th percentile

0.05x

Higher debt load relative to assets than 75% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

74th percentile

0.03x

Higher debt load relative to revenue than 74% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

25th percentile

-17%

Higher net margin than 25% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

26th percentile

-28%

Faster asset growth than 26% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

26th percentile

-28%

Faster revenue growth than 26% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets75th percentile

Assets

Down

$211,246

Down $81,955 (-28%) from 2021

Liabilities

Down

$11,349

Down $7,811 (-41%) from 2021

Net Assets

Down

$199,897

Down $74,144 (-27%) from 2021

Operations
Liabilities / Revenue74th percentileNet Margin25th percentile

Revenue

Down

$428,944

Down $170,715 (-28%) from 2021

Expenses

Down

$503,090

Down $5,925 (-1.2%) from 2021

Net Income

Down

-$74,146

Down $164,790 (-182%) from 2021

Trend Graphs

Balance Sheet Trend

Asset Growth26th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2016: $68,944Liabilities 2016: $2,6452016Assets 2017: $137,203Liabilities 2017: $1,972Net Assets 2017: $135,2312017Assets 2018: $239,839Liabilities 2018: $10,618Net Assets 2018: $229,2212018Assets 2020: $246,404Liabilities 2020: $63,007Net Assets 2020: $183,3972020Assets 2021: $293,201Liabilities 2021: $19,160Net Assets 2021: $274,0412021Assets 2022: $211,246Liabilities 2022: $11,349Net Assets 2022: $199,8972022

Highlighted filing

2022

Assets$211,246
Liabilities$11,349
Net Assets$199,897
Open 2022 Filing

Operations Trend

Revenue Growth26th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$800K$600K$400K$200K$0-$200KRevenue 2016: $96,753Expenses 2016: $47,846Net Income 2016: $48,9072016Revenue 2017: $273,550Expenses 2017: $204,772Net Income 2017: $68,7782017Revenue 2018: $478,528Expenses 2018: $384,542Net Income 2018: $93,9862018Revenue 2020: $623,943Expenses 2020: $503,165Net Income 2020: $120,7782020Revenue 2021: $599,659Expenses 2021: $509,015Net Income 2021: $90,6442021Revenue 2022: $428,944Expenses 2022: $503,090Net Income 2022: -$74,1462022

Highlighted filing

2022

Revenue$428,944
Expenses$503,090
Net Income-$74,146
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$211,246
Liabilities
$11,349
Net assets
$199,897
Revenue
$428,944
Expenses
$503,090
Net income
-$74,146
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Detailed filing. Detailed filing data is available for this year.$2.11$0.11$2.00$4.29$5.03$0.74
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.93$0.19$2.74$6.00$5.09$0.91
2020Detailed filing. Detailed filing data is available for this year.$2.46$0.63$1.83$6.24$5.03$1.21
2018Summary only. Only limited summary data is available for this year.$2.40$0.11$2.29$4.79$3.85$0.94
2017Summary only. Only limited summary data is available for this year.$1.37$0.02$1.35$2.74$2.05$0.69
2016Summary only. Only limited summary data is available for this year.$0.69$0.03$0.97$0.48$0.49
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jun 1, 2021 to May 31, 2022
Signed
Apr 25, 2023
Return Version
2021v4.2
Gross Receipts
$428,944
Mission and Program Overview

Mission

Let's innovate through education's mission is to equip african american and latinx students with 21st century skills to build wealth through entrepreneurship.

Equipping african american and latinx students with 21st century skills to create wealth.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$266,782$108,509▼ $158,273
Pledges and Grants Receivable-$99,753-
Accounts Receivable$26,419$1,661▼ $24,758
Prepaid Expenses and Deferred Charges-$1,323-
Total Assets$293,201$211,246▼ $81,955
Liabilities
Other Liabilities$0$5,893▲ $5,893
Accounts Payable and Accrued Expenses$19,160$5,456▼ $13,704
Total Liabilities$19,160$11,349▼ $7,811
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$274,041$199,897▼ $74,144
Total Net Assets Fund Balance$274,041$199,897▼ $74,144
Total Liabilities and Net Assets / Fund Balance$293,201$211,246▼ $81,955
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseTotal
Larissa GregoryExecutive DirectorFT$90,000$90,000
Lakethia GlennFormer Executive DirectorFT$75,000$75,000

Board Members and Trustees

NameTitle
Jonathan FrischChair
Audrey WillisTrustee
BILL O'CONNORTrustee
Bud RicheyTrustee
Fayre CrossleyTrustee
Frankie DakinTrustee
Keith CollinsTrustee
Lee MorrisTrustee
Michael ScruggsTrustee
Michael WhaleyTrustee
Sherman S BrownTrustee
Talia PalacioTrustee
Scott NotowichTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$427,951
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$993
All Other Contributions
$412,451
Change in Net Assets
$-74,146
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$364,329
Other Expenses$133,111
Grants and Similar Amounts Paid$5,650
Total Fundraising Expense$3,903
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$203,344$69,953$1,032$274,329
Current Officers, Directors, Trustees, and Key Employees-$90,000-$90,000
Office Expenses$64,981$5,156$21$70,158
Fees for Services Management$9,668$19,445$2,850$31,963
Advertising$9,240$38-$9,278
Grants to Domestic Individuals$5,650--$5,650
Occupancy$650$4,950-$5,600
Other Expenses$4,585$137-$4,722
Conferences and Meetings$2,883$1,574-$4,457
Insurance-$4,104-$4,104
Information Technology$2,010$104-$2,114
Travel$694$21-$715
Total Functional Expenses$303,705$195,482$3,903$503,090
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Intercompany Payables$5,893
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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 990 is first checked by the book keeping staff to ensure 100% compliance. Next, it is sent to the entire board for approval and check for compliance.”

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

“The organization has transparent conversations with board members as they join the board about potential conflicts of interest. If board members encounter a conflict, they are expected to recuse themselves from any program activities.”

Form 990, Part VI, Section B, Line 15

“The board of directors makes an independent decision on how much to pay the ceo based on market research of other non-profits, served on 10 plus boards, and have a thorough understanding of what average salary rates are for non-profits.”

Form 990, Part VI, Section C, Line 19

“Available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
LET'S INNOVATE THROUGH EDUCATION DBA LIT
EIN
47-2532088
Phone
9014268954
Address
2400 POPLAR AVE SUITE 318, MEMPHIS, TN 38112

Signing Officer

Name
Larissa Gregory
Title
Executive Director
Phone
9014268954
Signed
2023-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Larissa Gregory
Formed
2015
Legal Domicile
Tn
Voting Board Members
15
Independent Board Members
15
Employees
13
Volunteers
60

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
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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/OtherSalariesAndWagesGrp/TotalAmt0274329
IRS990/PartialLiquidationInd00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt099753
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01323
IRS990/PrincipalOfficerNm0LARISSA GREGORY
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IRS990/ProgSrvcAccomActy2Grp/Desc0LITE INNOVATION FELLOWS PROGRAMLITE INNOVATION FELLOWS CONTINUES THE WORK OF THE LITE FINALIST PROGRAM BY PROVIDING 1 ON 1 COACHING, INTERNSHIPS, AND NETWORKING FOR FORMER FINALISTS UNTIL THE AGE OF 25. STUDENTS ARE COACHED ON HOW TO LAUNCH A BUSINESS, PROVIDED WITH PAID INTERNSHIPS AT HIGH GROWTH STARTUPS AND ARE MATCHED WITH MENTORS THROUGH NETWORKING EVENTS. THE GOALS OF THE PROGRAM IS TO PREPARE STUDENTS TO LAUNCH A SCALABLE BUSINESS BY THE AGE OF 25.
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IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0592246
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt04250
IRS990/PYInvestmentIncomeAmt00
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IRS990/PYOtherRevenueAmt07413
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt090644
IRS990/PYSalariesCompEmpBnftPaidAmt0416259
IRS990/PYTotalExpensesAmt0509015
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0599659
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-74146
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0427951
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0592246
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0620699
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0260363
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0470478
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02371737
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt0993
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt07413
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt03244
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt01463
IRS990ScheduleA/OtherIncome170Grp/TotalAmt013113
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IRS990ScheduleA/PublicSupportPY170Pct00.99450
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IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0427951
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0592246
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0620699
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0260363
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0470478
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02371737
IRS990ScheduleA/TotalSupportAmt02384850
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05893
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0INTERCOMPANY PAYABLES
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt05893
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 990 IS FIRST CHECKED BY THE BOOK KEEPING STAFF TO ENSURE 100% COMPLIANCE. NEXT, IT IS SENT TO THE ENTIRE BOARD FOR APPROVAL AND CHECK FOR COMPLIANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS TRANSPARENT CONVERSATIONS WITH BOARD MEMBERS AS THEY JOIN THE BOARD ABOUT POTENTIAL CONFLICTS OF INTEREST. IF BOARD MEMBERS ENCOUNTER A CONFLICT, THEY ARE EXPECTED TO RECUSE THEMSELVES FROM ANY PROGRAM ACTIVITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS MAKES AN INDEPENDENT DECISION ON HOW MUCH TO PAY THE CEO BASED ON MARKET RESEARCH OF OTHER NON-PROFITS, SERVED ON 10 PLUS BOARDS, AND HAVE A THOROUGH UNDERSTANDING OF WHAT AVERAGE SALARY RATES ARE FOR NON-PROFITS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsGrp/BOYAmt0293201
IRS990/TotalAssetsGrp/EOYAmt0211246
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0427951
IRS990/TotalEmployeeCnt013
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt03903
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0195482
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0303705
IRS990/TotalFunctionalExpensesGrp/TotalAmt0503090
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt011349
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IRS990/TotalLiabilitiesGrp/EOYAmt011349
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0274041
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0199897
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0303705
IRS990/TotalReportableCompFromOrgAmt0165000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0993
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0428944
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt060
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0293201
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0211246
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt021
IRS990/TravelGrp/ProgramServicesAmt0694
IRS990/TravelGrp/TotalAmt0715
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02400 POPLAR AVE SUITE 318
IRS990/USAddress/CityNm0MEMPHIS
IRS990/USAddress/StateAbbreviationCd0TN
IRS990/USAddress/ZIPCd038112
IRS990/VotingMembersGoverningBodyCnt015
IRS990/VotingMembersIndependentCnt015
IRS990/WebsiteAddressTxt0HTTPS://LITEMEMPHIS.ORG/
IRS990/WhistleblowerPolicyInd01
ReasonableCauseExplanation/ExplanationTxt0DUE TO A SIGNIFICANT AMOUNT OF TURNOVER IN STAFF AND LEADERSHIP, THE ORGANIZATION DID NOT HAVE THE INFRASTRUCTURE NECESSARY TO TIMELY COMPLETE THE INFORMATION NEEDED TO PREPARE THE FORM 990. THE ORGANIZATION HAS NOW IMPLEMENTED NEW LEADERSHIP AND STAFF TO ENSURE THE INFORMATION IS AVAILABLE FOR REPORTING ON THE FORM 990. THE ORGANIZATION DID ITS BEST TO NOT ONLY DEVELOP ITS INFRASTRUCTURE, BUT ALSO TO CONTINUE ITS VERY IMPORTANT MISSION OF EQUIPPING AFRICAN AMERICAN AND LATINX STUDENTS WITH THE TOOLS NECESSARY TO CREATE A CULTURE OF WEALTH IN THEIR COMMUNITIES.
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0LARISSA GREGORY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09014268954
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-04-25

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