Civic Intelligence

Lets Innovate Through Education

990 • Fiscal year 2021 • EIN 47-2532088

Jun 01, 2020 to May 31, 2021 • Filed on Jan 11, 2022

Organization ProfileLITEMEMPHIS.ORG
2400 Poplar Ave Suite 318Memphis, TN 38112

(703) 609-0693

Siviq Scores

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

Liabilities / Assets

60th percentile

0.07x

Higher debt load relative to assets than 60% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

51st percentile

0.03x

Higher debt load relative to revenue than 51% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Net Margin

54th percentile

15%

Higher net margin than 54% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

79th percentile

$72,874

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 12.2% of source-year revenue.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

64th percentile

19%

Faster asset growth than 64% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

29th percentile

-3.9%

Faster revenue growth than 29% of similar nonprofits.

2021 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$293,201

Up $46,797 (+19%) from 2020

Net Assets

Up

$274,041

Up $90,644 (+49%) from 2020

Liabilities

Down

$19,160

Down $43,847 (-70%) from 2020

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin54th percentile

Revenue

Down

$599,659

Down $24,284 (-3.9%) from 2020

Expenses

Up

$509,015

Up $5,850 (+1.2%) from 2020

Net Income

Down

$90,644

Down $30,134 (-25%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth64th percentile

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

$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

2021

Assets$293,201
Liabilities$19,160
Net Assets$274,041
Open 2021 Filing

Operations Trend

Revenue Growth29th percentile

Revenue, expenses, and net income across loaded years, with this 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

2021

Revenue$599,659
Expenses$509,015
Net Income$90,644
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Jan 11, 2022
Return Version
2020v4.1
Gross Receipts
$599,659
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$243,569$266,782▲ $23,213
Accounts Receivable$2,037$26,419▲ $24,382
Prepaid Expenses and Deferred Charges$798$0▼ $798
Total Assets$246,404$293,201▲ $46,797
Liabilities
Other Liabilities$40,065$0▼ $40,065
Accounts Payable and Accrued Expenses$22,942$19,160▼ $3,782
Total Liabilities$63,007$19,160▼ $43,847
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$183,397$274,041▲ $90,644
Total Net Assets Fund Balance$183,397$274,041▲ $90,644
Total Liabilities and Net Assets / Fund Balance$246,404$293,201▲ $46,797
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lakethia GlennExecutive DirectorFT$72,874$72,874

Board Members and Trustees

NameTitle
Jonathan FrischChair
Audrey WillisVice Chair
BILL O'CONNORTrustee
Fayre CrossleyTrustee
Frankie DakinTrustee
Keith CollinsTrustee
Michael ScruggsTrustee
Michael WhaleyTrustee
Samuel HastyTrustee
Sherman S BrownTrustee
Angelica NarvaezSecretary
Scott NotowichTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$592,246
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$7,413
All Other Contributions
$445,214
Change in Net Assets
$90,644

Audited Revenue Reconciliation

Revenue per Audited Statements
$599,659
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$599,659
Total Revenue per Form 990
$599,659
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$416,259
Other Expenses$88,506
Total Fundraising Expense$36,808
Grants and Similar Amounts Paid$4,250
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$196,796$51,613$23,476$271,885
Current Officers, Directors, Trustees, and Key Employees$52,746$13,831$6,296$72,873
Other Employee Benefits$30,923$8,110$3,689$42,722
Payroll Taxes$20,831$5,463$2,485$28,779
Fees for Services Management-$17,269-$17,269
Advertising$2,716$10,850-$13,566
Information Technology$5,666$608-$6,274
Grants to Domestic Individuals$4,250--$4,250
Other Expenses$1,036$3,138$650$4,174
Insurance-$3,380-$3,380
Occupancy$76$1,462-$1,538
Conferences and Meetings$82-$212$294
Travel$7$53-$60
Total Functional Expenses$347,653$124,554$36,808$509,015

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$509,015
Total Expenses per Audited Statements$509,015
Total Expenses per Form 990$509,015
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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 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
7036090693
Address
2400 POPLAR AVE SUITE 318, MEMPHIS, TN 38112

Signing Officer

Name
Lakethia Glenn
Title
Executive Director
Phone
9016340001
Signed
2022-01-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lakethia Glenn
Formed
2015
Legal Domicile
Tn
Voting Board Members
12
Independent Board Members
12
Employees
34
Volunteers
53

Preparer

Firm
The Marston Group Plc
Address
1661 INTERNATIONAL DRIVE SUITE 250, MEMPHIS, TN 38120
Preparer
Susan M Lattimore
Phone
9017613003
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

“Process has not changed from the prior year.”

Raw XML AppendixShowing 400 of 439 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/PrepaidExpensesDefrdChargesGrp/BOYAmt0798
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0LAKETHIA GLENN
IRS990/ProfessionalFundraisingInd00
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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0121679
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0620699
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt04250
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0139228
IRS990/PYOtherRevenueAmt03244
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0120778
IRS990/PYSalariesCompEmpBnftPaidAmt0359687
IRS990/PYTotalExpensesAmt0503165
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0623943
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt090644
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0592246
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0620699
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0260363
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0470478
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0263550
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02207336
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt07413
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt03244
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt01463
IRS990ScheduleA/OtherIncome170Grp/TotalAmt012120
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99450
IRS990ScheduleA/PublicSupportPY170Pct00.99720
IRS990ScheduleA/PublicSupportTotal170Amt02207336
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0592246
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0620699
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0260363
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0470478
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0263550
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02207336
IRS990ScheduleA/TotalSupportAmt02219456
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0509015
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0599659
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0509015
IRS990ScheduleD/TotalRevenuePerForm990Amt0599659
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0599659
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0509015
IRS990/ScheduleJRequiredInd00
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/ExplanationTxt4PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990 PART XII LINE 2C
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0TN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0246404
IRS990/TotalAssetsEOYAmt0293201
IRS990/TotalAssetsGrp/BOYAmt0246404
IRS990/TotalAssetsGrp/EOYAmt0293201
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0592246
IRS990/TotalEmployeeCnt034
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt036808
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0124554
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0347653
IRS990/TotalFunctionalExpensesGrp/TotalAmt0509015
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt063007
IRS990/TotalLiabilitiesEOYAmt019160
IRS990/TotalLiabilitiesGrp/BOYAmt063007
IRS990/TotalLiabilitiesGrp/EOYAmt019160
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0183397
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0274041
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0347653
IRS990/TotalReportableCompFromOrgAmt072874
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt07413
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0599659
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt053
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0246404
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0293201
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt053
IRS990/TravelGrp/ProgramServicesAmt07
IRS990/TravelGrp/TotalAmt060
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02400 POPLAR AVE SUITE 318
IRS990/USAddress/CityNm0MEMPHIS

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$293,201
Liabilities
$19,160
Net assets
$274,041
Revenue
$599,659
Expenses
$509,015
Net income
$90,644
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
2021Detailed filing. Detailed filing data is available for this year.$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