Civic Intelligence

Lets Innovate Through Education

990 • Fiscal year 2020 • EIN 47-2532088

Jun 01, 2019 to May 31, 2020 • Filed on Oct 15, 2020

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

73rd percentile

0.26x

Higher debt load relative to assets than 73% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

57th percentile

0.10x

Higher debt load relative to revenue than 57% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

70th percentile

19%

Higher net margin than 70% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

69th percentile

$55,577

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 8.9% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

38th percentile

1.4%

Faster asset growth than 38% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2020

Revenue Growth

70th percentile

14%

Faster revenue growth than 70% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2020

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$246,404

Up $6,565 (+2.7%) from 2018

Net Assets

Down

$183,397

Down $45,824 (-20%) from 2018

Liabilities

Up

$63,007

Up $52,389 (+493%) from 2018

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin70th percentile

Revenue

Up

$623,943

Up $145,415 (+30%) from 2018

Expenses

Up

$503,165

Up $118,623 (+31%) from 2018

Net Income

Up

$120,778

Up $26,792 (+29%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2020

Assets$246,404
Liabilities$63,007
Net Assets$183,397
Open 2020 Filing

Operations Trend

Revenue Growth70th 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

2020

Revenue$623,943
Expenses$503,165
Net Income$120,778
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2019 to May 31, 2020
Signed
Oct 15, 2020
Return Version
2019v5.1
Gross Receipts
$623,943
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$68,209$243,569▲ $175,360
Accounts Receivable$2,442$2,037▼ $405
Prepaid Expenses and Deferred Charges$7,639$798▼ $6,841
Total Assets$78,290$246,404▲ $168,114
Liabilities
Other Liabilities$0$40,065▲ $40,065
Accounts Payable and Accrued Expenses$15,671$22,942▲ $7,271
Total Liabilities$15,671$63,007▲ $47,336
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$62,619$183,397▲ $120,778
Total Net Assets Fund Balance$62,619$183,397▲ $120,778
Total Liabilities and Net Assets / Fund Balance$78,290$246,404▲ $168,114
Compensation and Service Providers
Top Officer Pay69th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Marilynn UrquietaInterim Executive Director (through August 2019)FT$55,577$55,577
Lakethia GlennExecutive DirectorFT$51,154$51,154

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$620,699
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$3,244
All Other Contributions
$593,864
Change in Net Assets
$120,778

Audited Revenue Reconciliation

Revenue per Audited Statements
$623,943
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$623,943
Total Revenue per Form 990
$623,943
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$359,687
Other Expenses$139,228
Total Fundraising Expense$28,064
Grants and Similar Amounts Paid$4,250
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$120,465$57,365$13,385$191,215
Comp Disqual Persons$67,241$32,019$7,471$106,731
Other Employee Benefits$23,663$11,268$2,630$37,561
Office Expenses$34,766$1,830-$36,596
Payroll Taxes$15,233$7,254$1,693$24,180
Fees for Services Management-$15,426-$15,426
Information Technology$8,500$1,594$531$10,625
Conferences and Meetings$8,932--$8,932
Travel$4,893-$1,631$6,524
Other Expenses$15,707$6,353-$6,353
Advertising$4,098-$723$4,821
Insurance-$4,701-$4,701
Grants to Domestic Individuals$4,250--$4,250
Occupancy-$2,618-$2,618
Total Functional Expenses$331,950$143,151$28,064$503,165

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$503,165
Total Expenses per Audited Statements$503,165
Total Expenses per Form 990$503,165
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Paycheck Protection Program Loan$40,065
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
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
2020-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lakethia Glenn
Formed
2015
Legal Domicile
Tn
Voting Board Members
14
Independent Board Members
14
Employees
7
Volunteers
135

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 470 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/Desc0LITE FINALIST PROGRAMTHE LITE FINALIST PROGRAM WORKS WITH HIGH SCHOOL STUDENTS ON DESIGNING ENTREPRENEURIAL IDEAS AND LEARNING 21ST CENTURY SKILLS SUCH AS PROBLEM SOLVING, ORGANIZATION, GOAL SETTING, NETWORKING, COMMUNICATION, AND FINANCIAL LITERACY. STUDENTS GATHER CUSTOMER FEEDBACK, CREATE A BRAND AND LOGO, AND IMPLEMENT THEIR PROJECT IN THE COMMUNITY. THE PROGRAM CULMINATES WITH A DEMO DAY WHERE STUDENTS PITCH THEIR IDEAS TO MEMBERS OF THE COMMUNITY.
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IRS990/MissionDesc0LET'S INNOVATE THROUGH EDUCATION'S MISSION IS TO EQUIP AFRICAN AMERICAN AND LATINX STUDENTS WITH 21ST CENTURY SKILLS TO BUILD WEALTH THROUGH ENTREPRENEURSHIP.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/NetAssetsOrFundBalancesBOYAmt062619
IRS990/NetAssetsOrFundBalancesEOYAmt0183397
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt062619
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0183397
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt02618
IRS990/OccupancyGrp/TotalAmt02618
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01830
IRS990/OfficeExpensesGrp/ProgramServicesAmt034766
IRS990/OfficeExpensesGrp/TotalAmt036596
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt02630
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt011268
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt023663
IRS990/OtherEmployeeBenefitsGrp/TotalAmt037561
IRS990/OtherExpensesGrp/Desc0INDEPENDENT CONTRACTORS
IRS990/OtherExpensesGrp/Desc1MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc2DUES AND SUBSCRIPTIONS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt16353
IRS990/OtherExpensesGrp/ProgramServicesAmt024202
IRS990/OtherExpensesGrp/ProgramServicesAmt115707
IRS990/OtherExpensesGrp/TotalAmt024202
IRS990/OtherExpensesGrp/TotalAmt118430
IRS990/OtherExpensesGrp/TotalAmt26353
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt040065
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/Desc0OTHER REVENUE
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt03244
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt03244
IRS990/OtherRevenueTotalAmt03244
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt013385
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt057365
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0120465
IRS990/OtherSalariesAndWagesGrp/TotalAmt0191215
IRS990/PartialLiquidationInd00
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt07254
IRS990/PayrollTaxesGrp/ProgramServicesAmt015233
IRS990/PayrollTaxesGrp/TotalAmt024180
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt07639
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0798
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/ExpenseAmt099585
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0260363
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
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IRS990/PYOtherRevenueAmt01463
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0-166602
IRS990/PYSalariesCompEmpBnftPaidAmt0263486
IRS990/PYTotalExpensesAmt0428428
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0261826
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0120778
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0260363
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0470478
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0263550
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt086116
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt03244
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt01463
IRS990ScheduleA/OtherIncome170Grp/TotalAmt04707
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.99720
IRS990ScheduleA/PublicSupportTotal170Amt01701206
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0260363
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0470478
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt086116
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01701206
IRS990ScheduleA/TotalSupportAmt01705913
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0PAYCHECK PROTECTION PROGRAM LOAN
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0623943
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0503165
IRS990ScheduleD/TotalLiabilityAmt040065
IRS990ScheduleD/TotalRevenuePerForm990Amt0623943
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0623943
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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/TotalAssetsBOYAmt078290
IRS990/TotalAssetsEOYAmt0246404
IRS990/TotalAssetsGrp/BOYAmt078290
IRS990/TotalAssetsGrp/EOYAmt0246404
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0620699
IRS990/TotalEmployeeCnt07
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt028064
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0143151

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$246,404
Liabilities
$63,007
Net assets
$183,397
Revenue
$623,943
Expenses
$503,165
Net income
$120,778
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