Civic Intelligence

The562 Network Inc

990 • Fiscal year 2022 • EIN 82-4314833

Jan 01, 2022 to Dec 31, 2022 • Filed on May 11, 2023

5940 E Walton StLong Beach, CA 90815-1352

(562) 234-1740

Siviq Scores

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

Liabilities / Assets

58th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Liabilities / Revenue

58th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

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

Net Margin

35th percentile

-3.0%

Higher net margin than 35% of similar nonprofits.

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

Top Officer Pay

96th percentile

$68,303

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 26.9% of source-year revenue.

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

Asset Growth

20th percentile

-23%

Faster asset growth than 20% of similar nonprofits.

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

Revenue Growth

42nd percentile

1.1%

Faster revenue growth than 42% of similar nonprofits.

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

Assets

Down

$25,064

Down $7,571 (-23%) from 2021

Net Assets

Down

$25,064

Down $7,571 (-23%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Up

$253,951

Up $2,739 (+1.1%) from 2021

Expenses

Up

$261,523

Up $25,321 (+11%) from 2021

Net Income

Down

-$7,572

Down $22,582 (-150%) from 2021

Historical Trend

Balance Sheet Trend

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

$100K$50K$0Assets 2018: $67,502Liabilities 2018: $0Net Assets 2018: $67,5022018Assets 2019: $47,459Liabilities 2019: $0Net Assets 2019: $47,4592019Assets 2020: $40,561Liabilities 2020: $22,936Net Assets 2020: $17,6252020Assets 2021: $32,635Liabilities 2021: $0Net Assets 2021: $32,6352021Assets 2022: $25,064Liabilities 2022: $0Net Assets 2022: $25,0642022Assets 2023: $58,486Liabilities 2023: $0Net Assets 2023: $58,4862023Assets 2024: $80,118Liabilities 2024: $10,000Net Assets 2024: $70,1182024

Highlighted filing

2022

Assets$25,064
Liabilities$0
Net Assets$25,064

Operations Trend

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

$400K$300K$200K$100K$0-$100KRevenue 2018: $201,332Expenses 2018: $133,830Net Income 2018: $67,5022018Revenue 2019: $140,163Expenses 2019: $160,206Net Income 2019: -$20,0432019Revenue 2020: $182,953Expenses 2020: $212,787Net Income 2020: -$29,8342020Revenue 2021: $251,212Expenses 2021: $236,202Net Income 2021: $15,0102021Revenue 2022: $253,951Expenses 2022: $261,523Net Income 2022: -$7,5722022Revenue 2023: $302,316Expenses 2023: $269,393Net Income 2023: $32,9232023Revenue 2024: $340,252Expenses 2024: $328,619Net Income 2024: $11,6332024

Highlighted filing

2022

Revenue$253,951
Expenses$261,523
Net Income-$7,572
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 11, 2023
Return Version
2022v5.0
Gross Receipts
$253,951
Mission and Program Overview

Mission

This Corporation is a nonprofit public benefit corporation and is not organized for the private gain of any person. It is organized under the Nonprofit Public Benefit Corporation Law for public purposes. The specific purpose of this Corporation is to be a community-funded nonprofit news organization covering the city of Long Beach and its students: Writers, photographers and videographers cover youth and amateur sports in and around the city. The coverage provides the community with information and the student-athletes with free exposure, without the business side of college recruiting services. The Corporation staff also spends time in classrooms with young and aspiring high school and college journalists to help give them the skills to succeed in the professional world. The Corporation's website will feature multimedia content and coverage of local sports including articles, videos, and photographs.

The562 Network is a community funded and supported news organization serving the city of Long Beach California and greater communities. By developing a sustainable nonprofit news agency for the Long Beach community we are working to strengthen local journalism in our city. Our founding journalists have many years experience in producing a high-quality news product and have the community support the relationship with the schools colleges and universities in the area and the team around them that produces a well respected public service for our city. The products we create for the community appear on our website www.The562.org for free without charge and without "pay-walls" to block readers and viewers. Donations are solicited to support the financial cost of our work.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$32,636$25,064▼ $7,572
Cash and Non-Interest-Bearing Accounts$19,864$14,490▼ $5,374
Accounts Receivable$12,772$10,574▼ $2,198
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$32,636$25,064▼ $7,572
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$32,636$25,064▼ $7,572
Total Liabilities and Net Assets / Fund Balance$32,636$25,064▼ $7,572
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Michael GuardabascioFounder EditorFT$68,303$68,303
Jeffrey L Fiddler JrFounder EditorFT$67,202$67,202
S Tyler R HendricksonDevelopment Director Associate EditorFT$63,312$63,312

Board Members and Trustees

NameTitle
Andrew J KerrPresident Chairperson of the Board
Brian Jacob DunningDirector
Dan DeCarloDirector
Dan GoochDirector
Dede RossiDirector
Jeffrey GouldDirector
Joseph CarlsonDirector
Marilyn Jean BohlDirector
Sharleen Chiyeko HigaSecretary
Ryan Robert ThiesTreasurer Chief Financial Officer
Revenue and Support

Revenue Composition

Contributions and Grants
$185,951
Program Service Revenue
$68,000
Investment Income
$0
Other Revenue
$0
All Other Contributions
$185,951
Change in Net Assets
$-7,572
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$221,496
Other Expenses$40,027
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$198,817$0$0$198,817
Payroll Taxes$15,022$0$0$15,022
Other Employee Benefits$7,657$0$0$7,657
Insurance$0$4,793$0$4,793
Other Expenses$4,264$0$0$4,264
Travel$1,400$0$0$1,400
Fees for Services Accounting$0$1,094$0$1,094
Advertising$0$702$0$702
Information Technology$382$0$0$382
Office Expenses$0$186$0$186
All Other Expenses$0$163$0$163
Total Functional Expenses$254,585$6,938$0$261,523
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
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 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

Part VI, Line 2

Sharleen Chiyeko Higa is the spouse of our founder and key employee Michael Guardabascio. Sharleen is an important member of our Board of Directors and provides invaluable leadership and direction for our mission and work. Her experience as a public school educator is extremely valuable to our Board and leadership. Sharleen recuses herself from voting and decision making concerning Mr. Guardabascio's employment compensation or benefits.

Part VI, Line 12C

Each member of the board of directors is required to annually provide a signed Conflict of Interest Disclosure Form.

Part VI, Line 15

Comparisons of compensation for local journalists editors and industry leaders are evaluated each year. Our staff salaries are always below industry average for the duties performed.

Part VI, Line 18

Governing documents conflict of interest policy and financial statements are available to the public. Any member of the community can request these documents and we regularly provide copies of these documents to our funding partners and stakeholders in the community.

Part VI, Line 19

Governing documents conflict of interest policy and financial statements are available to the public. Any member of the community can request these documents and we regularly provide copies of these documents to our funding partners and stakeholders in the community.

Filing and Contact Details

Filer

Filer Name
The562 Network Inc
EIN
82-4314833
In Care Of
% Andrew J Kerr
Phone
5622341740
Address
5940 E WALTON ST, LONG BEACH, CA 90815-1352

Signing Officer

Name
Andrew J Kerr
Title
President
Signed
2023-05-11
Discuss with paid preparer
No

Organization Details

Formed
2018
Legal Domicile
CA
Voting Board Members
10
Independent Board Members
10
Employees
3
Volunteers
10
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IRS990/Form990PartVIISectionAGrp/TitleTxt0Founder Editor
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Development Director Associate Editor
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7President Chairperson of the Board
IRS990/Form990PartVIISectionAGrp/TitleTxt8Treasurer Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt9Secretary
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IRS990/Form990PartVIISectionAGrp/TitleTxt12Director
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IRS990/MissionDesc0This Corporation is a nonprofit public benefit corporation and is not organized for the private gain of any person. It is organized under the Nonprofit Public Benefit Corporation Law for public purposes. The specific purpose of this Corporation is to be a community-funded nonprofit news organization covering the greater Long Beach area and its students: Writers photographers and videographers cover youth and amateur sports in and around the city. The coverage provides the community with information and the student-athletes with free exposure without the business side of college recruiting services. The Corporation staff also spends time in classrooms with young and aspiring high school and college journalists to help give them the skills to succeed in the professional world. The Corporation's website will feature multimedia content and coverage of local sports including articles videos and photographs.
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