Civic Intelligence

Marcy Lab Inc.

990 • Fiscal year 2023 • EIN 83-3754699

Jul 01, 2022 to Jun 30, 2023 • Filed on Jun 26, 2024

Organization ProfileWWW.MARCYLABSCHOOL.ORG

View Organization Page

829 Jefferson AvenueBrooklyn, NY 11221

(919) 621-9388

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Balance Sheet

Assets

Up

$8,371,173

Up $3,899,007 (+87%) from 2022

Net Assets

Up

$6,511,162

Up $4,069,491 (+167%) from 2022

Liabilities

Down

$1,860,011

Down $170,484 (-8.4%) from 2022

Revenue And Expenses

Revenue

Up

$8,932,333

Up $5,179,536 (+138%) from 2022

Expenses

Up

$4,862,842

Up $2,104,868 (+76%) from 2022

Net Income

Up

$4,069,491

Up $3,074,668 (+309%) from 2022

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2019: $35,243Liabilities 2019: $02019Assets 2020: $253,476Liabilities 2020: $52,841Net Assets 2020: $200,6352020Assets 2021: $1,488,117Liabilities 2021: $41,269Net Assets 2021: $1,446,8482021Assets 2022: $4,472,166Liabilities 2022: $2,030,495Net Assets 2022: $2,441,6712022Assets 2023: $9,094,866Liabilities 2023: $1,860,011Net Assets 2023: $7,234,8552023Assets 2023: $8,371,173Liabilities 2023: $1,860,011Net Assets 2023: $6,511,1622023Assets 2024: $11,667,525Liabilities 2024: $1,949,088Net Assets 2024: $9,718,4372024

Highlighted filing

2023

Assets$8,371,173
Liabilities$1,860,011
Net Assets$6,511,162
Open 2023 Filing

Operations Trend

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

$10M$5.0M$0Revenue 2019: $35,792Expenses 2019: $549Net Income 2019: $35,2432019Revenue 2020: $452,434Expenses 2020: $287,042Net Income 2020: $165,3922020Revenue 2021: $2,149,942Expenses 2021: $903,729Net Income 2021: $1,246,2132021Revenue 2022: $3,752,797Expenses 2022: $2,757,974Net Income 2022: $994,8232022Revenue 2023: $9,656,026Expenses 2023: $4,862,842Net Income 2023: $4,793,1842023Revenue 2023: $8,932,333Expenses 2023: $4,862,842Net Income 2023: $4,069,4912023Revenue 2024: $9,707,056Expenses 2024: $6,215,574Net Income 2024: $3,491,4822024

Highlighted filing

2023

Revenue$8,932,333
Expenses$4,862,842
Net Income$4,069,491
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jun 26, 2024
Return Version
2022v5.0
Gross Receipts
$8,932,333
Mission and Program Overview

Mission

We help young people accelerate their careers. Our yearlong college alternative provides young adults from underestimated backgrounds with the skills, the habits, and the network necessary to launch a rewarding, purpose-driven career in the tech sector.

We provide a direct pathway for low -income young adults to wealth-generating technology careers through rigorous technical training and leadership development.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,180,300$3,884,073▲ $2,703,773
Savings and Temporary Cash Investments$600,779$2,299,809▲ $1,699,030
Cash and Non-Interest-Bearing Accounts$703,778$570,332▼ $133,446
Prepaid Expenses and Deferred Charges$7,125$0▼ $7,125
Accounts Receivable$0$0→ $0
Other Notes and Loans Receivable, Net$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
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$4,472,166$8,371,173▲ $3,899,007
Other Assets Total$1,980,184$1,616,959▼ $363,225
Liabilities
Other Liabilities$1,858,519$1,674,184▼ $184,335
Unsecured Notes Loans Payable$150,000$150,000→ $0
Accounts Payable and Accrued Expenses$21,976$35,827▲ $13,851
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$2,030,495$1,860,011▼ $170,484
Net Assets / Fund Balance
Net Assets With Donor Restrictions$725,648$4,048,514▲ $3,322,866
Net Assets Without Donor Restrictions$1,716,023$2,462,648▲ $746,625
Total Net Assets Fund Balance$2,441,671$6,511,162▲ $4,069,491
Total Liabilities and Net Assets / Fund Balance$4,472,166$8,371,173▲ $3,899,007

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$226,868--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Reuben OgbonnaCo-Founder & Exec. DirectorFT$147,275-$147,275
Thuyan DuongVP, Software Engineering FelloFT$139,010$7,797$146,807
Maya Bhattacharjee-MarcantonioCo-Founder & Chief Prog. Off.FT$141,450-$141,450
Travis FoxHead of Strategic PartnershipsFT$115,644$8,450$124,094
Ashley LuskySenior Director, Finance & HRFT$109,241$7,747$116,988

Board Members and Trustees

NameTitle
Aankit PatelChair & Secretary
Aaron GloverDirector
Nadja ShawDirector
Robert MorseDirector as of 8/19/22
Tiffany MerriweatherDirector as of 8/19/22
Enmanuel De La NuezDirector thru 10/20/22
Itzel RendonDirector thru 6/8/23
Tyler LambeTREASURER as of 8/19/22
Revenue and Support

Revenue Composition

Contributions and Grants
$8,639,593
Program Service Revenue
$292,364
Investment Income
$376
Other Revenue
$0
All Other Contributions
$8,608,273
Change in Net Assets
$4,069,491

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,932,333
Total Revenue per Audited Statements
$8,932,333
Total Revenue per Form 990
$8,932,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,752,597
Other Expenses$2,110,245
Total Fundraising Expense$126,147
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$798,369$223,125$33,090$1,054,584
Payroll Taxes$719,820$238,292$21,354$979,466
Current Officers, Directors, Trustees, and Key Employees$325,243$152,568-$477,811
Depreciation Depletion$413,801--$413,801
Fees for Services Other$230,152$173,479$10,000$413,631
Other Employee Benefits$175,599$54,618$5,403$235,620
Information Technology$124,961$55,923-$180,884
Other Expenses$113,965$128,205$9,698$128,205
Travel$42,741$21,049-$63,790
Fees for Services Accounting-$55,539-$55,539
Conferences and Meetings-$2,000$46,438$48,438
Occupancy$29,792--$29,792
Office Expenses$24,367$861-$25,228
Insurance-$15,614-$15,614
Advertising$5,612$3,165-$8,777
All Other Expenses$5,907$763-$6,670
Pension Plan Contributions$3,882$1,070$164$5,116
Fees for Services Legal-$645-$645
Total Functional Expenses$3,590,105$1,146,590$126,147$4,862,842

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,862,842
Total Expenses per Audited Statements$4,862,842
Total Expenses per Form 990$4,862,842
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$1,674,184
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
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

FORM 990, PART VI, SECTION B, LINE 11B:

“The form 990 is reviewed by the board treasurer and is distributed to the full board prior to filing with the irs.”

FORM 990, PART VI, SECTION B, LINE 15A & 15B:

“The organization gathers compensation data through form 990's of similar organizations and publicly available salary surveys which senior management uses to assess whether salary ranges are appropriate. All employee salaries are reviewed and approved by the full board of directors during the annual budget process and executive session.”

FORM 990, PART VI, SECTION C, LINE 19:

“The governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Marcy Lab Inc
EIN
83-3754699
In Care Of
% REUBEN OGBONNA
Phone
9196219388
Address
829 JEFFERSON AVENUE, BROOKLYN, NY 11221

Signing Officer

Name
Reuben Ogbonna
Title
co-founder & ED
Phone
9196219388
Signed
2024-06-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Reuben Ogbonna
Formed
2019
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
66
Volunteers
100

Preparer

Firm
Bdo USA
Address
200 PARK AVENUE 38TH FLOOR, NEW YORK, NY 10166
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, HEADER, ITEM B, AMENDED RETURN:

“THE ACCOMPANYING 2022 FORM 990 WAS AMENDED TO REFLECT FINANCIAL DATA AS PER THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS WHICH BECAME AVAILABLE AFTER FORM 990 WAS ORIGINALLY PREPARED AND FILED. THE ORIGINAL 2022 FORM 990 WAS PREPARED FROM DRAFT FINANCIAL DATA. THE AMENDED FORM 990 REPORTS THE FOLLOWING CHANGES FROM FORM 990 AS ORIGINALLY REPORTED: as originally Form 990 reported as amended PART I, CURRENT YEAR: Part i, line 8 9,163,286. 8,639,593. Part i, line 9 492,364. 292,364. Part i, line 20 9,094,866 8,371,173 Part i, line 22 7,234,855 6,511,162 PART III: LINE 4A, REVENUE 492,364 292,364 PART VIII: LINE 1f 9,131,966 8,608,273 LINE 2A 492,364 292,364 PART X: LINE 3 4,607,766 3,884,073 LINE 16 9,094,866 8,371,173 LINE 27 2,724,855 2,462,648 LINE 28 4,510,000 4,048,514 SCH A, Part II: UPDATED PER PART VIII REPORTING. SCH B: REMOVE DONOR: BEDFORD STUYVESANT RESTORATION CORPORTION FROM LINE 6. SCH D, PART XI: UPDATED PER THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS”

Financial Statement Notes

SCHEDULE D, Part X, Line 2:

“The Organization was incorporated in the state of New York and is exempt from federal, state, and local income taxes under Section 501(c)(3) of the Code and, therefore, has made no provision for income taxes in the accompanying statements of financial position. In addition, the Organization has not taken an unsubstantiated tax position that would require provision of a liability under GAAP. Under GAAP, an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not the position will be sustained upon examination by a taxing authority. The Organization does not believe that there are any material uncertain tax positions and, accordingly, has not recognized any liability for unrecognized tax benefits. The Organization has filed IRS Form 990, as required, and all other applicable returns in jurisdictions when it is required. For the year ended June 30, 2023, there was no income that was subject to unrelated business income tax, and there were no interest or penalties recorded or included in the financial statements.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Co-Founder & Exec. Director
IRS990/Form990PartVIISectionAGrp/TitleTxt1VP, Software Engineering Fello
IRS990/Form990PartVIISectionAGrp/TitleTxt2Co-Founder & Chief Prog. Off.
IRS990/Form990PartVIISectionAGrp/TitleTxt3Head of Strategic Partnerships
IRS990/Form990PartVIISectionAGrp/TitleTxt4Senior Director, Finance & HR
IRS990/Form990PartVIISectionAGrp/TitleTxt5Chair & Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt6TREASURER as of 8/19/22
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director as of 8/19/22
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director as of 8/19/22
IRS990/Form990PartVIISectionAGrp/TitleTxt10Director thru 6/8/23
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Director thru 10/20/22
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IRS990/InformationTechnologyGrp/TotalAmt0180884
IRS990/InsuranceGrp/ManagementAndGeneralAmt015614
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE MARCY LAB SCHOOL HAS ONE CLEAR AND CRITICAL MISSION: TO CREATE AN ALTERNATIVE PATHWAY TO HIGH-GROWTH TECHNOLOGY CAREERS FOR YOUNG ADULTS FROM UNDERESTIMATED BACKGROUNDS. WE PROVIDE OUR STUDENTS WITH TECHNICAL TRAINING, LEADERSHIP DEVELOPMENT, AND DIRECT ACCESS TO EMPLOYMENT OPPORTUNITIES IN SOME OF THE FASTEST-GROWING SECTORS OF THE GLOBAL ECONOMY. IN DOING SO, WE CREATE ECONOMIC MOBILITY FOR OUR STUDENTS AND CREATE THE STRONGEST PIPELINE OF DIVERSE ENGINEERING TALENT IN THE COUNTRY.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt06511162
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
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IRS990/OccupancyGrp/ProgramServicesAmt029792
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0861
IRS990/OfficeExpensesGrp/ProgramServicesAmt024367
IRS990/OfficeExpensesGrp/TotalAmt025228
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt01616959
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt05403
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt054618
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0175599
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0235620
IRS990/OtherExpensesGrp/Desc0STUDENT STIPENDS
IRS990/OtherExpensesGrp/Desc1FACILITIES OTHER VENDORS
IRS990/OtherExpensesGrp/Desc2MEALS AND ENTERTAINMENT
IRS990/OtherExpensesGrp/Desc3PROFESSIONAL LEARNING
IRS990/OtherExpensesGrp/FundraisingAmt09698
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt019674
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1128205
IRS990/OtherExpensesGrp/ProgramServicesAmt0388036
IRS990/OtherExpensesGrp/ProgramServicesAmt1187858
IRS990/OtherExpensesGrp/ProgramServicesAmt2113965
IRS990/OtherExpensesGrp/TotalAmt0388036
IRS990/OtherExpensesGrp/TotalAmt1187858
IRS990/OtherExpensesGrp/TotalAmt2143337
IRS990/OtherExpensesGrp/TotalAmt3128205
IRS990/OtherLiabilitiesGrp/BOYAmt01858519
IRS990/OtherLiabilitiesGrp/EOYAmt01674184
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0223125
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0798369
IRS990/OtherSalariesAndWagesGrp/TotalAmt01054584
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt021354
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0238292
IRS990/PayrollTaxesGrp/ProgramServicesAmt0719820
IRS990/PayrollTaxesGrp/TotalAmt0979466
IRS990/PensionPlanContributionsGrp/FundraisingAmt0164
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01070
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt03882
IRS990/PensionPlanContributionsGrp/TotalAmt05116
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IRS990/PYInvestmentIncomeAmt079
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01368705
IRS990/PYOtherRevenueAmt0250
IRS990/PYProgramServiceRevenueAmt080130
IRS990/PYRevenuesLessExpensesAmt0994823
IRS990/PYSalariesCompEmpBnftPaidAmt01389269
IRS990/PYTotalExpensesAmt02757974
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03752797
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IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt04069491
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IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
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IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0292364
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0600779
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02299809
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt08639593
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt03672338
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt02142578
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0451738
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt035792
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt014942039
IRS990ScheduleA/GovtFurnSrvcFcltsVl170Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0376

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,371,173
Liabilities
$1,860,011
Net assets
$6,511,162
Revenue
$8,932,333
Expenses
$4,862,842
Net income
$4,069,491
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$11.7$1.95$9.72$9.71$6.22$3.49
2023Detailed filing. Detailed filing data is available for this year.$9.09$1.86$7.23$9.66$4.86$4.79
2023Detailed filing. Detailed filing data is available for this year.$8.37$1.86$6.51$8.93$4.86$4.07
2022Detailed filing. Detailed filing data is available for this year.$4.47$2.03$2.44$3.75$2.76$0.99
2021Detailed filing. Detailed filing data is available for this year.$1.49$0.04$1.45$2.15$0.90$1.25
2020Detailed filing. Detailed filing data is available for this year.$0.25$0.05$0.20$0.45$0.29$0.17
2019Summary only. Only limited summary data is available for this year.$0.04$0.00$0.04$0.00$0.04