Civic Intelligence

Thread Inc.

990 • Fiscal year 2020 • EIN 84-1700955

Jul 01, 2019 to Jun 30, 2020 • Filed on May 10, 2021

Organization ProfileWWW.THREAD.ORG

View Organization Page

2401 Liberty Heights AvenueBaltimore, MD 21215

(410) 660-8343

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.08x

Higher debt load relative to assets than 33% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

51st percentile

0.30x

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

5th percentile

-65%

Higher net margin than 5% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2020

Asset Growth

6th percentile

-11%

Faster asset growth than 6% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

4th percentile

-61%

Faster revenue growth than 4% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Down

$11,402,223

Down $1,374,303 (-11%) from 2019

Net Assets

Down

$10,460,350

Down $2,036,740 (-16%) from 2019

Liabilities

Up

$941,873

Up $662,437 (+237%) from 2019

Revenue And Expenses
Liabilities / Revenue51st percentileNet Margin5th percentile

Revenue

Down

$3,151,471

Down $4,949,154 (-61%) from 2019

Expenses

Up

$5,188,211

Up $272,259 (+5.5%) from 2019

Net Income

Down

-$2,036,740

Down $5,221,413 (-164%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth6th percentile

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

$15M$10M$5.0M$0Assets 2011: $212,816Liabilities 2011: $0Net Assets 2011: $212,8162011Assets 2012: $780,454Liabilities 2012: $23,056Net Assets 2012: $757,3982012Assets 2013: $763,137Liabilities 2013: $14,958Net Assets 2013: $748,1792013Assets 2014: $838,567Liabilities 2014: $48,037Net Assets 2014: $790,5302014Assets 2015: $1,924,200Liabilities 2015: $20,425Net Assets 2015: $1,903,7752015Assets 2016: $2,499,190Liabilities 2016: $115,554Net Assets 2016: $2,383,6362016Assets 2017: $2,855,881Liabilities 2017: $123,629Net Assets 2017: $2,732,2522017Assets 2018: $9,575,127Liabilities 2018: $262,710Net Assets 2018: $9,312,4172018Assets 2019: $12,776,526Liabilities 2019: $279,436Net Assets 2019: $12,497,0902019Assets 2020: $11,402,223Liabilities 2020: $941,873Net Assets 2020: $10,460,3502020Assets 2021: $9,564,147Liabilities 2021: $383,398Net Assets 2021: $9,180,7492021Assets 2022: $7,290,497Liabilities 2022: $422,216Net Assets 2022: $6,868,2812022Assets 2023: $9,967,708Liabilities 2023: $493,003Net Assets 2023: $9,474,7052023

Highlighted filing

2020

Assets$11,402,223
Liabilities$941,873
Net Assets$10,460,350
Open 2020 Filing

Operations Trend

Revenue Growth4th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2011: $195,706Expenses 2011: $146,957Net Income 2011: $48,7492011Revenue 2012: $778,805Expenses 2012: $392,830Net Income 2012: $385,9752012Expenses 2013: $546,9712013Revenue 2014: $704,156Expenses 2014: $661,805Net Income 2014: $42,3512014Revenue 2015: $2,167,445Expenses 2015: $1,054,200Net Income 2015: $1,113,2452015Revenue 2016: $2,042,133Expenses 2016: $1,562,272Net Income 2016: $479,8612016Revenue 2017: $2,510,954Expenses 2017: $2,162,338Net Income 2017: $348,6162017Revenue 2018: $10,316,746Expenses 2018: $3,736,581Net Income 2018: $6,580,1652018Revenue 2019: $8,100,625Expenses 2019: $4,915,952Net Income 2019: $3,184,6732019Revenue 2020: $3,151,471Expenses 2020: $5,188,211Net Income 2020: -$2,036,7402020Revenue 2021: $3,507,021Expenses 2021: $4,786,622Net Income 2021: -$1,279,6012021Revenue 2022: $4,591,129Expenses 2022: $5,103,597Net Income 2022: -$512,4682022Revenue 2023: $10,037,741Expenses 2023: $7,431,317Net Income 2023: $2,606,4242023

Highlighted filing

2020

Revenue$3,151,471
Expenses$5,188,211
Net Income-$2,036,740
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 10, 2021
Return Version
2019v5.2
Gross Receipts
$3,153,524
Mission and Program Overview

Mission

Thread engages underperforming high school students confronting significant barriers outside of the classroom by providing each one with a family of committed volunteers and increased access to community resources. We foster students' academic advancement and personal growth into self-motivated, resilient and responsible citizens.

Supports young people facing the most significant opportunity and achievement gaps.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$8,002,079$4,205,597▼ $3,796,482
Investments Other Securities$1,500,000$3,000,000▲ $1,500,000
Savings and Temporary Cash Investments$1,238,553$2,417,417▲ $1,178,864
Cash and Non-Interest-Bearing Accounts$1,908,863$1,490,194▼ $418,669
Prepaid Expenses and Deferred Charges$103,867$255,698▲ $151,831
Land, Buildings, and Equipment, Net$23,164$33,317▲ $10,153
Total Assets$12,776,526$11,402,223▼ $1,374,303
Liabilities
Other Liabilities$18,655$627,925▲ $609,270
Accounts Payable and Accrued Expenses$260,781$313,948▲ $53,167
Total Liabilities$279,436$941,873▲ $662,437
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,979,690$6,373,120▲ $1,393,430
Net Assets With Donor Restrictions$7,517,400$4,087,230▼ $3,430,170
Total Net Assets Fund Balance$12,497,090$10,460,350▼ $2,036,740
Total Liabilities and Net Assets / Fund Balance$12,776,526$11,402,223▼ $1,374,303

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$0$96,087$96,087
Equipment$33,317$47,385$80,702
Closely Held Equity Interests$3,000,000--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah HemmingerCEOFT$160,000$6,974$166,974
Lea FergusonVice PresidentFT$136,682$3,321$140,003
Allison BuchalterVice PresidentFT$125,054$10,332$135,386
Nicholas GreerVice PresidentFT$131,679$2,698$134,377
Delshan BakerVice PresidentFT$119,039$2,985$122,024

Board Members and Trustees

NameTitle
Dia SimmsCo-chair
Jeff CohenCo-chair
Aaron CopelandBoard Member
Cheryl BoyerBoard Member
Delora SanchezBoard Member
Jan HouboltBoard Member
Krishna PotarazuBoard Member
Michelle LeffBoard Member
Patricia LattinBoard Member
Ryan HemmingerBoard Member
Heather BenzSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$3,079,148
Program Service Revenue
$2,063
Investment Income
$15,842
Other Revenue
$54,418
All Other Contributions
$2,810,211
Change in Net Assets
$-2,036,740

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,097,053
Revenue Not Reported on Financial Statements
$54,418
Revenue Not Reported on Form 990
$315,765
Other Revenue Adjustments
$54,418
Total Revenue per Audited Statements
$3,412,818
Total Revenue per Form 990
$3,151,471
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,056,028
Other Expenses$1,132,183
Total Fundraising Expense$267,227
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,822,697$405,087$146,376$3,374,160
Payroll Taxes$235,020$32,520$14,318$281,858
Other Employee Benefits$207,019$25,403$7,588$240,010
Fees for Services Other$168,808$45,179$16,583$230,570
Current Officers, Directors, Trustees, and Key Employees$112,000$8,000$40,000$160,000
All Other Expenses$102,547$2,715$1,466$106,728
Office Expenses$74,440$5,838$15,758$96,036
Travel$44,275$1,361$2,340$47,976
Information Technology$38,110$3,871$2,506$44,487
Insurance$33,844$4,579$2,353$40,776
Other Expenses$33,706$4,583$2,342$40,631
Occupancy$31,540$4,267$2,193$38,000
Depreciation Depletion$16,188$2,190$1,125$19,503
Advertising$13,228$668$762$14,658
Fees for Services Accounting-$8,600-$8,600
Total Functional Expenses$4,307,302$613,682$267,227$5,188,211

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,449,558
Expenses per Audited Statements$5,188,211
Total Expenses per Form 990$5,188,211
Expenses Not Reported on Form 990$261,347
Expenses Not Reported on Financial Statements$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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Sarah HemmingerChief Executive OfficerRyan Hemminger Is a Member of the Board of Directors. the Organization Employs Sarah Hemminger as Chief Executive Officer. Mr. and Dr. Hemminger Are Married.No$160,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Paycheck Protection Program Loan$616,990
Capital Lease Payable$10,935
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
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 A, Line 2

“Sarah hemminger, who is the ceo, has a family relationship with ryan hemminger, who is a member of the board of directors.”

Form 990, Part VI, Section B, Line 11B

“The organization's form 990 is reviewed by the ceo and finance committee before it is filed. A full copy of the form 990 is also emailed to the entire board of directors for their review and approval prior to filing.”

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

“The organization's bylaws require a yearly conflict of interest signed by the officers and board of directors. This conflict of interest statement is signed at the first board meeting of the year in the first fiscal quarter of the year.”

Form 990, Part VI, Section B, Line 15

“Compensation of executive director is reviewed and approved by board of directors. Top management is reviewed and determined by executive director and approved by board of directors.”

Form 990, Part VI, Section C, Line 19

“Governing documents and financial statements are available for inspection at the organization upon request. They are also available from the office of the secretary of the state filed with our annual maryland charitable registration. Our conflict of interest policy is available for inspection at the organization upon request.”

Filing and Contact Details

Filer

Filer Name
Thread Inc
EIN
84-1700955
Phone
4106608343
Address
2401 LIBERTY HEIGHTS AVENUE, BALTIMORE, MD 21215

Signing Officer

Name
Sarah Hemminger
Title
Chief Executive Officer
Phone
4106608343
Signed
2021-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Sarah Hemminger
Formed
2006
Legal Domicile
Md
Voting Board Members
11
Independent Board Members
10
Employees
111
Volunteers
1,288

Preparer

Firm
Katz Abosch
Address
9690 DEERECO RD STE 500, TIMONIUM, MD 21093
Preparer
Clem Mueller CPA
Phone
4108286432
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The organization has a finance committee which assumes responsibility for the audit. The organization has not changed its oversight process during the year or selection process for an independent accountant during the year.”

Financial Statement Notes

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“BAD DEBT RECOVERY”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“BAD DEBT RECOVERY”

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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/Desc0THREAD INTERVENES IN THE 9TH GRADE AND DISRUPTS THE PATTERN OF ISOLATION THAT LEADS TO ACADEMIC UNDERPERFORMANCE, ENROLLING STUDENTS WHO RANK IN THE BOTTOM 25% OF THEIR CLASS AND WHO FACE AN ABUNDANCE OF CHALLENGES OUTSIDE OF THE CLASSROOM. STUDENTS REMAIN IN THREAD FOR 10 YEARS, SURROUNDED BY A GROUP OF UP TO FOUR VOLUNTEERS - A THREAD FAMILY - THAT PROVIDES THE STUDENT WITH CONTINUOUS SUPPORT AND INCREASED ACCESS TO COMMUNITY RESOURCES WHILE DEEPLY ENRICHING THE LIVES OF COMMITTED VOLUNTEERS. ONCE ENROLLED, THREAD COMMITS TO NEVER GIVING UP ON A SINGLE STUDENT, AND OUR STUDENTS CONSISTENTLY DEFY THE ODDS. THREAD STUDENTS COMPLETE HIGH SCHOOL AT A RATE TEN TIMES THAT OF SIMILAR PEERS.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$11,402,223
Liabilities
$941,873
Net assets
$10,460,350
Revenue
$3,151,471
Expenses
$5,188,211
Net income
-$2,036,740
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$9.97$0.49$9.47$10.0$7.43$2.61
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.29$0.42$6.87$4.59$5.10$0.51
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.56$0.38$9.18$3.51$4.79$1.28
2020Detailed filing. Detailed filing data is available for this year.$11.4$0.94$10.5$3.15$5.19$2.04
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.8$0.28$12.5$8.10$4.92$3.18
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.58$0.26$9.31$10.3$3.74$6.58
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.86$0.12$2.73$2.51$2.16$0.35
2016Detailed filing. Detailed filing data is available for this year.$2.50$0.12$2.38$2.04$1.56$0.48
2015Detailed filing. Detailed filing data is available for this year.$1.92$0.02$1.90$2.17$1.05$1.11
2014Summary only. Only limited summary data is available for this year.$0.84$0.05$0.79$0.70$0.66$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.76$0.01$0.75$0.55
2012Summary only. Only limited summary data is available for this year.$0.78$0.02$0.76$0.78$0.39$0.39
2011Summary only. Only limited summary data is available for this year.$0.21$0.00$0.21$0.20$0.15$0.05