Civic Intelligence

Thread Inc.

990 • Fiscal year 2023 • EIN 84-1700955

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.THREAD.ORG

View Organization Page

2401 Liberty Heights Avenue 2730Baltimore, MD 21215

(410) 660-8343

Siviq Scores

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

Liabilities / Assets

29th percentile

0.05x

Higher debt load relative to assets than 29% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

18th percentile

0.05x

Higher debt load relative to revenue than 18% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

81st percentile

26%

Higher net margin than 81% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

67th percentile

$236,140

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

87th percentile

37%

Faster asset growth than 87% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

94th percentile

119%

Faster revenue growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets29th percentile

Assets

Flat

$9,967,708

Flat from 2023

Net Assets

Flat

$9,474,705

Flat from 2023

Liabilities

Flat

$493,003

Flat from 2023

Revenue And Expenses
Liabilities / Revenue18th percentileNet Margin81st percentile

Revenue

Flat

$10,037,741

Flat from 2023

Expenses

Flat

$7,431,317

Flat from 2023

Net Income

Flat

$2,606,424

Flat from 2023

Historical Trend

Balance Sheet Trend

Asset Growth87th 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: $9,474,7052023Assets 2023: $9,967,708Liabilities 2023: $493,003Net Assets 2023: $9,474,7052023

Highlighted filing

2023

Assets$9,967,708
Liabilities$493,003
Net Assets$9,474,705
Open 2023 Filing

Operations Trend

Revenue Growth94th 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: $2,606,4242023Revenue 2023: $10,037,741Expenses 2023: $7,431,317Net Income 2023: $2,606,4242023

Highlighted filing

2023

Revenue$10,037,741
Expenses$7,431,317
Net Income$2,606,424
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$10,158,846
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
Savings and Temporary Cash Investments$4,265,978$5,256,646▲ $990,668
Pledges and Grants Receivable$677,701$2,831,020▲ $2,153,319
Investments Other Securities$1,800,000--
Intangible Assets-$1,620,000-
Cash and Non-Interest-Bearing Accounts$366,908$124,671▼ $242,237
Prepaid Expenses and Deferred Charges$156,347$77,058▼ $79,289
Land, Buildings, and Equipment, Net$23,563$58,313▲ $34,750
Total Assets$7,290,497$9,967,708▲ $2,677,211
Liabilities
Accounts Payable and Accrued Expenses$422,216$493,003▲ $70,787
Total Liabilities$422,216$493,003▲ $70,787
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,913,613$6,643,685▲ $730,072
Net Assets With Donor Restrictions$954,668$2,831,020▲ $1,876,352
Total Net Assets Fund Balance$6,868,281$9,474,705▲ $2,606,424
Total Liabilities and Net Assets / Fund Balance$7,290,497$9,967,708▲ $2,677,211

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$58,313$79,505$137,818
Other Land Buildings$0$56,260$56,260
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah HemmingerCEO & Co-founderFT$232,957$3,183$236,140
Allison BuchalterVP of InvolvementFT$159,795$32,762$192,557
Nicholas GreerVP of InterconnectionFT$161,831$22,095$183,926
Roland SelbyManaging Director, InvestmentFT$135,439$27,875$163,314
Jordan WagnerDirector of Data Strategy and OperationsFT$124,328$5,613$129,941

Board Members and Trustees

NameTitle
Aaron CopelandCo-chair
Jeff CohenCo-chair
Angel PerezBoard Member
Barry WilliamsBoard Member
Cheryl BoyerBoard Member
Destiny-simone Ramjohn PhdBoard Member
Dhaujee RoseBoard Member
Jan HouboltBoard Member
Marjorie Rodgers CheshireBoard Member
Michelle LeffBoard Member
Ryan HemmingerBoard Member
Heather BenzSecretary
Krishna PotarazuTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$9,923,571
Program Service Revenue
$0
Investment Income
$110,661
Other Revenue
$3,509
All Other Contributions
$9,138,571
Change in Net Assets
$2,606,424

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded1$121,105Market Quote
Total Noncash Contributions1$121,105-

Audited Revenue Reconciliation

Revenue per Audited Statements
$10,037,741
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$181,200
Total Revenue per Audited Statements
$10,218,941
Total Revenue per Form 990
$10,037,741
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,498,252
Other Expenses$1,933,065
Total Fundraising Expense$368,896
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,845,158$382,155$204,560$4,431,873
Fees for Services Other$391,143$154,308$18,642$564,093
Other Employee Benefits$418,052$42,355$27,150$487,557
Payroll Taxes$309,940$31,402$20,129$361,471
Current Officers, Directors, Trustees, and Key Employees$141,278$21,735$54,338$217,351
Depreciation Depletion$191,131$750$625$192,506
Travel$169,107$1,427$4,476$175,010
All Other Expenses$93,265$29,005$3,687$125,957
Occupancy$69,614$4,663$3,886$78,163
Insurance$44,911$3,028$2,523$50,462
Other Expenses$45,967$17$449$46,433
Fees for Services Accounting-$18,935-$18,935
Information Technology$8,502$2,012$655$11,169
Advertising$9,911-$1,079$10,990
Total Functional Expenses$6,352,413$710,008$368,896$7,431,317

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,612,517
Expenses per Audited Statements$7,431,317
Total Expenses per Form 990$7,431,317
Expenses Not Reported on Form 990$181,200
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 and Co-founder of the Organization. the Organization Employs Sarah Hemminger as Chief Executive Officer. Mr. and Dr. Hemminger Are Married.No$217,350
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
Yes
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 and co-founder of the organization.”

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 statement to be 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 the ceo is reviewed and approved by board of directors. Top management is reviewed and determined by the ceo and approved by the 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 2730, BALTIMORE, MD 21215

Signing Officer

Name
Dr Sarah Hemminger
Title
Chief Executive Officer
Phone
4106608343
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Sarah Hemminger
Formed
2006
Legal Domicile
Md
Voting Board Members
13
Independent Board Members
12
Employees
81
Volunteers
648

Preparer

Firm
Katz Abosch
Address
9690 DEERECO RD STE 500, TIMONIUM, MD 21093
Preparer
Lauren K Owoc 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.”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt3TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13CEO & CO-FOUNDER
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP OF INVOLVEMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP OF INTERCONNECTION
IRS990/Form990PartVIISectionAGrp/TitleTxt16MANAGING DIRECTOR, INVESTMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR OF DATA STRATEGY AND OPERATIONS
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IRS990/MinutesOfCommitteesInd01
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IRS990/MissionDesc0THREAD HARNESSES THE POWER OF RELATIONSHIPS TO CREATE A NEW SOCIAL FABRIC OF DIVERSE INDIVIDUALS DEEPLY ENGAGED WITH YOUNG PEOPLE FACING THE MOST SIGNIFICANT OPPORTUNITY AND ACHIEVEMENT GAPS. OUR COMMUNITY IS COMMITTED TO ENDING SOCIAL ISOLATION AND BUILDING A MORE EQUITABLE CULTURE IN WHICH EVERYONE THRIVES.
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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt06643685
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IRS990/OtherExpensesGrp/Desc1SUPPLIES
IRS990/OtherExpensesGrp/Desc2CONTRACTED LABOR
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IRS990/OtherExpensesGrp/FundraisingAmt18083
IRS990/OtherExpensesGrp/FundraisingAmt25998
IRS990/OtherExpensesGrp/FundraisingAmt3449
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03864
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt317
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IRS990/OtherExpensesGrp/ProgramServicesAmt292360
IRS990/OtherExpensesGrp/ProgramServicesAmt345967
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IRS990/OtherExpensesGrp/TotalAmt1178760
IRS990/OtherExpensesGrp/TotalAmt2107716
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IRS990/PayrollTaxesGrp/TotalAmt0361471
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt077058
IRS990/PrincipalOfficerNm0DR SARAH HEMMINGER
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IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYTotalProfFndrsngExpnsAmt00
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IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt02606424
IRS990/RegularMonitoringEnfrcInd01
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IRS990/RelatedOrganizationCtrlEntInd00
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IRS990/ReportLandBuildingEquipmentInd01
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IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt03509
IRS990/SavingsAndTempCashInvstGrp/BOYAmt04265978
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05256646
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0LINE 1 EXCLUDES FORGIVEN PAYCHECK PROTECTION PROGRAM FUNDS OF $616,990 AS REPORTED ON THE 2020 FORM 990, PART VIII LINE 1E, AS THE NATURE OF THIS INCOME IS UNUSUAL AND NOT LIKELY TO REPEAT IN THE FUTURE.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$9,967,708
Liabilities
$493,003
Net assets
$9,474,705
Revenue
$10,037,741
Expenses
$7,431,317
Net income
$2,606,424
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$9.97$0.49$9.47$10.0$7.43$2.61
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
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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