Civic Intelligence

The Foundry Consortium Inc

EIN 84-3303528 • 501(c)3 • Cambridge, MA

Profile

The foundry is an adaptive reuse project to build a self-sustaining center for creativity and collaboration for the cambridge community. At the intersection of the kendall square innovation district and the east cambridge neighborhood, the foundry building provides space and programs for the visual and performing arts, entrepreneurship, technology, and workforce education within its historic, industrial setting. The foundry facilitates access for residents, especially underrepresented communities and adjacent neighborhoods, to the dynamic working and learning environment of kendall square.

101 Rogers StCambridge, MA 02142

www.cambridgefoundry.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

92nd percentile

0.94x

Higher debt load relative to assets than 92% of similar nonprofits.

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

Liabilities / Revenue

84th percentile

0.13x

Higher debt load relative to revenue than 84% of similar nonprofits.

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

Net Margin

29th percentile

-12%

Higher net margin than 29% of similar nonprofits.

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

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2022

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$223,039

Up $113,903 (+104%) from 2023

Liabilities

Up

$45,892

Up $4,998 (+12%) from 2023

Net Assets

Up

$177,147

Up $108,905 (+160%) from 2023

Operations
Liabilities / Revenue84th percentileNet Margin29th percentile

Revenue

Up

$1,074,242

Up $37,779 (+3.6%) from 2023

Expenses

Down

$965,337

Down $4,259 (-0.4%) from 2023

Net Income

Up

$108,905

Up $42,038 (+63%) from 2023

Trend Graphs

Balance Sheet Trend

Asset GrowthScore unavailable

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300K$200K$100K$0Assets 2022: $24,067Liabilities 2022: $22,692Net Assets 2022: $1,3752022Assets 2023: $109,136Liabilities 2023: $40,894Net Assets 2023: $68,2422023Assets 2024: $223,039Liabilities 2024: $45,892Net Assets 2024: $177,1472024

Highlighted filing

2024

Assets$223,039
Liabilities$45,892
Net Assets$177,147
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2022: $172,300Expenses 2022: $192,263Net Income 2022: -$19,9632022Revenue 2023: $1,036,463Expenses 2023: $969,596Net Income 2023: $66,8672023Revenue 2024: $1,074,242Expenses 2024: $965,337Net Income 2024: $108,9052024

Highlighted filing

2024

Revenue$1,074,242
Expenses$965,337
Net Income$108,905
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$223,039
Liabilities
$45,892
Net assets
$177,147
Revenue
$1,074,242
Expenses
$965,337
Net income
$108,905
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.22$0.05$0.18$1.07$0.97$0.11
2023Detailed filing. Detailed filing data is available for this year.$0.11$0.04$0.07$1.04$0.97$0.07
2022Detailed filing. Detailed filing data is available for this year.$0.02$0.02$0.00$0.17$0.19$0.02
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 24, 2025
Return Version
2023v6.0
Gross Receipts
$1,074,242
Mission and Program Overview

Mission

The foundry is an adaptive reuse project to build a self-sustaining center for creativity and collaboration for the cambridge community. At the intersection of the kendall square innovation district and the east cambridge neighborhood, the foundry building provides space and programs for the visual and performing arts, entrepreneurship, technology, and workforce education within its historic, industrial setting. The foundry facilitates access for residents, especially underrepresented communities and adjacent neighborhoods, to the dynamic working and learning environment of kendall square.

SEE SCHEDULE O.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$0$107,010▲ $107,010
Cash and Non-Interest-Bearing Accounts$77,998$87,775▲ $9,777
Prepaid Expenses and Deferred Charges$19,392$14,982▼ $4,410
Accounts Receivable$3,500$6,762▲ $3,262
Land, Buildings, and Equipment, Net$8,246$6,510▼ $1,736
Savings and Temporary Cash Investments$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
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$109,136$223,039▲ $113,903
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$40,894$45,892▲ $4,998
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$40,894$45,892▲ $4,998
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$68,242$105,060▲ $36,818
Net Assets With Donor Restrictions$0$72,087▲ $72,087
Total Net Assets Fund Balance$68,242$177,147▲ $108,905
Total Liabilities and Net Assets / Fund Balance$109,136$223,039▲ $113,903

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,510$2,170$8,680
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Diana Navarrete-RackauckasExecutive DirectorFT$124,962$21,987$146,949

Board Members and Trustees

NameTitle
Stephanie CouchPresident
Selvin ChambersPresident & Treasurer
Kellyanne MahoneyVice President
Betsy BardDirector
Carlos LopezDirector
Emmanuella FDEDirector
Janos StoneDirector
Khari MilnerDirector
Kim Walker-ChinDirector
Matt MeyersohnDirector
Michael A ShiaDirector
Peter CrawleyDirector
Phyllis BretholtzDirector
Polly CarpenterDirector
Ron PeeplesDirector
Joyce ChenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$148,383
Program Service Revenue
$925,859
Investment Income
$0
Other Revenue
$0
All Other Contributions
$53,383
Change in Net Assets
$108,905

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,074,242
Total Revenue per Audited Statements
$1,074,242
Total Revenue per Form 990
$1,074,242
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$561,142
Other Expenses$404,195
Total Fundraising Expense$42,961
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$218,727$88,144$19,588$326,459
Occupancy$95,036$53,458-$148,494
Current Officers, Directors, Trustees, and Key Employees$91,937$37,049$8,233$137,219
Fees for Services Accounting$56,906$32,009-$88,915
Other Employee Benefits$38,532$15,528$3,451$57,511
Insurance$15,709$36,655-$52,364
Payroll Taxes$26,769$10,787$2,397$39,953
Office Expenses$2,366$18,926$2,366$23,658
Travel$371$6,674$371$7,416
Advertising$3,399-$1,457$4,856
Depreciation Depletion$868$868-$1,736
Other Expenses$37$11$5$53
Total Functional Expenses$599,811$322,565$42,961$965,337

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$965,337
Total Expenses per Audited Statements$965,337
Total Expenses per Form 990$965,337
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
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
No
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 8B:

“There is no other committee with the authority to act on behalf of the governing body. The board of directors is the only governing body with the authority to do so.”

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

“A copy of the 990 return is reviewed by the board of directors prior to the filing of the return.”

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

“The process of determining compensation for the executive director was made by the board of directors. The executive director serves at the will of the board. Compensation and other terms of employment are set and reviewed annually.”

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

“All documents are made available to the public upon request and per the massachusetts attorney general website.”

Filing and Contact Details

Filer

Filer Name
The Foundry Consortium Inc
EIN
84-3303528
In Care Of
% DIANA NAVARRETE-RACKAUCKAS
Phone
8572426414
Address
101 ROGERS ST, CAMBRIDGE, MA 02142

Signing Officer

Name
Diana Navarrete-rackauckas
Title
Executive Director
Phone
8572426414
Signed
2025-01-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Diana Navarrete-rackauckas
Formed
2019
Legal Domicile
Ma
Voting Board Members
16
Independent Board Members
16
Employees
6
Volunteers
0

Preparer

Firm
Withumsmithbrownpc
Address
4600 EAST WEST HWY 900, BETHESDA, MA 20814-3423
Preparer
Richard Ruvelson
Phone
3012726000
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION:

“The foundry is an adaptive reuse project to build a self-sustaining center for creativity and collaboration for the cambridge community. At the intersection of the kendall square innovation district and the east cambridge neighborhood, the foundry building provides space and programs for the visual and performing arts, entrepreneurship, technology, and workforce education within its historic, industrial setting. The foundry facilitates access for residents, especially underrepresented communities and adjacent neighborhoods, to the dynamic working and learning environment of kendall square.”

Form 990, Part XII, Line 2C

“Process has not changed from prior year.”

Financial Statement Notes

PART X, LINE 2:

“The organization is registered with the internal revenue service as an organization exempt from income tax under section 501(a) of the internal revenue code as an organization described in section 501(c)(3). Accordingly, no provision for income taxes has been made in the accompanying financial statements. Accounting principles generally accepted in the united states of america, clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. It also provides guidance on derecognition, measurement and classification of amounts relating to uncertain tax positions, accounting for and disclosure of interest and penalties, and disclosures. The organization has analyzed the tax positions taken by the organization, and has concluded that as of june 30, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The organization recognizes interest and penalties, if any, related to unrecognized tax benefits in operating expenses. There were no interest and penalties recognized for the years ended june 30, 2024 and 2023.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0Executive Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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IRS990/MissionDesc0THE FOUNDRY IS AN ADAPTIVE REUSE PROJECT TO BUILD A SELF-SUSTAINING CENTER FOR CREATIVITY AND COLLABORATION FOR THE CAMBRIDGE COMMUNITY. AT THE INTERSECTION OF THE KENDALL SQUARE INNOVATION DISTRICT AND THE EAST CAMBRIDGE NEIGHBORHOOD, THE FOUNDRY BUILDING PROVIDES SPACE AND PROGRAMS FOR THE VISUAL AND PERFORMING ARTS, ENTREPRENEURSHIP, TECHNOLOGY, AND WORKFORCE EDUCATION WITHIN ITS HISTORIC, INDUSTRIAL SETTING. THE FOUNDRY FACILITATES ACCESS FOR RESIDENTS, ESPECIALLY UNDERREPRESENTED COMMUNITIES AND ADJACENT NEIGHBORHOODS, TO THE DYNAMIC WORKING AND LEARNING ENVIRONMENT OF KENDALL SQUARE.
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