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.

0.21x

Higher debt load relative to assets than 68% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

0.04x

Higher debt load relative to revenue than 42% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

10%

Higher net margin than 61% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

$146,949

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 13.7% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

104%

Faster asset growth than 95% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

3.6%

Faster revenue growth than 43% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet

Liabilities / Assets68th percentile

Assets

$223,039

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

Liabilities

$45,892

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

Net Assets

$177,147

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

Operations

Liabilities / Revenue42nd percentile Net Margin61st percentile

Revenue

$1,074,242

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

Expenses

Down

$965,337

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

Net Income

$108,905

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

Trend Graphs

Balance Sheet Trend

Asset Growth95th percentile

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

Highlighted filing

2024

Assets$223,039

Liabilities$45,892

Net Assets$177,147

Open 2024 Filing

Operations Trend

Revenue Growth43rd percentile

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

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 Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net 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

SEE SCHEDULE O.

Balance Sheet Detail

Line	Beginning	End	Change
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

Asset	Book Value	Depreciation	Basis
Equipment	$6,510	$2,170	$8,680

Compensation and Service Providers

Top Officer Pay82nd percentile

Employees

Name	Title	Full / Part Time	Base	Other	Total
Diana Navarrete-Rackauckas	Executive Director	FT	$124,962	$21,987	$146,949

Board Members and Trustees

Name	Title
Stephanie Couch	President
Selvin Chambers	President & Treasurer
Kellyanne Mahoney	Vice President
Betsy Bard	Director
Carlos Lopez	Director
Emmanuella FDE	Director
Janos Stone	Director
Khari Milner	Director
Kim Walker-Chin	Director
Matt Meyersohn	Director
Michael A Shia	Director
Peter Crawley	Director
Phyllis Bretholtz	Director
Polly Carpenter	Director
Ron Peeples	Director
Joyce Chen	Secretary

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 Item	Amount
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 Item	Program	Management	Fundraising	Total
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 Item	Amount
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 Item	Amount
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 Item	Beginning	End	Change
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/TitleTxt	7	Director
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