Civic Intelligence

Colorwave Project Inc

EIN 85-4072043 • 501(c)3 • Berkeley, CA

Profile

The Colorwave Project, Inc. dba Colorwave is organized and operated for educational purposes for underrepresented professionals in the startup and high-growth business sector. Our organization leads an eight-week leadership program to help educate, support and train underrepresented, primarily low income, first generation professionals on how America's startup and high-growth business sector works, how to attain jobs within the industry, and gain financial security through employment and entrepreneurship.

2400C Bancroft WayBerkeley, CA 94704-1609

www.thecolorwave.org

Siviq Scores

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

Liabilities / Assets

56th percentile

0.03x

Higher debt load relative to assets than 56% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

45th percentile

0.01x

Higher debt load relative to revenue than 45% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

66th percentile

14%

Higher net margin than 66% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

92nd percentile

$37,081

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 18.6% of source-year revenue.

501(c)3 • $500k-$1M nonprofits • Source year 2021

Asset Growth

94th percentile

101%

Faster asset growth than 94% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

44th percentile

3.5%

Faster revenue growth than 44% of similar nonprofits.

501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets56th percentile

Assets

Down

$36,158

Down $132,831 (-79%) from 2023

Liabilities

Down

$2,827

Down $2,827 (-50%) from 2023

Net Assets

Down

$33,331

Down $130,004 (-80%) from 2023

Operations
Liabilities / Revenue45th percentileNet Margin66th percentile

Revenue

Down

$450,223

Down $171,278 (-28%) from 2023

Expenses

Up

$580,227

Up $46,007 (+8.6%) from 2023

Net Income

Down

-$130,004

Down $217,285 (-249%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth94th percentile

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

$200K$150K$100K$50K$0Assets 2021: $41,071Liabilities 2021: $9,138Net Assets 2021: $31,9332021Assets 2022: $83,939Liabilities 2022: $8,305Net Assets 2022: $75,6342022Assets 2023: $168,989Liabilities 2023: $5,654Net Assets 2023: $163,3352023Assets 2024: $36,158Liabilities 2024: $2,827Net Assets 2024: $33,3312024

Highlighted filing

2024

Assets$36,158
Liabilities$2,827
Net Assets$33,331
Open 2024 Filing

Operations Trend

Revenue Growth44th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2021: $199,635Expenses 2021: $167,702Net Income 2021: $31,9332021Revenue 2022: $600,205Expenses 2022: $557,619Net Income 2022: $42,5862022Revenue 2023: $621,501Expenses 2023: $534,220Net Income 2023: $87,2812023Revenue 2024: $450,223Expenses 2024: $580,227Net Income 2024: -$130,0042024

Highlighted filing

2024

Revenue$450,223
Expenses$580,227
Net Income-$130,004
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$36,158
Liabilities
$2,827
Net assets
$33,331
Revenue
$450,223
Expenses
$580,227
Net income
-$130,004
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.36$0.03$0.33$4.50$5.80$1.30
2023Detailed filing. Detailed filing data is available for this year.$1.69$0.06$1.63$6.22$5.34$0.87
2022Detailed filing. Detailed filing data is available for this year.$0.84$0.08$0.76$6.00$5.58$0.43
2021Detailed filing. Detailed filing data is available for this year.$0.41$0.09$0.32$2.00$1.68$0.32
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 15, 2025
Return Version
2024v5.0
Gross Receipts
$450,223
Mission and Program Overview

Mission

The Colorwave Project, Inc. dba Colorwave is organized and operated for educational purposes for underrepresented professionals in the startup and high-growth business sector. Our organization leads an eight-week leadership program to help educate, support and train underrepresented, primarily low income, first generation professionals on how America's startup and high-growth business sector works, how to attain jobs within the industry, and gain financial security through employment and entrepreneurship.

The Colorwave Project, Inc. dba Colorwave is organized and operated for educational purposes for underrepresented professionals in the startup and high-growth business sector. Our organization leads an eight-week leadership program to help educate, support and train underrepresented, primarily low-income, first-generation professionals on how America's startup and high-growth business sector works, how to attain jobs within the industry, and gain financial security through employment and entrepreneurship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$163,335$33,331▼ $130,004
Cash and Non-Interest-Bearing Accounts$145,222$30,267▼ $114,955
Accounts Receivable$23,000$5,124▼ $17,876
Prepaid Expenses and Deferred Charges$767$767→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$168,989$36,158▼ $132,831
Liabilities
Accounts Payable and Accrued Expenses$5,191$2,723▼ $2,468
Other Liabilities$463$104▼ $359
Total Liabilities$5,654$2,827▼ $2,827
Net Assets / Fund Balance
Total Net Assets Fund Balance$163,335$33,331▼ $130,004
Total Liabilities and Net Assets / Fund Balance$168,989$36,158▼ $132,831
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Lorenzo CastilloChief Impact OfficerFT$121,341$14,576$135,917
John RousselCEOFT$108,334$2,638$110,972
Sasha MackDirector of Partnerships & MarketingFT$95,833$13,129$108,962

Board Members and Trustees

NameTitle
Leandrew RobinsonPresident
Joey ZwillingerVice President
Jose LopezBoard Member
Lena McAfee YoungBoard Member
Sadasia McCutchenBoard Member
David StarkSecretary
Josh FisherTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$450,223
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$450,223
Change in Net Assets
$-130,004
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$384,364
Other Expenses$195,863
Total Fundraising Expense$2,234
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$217,174--$217,174
Current Officers, Directors, Trustees, and Key Employees$86,667$21,667-$108,334
Payroll Taxes$23,458$2,606-$26,064
Other Employee Benefits$19,422$2,158-$21,580
Fees for Services Management$18,328--$18,328
Pension Plan Contributions$10,091$1,121-$11,212
Fees for Services Accounting-$9,000-$9,000
Insurance$7,665$852-$8,517
Travel$5,433$604-$6,037
Advertising$5,600--$5,600
Other Expenses$0$0$2,234$2,234
Office Expenses$893$757-$1,650
Fees for Services Legal-$850-$850
Occupancy$400--$400
Total Functional Expenses$534,784$43,209$2,234$580,227
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Payroll deduction-401K$104
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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

“A draft of the Form 990 was prepared and presented to the Board of Directors via email. The CEO then reviewed the Form 990 in detail with a designated representative of the Board of Directors. After review by the Board of Directors, the Form 990 was approved for filing.”

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

“The Colorwave Project regularly enforces and monitors its conflict of interest policy with a signed annual statement from the members of their Board of Directors and Officers.”

Form 990, Part VI, Section B, Line 15

“The salary for the CEO is reviewed annually and determined by the Executive Committee of the Board of Directors during the annual budget process. Prior to the completion of the budget, the Executive Committee meets to review the following factors: performance reviews, independently produced comparative salary data of the San Francisco Bay Area, the depth and breadth of the Executive Director's responsibilities, the size and complexity of the organization. Based on these factors, the Executive Committee determines whether the current salary is appropriate and what merit increase, if any, is warranted.”

Form 990, Part VI, Section C, Line 19

“The Colorwave Project makes its governing documents, conflict of interest policy, and financial statements available for public inspection upon request.”

Filing and Contact Details

Filer

Filer Name
Colorwave Project Inc
EIN
85-4072043
Phone
3107104559
Address
2400C Bancroft Way, Berkeley, CA 94704-1609

Signing Officer

Name
John Roussel
Title
Executive Director
Phone
3107104559
Signed
2025-05-15

Organization Details

Principal Officer
John Roussel
Formed
2021
Legal Domicile
CA
Voting Board Members
8
Independent Board Members
8
Employees
3
Volunteers
53
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IRS990/ActivityOrMissionDesc0The Colorwave Project, Inc. dba Colorwave is organized and operated for educational purposes for underrepresented professionals in the startup and high-growth business sector. Our organization leads an eight-week leadership program to help educate, support and train underrepresented, primarily low-income, first-generation professionals on how America's startup and high-growth business sector works, how to attain jobs within the industry, and gain financial security through employment and entrepreneurship.
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IRS990/Desc0As of 2024, Colorwave completed its fourth year of program operations. Since 2021, we have served 550+ individuals across 110 different cities helping to grow their networks and access meaningful career opportunities at high-growth companies across the innovation economy. During 2024, we ran three different program cohorts which included two cycles of our flagship fellowship program, a MVP accelerator for early-stage underrepresented founders, and launched our newest program, Technical Residency in AI or Cybersecurity (TRAC), to aid technical talent in receiving upskilling, career coaching, and real-world projects to aid their future transition into these growing sectors. Since 2021, we estimate our economic impact in closing the wealth gap for those we serve is approximately $15 million.
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IRS990/MissionDesc0The Colorwave Project, Inc. dba Colorwave is organized and operated for educational purposes for underrepresented professionals in the startup and high-growth business sector. Our organization leads an eight-week leadership program to help educate, support and train underrepresented, primarily low-income, first-generation professionals on how America's startup and high-growth business sector works, how to attain jobs within the industry, and gain financial security through employment and entrepreneurship.
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IRS990/PensionPlanContributionsGrp/TotalAmt011212
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0767
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0767
IRS990/PrincipalOfficerNm0John Roussel
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0621501
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0133729
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt087281
IRS990/PYSalariesCompEmpBnftPaidAmt0400491
IRS990/PYTotalExpensesAmt0534220
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0621501
IRS990/ReconcilationRevenueExpnssAmt0-130004
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0450223
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0163335
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt033331
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearAmt0450223
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus1YearAmt0621501
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0601320
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus3YearsAmt0199635
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt01872679
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/InvestmentIncomePYPct00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct01
IRS990ScheduleA/PublicSupportPY509Pct01
IRS990ScheduleA/PublicSupportTotal509Amt01872679
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearAmt00
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus1YearAmt00
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/CurrentTaxYearMinus2YearsAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/CurrentTaxYearMinus3YearsAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsPY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0450223
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0621501
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0601320
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0199635
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/Total509Grp/TotalAmt01872679
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0450223
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0621501
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0601320
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0199635
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01872679
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/FederalIncomeTaxLiabilityAmt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0104
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Payroll deduction-401K
IRS990ScheduleD/TotalLiabilityAmt0104
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A draft of the Form 990 was prepared and presented to the Board of Directors via email. The CEO then reviewed the Form 990 in detail with a designated representative of the Board of Directors. After review by the Board of Directors, the Form 990 was approved for filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Colorwave Project regularly enforces and monitors its conflict of interest policy with a signed annual statement from the members of their Board of Directors and Officers.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The salary for the CEO is reviewed annually and determined by the Executive Committee of the Board of Directors during the annual budget process. Prior to the completion of the budget, the Executive Committee meets to review the following factors: performance reviews, independently produced comparative salary data of the San Francisco Bay Area, the depth and breadth of the Executive Director's responsibilities, the size and complexity of the organization. Based on these factors, the Executive Committee determines whether the current salary is appropriate and what merit increase, if any, is warranted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Colorwave Project makes its governing documents, conflict of interest policy, and financial statements available for public inspection upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0168989
IRS990/TotalAssetsEOYAmt036158
IRS990/TotalAssetsGrp/BOYAmt0168989
IRS990/TotalAssetsGrp/EOYAmt036158
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0450223
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt02234
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt043209
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0534784
IRS990/TotalFunctionalExpensesGrp/TotalAmt0580227
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05654
IRS990/TotalLiabilitiesEOYAmt02827
IRS990/TotalLiabilitiesGrp/BOYAmt05654
IRS990/TotalLiabilitiesGrp/EOYAmt02827
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0163335
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt033331
IRS990/TotalOtherCompensationAmt030343
IRS990/TotalOtherProgSrvcExpenseAmt00
IRS990/TotalOtherProgSrvcGrantAmt00
IRS990/TotalOtherProgSrvcRevenueAmt00
IRS990/TotalProgramServiceExpensesAmt0534784
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt0325508
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0450223

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