| Form 990, Part VI, Section B, Line 11b |
The Chief of Staff reviews the Form 990 with the CEO. Board members are emailed a copy of the Form 990 for review prior to filing. |
| Form 990, Part VI, Section B, Line 12c |
Members of the Board are covered under the conflict of interest policy; all members must sign a Conflict of Interest Policy & Form. Duty To Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board-delegated powers considering the proposed transaction or arrangement. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. Procedures for Addressing the Conflict of Interest: An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chair of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. Violations of the Conflicts-of-Interest Policy: If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. |
| Form 990, Part VI, Section B, Line 15a |
We run a market comparison analysis and recalculate career framework compensation levels every other year in Q3 starting 2021, following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey. Updated compensation levels go into effect for the following calendar year. For instance, compensation levels set in Q3 '21 based on the 2021 FPNCAN survey would become effective in January 2022. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the ED's case, the Board). The Career Framework lays out different Levels and Steps for each functional role, corresponding to a level of responsibility and performance. In 2021, there were two changes to ED compensation:- 2/1/21: ED comp adjustment per BoD performance review, from $121,000.00 to $135,000.00 - 8/1/21: Compensation adjustment per board approval, dated 7/7/21, effective 8/1/21. Email from Board Chair logged. From $135,000 to $150,000.00, to increase ED compensation above that of the incoming COO. This process last occurred in 2022. |
| Form 990, Part VI, Section B, Line 15b |
We run a market comparison analysis and recalculate career framework compensation levels every other year in Q3 starting 2021, following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey. Updated compensation levels go into effect for the following calendar year. For instance, compensation levels set in Q3 '21 based on the 2021 FPNCAN survey would become effective in January 2022. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager. The Career Framework lays out different Levels and Steps for each functional role, corresponding to a level of responsibility and performance. For the COO role specifically, we hired for this position and set a range of $125 - $140k, which reflected a wide range for various levels of expertise and experience. It was calculated based on our comp analysis of this role using the 50th - 75th percentile of salaries for our org size by budget. This process last occurred in 2022. |
| Form 990, Part VI, Section C, Line 19 |
Copies of documents shall be made available upon request. |
| Page 12, Part XII - Financial Statements and Reporting |
In 2022, the Organization exceeded $2 million in revenue. Accordingly, the Organization adopted the accrual basis of accounting (US GAAP) as required by the California Nonprofit Integrity Act. |
| Page 2, Part III, 4a - Program Accomplishments |
(Cont'd from Page 2) The Educator Pathway (our first Career Pathway program in K-12 Education) makes up a bulk of those new students. We also secured a new partnership with Study.com to provide free access for aspiring teachers to prepare for teacher licensure exams through their diagnostic tools and academic modules. In our core College program, we focused on two key initiatives: 1) helping students stay on pace to graduation (we supported 22 new graduates this year!) through new academic programming, and 2) refining the ways we support our students' overall wellness. Each year, we also collect feedback directly from students through our annual Student Experience Survey. Achieving a 75% response rate in 2022, we were able to capture the broad, diverse experiences of our student body. Our main measure of student satisfaction is our Net Promoter Score (NPS). Our 2022 NPS is 87, considered "world classX and representative of the stellar educational experience we craft for our students. This fall, we launched access to altAid, which provides up to $500 in direct payments to students who have a high-stakes, one-time financial need. Coupled with our in-house emergency grant program, we disbursed nearly 100 emergency grants totalling over $70,000 in 2022 to help students resolve everyday issues preventing them from focusing on college. The top three reasons for accessing this aid included covering medical bills, adjusted work hours, and rising household expenses like food, gas and rent. And by the end of the year, we launched a new partnership with ThinkHopeful to support our students' mental health and wellness. ThinkHopeful combines an online wellness resource portal with anonymous, 1:1 coaching sessions available to 170 of our active students. Our Career team doubled in size this year. With added capacity, we were able to flesh out our first set of Career-related programs, and begin the nitty-gritty work of operations codification and data collection. This allowed us to finally onboard each newly enrolled student to learn about our Career Competencies framework and begin crafting personalized career goals. In addition to operationalizing our strategy, we also built out Career Central - a new online library full of organized, high quality resources to support our students on their unique career journey. This fall, we also launched a revamped version of our signature in-house externship program, RivetWorks, pairing ten Rivet School students with volunteers called Project Mentors at large employers and small local businesses. Finally, we deepened our partnerships with high quality third party organizations like Braven to provide personalized career programming and experiences for over 25 of our students. We also successfully became a Talent Development Partner of OneTen, a nationwide initiative to support Black Americans to secure great jobs in the knowledge economy. As of 12/31/22, we had 191 total composite students. Of these students, 75% were first generation college students; 71% were Black or Latino, 85% were working full-time, and 45% were parents. The median (individual, annual) income of our students in 2022 was $30,000, and the median age was 30 years old. 50% of our students are on pace to a 4-year completion rate, and 72% are on pace to a 6-year completion rate. Among graduated students, our median time to a BA degree is 2.4 years. Our 1-year retention rate is 88%, our 2-year retention rate is 70%, and our 3-year retention rate is 63%. The lifetime persistence of our students is 70%. As of 12/31/22, we've conferred 39 AA degrees and 46 BA degrees. 73% of our graduates have secured a "strong job" (either a full-time job (32-40 hours/week) at an annual salary of $47,000 or higher, with employer-provided paid time off and/or health benefits OR enrolled in a graduate program or fellowship requiring a BA degree. We also count graduates who state a desire for part-time work, but still meet the thresholds for benefits and (prorated) salary.) |
Attach to Form 990 or 990-EZ.