Terc Inc
- Assets
- $23.4m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 104
- Location
- Cambridge, MA
- Founding
- 06/1967
- Data as of
- 12/2023
- EIN
- 04-6134355
Organization Overview
Terc Inc, operating under the name Terc, is located in Cambridge, MA. The organization was established in 1967. According to its NTEE Classification (U40) the organization is classified as: Engineering & Technology, under the broad grouping of Science & Technology and related organizations. As of 12/2023, Terc employed 104 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Terc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Terc generated $14.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $16.3m during the year ending 12/2023. While expenses have increased by 1.1% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TERC IS A NONPROFIT MADE UP OF TEAMS OF MATH AND SCIENCE EDUCATION AND RESEARCH EXPERTS DEDICATED TO INNOVATION AND CREATIVE PROBLEM SOLVING. AT THE FRONTIER OF THEORY AND PRACTICE, TERC'S WORK ENCOMPASSES RESEARCH, CONTENT AND CURRICULUM DEVELOPMENT, TECHNOLOGY INNOVATION, PROFESSIONAL DEVELOPMENT, AND PROGRAM EVALUATION. TERC HAS A PASSION FOR SOCIAL JUSTICE AND STRIVES TO CREATE LEVEL PLAYING FIELDS FOR ALL LEARNERS, REACHING MILLIONS OF LEARNERS EVERY YEAR.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TERC IS A CAMBRIDGE, MA BASED NONPROFIT MADE UP OF TEAMS OF FORWARD-THINKING STEM EXPERTS DEDICATED TO INNOVATION AND CREATIVE PROBLEM SOLVING. TERC BELIEVES GREAT FUTURES ARE BUILT THROUGH MATH AND SCIENCE. FOR MORE THAN 50 YEARS, TERC HAS TAKEN A LEARNER-CENTERED APPROACH TO EDUCATION IN BOTH FORMAL AND INFORMAL SETTINGS. AT THE FRONTIER OF THEORY AND PRACTICE, TERC'S WORK ENCOMPASSES RESEARCH, CONTENT AND CURRICULUM DEVELOPMENT, TECHNOLOGY INNOVATION, PROFESSIONAL DEVELOPMENT, AND PROGRAM EVALUATION. THROUGH TERC'S CURRICULA AND PROGRAMS, STUDENTS DEVELOP THE KNOWLEDGE AND SKILLS NEEDED TO ASK QUESTIONS, SOLVE PROBLEMS, AND EXPAND THEIR OPPORTUNITIES. TERC'S PROFESSIONAL DEVELOPMENT HELPS TEACHERS AND FACILITATORS UTILIZE NEW TOOLS, MATERIALS, AND INQUIRY-BASED STRATEGIES TO ENRICH THE LEARNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurie Brennan President | Officer | 40 | $282,792 |
Karen Economopoulos Co-Director | 40 | $157,353 | |
Joni Falk Center Leader | 40 | $182,293 | |
Gillian Puttick Sr. Scientist | 40 | $149,418 | |
James Hammerman Director | 40 | $144,017 | |
Cara Dimattia Director Of Information Technology | 40 | $130,362 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cliftonlarsonallen Llp Consultant (Cfo) | 12/30/23 | $288,721 |
Karyl Js Askew Consulting | 12/30/23 | $177,267 |
Insource Services Inc Consulting | 12/30/23 | $123,439 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $9,316,870 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,662,967 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $10,979,837 |
| Total Program Service Revenue | $1,166,266 |
| Investment income | $374,531 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $929,977 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,404,045 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,924,955 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $379,137 |
| Compensation of current officers, directors, key employees. | $379,137 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,080,181 |
| Pension plan accruals and contributions | $327,374 |
| Other employee benefits | $1,108,486 |
| Payroll taxes | $563,823 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,234 |
| Fees for services: Accounting | $86,562 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $90,428 |
| Fees for services: Other | $3,136,714 |
| Advertising and promotion | $0 |
| Office expenses | $29,760 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,373,887 |
| Travel | $266,677 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,381 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $16,332,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $596,621 |
| Savings and temporary cash investments | $2,063 |
| Pledges and grants receivable | $1,698,168 |
| Accounts receivable, net | $551,417 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $201,301 |
| Net Land, buildings, and equipment | $191,926 |
| Investments—publicly traded securities | $17,629,223 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,572,880 |
| Total assets | $23,443,599 |
| Accounts payable and accrued expenses | $2,452,205 |
| Grants payable | $0 |
| Deferred revenue | $91,020 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,118,843 |
| Total liabilities | $5,662,068 |
| Net assets without donor restrictions | $17,515,374 |
| Net assets with donor restrictions | $266,157 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $23,443,599 |