Pencil Inc
- Assets
- $2.7m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 6
- Location
- New York, NY
- Founding
- 09/1995
- Data as of
- 12/2022
- EIN
- 22-3384302
Organization Overview
Pencil Inc is located in New York, NY. The organization was established in 1995. According to its NTEE Classification (T99) the organization is classified as: Philanthropy, Voluntarism & Grantmaking Foundations N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2022, Pencil Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pencil Inc 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 12/2022, Pencil Inc generated $3.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $3.0m during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
BRINGING TOGETHER BUSINESS PROFESSIONALS, EDUCATORS, AND STUDENTS TO OPEN MINDS AND OPEN DOORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IN 2022, PENCIL CONNECTED 7,400 NYC STUDENTS TO 1,286 VOLUNTEERS AND MENTORS FROM 185 BUSINESS. PENCIL BEGAN ITS TRANSITION BACK TO IN PERSON PROGRAMS AS THE EFFECTS OF THE PANDEMIC STARTED TO SETTLE IN MARCH 2022.PENCIL'S PARTNERSHIP PROGRAM SERVED 1,561 STUDENTS ACROSS 45 NEW YORK CITY PUBLIC SCHOOLS BY LEVERAGING THE TALENTS AND RESOURCES OF NYC'S BUSINESS COMMUNITY TO IMPROVE STUDENTS' COLLEGE AND CAREER READINESS. THESE PARTNERSHIPS WERE SUPPORTED BY 647 VOLUNTEERS FROM 33 COMPANIES. 88% OF STUDENTS SAW IMPROVEMENT IN ONE OR MORE OF PENCIL'S KEYS TO SUCCESS. ANALYSIS OF SESSION FEEDBACK SHOWED:(CONTINUED ON SCHEDULE O)1) 91% OF STUDENTS AGREE THAT PENCIL CONNECTED THEM WITH PROFESSIONALS WHOM THEY WOULD NOT MEETOTHERWISE.2) 95% OF STUDENTS AGREE THAT PENCIL HELPED THEM DEVELOP THE SKILLS ESSENTIAL FOR THEIR GROWTH ANDSUCCESS.3) 88% OF STUDENTS AGREE THAT PENCIL CONNECTED THEM TO OPPORTUNITIES AND EXPERIENCES THEY DIDN'TKNOW ABOUT BEFORE. PENCIL ONCE AGAIN HOSTED IN-PERSON AND VIRTUAL PRINCIPAL FOR A DAY VISITS! PRINCIPAL FOR A DAY IS AN IMMERSIVEVISIT TO A NYC PUBLIC SCHOOL WHERE EXECUTIVES LEARN ABOUT WHAT IT TAKES TO LEAD A SCHOOL DIRECTLY FROM PRINCIPALS AS WELL AS VISIT WITH STUDENTS TO OFFER INSIGHT INTO THEIR CAREER TRAJECTORY AND OPPORTUNITIES THAT EXIST WITHIN THEIR INDUSTRY. 136 EXECUTIVES CONNECTED WITH 134 SCHOOLS SUPPORTING AN ESTIMATED 337 TEACHERS AND 4,362 STUDENTS. OVER THE SUMMER, PENCIL PLACED 788 STUDENTS IN INTERNSHIP AND OTHER PAID WORK-BASED EXPERIENCES. PENCIL PLACED 627 STUDENTS IN SIX-WEEK REMOTE OR IN-PERSON INTERNSHIPS AT NEARLY 200 BUSINESSES ACROSS NEW YORK CITY. PENCIL PROVIDED 161 ADDITIONAL STUDENTS WITH VIRTUAL PAID WORK-BASED EXPERIENCES THROUGH TWO PROGRAMS (CAREER EXPLORERS AND TECHNYC). AN ADDITIONAL 598 STUDENTS ALSO RECEIVED COLLEGE AND CAREER TRAINING THROUGH PENCIL'S PROGRAMS. IN TOTAL, PARTICIPANTS RECEIVED OVER $1,800,000 IN WAGES. BUSINESS MENTORS AND STUDENT INTERNS ALSO REPORT THAT THE INTERNSHIP PROGRAM HAD A POSITIVE IMPACT ON PARTICIPANTS' COMMUNICATION SKILLS, NETWORKING SKILLS, PROFESSIONAL SKILLS, AND THEIR CAREER AWARENESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher B Hayward Chair | OfficerTrustee | 2 | $0 |
E Scott Beattie Treasurer | OfficerTrustee | 2 | $0 |
Joanna Lambert Vice Chair | OfficerTrustee | 2 | $0 |
Lewis Warren Jr Vice Chair | OfficerTrustee | 2 | $0 |
Gerd Alexander Director | Trustee | 2 | $0 |
Mariel Cruz Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $422,706 |
| Related organizations | $0 |
| Government grants | $636,909 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,036,162 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,095,777 |
| Total Program Service Revenue | $0 |
| Investment income | $5,236 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,913 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,104,926 |
| 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. | $679,895 |
| Compensation of current officers, directors, key employees. | $111,719 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,318,296 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $183,646 |
| Payroll taxes | $209,620 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,920 |
| Advertising and promotion | $0 |
| Office expenses | $4,667 |
| Information technology | $44,874 |
| Royalties | $0 |
| Occupancy | $388,266 |
| Travel | $62,401 |
| 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 | $7,216 |
| Insurance | $28,457 |
| All other expenses | $4,793 |
| Total functional expenses | $3,012,979 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $447,040 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $690,020 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $15,088 |
| Investments—publicly traded securities | $1,297,097 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $228,714 |
| Total assets | $2,677,959 |
| Accounts payable and accrued expenses | $56,815 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $195,574 |
| Total liabilities | $252,389 |
| Net assets without donor restrictions | $1,985,473 |
| Net assets with donor restrictions | $440,097 |
| 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 | $2,677,959 |