Lets Innovate Through Education
- Assets
- $211.2k
- Revenue
- $428.9k
- Investments
- $0.0
- Employees
- 13
- Location
- Memphis, TN
- Founding
- 09/2015
- Data as of
- 05/2022
- EIN
- 47-2532088
Organization Overview
Lets Innovate Through Education is located in Memphis, TN. The organization was established in 2015. According to its NTEE Classification (B80) the organization is classified as: Student Services, under the broad grouping of Education and related organizations. As of 05/2022, Lets Innovate Through Education employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lets Innovate Through Education 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 05/2022, Lets Innovate Through Education generated $428.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (11.7%) each year. All expenses for the organization totaled $503.1k during the year ending 05/2022. 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
EQUIPPING AFRICAN AMERICAN AND LATINX STUDENTS WITH 21ST CENTURY SKILLS TO CREATE WEALTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LITE FINALIST PROGRAMTHE LITE FINALIST PROGRAM WORKS WITH HIGH SCHOOL STUDENTS ON DESIGNING ENTREPRENEURIAL IDEAS AND LEARNING 21ST CENTURY SKILLS SUCH AS PROBLEM SOLVING, ORGANIZATION, GOAL SETTING, NETWORKING, COMMUNICATION, AND FINANCIAL LITERACY. STUDENTS GATHER CUSTOMER FEEDBACK, CREATE A BRAND AND LOGO, AND IMPLEMENT THEIR PROJECT IN THE COMMUNITY. THE PROGRAM CULMINATES WITH A DEMO DAY WHERE STUDENTS PITCH THEIR IDEAS TO MEMBERS OF THE COMMUNITY.
LITE INNOVATION FELLOWS PROGRAMLITE INNOVATION FELLOWS CONTINUES THE WORK OF THE LITE FINALIST PROGRAM BY PROVIDING 1 ON 1 COACHING, INTERNSHIPS, AND NETWORKING FOR FORMER FINALISTS UNTIL THE AGE OF 25. STUDENTS ARE COACHED ON HOW TO LAUNCH A BUSINESS, PROVIDED WITH PAID INTERNSHIPS AT HIGH GROWTH STARTUPS AND ARE MATCHED WITH MENTORS THROUGH NETWORKING EVENTS. THE GOALS OF THE PROGRAM IS TO PREPARE STUDENTS TO LAUNCH A SCALABLE BUSINESS BY THE AGE OF 25.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherman S Brown Trustee | Trustee | 5 | $0 |
Keith Collins Trustee | Trustee | 5 | $0 |
Fayre Crossley Trustee | Trustee | 5 | $0 |
Frankie Dakin Trustee | Trustee | 5 | $0 |
Jonathan Frisch Chair | OfficerTrustee | 5 | $0 |
Scott Notowich Treasurer | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $15,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $412,451 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $427,951 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $428,944 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,650 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $90,000 |
| Compensation of current officers, directors, key employees. | $90,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $274,329 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $31,963 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,278 |
| Office expenses | $70,158 |
| Information technology | $2,114 |
| Royalties | $0 |
| Occupancy | $5,600 |
| Travel | $715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,457 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,104 |
| All other expenses | $4,722 |
| Total functional expenses | $503,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $108,509 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $99,753 |
| Accounts receivable, net | $1,661 |
| 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 | $1,323 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $211,246 |
| Accounts payable and accrued expenses | $5,456 |
| 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 | $5,893 |
| Total liabilities | $11,349 |
| Net assets without donor restrictions | $199,897 |
| Net assets with donor restrictions | $0 |
| 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 | $211,246 |