Bay Area Hybrid College Initiative
- Assets
- $5.9m
- Revenue
- $4.9m
- Investments
- $1.9m
- Employees
- 27
- Location
- Richmond, CA
- Founding
- 09/2018
- Data as of
- 12/2023
- EIN
- 82-3461657
Organization Overview
Bay Area Hybrid College Initiative is located in Richmond, CA. The organization was established in 2018. According to its NTEE Classification (B30) the organization is classified as: Vocational & Technical Schools, under the broad grouping of Education and related organizations. As of 12/2023, Bay Area Hybrid College Initiative employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Area Hybrid College Initiative 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, Bay Area Hybrid College Initiative generated $4.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 24.8% each year . All expenses for the organization totaled $3.2m during the year ending 12/2023. 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
RIVET SCHOOL'S MISSION IS TO BUILD AND SCALE A NEW MODEL OF HIGHER EDUCATION THAT RELIABLY ENABLES TRADITIONALLY UNDERSERVED STUDENTS TO EARN AN AFFORDABLE BACHELOR'S DEGREE IN AS LITTLE AS TWO YEARS, LEADING TO A GREAT FIRST JOB AND INCREASED OPPORTUNITY OVER TIME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RIVET SCHOOL WAS FOUNDED IN 2018 WITH THE MISSION OF BUILDING A COLLEGE EXPERIENCE DESIGNED ENTIRELY AROUND THE NEEDS OF REAL STUDENTS. OUR FOUNDING DEGREE PARTNER IS SOUTHERN NEW HAMPSHIRE UNIVERSITY, WHICH OFFERS A PROGRAM CALLED COLLEGE FOR AMERICA CFA. THROUGH CFA, ENROLLEES EARN THEIR ASSOCIATES OF ARTS OR BACHELORS OF ARTS DEGREES. IN 2023, OUR TEAM GREW FROM NINETEEN TO TWENTY-FIVE. THROUGH IT ALL, WE MAINTAINED A REMARKABLE 95% VOLUNTARY RETENTION RATE, WITH ONLY ONE VOLUNTARY TRANSITION AMONG TEAM MEMBERS WHO STARTED THE YEAR WITH US. THIS ACHIEVEMENT ALIGNS WITH THE POSITIVE TEAM CULTURE REFLECTED IN OUR QUARTERLY TEAM EXPERIENCE SURVEYS (TES). (CONT'D AT SCHEDULE O)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Manassero Executive Dir. | Officer | 40 | $187,168 |
Iris Jong COO | Officer | 35 | $130,762 |
Nora Maxwell Chief Growth Officer | 40 | $109,652 | |
Claire Michaels Director Of Career | 40 | $101,917 | |
Ted Williams Chairman | OfficerTrustee | 1 | $0 |
Lauren Dutton Dir Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,192,509 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,192,509 |
| Total Program Service Revenue | $602,194 |
| Investment income | $70,579 |
| 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 | $4,866,308 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $114,277 |
| Grants and other assistance to domestic individuals. | $124,347 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $329,493 |
| Compensation of current officers, directors, key employees. | $212,594 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,679,841 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $170,690 |
| Payroll taxes | $168,271 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,633 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $37,857 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $87,409 |
| Advertising and promotion | $32,598 |
| Office expenses | $26,346 |
| Information technology | $120,276 |
| Royalties | $0 |
| Occupancy | $25,761 |
| Travel | $28,360 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $15,636 |
| All other expenses | $0 |
| Total functional expenses | $3,187,817 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,791,416 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $815,000 |
| Accounts receivable, net | $34,416 |
| 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 | $22,831 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,889,334 |
| Investments—program-related | $310,883 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,863,880 |
| Accounts payable and accrued expenses | $190,280 |
| 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 | $809,120 |
| Other liabilities | $0 |
| Total liabilities | $999,400 |
| Net assets without donor restrictions | $1,861,267 |
| Net assets with donor restrictions | $3,003,213 |
| 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 | $5,863,880 |
Grants Awarded
Over the last fiscal year, Bay Area Hybrid College Initiative has awarded $63,714 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ADVANCEEDU PURPOSE: Scholarships | $5,700 |
PELOTONU PURPOSE: Scholarships | $11,400 |
SOUTHERN NEW HAMPSHIRE UNI PURPOSE: Tuition | $46,614 |