Aspire Institute Inc
- Assets
- $2.6m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 13
- Location
- Cambridge, MA
- Founding
- Data as of
- 12/2022
- EIN
- 87-0960615
Organization Overview
Aspire Institute Inc is located in Cambridge, MA. According to its NTEE Classification (Q33) the organization is classified as: International Relief, under the broad grouping of International, Foreign Affairs & National Security and related organizations. As of 12/2022, Aspire Institute Inc employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aspire Institute 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, Aspire Institute Inc generated $3.4m in total revenue. All expenses for the organization totaled $866.4k during the year ending 12/2022. While expenses have increased by 165.9% per year over the past 2 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO TRANSFORM THE LIVES OF LOW-INCOME STUDENTS GLOBALLY BY IDENTIFYING AND NURTURING HIDDEN TALENT TO BUILD COHORTS OF NEXT-GENERATION LEADERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEADERS IN TRAINING:CANDIDATES FOR THE PROGRAM RECEIVE A HOST OF ACADEMIC AND PROFESSIONAL DEVELOPMENT RESOURCES THROUGH A TIERED APPLICATION STRUCTURE THAT REACHES THOUSANDS OF STUDENTS GLOBALLY. IN 2022, ASPIRE REACHED STUDENTS ACROSS 135 COUNTRIES AND PLANS TO ACCEPT APPLICATIONS FROM ALL OVER THE GLOBE THIS YEAR.STUDENTS ACCESS HARVARD COURSE MATERIALS, RECEIVE DEVELOPMENTAL FEEDBACK, FIND STRONG INTELLECTUAL COMMUNITIES, AND INTERACT DIRECTLY WITH FACULTY AND ONE ANOTHER AS THEY GRAPPLE WITH QUESTIONS OF IDENTITY, TECHNOLOGY, ETHICS, AND STRUCTURAL CHANGE. LEADERS OF TOMORROW:SCHOLARSHIPSUP TO 10 SCHOLARSHIPS AVAILABLE FOR UP TO $1,000 USD PURCHASING POWER PARITY PER QUALIFYING FINALIST. TWO TYPES OF SCHOLARSHIPS: ONLINE ACADEMIC OR INTERNSHIP EXPERIENCE.COMMUNITY ACTION AWARDSFUNDING FOR PROJECTS DEDICATED TO CATALYZING HIGH-IMPACT IDEAS. UP TO NINE AWARDS, EACH UP TO $10,000 USD PURCHASING POWER PARITY. PROJECT TEAMS MUST HAVE AT LEAST ONE 2021 FINALIST AND A DOMESTIC PARTNER ORGANIZATION.MENTORSHIP OPPORTUNITIESACCESS TO MENTORSHIP OPPORTUNITIES FROM INDUSTRY LEADERS ACROSS THE WORLD FOR FINALISTS. MENTORS HAVE OFFERED TO PROVIDE ADVICE ON PROFESSIONAL CAREER GROWTH, JOB SEARCHES, INTERVIEWS, GRADUATE SCHOOL APPLICATION, ETC.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tarun Khanna President & Director | OfficerTrustee | 5 | $0 |
Karim Lakhani Treasurer & Director | OfficerTrustee | 5 | $0 |
Meena Sonea Hewett Executive Director & Clerk | OfficerTrustee | 50 | $170,655 |
Arthur Hunt Finance Officer | Officer | 20 | $3,960 |
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 | $3,350,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,350,000 |
| 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 | $3,350,000 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $150 |
| Grants and other assistance to Foreign Orgs/Individuals | $35,613 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $206,520 |
| Compensation of current officers, directors, key employees. | $24,621 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $321,865 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,259 |
| Payroll taxes | $38,687 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,000 |
| Fees for services: Accounting | $15,895 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $62,396 |
| Advertising and promotion | $19,535 |
| Office expenses | $33,300 |
| Information technology | $43,151 |
| Royalties | $0 |
| Occupancy | $44,577 |
| Travel | $7,417 |
| 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 | $0 |
| Insurance | $661 |
| All other expenses | $2,422 |
| Total functional expenses | $866,448 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $624,563 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,963,503 |
| 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 | $22,321 |
| 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 | $2,610,387 |
| Accounts payable and accrued expenses | $15,923 |
| 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 | $0 |
| Total liabilities | $15,923 |
| Net assets without donor restrictions | $544,464 |
| Net assets with donor restrictions | $2,050,000 |
| 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 | $2,610,387 |