2026-07-07T07:39:31-05:00 2025-08-31 410746749 CLIFTONLARSONALLEN LLP 4 BATTERYMARCH PARK SUITE 100 QUINCY MA 02169 990 2024-09-01 455619310 THRIVE SCHOLARS THRI 6175004449 606 OLIVE STREET 2150 LOS ANGELES CA 90014 KYLE MEACHAM COO 6175004449 2026-07-01 1 1 DANIELLE NIHILL P01350943 7819821001 2026-07-01 2024 2025-03-06 01:10:19Z KYLE MEACHAM 606 OLIVE STREET 2150 LOS ANGELES CA 90014 16967734 0 X WWW.THRIVESCHOLARS.ORG X 2014 CA TO EMPOWER HIGH-ACHIEVING STUDENTS FROM LOW-INCOME BACKGROUNDS BY PROVIDING THE SKILLS, GUIDANCE, AND PROFESSIONAL NETWORKS THEY NEED TO EXCEL IN TOP COLLEGES AND LAUNCH CAREERS THAT LEAD TO ECONOMIC MOBILITY. 18 18 279 350 0 0 18382714 16889188 0 0 73510 78546 0 0 18456224 16967734 4709628 4189601 0 0 12304490 11019985 0 0 2364323 4759333 3620273 21773451 18829859 -3317227 -1862125 8721527 6093967 2703175 1932632 6018352 4161335 X WE PROVIDE HIGH-ACHIEVING STUDENTS FROM UNDER-RESOURCED COMMUNITIES THE OPPORTUNITIES THEY NEED TO THRIVE AT TOP COLLEGES AND IN MEANINGFUL CAREERS. 0 0 14741380 4189601 0 THRIVE SCHOLARS HAS ACHIEVED TREMENDOUS RESULTS IN SUPPORTING SCHOLARS TO ENROLL IN TOP COLLEGES, EARN GREAT GRADES, AND GRADUATE CAREER-READY. OUR RESULTS WITHIN THE LAST TWO YEARS SHOW THAT 89% OF THRIVE SCHOLARS ARE ATTENDING A TOP COLLEGE, 39% ARE GOING TO AN IVY LEAGUE+ SCHOOL (DEFINED AS THE IVY LEAGUE PLUS STANFORD, MIT, THE UNIVERSITY OF CHICAGO, AND DUKE), AND 99% GRADUATED FROM COLLEGE WITHIN SIX YEARS. OUR SCHOLARS HAVE AN AVERAGE GPA OF 3.5 UPON COLLEGE GRADUATION; 87% OF STEM SCHOLARS PERSISTED AND GRADUATED WITH A STEM DEGREE, AND OUR FIRST-YEAR COLLEGE SCHOLARS FINISHED THEIR FRESHMAN YEAR WITH AN AVERAGE GPA OF 3.4. OUR SCHOLARS ARE OUTPERFORMING THE GENERAL POPULATION AT TOP COLLEGES, NOT JUST SIMILAR HIGH-ACHIEVING, ECONOMICALLY DISADVANTAGED, FIRST GENERATION STUDENTS OF COLOR. THRIVE SCHOLARS ARE 10% MORE LIKELY TO GRADUATE FROM COLLEGE THAN STUDENTS AT THESE HIGHLY RANKED COLLEGES, THEY ARE ALSO 18% MORE LIKELY TO PURSUE A STEM MAJOR AND 55% MORE LIKELY TO PERSIST IN THAT STEM MAJOR THAN STUDENTS AT HIGHLY RANKED COLLEGES. OF OUR RECENTLY GRADUATED COHORTS, 77% OF SCHOLARS DID SO WITH A MEANINGFUL FIRST-DESTINATION CAREER PLACEMENT AND THOSE IN FULL-TIME SALARIED POSITIONS MAKE 1.9X THE INCOME OF THEIR FAMILY BACKGROUND (OVER $73,000). WE ATTRIBUTE THIS SUCCESS LARGELY TO OUR SIGNATURE SUMMER ACADEMY, A ROBUST 6-WEEK ACADEMIC PROGRAM DESIGNED TO DEMYSTIFY THE COLLEGE EXPERIENCE AND EXPOSE FIRST-GENERATION STUDENTS TO THE RIGORS OF COLLEGE, AS WELL AS OUR ONE-ON-ONE COLLEGE ADMISSIONS COUNSELING, COACHING THROUGH THE FIRST YEAR OF COLLEGE TRANSITION, AND INDUSTRY-SPECIFIC CAREER COACHING IN THEIR FINAL YEARS OF COLLEGE. SINCE ITS INCEPTION, RESULTS HAVE BEEN OVERWHELMING: OUR SCHOLARS' GPAS INCREASED FROM 2.9 TO 3.45 STEM PERSISTENCE ROSE FROM 20% TO 87%, AND 6-YEAR GRADUATION RATES INCREASED FROM 90% TO 99%. 14741380 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 47 0 1 279 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA CA IL OH NY X X KYLE MEACHAM 6175004449 606 OLIVE STREET SUITE 2150 LOS ANGELES CA 90014 STEVE STEIN CHIEF EXECUTIVE OFFICER UNTIL 08/24 40.00 X 404742 0 29059 TYRA MONTINA PRESIDENT & COO UNTIL 12/24 40.00 X 325145 0 72683 AVA ARCHIBALD CHF. EQU. & INCL. OFFI. UNTIL 12/24 40.00 X 261443 0 57317 RAYNISE SMITH CHIEF PROGRAM OFFICER 40.00 X 206000 0 52483 AMANDA FOSTER CHIEF FINANCIAL OFFICER UNTIL 06/25 40.00 X 190281 0 48837 LISA LOVETT MANAGING DIR., CAREER PATHWAYS 40.00 X 185454 0 27700 MARCIE PEREZ MANAGING DIR. OF COMM. & CONTENT 40.00 X 184881 0 41081 RACHANA VYAS SENIOR DIR., LIFE SCIENCES 40.00 X 181537 0 28942 MARTHA SANCHEZ MAJOR GIFTS OFFICER 40.00 X 170483 0 26189 CAVAR DEWAYNE REID MANAGING DIR. OF HS & COLLEGE PRGM 40.00 X 169867 0 28632 DREW MARTIN CHIEF EXECUTIVE OFFICER 40.00 X 117711 0 10802 KYLE MEACHAM CHIEF OPERATING OFFICER AS OF 07/25 40.00 X 0 0 0 MARTIN JACOBS CHAIR 3.00 X X 0 0 0 CALLUM HENDERSON TREASURER 3.00 X X 0 0 0 RUSSELL STEIN SECRETARY 3.00 X X 0 0 0 PHILLIP AUBREY DIRECTOR 2.00 X 0 0 0 BRIAN LENIHAN DIRECTOR 2.00 X 0 0 0 TIFFANIE BOYD DIRECTOR 2.00 X 0 0 0 PAT KIRBY DIRECTOR 2.00 X 0 0 0 SEAN LOGAN DIRECTOR 2.00 X 0 0 0 JESSICA PEREZ DIRECTOR 2.00 X 0 0 0 BRIAN BARON DIRECTOR 2.00 X 0 0 0 MIRIAM DANIEL DIRECTOR 2.00 X 0 0 0 EVA DE LA ROSA DIRECTOR 2.00 X 0 0 0 VINCENT SHORTER DIRECTOR 2.00 X 0 0 0 GREG WILLIS DIRECTOR 2.00 X 0 0 0 ALEJANDRO DELGADO DIRECTOR AS OF 04/25 2.00 X 0 0 0 AZUCENA FLORES DIRECTOR AS OF 04/25 2.00 X 0 0 0 NEIL MALIK DIRECTOR AS OF 04/25 2.00 X 0 0 0 CLARENCE WOOTEN DIRECTOR AS OF 01/25 2.00 X 0 0 0 VANESSA GONZALEZ-LOPEZ DIRECTOR UNTIL 2024 2.00 X 0 0 0 JOAN HERMAN DIRECTOR UNTIL 02/25 2.00 X 0 0 0 RICK HESS DIRECTOR UNTIL 02/25 2.00 X 0 0 0 2397544 0 423725 35 0 1 0 NEW KENSINGTON GROUP 4 JOHN PIERSON LANE NORTH READING MA 01864 MANAGEMENT CONSULTING 188692 CRAFTSMAN TECHNOLOGY GROUP LLC 186 LINCOLN STREET BOSTON MA 02111 INFORMATION TECHNOLOGY 162853 KORN FERRY NW 5854 PO BOX 1450 MINNEAPOLIS MN 554855854 STRATEGY AND TALENT ASSESSMENT 160456 INSOURCE SERVICES INC 148 LINDEN STREET SUITE 306 WELLESLEY MA 02482 ACCOUNTING SERVICES 131747 4 16889188 16889188 78546 78546 16967734 0 0 78546 X 4189601 4189601 1219518 638281 148561 432676 8097510 6009529 848210 1239771 203047 153625 19771 29651 780774 580930 74560 125284 719136 512299 88543 118294 201212 201212 35100 35100 2103111 1781510 116368 205233 43929 24452 13611 5866 649261 533697 64385 51179 151529 107851 19078 24600 284111 147698 49588 86825 46427 21437 20101 4889 43176 40470 2706 EVENT EXPENSES 40055 40055 PAYROLL AND BANK FEES 22362 22362 18829859 14741380 1724156 2364323 3690896 2576549 3307364 1772819 178340 0 156975 112523 272435 204100 83900 68335 505676 889747 798376 673994 8721527 6093967 1565932 904470 367549 355295 769694 672867 2703175 1932632 X 1416130 1663516 4602222 2497819 6018352 4161335 8721527 6093967 -1862125 5108 0 X 0 1 X 1 0 X 13709581 11873680 21188561 18382714 16889188 82043724 13709581 11873680 21188561 18382714 16889188 82043724 17339414 64704310 10390 19359 75900 63389 78546 247584 82291308 0.78630 0.83450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 35100 35100 0 PART II-B, LINE 1: $35,100 WAS PAID TO A LOBBYING COMPANY CALLED SOUTH STRATEGIES, LLC. THEY SPECIFICALLY HELPED THRIVE LOBBY THE MASSACHUSETTS GOVERNMENT SO THAT THRIVE COULD RECEIVE FUNDS FROM THE COMMONWEALTH OF MASSACHUSETTS IN ORDER TO SUPPORT EDUCATION SERVICES. 63023 50882 12141 209412 153218 56194 68335 SECURITY DEPOSITS 20144 WEBSITE NET 8500 RIGHT OF USE ASSET, NET 640737 DUE FROM EMPLOYEE 4613 673994 LEASE LIABILITIES 672867 672867 17147366 5108 174524 179632 16967734 0 16967734 19004383 174524 174524 18829859 0 18829859 1 SCHOLARSHIPS AND OTHER FINANCIAL ASSISTANCE 1019 1899029 2290572 COST COMPUTERS, SUPPLIES, TRANSPORTATION COSTS, FOOD COSTS AND LODGING COSTS PART I, LINE 2: THRIVE SCHOLARS PROVIDES FOUR-YEAR RENEWABLE SCHOLARSHIPS RANGING FROM $500-$2500 EACH YEAR, ALONG WITH COMPUTERS, HOUSING, AND SUPPORT FOR OTHER EXPENSES. STUDENTS RECEIVE SCHOLARSHIP CHECKS IN AUGUST AND IN JANUARY, AFTER HAVING COMPLETED A SCHOLARSHIP RENEWAL PROCESS, WITH INCLUDES SUBMITTING INFORMATION AND TRANSCRIPT WITH CUMULATIVE GPA THROUGH AN ONLINE FORM. IN THE RENEWAL FORM, STUDENTS MUST INDICATE COMPLETION OF ALL OF THE PROGRAM REQUIREMENTS. X X X X 1 0 0 0 0 0 0 1 0 STEVE STEIN CHIEF EXECUTIVE OFFICER UNTIL 08/24 199350 0 100000 0 105392 0 8369 0 20690 0 433801 0 0 0 TYRA MONTINA PRESIDENT & COO UNTIL 12/24 259378 0 0 0 65767 0 9870 0 62813 0 397828 0 0 0 AVA ARCHIBALD CHF. EQU. & INCL. OFFI. UNTIL 12/24 210170 0 4000 0 47273 0 6637 0 50680 0 318760 0 0 0 RAYNISE SMITH CHIEF PROGRAM OFFICER 206000 0 0 0 0 0 6073 0 46410 0 258483 0 0 0 AMANDA FOSTER CHIEF FINANCIAL OFFICER UNTIL 06/25 190281 0 0 0 0 0 4550 0 44287 0 239118 0 0 0 LISA LOVETT MANAGING DIR., CAREER PATHWAYS 185454 0 0 0 0 0 5598 0 22102 0 213154 0 0 0 MARCIE PEREZ MANAGING DIR. OF COMM. & CONTENT 184881 0 0 0 0 0 5674 0 35407 0 225962 0 0 0 RACHANA VYAS SENIOR DIR., LIFE SCIENCES 181537 0 0 0 0 0 5237 0 23705 0 210479 0 0 0 MARTHA SANCHEZ MAJOR GIFTS OFFICER 170483 0 0 0 0 0 5031 0 21158 0 196672 0 0 0 CAVAR DEWAYNE REID MANAGING DIR. OF HS & COLLEGE PRGM 169867 0 0 0 0 0 5044 0 23588 0 198499 0 0 0 PART I, LINE 4A TYRA MONTINA ENTERED INTO AN AGREEMENT UPON THE CONCLUSION OF HER TERM OF OFFICE AS PRESIDENT & COO THAT INCLUDED A SEPARATION PAYMENT OF $51,500 AND AN UNUSED PTO PAYMENT OF $14,267, WHICH WERE DISBURSED BETWEEN THE SIGNING OF THE AGREEMENT ON DECEMBER 20TH, 2024 THROUGH DECEMBER 31ST, 2024. AVA ARCHIBALD ENTERED INTO AN AGREEMENT UPON THE CONCLUSION OF HER TERM OF OFFICE AS CHIEF EQUITY & INCLUSION OFFICER THAT INCLUDED A SEPARATION PAYMENT OF $30,588 AND AN UNUSED PTO PAYMENT OF $16,685, WHICH WERE DISBURSED BETWEEN THE SIGNING OF THE AGREEMENT ON DECEMBER 10TH, 2024 THROUGH DECEMBER 31ST, 2024. STEVE STEIN ENTERED INTO AN AGREEMENT UPON THE CONCLUSION OF HIS TERM OF OFFICE AS CHIEF EXECUTIVE OFFICER THAT INCLUDED A SEPARATION PAYMENT OF $75,000 AND AN UNUSED PTO PAYMENT OF $30,392, WHICH WERE DISBURSED AS OF THE TERMINATION DATE OF AUGUST 1ST, 2024. PART I, LINE 7 STEVE STEIN, CHIEF EXECUTIVE OFFICER, RECEIVED $100,000 IN RETENTION BONUSES. AVA ARCHIBALD, CHIEF EQUITY & INCLUSION OFFICER, RECEIVED A $4,000 BONUS BASED ON HER PERFORMANCE. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF DIRECTORS MAY, BY A MAJORITY VOTE OF ITS MEMBERS, DESIGNATE AN EXECUTIVE COMMITTEE CONSISTING OF FOUR BOARD OF DIRECTOR MEMBERS AND MAY DELEGATE TO SUCH COMMITTEE THE POWERS AND AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE BUSINESS AND AFFAIRS OF THE CORPORATION, TO THE EXTENT PERMITTED, AND, EXCEPT AS MAY OTHERWISE BE PROVIDED, BY PROVISIONS OF LAW. BY A MAJORITY VOTE OF ITS MEMBERS, THE BOARD OF DIRECTORS MAY AT ANY TIME REVOKE OR MODIFY ANY OR ALL OF THE EXECUTIVE COMMITTEE AUTHORITY SO DELEGATED, INCREASE OR DECREASE BUT NOT BELOW TWO (2) THE NUMBER OF THE MEMBERS OF THE EXECUTIVE COMMITTEE, AND FILL VACANCIES ON THE EXECUTIVE COMMITTEE FROM THE MEMBERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL KEEP REGULAR MINUTES OF ITS PROCEEDINGS, CAUSE THEM TO BE FILED WITH THE CORPORATE RECORDS, AND REPORT THE SAME TO THE BOARD OF DIRECTORS FROM TIME TO TIME AS THE BOARD OF DIRECTORS MAY REQUIRE. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE COMMITTEE REVIEWS A DRAFT OF THE 990 AND MAKES RECOMMENDATIONS FOR REVISIONS. AFTER THIS THE ENTIRE BOARD REVIEW THE 990 AND VOTES TO APPROVE THE FINAL DRAFT OF THE 990. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR, PRINCIPAL OFFICER, AND MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY; B. HAS READ AND UNDERSTANDS THE POLICY; C. HAS AGREED TO COMPLY WITH THE POLICY; AND D. UNDERSTANDS THE CORPORATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. THIS PROCESS IS MONITORED BY THE CHAIR OF THE BOARD. IF A CONFLICT EXISTS, THE INTERESTED PERSON(S) WILL BE EXCLUDED FROM DISCUSSION AND/OR VOTING RELATING TO THE INTERESTED PARTY. FORM 990, PART VI, SECTION B, LINE 15 MARKET RESEARCH AND HR BEST PRACTICE RESEARCH IS DONE BY HR STAFF AND EXTERNAL CONSULTANTS TO ENSURE THAT TOP MANAGEMENT (CHIEF OFFICERS) ARE PAID APPROPRIATELY AND AT MARKET RATE. MARKET RESEARCH AND HR BEST PRACTICE RESEARCH IS DONE BY HR STAFF AND EXTERNAL CONSULTANTS TO ENSURE THAT TOP MANAGEMENT AND ALL EMPLOYEES ARE PAID APPROPRIATELY AND AT MARKET RATE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE AVAILABLE ON OUR WEBSITE. FORM 990, PART IX, LINE 11G TEACHERS: PROGRAM SERVICE EXPENSES 1,539,695. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,539,695. PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 241,815. MANAGEMENT AND GENERAL EXPENSES 116,368. FUNDRAISING EXPENSES 205,233. TOTAL EXPENSES 563,416.