2024-09-09T09:07:00-07:00 2023-12-31 472626541 Cook & Company A Prof Actcy Corporation One Sansome St Ste 3500 San Francisco CA 94104 990 2023-01-01 823461657 Bay Area Hybrid College Initiative DBA Rivet School BAYA 5107275484 1503 Macdonald Ave Richmond CA 94801 Jeff Manassero CEO 2024-09-09 true true Douglas Cook PhDMPACPA P01521705 4156211112 2023 2024-08-08 14:25:15Z Jeff Manassero 1503 Macdonald Ave Richmond CA 94801 4866308 false X rivetschool.org X 2017 CA 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. 6 6 27 7 0 3802087 4192509 433777 602194 9187 70579 1026 4245051 4866308 78182 238624 0 1672022 2348295 28875 37857 150229 540425 563041 2319504 3187817 1925547 1678491 4144876 5863880 958887 999400 3185989 4864480 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. false false 2568887 238624 464425 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) 2568887 true true false false false false false false false false false true true false false false true false false false false false false true false false false true true true false false false false false false false false false false false false false false false false false true 52 0 true 27 true false false false false false false false 0 false false true true false false false X 6 6 false false true false false false false true true false false true true true true true true true true false CA IL MA WA X Rachel Friedland 4152977493 832 Baker Street San Francisco CA 94115 Jeff Manassero Executive Dir. 40.00 0.00 X 187168 0 1406 Iris Jong COO 35.00 0.00 X 130762 0 375 Nora Maxwell Chief Growth Officer 40.00 0.00 109652 0 1431 Claire Michaels Director of Career 40.00 0.00 101917 0 374 Ted Williams Chairman 1.00 0.00 X X 0 0 0 Lauren Dutton Dir Secretary 1.00 0.00 X X 0 0 0 John Philip Coghlan Dir Treasurer 1.00 0.00 X X 0 0 0 Jaclyn Pinero Director 1.00 0.00 X 0 0 0 Yin Lu Director 1.00 0.00 X 0 0 0 Adanta Ahanonu Director 0.00 0.00 X 0 0 0 529499 3586 4 false true false 0 4192509 4192509 Contract Fees 900099 137769 137769 Fellow Support Fees 611430 464425 464425 602194 70579 70579 0 0 0 0 0 0 0 Miscellaneous 900099 1026 1026 1026 4866308 602194 71605 114277 114277 124347 124347 0 0 329493 49424 212594 67475 0 1679841 1595121 84317 403 0 170690 141544 24422 4724 168271 139060 23740 5471 0 0 35633 1505 34128 0 37857 37857 0 87409 59865 26416 1128 32598 2500 30098 26346 19204 6829 313 120276 87249 32292 735 0 25761 21984 3070 707 28360 20456 7078 826 0 0 2500 630 1870 0 0 15636 14287 1096 253 Other program/oper. expenses 95573 87995 7352 226 Bad debt expense 67822 67822 Admissions 22816 22307 509 Recruitment 2311 1810 488 13 0 3187817 2568887 468701 150229 1876339 2791416 0 1450000 815000 47249 34416 0 0 0 0 23860 22831 0 0 437027 1889334 310401 310883 0 0 4144876 5863880 86167 190280 872720 809120 958887 999400 X 724459 1861267 2461530 3003213 3185989 4864480 4144876 5863880 1678491 X false true X true false X 963872 1130617 1870608 3802087 4192509 11959693 0 0 963872 1130617 1870608 3802087 4192509 11959693 4822091 7137602 11575 5504 782 9187 70579 97627 0 5000 5701 1026 11727 12069047 1610727 0.59140 0.60310 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1889334 310883 4866308 4866308 4866308 3187817 3187817 3187817 X X X X X true Strategists For Good LLC 2501 SW Trenton St 1061 Seattle WA 98106 Develop. consultant false 4532269 37857 4494412 4532269 37857 4494412 CA true Southern New Hampshire Uni 2500 N River Road Manchester NH 03106 020274509 114277 0 Tuition Support 1 0 Regrant 1 110000 Scholarships 11 14347 Grantmaker's Description of How Grants are Used Amounts, which are primarily awarded for scholarships, are not monitored since they are given on behalf of foundations. X X X X false false false false false false false false false Jeff Manassero Executive Dir. 187168 1406 188574 Form 990, Part VI, Section A, Line 4 In August 2023, the Board of Directors confirmed the following changes: General changes Update "Concourse Education" to "Rivet School" throughout 7.1 Number of Directors. Update "shall be at least three (3) and not more than seven (7)" to "shall be at least three (3) and not more than ten (10)" Form 990, Part VI, Section B, Line 11b Iris Jong, the Chief Operating Officer (functioning as Chief Financial Officer), reviews the draft Form 990 with the CEO and Board Finance Committee prior to final approval, with a comment/feedback period of 2 weeks. All Board members and the CEO are emailed a copy of the final Form 990 prior to filing. Form 990, Part VI, Section B, Line 12c All Members of the Board must sign a Conflict of Interest Policy & Form. Duty To Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board-delegated powers considering the proposed transaction or arrangement. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. Procedures for Addressing the Conflict of Interest: An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chair of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement that does not produce a conflict of interest is not reasonably possible under circumstances, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. Violations of the Conflicts-of-Interest Policy: If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Form 990, Part VI, Section B, Line 15a We run a market comparison analysis and recalculate career framework compensation levels every other year in Q3 starting 2021, following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey. Updated compensation levels go into effect for the following calendar year. For instance, compensation levels set in Q321 based on the 2021 FPNCAN survey would become effective in January 2022. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the ED's case, the Board). The Career Framework lays out different Levels and Steps for each functional role, corresponding to a level of responsibility and performance. For Executive Director, Jeff Manassero: On 2/24/23, the Rivet School Board of Directors unanimously approval an adjustment to Jeff's salary to $188,750, backpaid to 1/1/23. The salary amount of $188,750 was based on moving Jeff from Level 7, Step 1 ($153,750) to Level 9, Step 1 ($188,750) in our 2022 Career Framework, which is based on comparables from the Northern California Nonprofit Fair Pay Survey. Ted Williams, Board Chair, signed a compensation change letter on 3/3/23. On 5/16/23, Iris (COO) contacted Ted (Board Chair) to inform him that Iris & Jeff had updated the Executive Compensation Model that we use to determine C-Level compensations. These salaries were based on comparables from the 2022 Northern California Nonprofits Fair Pay Survey. Previously, the Board had approved a $188,750 salary for Jeff, which in the previous framework translated to Level 9, Step 1. Jeff and Iris proposed to place Jeff at Level 8, Step 2 ($185,349) in the updated framework. For the rest of 2023, the Board decided to treat the difference between $188,750 and $185,349 ($3,401) as a bonus. The plan was that in 2024, Jeff's salary would revert to $185,349, assuming his Level/Step remained the same after his annual evaluation. On 5/19/23, Ted Williams, Board Chair, signed a compensation change letter to confirm this. This process last occurred in 2023. Form 990, Part VI, Section B, Line 15b We run a market comparison analysis and recalculate career framework compensation levels every other year in Q3 starting 2021, following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey. Updated compensation levels go into effect for the following calendar year. For instance, compensation levels set in Q321 based on the 2021 FPNCAN survey would become effective in January 2022. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the ED's case, the Board). The Career Framework lays out different Levels and Steps for each functional role, corresponding to a level of responsibility and performance. For Chief Operating Officer, Iris Jong: On 5/1/23, Iris Jong and Jeff Manassero (Iris' Direct Manager) held a Performance Evaluation Alignment Meeting. During this meeting, Jeff communicated that Iris' Career Framework placement would be adjusted from COO, Level 7 Step 1 to COO, Level 7 Step 2, as a result of strong performance. The associated salary for this Level/Step was $149,350, so Iris' salary would be $119,480 (pro-rated for 32 hours/week). This salary was based on comparables from the 2022 Northern California Nonprofits Fair Pay Survey and modeled using Rivet School's Executive Compensation Model. This process last occurred in 2023. Form 990, Part VI, Section C, Line 19 Copies of documents shall be made available upon request. Page 2, Part III, 4a - Program Accomplishments (Cont'd from Page 2) Respondents expressed high levels of satisfaction, with scores like "I am happy at work" earning a 4.7 out of 5, "My manager creates a trusting and open environment" receiving an impressive 4.9 out of 5, and "I would recommend Rivet School as a great place to work" achieving a noteworthy 4.8 out of 5, with a 100% response rate. For the first time this year, we met our enrollment growth KPI - adding nearly 150 new students to the program, and bringing our composite student body to over 260. These new students were referred by both our growing list of partners (across K-12 school systems, community based organizations, and employers) and our marketing efforts. Our Partnerships Team alone produced over 375 of our total 1,100 leads in 2023, and supported nearly 125 partner-referred applicants to begin onboarding throughout the year. We set a new record for the number of onboarding enrollees, with 43 students beginning onboarding in July. We increased our yearly average onboarding retention rate from 41% to 60%; this change means an additional 35 students successfully completed onboarding and enrolled with Rivet School than otherwise would have. Our annual Student Experience Survey (SES) was conducted in September, capturing a broad, diverse group of voices with a robust 76% response rate. We measure student satisfaction by calculating a Net Promoter Score (NPS) based on student ratings of the statement "How likely are you to recommend Rivet School to a friend or a colleague?" Our 2023 NPS is 84, considered "world class and representative of the stellar college experience we craft for our students. As of 12/31/23, Rivet School had served 457 students, with a total composite of 261 enrolled students (including Onboarding, Active, and Paused). Of our enrolled students, 74% were first generation college students; 81% were Black or Latino, 81% were working full-time, and 44% were parents. The median (individual, annual) income of our students in 2023 was $36,000, and the median age was 31 years old. As of 12/31/23, we've conferred 61 AA degrees and 72 BA degrees. Among graduated students, our median time to a BA degree is 2.6 years. Our 1-year retention rate is 89%, our 2-year retention rate is 70%, and our 3-year retention rate is 69%. The lifetime persistence of our students is 68%. 83% of our graduates have secured a "strong job" (either a full-time job (32-40 hours/week) at an annual salary of $49,000 or higher, with employer-provided paid time off and/or health benefits OR enrolled in a graduate program or fellowship requiring a BA degree. We also count graduates who state a desire for part-time work, but still meet the thresholds for benefits and (prorated) salary.