2024-09-25T08:42:57-05:00 2023-12-31 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-01-01 046134355 TERC INC TERC 6178739600 2067 MASSACHUSETTS AVENUE CAMBRIDGE MA 02140 KATHLEEN DONAHUE CFO 6178739600 2024-09-23 1 1 KATIE BELANGER CPA P01585213 5083669100 2024-09-23 2023 2024-08-08 14:25:15Z LAURIE BRENNAN 2067 MASSACHUSETTS AVENUE CAMBRIDGE MA 02140 20069692 0 X WWW.TERC.EDU X 1965 MA TERC IS A NONPROFIT MADE UP OF TEAMS OF MATH AND SCIENCE EDUCATION AND RESEARCH EXPERTS DEDICATED TO INNOVATION AND CREATIVE PROBLEM SOLVING. AT THE FRONTIER OF THEORY AND PRACTICE, TERC'S WORK ENCOMPASSES RESEARCH, CONTENT AND CURRICULUM DEVELOPMENT, TECHNOLOGY INNOVATION, PROFESSIONAL DEVELOPMENT, AND PROGRAM EVALUATION. TERC HAS A PASSION FOR SOCIAL JUSTICE AND STRIVES TO CREATE LEVEL PLAYING FIELDS FOR ALL LEARNERS, REACHING MILLIONS OF LEARNERS EVERY YEAR. 12 12 104 12 0 0 10104302 10979837 490612 1166266 4862255 1778576 1504952 1000276 16962121 14924955 0 0 0 0 8757394 9459001 0 0 32439 5148000 6873618 13905394 16332619 3056727 -1407664 24386453 23443599 5946492 5662068 18439961 17781531 SUPPORT REFORM IN BOTH INSTITUTIONAL AND INFORMAL SETTINGS. 0 0 12507369 2166542 TERC IS A CAMBRIDGE, MA BASED NONPROFIT MADE UP OF TEAMS OF FORWARD-THINKING STEM EXPERTS DEDICATED TO INNOVATION AND CREATIVE PROBLEM SOLVING. TERC BELIEVES GREAT FUTURES ARE BUILT THROUGH MATH AND SCIENCE. FOR MORE THAN 50 YEARS, TERC HAS TAKEN A LEARNER-CENTERED APPROACH TO EDUCATION IN BOTH FORMAL AND INFORMAL SETTINGS. AT THE FRONTIER OF THEORY AND PRACTICE, TERC'S WORK ENCOMPASSES RESEARCH, CONTENT AND CURRICULUM DEVELOPMENT, TECHNOLOGY INNOVATION, PROFESSIONAL DEVELOPMENT, AND PROGRAM EVALUATION. THROUGH TERC'S CURRICULA AND PROGRAMS, STUDENTS DEVELOP THE KNOWLEDGE AND SKILLS NEEDED TO ASK QUESTIONS, SOLVE PROBLEMS, AND EXPAND THEIR OPPORTUNITIES. TERC'S PROFESSIONAL DEVELOPMENT HELPS TEACHERS AND FACILITATORS UTILIZE NEW TOOLS, MATERIALS, AND INQUIRY-BASED STRATEGIES TO ENRICH THE LEARNERS. 12507369 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 204 0 1 104 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MA NY OR X X KATHLEEN DONAHUE 6178739600 2067 MASSACHUSETTS AVENUE CAMBRIDGE MA 02140 LAURIE BRENNAN PRESIDENT 40.00 X 282792 0 19043 KAREN ECONOMOPOULOS CO-DIRECTOR 40.00 X 157353 0 46348 JONI FALK CENTER LEADER 40.00 X 182293 0 13217 GILLIAN PUTTICK SR. SCIENTIST 40.00 X 149418 0 38868 JAMES HAMMERMAN DIRECTOR 40.00 X 144017 0 33685 CARA DIMATTIA DIRECTOR OF INFORMATION TECHNOLOGY 40.00 X 130362 0 43753 KATHLEEN DONAHUE CFO ( AS OF 09/2023) 40.00 X 67260 0 10042 GAIL STEVENS INTERIM CFO (UNTIL 12/31/2023) 40.00 X 0 0 0 NADINE BONDA CHAIR 0.50 X X 0 0 0 CHRISTINA OLAYON-BAKER TREASURER 0.50 X X 0 0 0 ORESTES MARINOS-IATRIDES CLERK (AS OF 10/2023) 0.50 X X 0 0 0 LAWRENCE PETIT-FRERE CLERK (UNTIL 05/2023) 0.50 X X 0 0 0 CHINYERE CHI ONYEBUCHI TRUSTEE 0.50 X 0 0 0 DIANE SOUVAINE TRUSTEE 0.50 X 0 0 0 ELEANORA VILLEGAS-REIMERS TRUSTEE 0.50 X 0 0 0 JAY LABOV TRUSTEE 0.50 X 0 0 0 JOSEPH JOHNSON JR TRUSTEE 0.50 X 0 0 0 JANICE D JACKSON TRUSTEE 0.50 X 0 0 0 ROSEANN TUNG TRUSTEE 0.50 X 0 0 0 GEORGIA HALL TRUSTEE 0.50 X 0 0 0 CINDY DAI TRUSTEE 0.50 X 0 0 0 1113495 0 204956 26 0 1 0 CLIFTONLARSONALLEN LLP PO BOX 829709 PHILADELPHIA PA 19182 CONSULTANT (CFO) 288721 KARYL JS ASKEW 755 SE 78TH AVENUE HILLSBORO OR 97123 CONSULTING 177267 INSOURCE SERVICES INC 148 LINDEN ST WELLESLEY MA 02482 CONSULTING 123439 3 9316870 1662967 10979837 EXCHANGE 900099 930170 930170 WORKSHOPS 900099 236096 236096 1166266 374531 374531 929977 929977 6548782 5144737 1404045 1404045 1404045 OTHER 900099 70299 70299 70299 14924955 2166542 0 1778576 X 379137 379137 7080181 5531102 1549079 327374 250463 76911 1108486 824387 284099 563823 413685 150138 35234 35234 86562 86562 90428 90428 3136714 3055199 58315 23200 29760 29760 1373887 1016624 357263 266677 254996 11681 81381 63452 17929 OUTSIDE SERVICES 1062005 565439 489366 7200 OTHER 522045 393506 126500 2039 SUPPLIES AND MATERIALS 188925 108756 80169 16332619 12507369 3792811 32439 3867919 596621 2057 2063 1215984 1698168 850796 551417 88876 201301 770222 578296 273307 191926 14692540 17629223 3394974 2572880 24386453 23443599 1741621 2452205 41924 91020 4162947 3118843 5946492 5662068 X 17931607 17515374 508354 266157 18439961 17781531 24386453 23443599 -1407664 749234 0 X X 0 1 X 1 1 1 X 8947543 8719073 10648796 10104302 10979837 49399551 8947543 8719073 10648796 10104302 10979837 49399551 49399551 2005032 1764991 1282829 1702110 1304508 8059470 42189 14764 56953 57515974 6224248 0.85890 0.83710 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 234090 58523 175567 536132 519773 16359 191926 DEPOSITS 29072 RIGHT-OF-USE ASSET - OPERATING LEASE 2543808 2572880 OPERATING LEASE OBLIGATIONS 2920225 CONDITIONAL GRANT ADVANCES 198618 3118843 X 15707999 749234 124238 873472 14834527 90428 90428 14924955 16366429 124238 124238 16242191 90428 90428 16332619 PART X, LINE 2: TERC ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ASC TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. TERC HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT DECEMBER 31, 2023 AND 2022. TERC'S INFORMATION RETURNS ARE SUBJECT TO EXAMINATION BY THE FEDERAL AND STATE JURISDICTIONS. X 0 0 0 0 0 0 0 0 0 LAURIE BRENNAN PRESIDENT 282792 0 0 0 0 0 13990 0 5053 0 301835 0 0 0 KAREN ECONOMOPOULOS CO-DIRECTOR 157353 0 0 0 0 0 8251 0 38097 0 203701 0 0 0 JONI FALK CENTER LEADER 182293 0 0 0 0 0 6965 0 6252 0 195510 0 0 0 GILLIAN PUTTICK SR. SCIENTIST 149418 0 0 0 0 0 7830 0 31038 0 188286 0 0 0 JAMES HAMMERMAN DIRECTOR 144017 0 0 0 0 0 7526 0 26159 0 177702 0 0 0 CARA DIMATTIA DIRECTOR OF INFORMATION TECHNOLOGY 130362 0 0 0 0 0 5846 0 37907 0 174115 0 0 0 FORM 990, PART VI, SECTION A, LINE 3 DURING 2023, GAIL STEVENS WAS THE INTERIM CFO THROUGH CLIFTONLARSONALLEN AND RECEIVED $288,721 IN COMPENSATION FOR OVERSEEING THE FINANCIAL OPERATIONS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS PRESENTED TO FIRST BY THE CFO TO THE TREASURER FOR REVIEW AND QUESTIONS AND IS THEN SHARED WITH THE FINANCE COMMITTEE OF THE BOARD OF TRUSTEES, AND FINALLY THE FULL BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C TERC HAS A CONFLICT OF INTEREST TRAINING THAT NEW STAFF UNDERTAKE, A CONFLICT OF INTEREST FORM THAT ANY RESEARCHER MUST FILL OUT BEFORE WORKING WITH FEDERAL FUNDS, AND A CONFLICT OF INTEREST COMMITTEE TO REVIEW THE FORMS AND ADDRESS CONFLICTS THAT MAY ARISE. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION REVIEW FOR PRESIDENT: THE PROCESS FOR DETERMINING COMPENSATION FOR THE PRESIDENT IS CONDUCTED BY AN INDEPENDENT GROUP CONSISTING OF MEMBERS OF THE BOARD OF TRUSTEES. CARE IS TAKEN TO ENSURE THAT THERE IS NO CONFLICT OF INTEREST WITH RESPECT TO BOARD MEMBERS SELECTED TO CONDUCT THE REVIEW. RECOMMENDATIONS FOR COMPENSATION ARE PRESENTED TO AND APPROVED IN EXECUTIVE SESSION OF THE BOARD AT ITS MAY MEETING. AS PART OF ITS REVIEW THE BOARD SUBCOMMITTEE REQUESTS OF THE DIRECTOR OF HUMAN RESOURCES (DHR) COMPENSATION DATA ON SIMILARLY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARLY SITUATED ORGANIZATIONS. THE COMPARABILITY IS BASED ON A COMPARISON OF THE JOB DUTIES OF THE PRESIDENT WITH A SIMILARLY SITUATED POSITION AT ANOTHER ORGANIZATION SIMILAR TO TERC IN SIZE, NONPROFIT STATUS, AND OVERALL MISSION, AS WELL AS SIMILAR GEOGRAPHICAL LOCATION. THE DHR OBTAINS THIS DATA FROM (1) 990S FILED WITH GUIDESTAR AND (2) A COMMISSIONED ANALYSIS FROM A PROFESSIONAL COMPENSATION CONSULTANT. THE RESULT OF THE BOARD REVIEW OF THE COMPENSATION FOR THE PRESIDENT IS RECORDED BY THE CHAIR OF THE BOARD AND FORWARDED TO THE DHR FOR PLACEMENT IN THE PERSONNEL FILE OF THE PRESIDENT AND SERVES AS INSTRUCTION TO PROCESS THE SALARY INCREASE. COMPENSATION REVIEW FOR THE CHIEF FINANCIAL OFFICER (CFO) IS DETERMINED BY THE PRESIDENT, TO WHOM THE CFO REPORTS. AS WITH ALL POSITIONS AT TERC, INCLUDING THOSE OF OTHER OFFICERS AND KEY EMPLOYEES, THE APPROPRIATE RANGE FOR THE POSITION IS DETERMINED THROUGH A COMPENSATION ANALYSIS CONDUCTED BY AN INDEPENDENT CONSULTANT, USING SURVEY DATA FROM COMPARABLE ORGANIZATIONS AND MATCHED WITH THE JOB RESPONSIBILITIES AND LEVEL OF EXPERIENCED REQUIRED TO FULFILL THE CFO POSITION. COMPENSATION ANALYSES ARE CONDUCTED APPROXIMATELY EVERY 3 YEARS. THE LAST COMPENSATION ANALYSIS WAS CONDUCTED IN 2021. THE SALARY OF THE CFO IS REVIEWED BY THE PRESIDENT ANNUALLY AS PART OF THE SALARY REVIEW PROCESS. ANY RECOMMENDATION FOR A RAISE BASED ON NEW DUTIES ASSUMED OR EXTRAORDINARY GROWTH IN THE POSITION IS DOCUMENTED BY THE PRESIDENT AND PRESENTED TO THE SALARY COMMITTEE FOR REVIEW. DOCUMENTATION ON THE FINAL SALARY IS MAINTAINED IN THE OFFICE OF THE DHR. A SIMILAR PROCESS IS CONDUCTED FOR DETERMINING COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 TERC MAINTAINS ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS INTERNALLY AND ARE AVAILABLE BY REQUEST BY THE PUBLIC. TERC ALSO UPLOADS A COPY OF THE FILED 990 ON GUIDESTAR.ORG. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 3,055,199. MANAGEMENT AND GENERAL EXPENSES 58,315. FUNDRAISING EXPENSES 23,200. TOTAL EXPENSES 3,136,714. FORM 990, PART XII, LINE 2C: THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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