2025-09-17T10:54:03-07:00 2024-12-31 472626541 Cook & Company A Prof Actcy Corporation One Sansome St Ste 3500 San Francisco CA 94104 990 2024-01-01 823461657 Bay Area Hybrid College Initiative DBA Rivet School BAYA 5107275484 1503 Macdonald Ave Richmond CA 94801 Jeff Manassero CEO 2025-09-17 true true Douglas Cook PhDMPACPA P01521705 4156211112 2024 2025-03-06 01:10:19Z Jeff Manassero 1503 Macdonald Ave Richmond CA 94801 4299770 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 41 6 0 4192509 2955978 602194 1182976 70579 159656 1026 1160 4866308 4299770 238624 366272 0 2348295 3181049 37857 85872 208030 563041 769397 3187817 4402590 1678491 -102820 5863880 5693218 999400 931558 4864480 4761660 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 3428880 366272 1182976 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, or CfA. Through CfA, enrollees earn their Associates of Arts or Bachelors of Arts degrees. In 2024, we hired 14 new team members, bringing our total head count to 36 team members. Cont'd at Schedule O 3428880 true true false false false false false false false false false false false 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 33 0 true 41 true false false false false false false false 0 false false false false false false false X 6 6 false false false false false false false true true false false true true true true true true true true false CA IL LA MA NY WA X X Rachel Friedland 4152977493 832 Baker Street San Francisco CA 94115 Jeff Manassero Executive Dir. 40.00 0.00 X 191027 0 13348 Iris Jong COO 40.00 0.00 X 160612 0 21879 Sandra Nunez Chief Program Officer 40.00 0.00 102654 0 933 Nora Maxwell Chief Growth Officer 40.00 0.00 90846 0 4868 Ted Williams Chairman 1.00 0.00 X X 0 0 36 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 1.00 0.00 X 0 0 0 545139 41064 3 false true false 0 2955978 2955978 Fellow Support Fees 611430 1178465 1178465 Other Program Fees 900099 4511 4511 1182976 159656 159656 0 0 0 0 0 0 0 Miscellaneous 900099 1160 1160 1160 4299770 1182976 160816 269885 269885 96387 96387 0 0 358041 53706 208785 95550 0 2351821 2215567 131617 4637 3324 3324 254979 177341 69633 8005 212884 178600 26393 7891 0 0 43182 43182 0 85872 85872 0 287548 155215 132333 0 37473 20079 17212 182 106865 26662 79889 314 0 37827 27123 9473 1231 29610 14665 14819 126 0 0 2507 2507 0 0 3066 3066 Other program/oper. expenses 104914 91923 8769 4222 Admissions 69455 54777 14678 Bad debt expense 46950 46950 0 4402590 3428880 765680 208030 2791416 530149 0 815000 640500 34416 310002 0 0 0 0 22831 10146 0 3925970 1889334 0 310883 276451 0 0 5863880 5693218 190280 213398 809120 718160 999400 931558 X 1861267 2177903 3003213 2583757 4864480 4761660 5863880 5693218 -102820 X false true X true false X 1130617 1870608 3802087 4192509 2955978 13951799 0 0 1130617 1870608 3802087 4192509 2955978 13951799 6142776 7809023 5504 782 9187 70579 159656 245708 0 5701 1026 1160 7887 14205394 2617353 0.54970 0.59140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 4299770 4299770 4299770 4402590 4402590 4402590 X X X X true Meveo 6957 Broadway Terrace Oakland CA 94611 Develop. consultant false 385010 50000 335010 First and Constance LLC 8550 United Plz Bg II 305 Baton Rouge LA 70809 Develop. consultant false 200000 27925 172075 Strategists For Good LLC 2501 SW Trenton St 1061 Seattle WA 98106 Develop. consultant false 7947 585010 85872 507085 CA true Southern New Hampshire Uni 2500 N River Road Manchester NH 03106 020274509 501(c)(3) 269885 0 Tuition Support 1 0 Scholarships 134 96387 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 Iris Jong COO 160612 21564 315 182491 Jeff Manassero Executive Dir. 191027 13312 36 204375 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 "Members of the Board are covered under the conflict of interest policy; all members 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 is not reasonably possible under circumstances not producing a conflict of interest, 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 "Every 3 years in Q3 starting 2023 (2026, 2029, 2031, etc.), following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we run a market comparison analysis and update salary band midpoints as needed. Every year in Q3 following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we: 1) Assess midpoints and Level assignments for "in flux" roles, i.e. roles whose complexity and scope may have fluctuated in the past year. (These roles primarily include Level 4+ IC and leadership roles whose scope may have grown with our org size, budget, complexity, etc.) 2) Consider a % increase across all salary midpoints based on both organization budget and macro factors, such as regional core inflation over the previous twelve months. -- Such salary adjustments are made at the discretion of Rivet School leadership and are not guaranteed. Furthermore, adjustment amounts will reference, but not necessarily strictly align, core inflation %s. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the CEO's case, the Board). The Career Framework lays out different Levels, Grades, and Steps for each functional role, corresponding to a level of responsibility and performance. For Chief Executive Officer, Jeff Manassero: - On 2/2/24, the Rivet School Board of Directors unanimously approved an adjustment to Jeff's salary to $192,050, backpaid to 1/1/24. They also unanimously approved a title change to CEO (Chief Executive Officer). To arrive at the salary amount, we inputted the 2023 Fair Pay for Northern California Nonprofits Executive Director numbers into our Executive Compensation Model -- We weighted the 75th percentile salary numbers at 60%, and the median salary numbers at 40% -- We weighted the following factors, summing to 100%: - FTE 16 to 40 - 30% - Annual budget $2,500,000 - 4,999,999 - 25% - Annual budget $5,000,000 - 8,999,999 - 25% - Geographic location Alameda / Contra Costa - 10% - Field Social service: one major program - 10% Ted Williams, Board Chair, signed a compensation change letter on 2/2/24." Form 990, Part VI, Section B, Line 15b "Every 3 years in Q3 starting 2023 (2026, 2029, 2031, etc.), following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we run a market comparison analysis and update salary band midpoints as needed. Every year in Q3 following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we: 1) Assess midpoints and Level assignments for "in flux" roles, i.e. roles whose complexity and scope may have fluctuated in the past year. (These roles primarily include Level 4+ IC and leadership roles whose scope may have grown with our org size, budget, complexity, etc.) 2) Consider a % increase across all salary midpoints based on both organization budget and macro factors, such as regional core inflation over the previous twelve months. -- Such salary adjustments are made at the discretion of Rivet School leadership and are not guaranteed. Furthermore, adjustment amounts will reference, but not necessarily strictly align, core inflation %s. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the CEO's case, the Board). The Career Framework lays out different Levels, Grades, and Steps for each functional role, corresponding to a level of responsibility and performance. For Level 7 Executive roles (CEO, COO, CGO, CPO), we: - Use the Rivet School Career Framework Backup "Executive Model," which directly ties to inputs from the FPNCAN -- Social service: one major program -- $2,500,000 - 4,999,999 -- $5,000,000 - 8,999,999 -- Employees: 16 to 40 - For Executive roles, midpoints should be around the 60th-70th percentile of comparable Northern CA nonprofit salaries - As of 2024, our model weights: -- Median comparables: 60% -- 75th percentile comparables: 40% -- = ~60th percentile - Sanity check by reviewing peer organization 990 filings Nora Maxwell, Chief Growth Officer: On 1/1/24, salary adjustment to $135,000 due to advancement to Level 7, Step 1 as result of 5-year performance evaluation. Iris Jong, Chief Operating Officer: On 3/30/24, salary adjustment to $164,935.00 due to advancement to Level 7, Grade C, Step 1 as result of 6-year performance evaluation. Sandra Maxwell, Chief Program Officer: On 2/22/24, starting salary set at $135,000." 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: Thanks to our strong team of managers, we maintained a remarkable 97% voluntary retention rate and high levels of satisfaction, with scores like "My manager creates a trusting and open environment" receiving an impressive quarterly average of 4.8 out of 5, and "I would recommend Rivet School as a great place to work" achieving a noteworthy quarterly average of 4.7 out of 5, with a 100% response rate each quarter. Over 2024, we expanded our presence into two new communities - Chicago and New Orleans - and made strategic investments to create new pathways to college for recent high school graduates and for working adults in the healthcare sector. This multi-faceted growth strategy is already yielding results: we enrolled over 400 fellows throughout 2024. Referral partnerships with employers, K-12 schools, and CBOs continue to be one of our most consistent and effective strategies to find, recruit, and enroll Rivet School fellows, driving more than 100 of our 287 new enrollments in 2024. Our Growth team generated over 3,400 leads in 2024, and our Admissions team set new records this year by confirming 69 fellows for our September Onboarding group and 54 for our November Onboarding group - a significant increase from our average of 36 Onboarding starts per deadline in 2023. A majority of these fellows are successfully completing Onboarding and enrolling - our average retention from Onboarding through to successful enrollment is up to 65% in 2024 compared to 57% in 2023. As of 12/31/24, Rivet School had served 744 students, with a total composite of 469 enrolled students (including Onboarding, Active, and Paused). Over the summer, our team proudly reached a significant milestone with the graduation of our 100th BA fellow. As of 12/31/24, we've conferred 106 AA degrees and 134 BA degrees. Among graduated students, our median time to a BA degree is 2.6 years. 75% of our graduates have secured a "strong job" (either a full-time job (32-40 hours/week) at an annual salary of $61,871 or higher, with employer-provided paid time off and/or health benefits, or enrolled in a graduate program or fellowship requiring a BA degree.