2024-11-06T18:40:56-06:00 2023-12-31 910189318 MOSS ADAMS LLP 21700 OXNARD ST STE 300 WOODLAND HILLS CA 91367 990 2023-01-01 842108762 MERIT AMERICA MERI 9143103148 712 H STREET NE SUITE 1560 WASHINGTON DC 20002 REBECCA TABER STAEHELIN CO-FOUNDER AND CO-CEO 9143103148 2024-11-05 1 1 LAUREN A HAVERLOCK P00545829 8185771900 2023 2024-10-15 13:58:12Z REBECCA TABER STAEHELIN 712 H STREET NE SUITE 1560 WASHINGTON DC 20002 43214562 0 X WWW.MERITAMERICA.ORG/ X 2019 DC TO PROVIDE A PATH TO SKILLED CAREERS FOR THE MILLIONS OF AMERICANS WITHOUT COLLEGE DEGREES. 8 5 229 6 0 0 19666880 29039821 8753249 13667249 650 507492 0 0 28420779 43214562 68426 148320 0 0 13311644 23472738 0 0 989865 9150634 12597784 22530704 36218842 5890075 6995720 23949600 30452510 10202191 9709381 13747409 20743129 X TO PROVIDE A PATH TO SKILLED CAREERS FOR THE MILLIONS OF AMERICANS WITHOUT COLLEGE DEGREES. 0 0 33238733 148320 13667249 IN 2023, MERIT AMERICA CONTINUED TO ADVANCE ITS MISSION TO CREATE A PATHWAY FOR THE 53 MILLION AMERICANS STUCK IN LOW-WAGE WORK TO SECURE FAMILY-SUSTAINING CAREERS. THESE WORKERS, MANY OF WHOM ARE PEOPLE OF COLOR AND WOMEN, HAVE HISTORICALLY FACED SIGNIFICANT BARRIERS TO ADVANCEMENT. TRADITIONAL ROUTES, SUCH AS EARNING A COLLEGE DEGREE OR CLIMBING THE CORPORATE LADDER, OFTEN REMAIN OUT OF REACH DUE TO FINANCIAL CONSTRAINTS, LACK OF FLEXIBILITY, OR INADEQUATE SUPPORT. MERIT AMERICA OFFERS A THIRD OPTION-COMBINING THE FLEXIBILITY OF ONLINE LEARNING WITH THE PERSONALIZED GUIDANCE OF WORLD-CLASS COACHING.SINCE OUR LAUNCH IN 2018, WHEN WE SERVED A SMALL COHORT OF JUST 15 LEARNERS, WE HAVE GROWN RAPIDLY. BY THE END OF 2023, WE SERVED 9,275 LEARNERS ACROSS MULTIPLE CAREER TRACKS - INCLUDING OVER 4,600 IN 2023 ALONE - AND ARE ON PACE TO REACH OUR 10,000TH LEARNER IN EARLY 2024. THIS REFLECTS BOTH THE INCREASING DEMAND FOR OUR PROGRAM AND OUR CAPACITY TO SCALE EFFECTIVELY.OUR TEAM'S EXPANSION HAS MIRRORED THIS GROWTH, INCREASING TO MORE THAN 200 EMPLOYEES WITHIN JUST FIVE YEARS AND AN 80% STAFF ENGAGEMENT RATE. IN RECOGNITION OF OUR CULTURE AND VALUES, MERIT AMERICA WAS NAMED A 2023 TOP PLACE TO WORK BY RAGAN AND A 2023 BEST WORKPLACES FOR MILLENNIALS BY GREAT PLACE TO WORK AND FORTUNE MAGAZINE.THE IMPACT OF OUR WORK IS PERHAPS BEST ILLUSTRATED BY THE FINDINGS OF OUR SECOND LONGITUDINAL WAGE ANALYSIS, CONDUCTED IN PARTNERSHIP WITH THE UNIVERSITY OF VIRGINIA. THIS STUDY CONFIRMED THAT AS WE SCALE, OUR IMPACT REMAINS STRONG. ON AVERAGE, MERIT AMERICA ALUMNI SAW THEIR ANNUAL WAGES INCREASE BY $24,000, THREE OR MORE MONTHS AFTER PROGRAM COMPLETION, NEARLY DOUBLING THE AVERAGE PRE-PROGRAM SALARY OF $26,000. OUR PROGRAM'S 80% COMPLETION RATE NEARLY DOUBLES THE NATIONAL SIX-YEAR COMMUNITY COLLEGE COMPLETION RATE OF 42%, UNDERSCORING THE EFFECTIVENESS OF OUR MODEL.BY THE CLOSE OF 2023, MERIT AMERICA HELPED DRIVE AN ESTIMATED $695 MILLION IN PROJECTED CUMULATIVE WAGE GAINS, DELIVERING A REMARKABLE $33 IN WAGE GAINS FOR EVERY $1 IN PHILANTHROPY, ACCORDING TO A SOCIAL ROI STUDY BY BRIDGESPAN.IN RESPONSE TO CHANGING MARKET DEMANDS AND LEARNER INTERESTS, WE EXPANDED OUR OFFERINGS IN 2023, LAUNCHING A NEW USER EXPERIENCE (UX) DESIGN TRACK THAT ENROLLED 244 LEARNERS IN ITS FIRST YEAR. BUILDING ON THIS SUCCESS, WE LAID THE FOUNDATION FOR TWO ADDITIONAL TRACKS - CYBERSECURITY AND PROJECT MANAGEMENT - SET TO LAUNCH IN EARLY 2024.FINANCIAL ACCESSIBILITY HAS ALWAYS BEEN A CORNERSTONE OF OUR APPROACH. OUR INNOVATIVE SUCCESS SHARING AGREEMENT ALLOWED LEARNERS TO START THEIR JOURNEY WITHOUT ANY UPFRONT COSTS, REMOVING FINANCIAL BARRIERS TO ENTRY. THIS COMMITMENT TO AFFORDABILITY WAS FURTHER STRENGTHENED BY OUR PARTNERSHIP WITH GOOGLE THROUGH THE $100 MILLION GOOGLE CAREER CERTIFICATES FUND. THE RESULTING ZERO PERCENT LOAN, ADMINISTERED BY ASCENT FUNDING, HAS MANY OF THE SAME LEARNER-FRIENDLY TERMS: NO MONEY REQUIRED UPFRONT, 0% INTEREST, AND REPAYMENT ONLY UPON EARNING AT LEAST $40,000 PER YEAR. SINCE ITS LAUNCH AT THE END OF 2022, THE FUND ENABLED 3,464 MERIT AMERICA LEARNERS TO ACCESS THE ZERO PERCENT LOAN TO FINANCE THEIR PARTICIPATION IN OUR PROGRAM BY THE END OF 2023.LOOKING AHEAD, WE ARE EXCITED ABOUT THE POTENTIAL TO BROADEN OUR IMPACT EVEN FURTHER. PLANS ARE UNDERWAY TO EXPAND BEYOND TECHNOLOGY TRACKS INTO FIELDS SUCH AS ADVANCED MANUFACTURING, ARTIFICIAL INTELLIGENCE, AND CLIMATE-RELATED SECTORS.AS WE REFLECT ON 2023, WE ARE PROUD OF THE STRIDES WE'VE MADE IN SCALING OUR IMPACT WHILE MAINTAINING THE QUALITY AND EFFECTIVENESS OF OUR PROGRAMS. THE STORIES OF TRANSFORMED LIVES AND CAREERS CONTINUE TO INSPIRE US AND FUEL OUR COMMITMENT TO BREAKING DOWN BARRIERS AND CREATING OPPORTUNITIES FOR TALENTED INDIVIDUALS ACROSS AMERICA. 33238733 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 152 0 1 229 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AR CA CO CT FL GA HI IL KS KY LA MA MD ME MI MN MS NC ND NH NJ NM NY NV OH OK OR PA RI SC TN VA WA WV WI X ALYSIA ABRAMS 6154297467 712 H STREET NE SUITE 1560 WASHINGTON DC 20002 CONNOR DIEMAND-YAUMAN CO-FOUNDER AND CO-CEO 40.00 X X 484533 0 59301 REBECCA TABER STAEHELIN CO-FOUNDER AND CO-CEO 40.00 X X 440314 0 70513 NORMAN ATKINS DIRECTOR/BOARD CHAIR 1.00 X X 0 0 0 YIN LU DIRECTOR 1.00 X 0 0 0 NAOMI BAGDONAS DIRECTOR 1.00 X 0 0 0 AHMMAD BROWN DIRECTOR 1.00 X 0 0 0 BYRON AUGUSTE DIRECTOR 1.00 X 0 0 0 REBECCA LEVIN DIRECTOR (FROM 7/27/23) 1.00 X 0 0 0 LAL JONES-BEY CHIEF FINANCIAL OFF. (FROM 3/27/23) 40.00 X 183772 0 23442 LATRICIA BARKSDALE CHIEF PROGRAM OFFICER (THRU 5/23/23) 40.00 X 106293 0 10391 LEILA MAKARECHI CHIEF BUSINESS OFFICER 40.00 X 305845 0 38369 ANNE KEENAN CHIEF MARKETING OFFICER 40.00 X 258950 0 41808 JENNIFER MAZZON CHIEF PRODUCT OFFICER 40.00 X 240175 0 58001 CRYSTAL BARCELO CHIEF PEOPLE OFFICER 40.00 X 220866 0 20867 RYAN OUELLETTE CHIEF PROGRAM OFFICER 40.00 X 210479 0 22225 LEITH ABDULLA ENGINEERING, VP 40.00 X 207540 0 19497 PERRY FETTERMAN VP EARNED REVENUE 40.00 X 179022 0 36010 2837789 0 400424 39 0 1 0 BUSINESS RULE SOLUTIONS LLC 2429 BISSONNET SUITE 488 HOUSTON TX 77005 ANALYTICS AND DATA CLEANING SERVICES 410650 INSTRUCTURE INC 6330 SOUTH 3000 EAST SUITE 700 SALT LAKE CITY UT 84121 IMPLEMENTATION OF EDUCATIONAL SOFTWARE P 198150 BERLIN ROSEN LLC 15 MAIDEN LANE NEW YORK NY 10038 MARKETING, STRATEGY, AND CREATIVE SERVIC 183050 HOGAN LOVELLS US LLP - MAIN 555 13TH STREET NORTHWEST WASHINGTON DC 20004 LEGAL SERVICES 144851 4 29039821 2780000 29039821 TUITION REPAYMENT/PLACEMENT FEES 561499 13667249 13667249 13667249 507492 507492 43214562 13667249 0 507492 148320 148320 2023532 1622671 86664 314197 16956604 16003469 481372 471763 403072 387940 13550 1582 2860431 2672503 85723 102205 1229099 1143062 36873 49164 159182 159182 76043 70720 2281 3042 8743 8743 1867544 1712456 140969 14119 7272541 7272541 979725 665903 285631 28191 860104 860104 8507 7912 255 340 621851 122334 494255 5262 84167 84167 44232 44232 66347 66347 JAVA CURRICULUM 548798 548798 36218842 33238733 1990244 989865 20875451 28604341 600000 143469 441524 233146 1378031 702245 574461 705731 150194 86616 80133 63578 23949600 30452510 1412873 1805174 2129060 1222123 6500000 6500000 160258 182084 10202191 9709381 X 10270459 20373065 3476950 370064 13747409 20743129 23949600 30452510 6995720 0 X X 0 1 X 1 0 X 2706328 5498057 9566655 19666880 29039821 66477741 2706328 5498057 9566655 19666880 29039821 66477741 15277092 51200649 1499 3528 650 507492 513169 66990910 24985719 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 150194 86616 63578 63578 BREX 64586 457B CONTRIBUTION PAYABLE 100831 INTEREST PAYABLE 16667 182084 X 43224762 10200 10200 43214562 0 43214562 36229042 10200 10200 36218842 0 36218842 PART X, LINE 2: THE ORGANIZATION IS A NONPROFIT DISTRICT OF COLUMBIA ("D.C.") CORPORATION AND IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE ("IRC") AND UNDER D.C. CODE TITLE 29, CHAPTER 4, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS TAXABLE INCOME AS DEFINED UNDER IRC SECTIONS 511 THROUGH 515. FOR THE YEARS ENDED DECEMBER 31, 2023 AND 2022, NO PROVISION FOR UNRELATED BUSINESS INCOME TAXES IS REQUIRED. THE ORGANIZATION HAS NO UNRECOGNIZED TAX BENEFITS OR LIABILITIES AS OF DECEMBER 31, 2023 AND 2022. THE ORGANIZATION, UNDER THE PROVISIONS OF FASB ASC TOPIC 740, INCOME TAXES, HAD NO UNCERTAIN TAX POSITIONS REQUIRING ACCRUAL AS OF DECEMBER 31, 2023 AND 2022. 1 LEARNER SUPPORT 150 104845 350 FMV GIFT CARDS LEARNER SUPPORT 87 43125 FMV LAPTOPS PART I, LINE 2: THE CHIEF BUSINESS OFFICER AND VP OF DEVELOPMENT MEET WITH THE CO-CEOS TO SELECT FUNDERS WITH INTEREST AND PASSION ABOUT MERIT AMERICA'S MISSION. THE GRANT APPLICATION TO A FUNDER INCLUDES THE ORGANIZATION'S ACCOMPLISHMENTS, MILESTONES PLANNED, TARGETED AREAS IN NEED OF FUNDING, AND A DETAILED BUDGET OF HOW GRANT FUNDS WILL BE SPENT. GRANTS ARE MANAGED BY THE CONTROLLER OF THE ORGANIZATION. GRANTS ARE TRACKED IN A DETAILED GRANT SCHEDULE, AND ALL TRANSACTIONS ARE MONITORED REGULARLY. REVENUE IS RECOGNIZED IN ACCORDANCE WITH THE GRANT SPECIFICATIONS, INCLUDING SPENDING REQUIREMENTS, MEETING MILESTONES (IF APPLICABLE), AND IN ACCORDANCE WITH THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB). WHEN GRANT CASH IS RECEIVED, THE CONTROLLER ALLOCATES TO PROGRAM SPENDING (EXPENSES) IN ACCORDANCE WITH GRANT SPECIFICATIONS AND TERMS, INCLUDING THE GRANT BUDGET, MILESTONES, AND IN ACCORDANCE WITH FASB RULES. THIS PROCESS ALSO INCLUDES THE REVIEW OF GRANT REPORTS THAT HAVE BEEN PROVIDED TO THE FUNDER BY THE GRANTS TEAM, WHICH HELPS DETERMINE IF MILESTONES REQUIRED IN THE GRANT HAVE BEEN MET. RESTRICTED NET ASSETS (CASH) AND REVENUE ARE RELEASED FROM RESTRICTION WHEN THE GRANT CONDITIONS HAVE BEEN MET. THE CONTROLLER REVIEWS THE FINAL GRANT REPORT AT THE END OF EACH MONTH TO ENSURE GRANT REVENUE, GRANT SPENDING, AND NET ASSETS HAVE BEEN APPROPRIATELY RECORDED IN THE GENERAL LEDGER. GRANT CASH THAT IS RECEIVED - BUT GRANT CONDITIONS HAVE NOT BEEN MET - IS RECORDED AS RESTRICTED NET ASSETS (CASH) AND DEFERRED REVENUE UNTIL THE GRANT CONDITIONS ARE MET. THE GRANTS TEAM PAYS CLOSE ATTENTION TO REPORTING DATES AND WORKS REGULARLY WITH THE CONTROLLER TO SUBMIT ACCURATE AND TIMELY REPORTS OF GRANT SPENDING TO THE FUNDER. 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(FROM 3/27/23) 183772 0 0 0 0 0 2736 0 20706 0 207214 0 0 0 X ONLINE ADVERTISEMENT CREDITS 1 2750000 FMV X INTEREST EXPENSE 1 30000 FMV 0 0 1 0 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS REPRESENTS THE NUMBER OF DONORS. FORM 990, PART VI, SECTION B, LINE 11B THE CONTROLLER REVIEWS THE 990 AND COMPARES TO THE GENERAL LEDGER OF THE ORGANIZATION TO ENSURE DATA INTEGRITY. THE 990 IS RECONCILED TO THE FINANCIAL STATEMENTS, INCLUDING THE TRIAL BALANCE, THE STATEMENT OF FINANCIAL POSITION, AND THE STATEMENT OF FINANCIAL ACTIVITIES. ADDITIONALLY, THE 990 IS RECONCILED TO THE AUDITED FINANCIAL STATEMENTS TO ENSURE DATA INTEGRITY AND CONSISTENCY. THE CONTROLLER PERFORMS A FINAL REVIEW OF ALL QUESTIONS TO ENSURE THAT THE APPROPRIATE ANSWERS HAVE BEEN PROVIDED. IF EDITS ARE NEEDED, THE CONTROLLER REQUESTS FROM THE AUDIT TAX TEAM. ONCE THE 990 IS COMPLETE WITH NO ERRORS, THE CONTROLLER SHARES WITH THE CFO AND SUBSEQUENTLY TO THE FINANCE COMMITTEE. ONCE APPROVED BY THE FINANCE COMMITTEE, THE 990 IS RECOMMENDED TO THE BOARD OF DIRECTORS. THE 990 MUST BE UNANIMOUSLY APPROVED BY THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE (IRS). ONCE APPROVED BY ALL MEMBERS OF THE BOARD, THE CONTROLLER NOTIFIES THE AUDIT TAX TEAM THAT THE 990 IS READY TO BE FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C MERIT AMERICA INCLUDES A CONFLICT OF INTEREST POLICY AND A CONFIDENTIALITY POLICY IN THE EMPLOYEE HANDBOOK, WHICH IS GIVEN TO ALL NEW EMPLOYEES TO READ. EMPLOYEES ARE REQUIRED TO COMPLETE THIS TASK, WHICH IS MANAGED BY A WORKBOARD SOFTWARE THAT TRACKS THE TIME AND DATE COMPLETED. THE ORGANIZATION ALSO SENDS CONFLICT OF INTEREST AND CONFIDENTIALITY POLICIES TO THE BOARD OF DIRECTORS ANNUALLY TO READ AND SIGN. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION USES MULTIPLE THIRD-PARTY SALARY SURVEYS AS WELL AS CONSULTANTS TO RESEARCH SALARY RANGES IN THE NONPROFIT INDUSTRY FOR COMPARABLE ORGANIZATIONS AND COMPARABLE JOB RESPONSIBILITIES. THE CO-CEOS MEET WITH THE BOARD OF DIRECTORS TO DISCUSS AND APPROVE ALL EXECUTIVE COMPENSATION, WHICH IS SET USING THE SAME METHODOLOGY AS THE REST OF THE STAFF. THE CO-CEOS RECUSE THEMSELVES FROM THE MEETING PRIOR TO THEIR SALARIES BEING DISCUSSED AND APPROVED. ALL APPROVED COMPENSATION AMOUNTS ARE INCLUDED IN THE ANNUAL BUDGET WHICH IS APPROVED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: MERIT AMERICA'S FINANCE COMMITTEE IS ALSO THE AUDIT COMMITTEE AND ASSUMES RESPONSIBILITY OF THE AUDIT AND PERIODIC REVIEW OF FINANCIAL STATEMENTS. THIS COMMITTEE WAS INVOLVED IN THE DECISION TO HIRE AN OUTSIDE AUDIT FIRM AND AN INDEPENDENT ACCOUNTANT IN 2020. A CONTROLLER FOR THE ORGANIZATION WAS HIRED IN MARCH 2021. THIS POSITION IS RESPONSIBLE FOR ALL FINANCIAL STATEMENTS FOR THE ORGANIZATION AND IS RESPONSIBLE FOR WORKING WITH THE AUDITORS THROUGHOUT THE YEAR IN PREPARATION OF AND FOR THE COMPLETION OF THE FINANCIAL AUDIT AND FORM 990. A CHIEF EXECUTIVE OFFICER WAS HIRED IN 2023 AS PART OF THE FINANCE TEAM AND IS RESPONSIBLE FOR REVIEWING AND APPROVING THE FINANCIAL STATEMENTS EACH MONTH.