Bay Area Hybrid College Initiative DBA Rivet School
Nonprofit profile at a glance
- EIN
- 823461657
- IRS 990 coverage
- 2018–2025
- Forms available
- Form 990 2025
- Location
- Richmond, CA, USA
- Phone
- 5107275484
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Vocational, Technical Schools
Reported finances
- Revenue
- $6,139,816
- Expenses
- $4,940,187
- Assets
- $6,711,646
- Liabilities
- $510,357
Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.
Leadership & pay
12 people listed
Executive titles in this filing
- Jeff Manassero (CEO)
Highest reported compensation
- Jeff Manassero (CEO): $192,634 total reported compensation
- Amy Barad (Senior Director of Partnerships): $189,258 total reported compensation
- Nora Maxwell Chief (Growth Officer): $155,678 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
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.
What it reported doing in 2025
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 2025, we continued executing on our ambitious strategy to grow and enroll 800 students annually by EOY 2026. We built on our past successes by exploring opportunities in our newest regions (Chicago and New Orleans), expanding our employer partnerships and programming (Educator and Healthcare Pathways), and refining our teams capacity to maximize outcomes for our students and graduates. (Continued at Schedule O.)
Operating model
- Revenue model
- Donor-supported. 78% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 94% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 72
- Transparency & Controls: 87
- Accountability: 100
- Sustainability: 56
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 67.3%; rating input score 67
- Program expense ratio: 82.7%; rating input score 83
- Fundraising efficiency: $20.9 raised per $1 spent on fundraising; rating input score 60; 60th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 75th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 19.5%; rating input score 72; 72nd percentile among comparable filings
- Total-asset coverage ratio: 1.36; rating input score 45; 45th percentile among comparable filings
- Liabilities to assets ratio: 0.08; rating input score 53; 53rd percentile among comparable filings
- Officer compensation ratio: 16.9%; rating input score 19; 19th percentile among comparable filings
Growth
- Program expense growth: 28.8% per year; rating input score 100; 91st percentile among comparable filings
- Revenue growth: 23.2% per year; rating input score 100; 90th percentile among comparable filings
- Asset growth: 27.1% per year; rating input score 100; 91st percentile among comparable filings
Details
- Where the money goes: 67.3% of revenue deployed · 82.7% of spending went to programs
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $4.1M in reported program spending
- Leadership: top reported pay $193K · 12 people listed · 4 of 6 pay-setting controls reported
- Consistency: 32 of 32 current checks pass
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Filing history: 8 filing years from 2018 to 2025
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
- High — Sustainability: Officer compensation ratio scored 19/100.
- Review — Sustainability: Liabilities to assets ratio scored 53/100.