Bean Path

What it reported doing in 2024

During the past project year, the bean path was able to not only complete all expected results, but in many cases exceed them. This year, the organization celebrated the 6th anniversary of the bean path and wanted to expand its reach and impact in the community. The goal was to cultivate entrepreneurial and innovative talent in Mississippi through being the one-stop tech-facing source that provides access to the tools, knowledge, and network necessary to educate, innovate and build a strong, inspired, future workforce. The bean path promised to provide low-income and under-employed program participants with a group and/or individualized instruction at no cost. Subject matter expert facilitators introduced and imparted new concepts and methodologies that build on digital literacy awareness, development, and implementation. The organization promised to offer free to low-cost certified programming by expanding community partnerships with other organizations that align with the bean path's mission.below are just some of the successes the organization experienced during 2024:- hired 9 contractors this year to assist with an ambassador program, software development, partnership management, legislative assistance, and information technology. - launched its first app sponsored by entergy- launched a new program "steam tuesdays", which is an afterschool program for youth k-12- completed the 3rd cohort of oats in december. Two new classes graduated and alumni classes continue to return for next level training. - hosted three tech talks and had approximately 50 people in attendance- 206 unique individuals attended the makerspace classes (not counting anniversary events)- sipp and classes are a hit and bean path is hopeful that it will have more attendees and be more profitable- multiple youth robotics clubs are going well. Bean path hosted a robotic scrimmage and approximately 8 youths participated in the competition. -highest attended event in december oats graduation with 50+ attendees

Financial Efficiency

• Mission deployment rate: 82.6%; rating input score 83
• Program expense ratio: 71.3%; rating input score 71
• Fundraising efficiency: $7.29 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• 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: -15.8%; rating input score 12; 12th percentile among comparable filings
• Total-asset coverage ratio: 0.62; rating input score 29; 29th percentile among comparable filings
• Liabilities to assets ratio: 0.06; rating input score 49; 49th percentile among comparable filings
• Officer compensation ratio: 9%; rating input score 40; 40th percentile among comparable filings

Growth

• Program expense growth: 37.3% per year; rating input score 100; 93rd percentile among comparable filings
• Revenue growth: -2.1% per year; rating input score 0; 9th percentile among comparable filings
• Asset growth: -3.7% per year; rating input score 0; 8th percentile among comparable filings