Duet Inc

Nonprofit profile at a glance

EIN
320568985
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-N 2017
Location
Boston, MA, USA
Phone
6177122848
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Community Service Clubs

Official website

Reported finances

Revenue
$5,656,552
Expenses
$5,119,422
Assets
$4,507,451
Liabilities
$460,869

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • MICHAEL LARSSON (PRESIDENT &)

Highest reported compensation

  • MICHAEL LARSSON (PRESIDENT &): $203,950 total reported compensation
  • ELIZABETH PIMENTEL (CHIEF EXT RE): $173,464 total reported compensation
  • MICHELE CARROLL (FRMR COO/SEC): $168,313 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Duets mission is to help college students earn degrees by providing support and coaching.

What it reported doing in 2024

Duet provides enrollment, degree, and career coaching, and support for students enrolled in certain competency based programs at southern New Hampshire university. Most students are working adults who have tried college in the past. In fiscal year 2025, duet worked directly with more than 850 students who were enrolled in southern New Hampshire university.

Operating model

Revenue model
Donor-supported. 61% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 89% 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. Assets have declined or grown slowly and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 79
  • Accountability: 88
  • Sustainability: 47
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.1%; rating input score 82
  • Program expense ratio: 90.3%; rating input score 90
  • Fundraising efficiency: $28.5 raised per $1 spent on fundraising; rating input score 68; 68th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th 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: 9.5%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.88; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 58; 58th percentile among comparable filings
  • Officer compensation ratio: 18.6%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 58th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 15th percentile among comparable filings
  • Asset growth: -11.1% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 82.1% of revenue deployed · 90.3% of spending went to programs
  • Governance: 4 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4.6M in reported program spending
  • Leadership: top reported pay $204K · 10 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • 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.

  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • Review — Sustainability: Liabilities to assets ratio scored 58/100.