Let's Get Ready Inc
Nonprofit profile at a glance
- EIN
- 311698832
- IRS 990 coverage
- 2015–2024
- Forms available
- Form 990 2024
- Location
- New York, NY, USA
- Phone
- 6468082760
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Educational Services and Schools - Other
Reported finances
- Revenue
- $3,549,699
- Expenses
- $4,736,471
- Assets
- $1,921,901
- Liabilities
- $37,755
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
27 people listed
Executive titles in this filing
- LENA EBERHART (CHIEF EXECUTIVE OFFICER)
Highest reported compensation
- LENA EBERHART (CHIEF EXECUTIVE OFFICER): $219,639 total reported compensation
- DENNIS DUMPSON (CHIEF EXTERNAL AFFAIRS OFFICER): $194,431 total reported compensation
- GRACE BIANCIARDI (CHIEF PROGRAMS OFFICER): $164,977 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Let's get ready provides high school students from underrepresented communities with free sat preparation, admissions counseling and other support services needed to gain admission to college. Once they are in college, services are provided to support their college journey and graduate. Services are provided by college students who also serve as role models and mentors.
What it reported doing in 2024
32,762 students were enrolled in let's get ready this year through access and success programs which all employ a virtual near-peer coaching model. In our access program we provide intensive sat preparation and an introduction to all aspects of the college admissions process. Through our success program we support students in navigating the complexities of college life through coaching on social, financial, and academic support. Services were provided by over 59 college students.
Operating model
- Revenue model
- Donor-supported. 94% of the money available for current operations came from contributions and gifts.
- Distribution model
- Direct operator. The filing allocates 100% 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 84
- Accountability: 95
- Sustainability: 17
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 74.6%; rating input score 75
- Fundraising efficiency: $5.22 raised per $1 spent on fundraising; rating input score 18; 18th 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: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- 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: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -33.4%; rating input score 4; 4th percentile among comparable filings
- Total-asset coverage ratio: 0.41; rating input score 13; 13th percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 81; 81st percentile among comparable filings
- Officer compensation ratio: 21.5%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: 1.2% per year; rating input score 100; 18th percentile among comparable filings
- Revenue growth: 1.7% per year; rating input score 100; 19th percentile among comparable filings
- Asset growth: 4.3% per year; rating input score 100; 31st percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 74.6% of spending went to programs
- Governance: 19 of 19 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $3.5M in reported program spending
- Leadership: top reported pay $220K · 27 people listed · 4 of 6 pay-setting controls reported
- Consistency: 33 of 33 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 10 filing years from 2015 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Fundraising efficiency scored 18/100.
- High — Sustainability: Operating margin scored 4/100.
- High — Sustainability: Total-asset coverage ratio scored 13/100.
- Review — Accountability: Governance controls: Other executive compensation review process not reported.
- High — Sustainability: Officer compensation ratio scored 11/100.