Let's Innovate Through Education Dba Lit

Nonprofit profile at a glance

EIN
472532088
IRS 990 coverage
2019–2021
Forms available
Form 990 2021, Form 990-N 2014
Location
Memphis, TN, USA
Phone
9014268954
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Student Services, Organizations of Students

Official website

Reported finances

Revenue
$428,944
Expenses
$503,090
Assets
$211,246
Liabilities
$11,349

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • LAKETHIA GLENN (FORMER EXECUTIVE DIRECTOR)
  • LARISSA GREGORY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LARISSA GREGORY (EXECUTIVE DIRECTOR): $90,000 total reported compensation
  • LAKETHIA GLENN (FORMER EXECUTIVE DIRECTOR): $75,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Let's innovate through education's mission is to equip african american and latinx students with 21st century skills to build wealth through entrepreneurship.

What it reported doing in 2021

Lite innovation fellows programlite innovation fellows continues the work of the lite finalist program by providing 1 on 1 coaching, internships, and networking for former finalists until the age of 25. Students are coached on how to launch a business, provided with paid internships at high growth startups and are matched with mentors through networking events. The goals of the program is to prepare students to launch a scalable business by the age of 25.

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 98% 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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 16
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.8%; rating input score 71
  • Program expense ratio: 60.4%; rating input score 60
  • Fundraising efficiency: $109.65 raised per $1 spent on fundraising; rating input score 85; 85th 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -17.3%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.42; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 32.8%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: -4.3% per year; rating input score 0; 27th percentile among comparable filings
  • Revenue growth: -17.7% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -7% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 70.8% of revenue deployed · 60.4% of spending went to programs
  • Governance: 15 of 15 board members independent · 6 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $304K in reported program spending
  • Leadership: top reported pay $90K · 15 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 3 filing years from 2019 to 2021
  • Contacts: How to reach this organization
  • Money network: 2 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 13/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.