One Million Degrees

Nonprofit profile at a glance

EIN
421710230
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3129209605
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$8,447,741
Expenses
$10,113,398
Assets
$23,864,248
Liabilities
$963,017

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

Leadership & pay

19 people listed

Executive titles in this filing

  • ANEESH SOHONI (CHIEF EXECUTIVE OFFICER)
  • MELANIE D'EVELYN (EXECUTIVE DIRECTOR, ADVISORY AND CAPACITY BUILDING)
  • XAVIER MANN (EXECUTIVE DIRECTOR, STRATEGIC INITIATIVES)

Highest reported compensation

  • ANEESH SOHONI (CHIEF EXECUTIVE OFFICER): $332,325 total reported compensation
  • JOSHUA HOEN (CHIEF ADVANCEMENT OFFICER): $251,646 total reported compensation
  • RITUPARNA RAICHOUDHURI (CHIEF PROGRAMS OFFICER): $243,183 total reported compensation

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

Overview

Mission

To accelerate community college students' progress on career pathways to economic mobility

What it reported doing in 2024

Student development - in addition to these financial supports, omd scholar development model includes a robust set of academic, personal, and professional supports. In the school year, omd provided weekly individualized tutoring to scholars at all college course levels. Omd hosts monthly personal and professional development workshops in which scholars learn business communication skills, personal financial literacy and planning, civic engagement and leadership development. They are also matched with one of omd's volunteer coaches who work with them on professional goal setting, resume development, interview skills, and post-graduate career planning. Scholars also had the opportunity to participate in experiential events to apply the skills they are learning. These events include omd's career and resource fair, where scholars have the opportunity to learn about job opportunities and resources available in their community and colleges; and speed networking - a networking event where scholars practice their elevator pitches with volunteers.

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 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

SUPPORTED - 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: 65
  • Transparency & Controls: 83
  • Accountability: 95
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.1%; rating input score 77
  • Program expense ratio: 61.9%; rating input score 62
  • Fundraising efficiency: $5.07 raised per $1 spent on fundraising; rating input score 17; 17th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • 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: 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: 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: -19.7%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 2.36; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 13.1%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: 14.1% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 11.8% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 16.5% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 77.1% of revenue deployed · 61.9% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $6.3M in reported program spending
  • Leadership: top reported pay $332K · 19 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $298K reported
  • Consistency: 37 of 37 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2009 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 17/100.
  • High — Sustainability: Operating margin scored 7/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 22/100.