Commonlit Inc
- Assets
- $11.4m
- Revenue
- $11.9m
- Investments
- $0.0
- Employees
- 103
- Location
- Washington, DC
- Founding
- 09/2014
- Data as of
- 12/2022
- EIN
- 46-4255260
Organization Overview
Commonlit Inc is located in Washington, DC. The organization was established in 2014. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 12/2022, Commonlit Inc employed 103 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commonlit Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Commonlit Inc generated $11.9m in total revenue. All expenses for the organization totaled $10.9m during the year ending 12/2022. While expenses have increased by 94.1% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE HIGH-QUALITY LITERACY MATERIALS ACCESSIBLE TO TEACHERS AND THE GENERAL PUBLIC FOR THE ADVANCEMENT OF EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATION: DELIVERY OF HIGH-QUALITY, INSTRUCTIONAL MATERIAL TO SUPPORT LITERACY DEVELOPMENT FOR STUDENTS IN GRADES 3-12.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Brown CEO & President | OfficerTrustee | 40 | $241,782 |
John Coyne Director | Trustee | 2 | $0 |
Mary Grace Tighe Director | Trustee | 2 | $0 |
Sonal Tolman Director | Trustee | 2 | $0 |
Kodjo Wilder Director | Trustee | 2 | $0 |
Esther Wojcicki Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rubino And Company Inc Accounting Services | 12/30/22 | $162,906 |
Clever Inc Software Services Usage Subscription | 12/30/22 | $124,423 |
Heather Harris Technology Consultant | 12/30/22 | $111,263 |
Learnplatform Prepaid Replication Subscription Fee | 12/30/22 | $108,800 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,855,365 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,855,365 |
| Total Program Service Revenue | $3,015,689 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,871,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $951,268 |
| Compensation of current officers, directors, key employees. | $25,874 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,776,590 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $745,040 |
| Payroll taxes | $301,398 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $173,697 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $699,788 |
| Advertising and promotion | $68,711 |
| Office expenses | $685,288 |
| Information technology | $932,266 |
| Royalties | $0 |
| Occupancy | $293,271 |
| Travel | $208,360 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,128 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $22,160 |
| All other expenses | $55,116 |
| Total functional expenses | $10,944,081 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,146,079 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,502,363 |
| Accounts receivable, net | $483,588 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $265,568 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $24,244 |
| Other assets | $23,338 |
| Total assets | $11,445,180 |
| Accounts payable and accrued expenses | $434,155 |
| Grants payable | $0 |
| Deferred revenue | $3,189,462 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,613 |
| Total liabilities | $3,649,230 |
| Net assets without donor restrictions | $2,360,231 |
| Net assets with donor restrictions | $5,435,719 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $11,445,180 |