Minds Matter
- Assets
- $2.3m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 4
- Location
- Boston, MA
- Founding
- 11/2004
- Data as of
- 06/2022
- EIN
- 51-0494632
Organization Overview
Minds Matter is located in Boston, MA. The organization was established in 2004. According to its NTEE Classification (O50) the organization is classified as: Youth Development Programs, under the broad grouping of Youth Development and related organizations. As of 06/2022, Minds Matter employed 4 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Minds Matter 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 06/2022, Minds Matter generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 28.2% each year . All expenses for the organization totaled $838.3k during the year ending 06/2022. While expenses have increased by 24.8% per year over the past 7 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
MINDS MATTER CONNECTS DRIVEN AND DETERMINED STUDENTS FROM LOW-INCOME FAMILIES WITH THE PEOPLE, PREPARATION, AND POSSIBILITIES TO SUCCEED IN COLLEGE, CREATE THEIR FUTURE, AND CHANGE THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
100% OF MINDS MATTER BOSTON SENIORS GAINED ADMISSION TO A FOUR YEAR COLLEGE AND76% WERE ACCEPTED TO A COLLEGE IN BARRON'S 3+ TIERS. SENIORS WERE ALSO AWARDED 1.2 MILLION DOLLARS IN FIRST-YEAR FINANCIAL AID FOR COLLEGE, COVERING 92% OF THEIR FINANCIAL-NEED. APPROXIMATELY 96% OF OUR ALUMNI ARE STILL ENROLLED OR HAVE GRADUATED FROM A FOUR-YEAR COLLEGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rachel Kanter Executive Dir. | Officer | 40 | $135,000 |
Meaghan Mahoney Co-Chair | OfficerTrustee | 2.5 | $0 |
Penny Weeks Vice Chair | OfficerTrustee | 2.5 | $0 |
Joe Fanning Treasurer | OfficerTrustee | 2.5 | $0 |
E Peter Alvarez Secretary | OfficerTrustee | 2.5 | $0 |
Steve Cardillo Director | Trustee | 2.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $117,653 |
| Related organizations | $0 |
| Government grants | $58,987 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,242,746 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,419,386 |
| Total Program Service Revenue | $0 |
| 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 | $1,424,440 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $142,318 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $149,205 |
| Compensation of current officers, directors, key employees. | $37,300 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $252,339 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $50,033 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,150 |
| Advertising and promotion | $0 |
| Office expenses | $34,885 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $9,997 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $27,000 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $838,307 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,262,311 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,980 |
| Total assets | $2,265,291 |
| Accounts payable and accrued expenses | $141,795 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $141,795 |
| Net assets without donor restrictions | $2,123,496 |
| Net assets with donor restrictions | $0 |
| 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 | $2,265,291 |