2013-07-12T12:41:35-05:00 2012-08-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2011-09-01 411968798 College Possible Inc COLL 6519173525 450 North Syndicate Street No 325 St Paul MN 55104 Jim McCorkell 6519173525 2013-07-10 1 Kim Hunwardsen CPA P00484560 6122536500 2013-07-10 2011 2016-02-24 21:20:13Z X Jim McCorkell 450 North Syndicate Street No 325 St Paul MN 55104 5728475 0 X www.collegepossible.org X 1999 MN To help promising low-income youth prepare for and earn admission to college and graduate. 17 16 190 25 0 0 5465188 5079695 122157 207029 55949 45151 0 0 5643294 5331875 0 0 0 0 2873301 3528542 0 0 390733 1113108 1432359 3986409 4960901 1656885 370974 8063425 8500907 455296 491101 7608129 8009806 X College Possible, Inc. (the Organization) is a nonprofit organization dedicated to making college admission and success possible for low-income students through an intensive curriculum of coaching and support. Their mission is to identify low-income young people with the potential and the motivation for college and then provide them with five critical services: (1) academic support through ACT/SAT test preparation; (2) college application assistance; (3) financial aid consulting; (4) guidance in transition to college; and, (5) support through college degree completion. 0 0 4062578 207029 Since the start of programming in 2000, 98% of the students assisted by College Possible have earned admission to college. Further, the students in the program have shown an average ACT exam score increase of more than 24.4%. Leading for profit companies, by comparison, advertise average increases of 12-14%. Nearly 80% of College Possible students who enrolled in college are still working toward degrees or have graduated. Nationally, only about 50% of all students who enroll in college graduate within six years. During the fiscal year ended August 31, 2012, College Possible - Greater Twin Cities served 1,454 high school students in 19 area high schools. The programmatic focus for the junior year is preparation for the ACT college entrance exam. 786 juniors in the program took the ACT exam and posted more than a 21.4% score increase over the baseline ACT administered earlier in the year. 668 seniors participated in College Possible during 2011-2012 and 98% were admitted to college, with 94.5% admitted to a four-year institution. In this same year, College Possible - Greater Milwaukee served 347 students in eight metro high schools. The 188 juniors in the Milwaukee program increased their ACT score by an average of 17.8%. 159 seniors participated in College Possible during 2011-2012 and 94% had earned admission to college; 92% of them were admitted to four-year schools.Additionally, College Possible - Greater Omaha served 74 students in 2 metro high schools. The 74 juniors in the Omaha program increased their ACT score by an average of 12.3%.The program served approximately 10,613 students in the 2011-12 academic year. In addition to its high school program, 3,265 students were served in its college program and 5,500 9-10th graders through college planning workshops.In order to fulfill its mission, College Possible strives to meet four central objectives:1)Identify low-income youth with the potential for higher education. College Possible believes that many low-income students who have the potential to attend a college or university are currently being left behind because they lack resources and confidence of their more affluent peers. Nationally, approximately 200,000 high school students from low-income backgrounds graduate from high school prepared for college, but don't go.2)Provide intensive ACT/SAT test preparation. Because these test scores are a critical part of the college admissions decision-making process, College Possible believes it is important to "level the playing field" by ensuring the scores of low-income students accurately reflect their true aptitude for higher education.3)Conduct admissions and financial aid consulting. The process of selecting colleges and universities to which to apply and navigating the financial aid process is complex and often confusing. College Possible provides intensive, one-on-one admissions and financial aid consulting to help these students compete more effectively with students from families with greater resources.4)Leverage existing networks of support through collaborative partnerships and community outreach. The communities we work in are blessed with a wide variety of mentoring and enrichment programs designed specifically for low-income students. College Possible leverages the investments already being made in these students by working closely with the most successful of these programs including the ABC Foundation, Achieve! Minneapolis, career and college centers, Compass Guide, Destination 2010, Inroads, Learningworks, Minnesota Minority Education Partnership, Minnesota Campus Compact, Project Lead the Way, Sponsor-A-Scholar, Step Up, several trio programs, and Youth Frontiers, among others. Altogether, College Possible now serves more than 1,500 low-income high school students in twenty-one high schools across seven different school districts in three states. 4062578 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 1 190 1 0 0 0 0 0 0 0 0 0 0 X 17 16 0 0 0 0 0 0 0 1 0 0 1 1 1 1 1 1 1 1 1 0 0 MN WI X Mary Anderson 6519173525 450 North Syndicate St Suite 325 St Paul MN 55104 Levi Downs MD 0.80 X X 0 0 0 Laura Gillund 0.50 X X 0 0 0 Margaret Murphy 0.50 X X 0 0 0 Libby Carrier Doran 0.30 X 0 0 0 Kweilin Ellingrud 0.30 X 0 0 0 Todd Firebaugh 0.30 X 0 0 0 Sara Gavin 0.30 X 0 0 0 Libby Driscoll Hlavka 0.30 X 0 0 0 Tulaine Montgomery 0.30 X 0 0 0 David M Larson 0.30 X 0 0 0 Thomas Ranese 0.30 X 0 0 0 Stephen Smith 0.30 X 0 0 0 Julie Moore 0.30 X 0 0 0 Michael Newman 0.30 X 0 0 0 Barry Nordstrand 0.30 X 0 0 0 Alex Ware 0.30 X 0 0 0 Jim McCorkell 40.00 X X 186899 0 44594 Karla Wetherby 40.00 X 82783 0 8951 Kim Moore Bailey 40.00 X 0 0 0 Traci Kirtley 40.00 X 107245 0 12065 376927 0 65610 2 1 1 0 0 132290 1067000 3880405 15120 5079695 Service Fees 611710 157029 157029 Consortium Fees 611710 50000 50000 207029 39634 39634 402117 396600 5517 5517 5517 5331875 207029 0 45151 385074 258982 84690 41402 2649326 2266362 167803 215161 60236 46495 9347 4394 204553 154875 34904 14774 229353 191147 21612 16594 40612 40612 29400 29400 2885 2885 273318 193394 61626 18298 222901 165047 11622 46232 1414 1414 199618 179977 8762 10879 117200 106722 3011 7467 59189 53897 1521 3771 30378 26017 4361 6787 3685 2693 409 Teaching Materials & Su 244016 237606 2852 3558 Acquisition,Training & 204512 178372 19760 6380 129 129 4960901 4062578 507590 390733 X 18070 14230 452 3388 5079932 5307138 2050971 2027589 64809 67296 39346 141117 310502 206691 75457 103811 752910 853956 8063425 8500907 440296 461101 15000 30000 455296 491101 X 4556385 4910004 3051744 3099802 7608129 8009806 8063425 8500907 X 370974 30703 X 0 1 1 X 1 1 X 2346853 2980615 4112929 5465188 5079695 19985280 2346853 2980615 4112929 5465188 5079695 19985280 3737302 16247978 104942 55666 33039 47074 39634 280355 20265635 557186 0.80180 0.81400 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 64355 49762 14593 246147 156929 89218 103811 Deferred compensation liability 30000 30000 5331875 4960901 370974 30703 30703 401677 5383588 30703 21010 51713 5331875 0 5331875 4981911 21010 21010 4960901 0 4960901 Description of Uncertain Tax Positions Under FIN 48: Part X: The Organization is organized as a Minnesota not-for-profit corporation and has been recognized by the Internal Revenue Service (IRS) as exempt from federal income taxes under Internal Revenue Code Section 501(c)(3) and has been classified as an organization that is not a private foundation under Section 509(a). The Organization is required to file a Return of Organization Exempt from Income Tax (Form 990) with the IRS annually. In addition, the Organization is subject to income tax on any net income that is derived from business activities that are unrelated to their exempt purpose. The Organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and, as such, does not have any uncertain tax positions that are material to the financial statements. The Organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense, if such interest and penalties are incurred. X X X X 0 1 0 0 0 0 0 0 0 Jim McCorkell 134964 0 35375 0 16560 0 24337 0 21237 0 232473 0 0 0 Traci Kirtley 78892 0 20471 0 7882 0 5546 0 7040 0 119831 0 0 0 Part I, Line 4b The organization has a non-qualified 457(F) deferred compensation arrangement with CEO, Jim McCorkell. Mr. McCorkell has no interest in or right to contributions under the plan until he is vested. Once vested, all distributions shall be made in cash. The organization contributed $15,000 to the plan for fiscal year ended August 31, 2012. Form 990, Part VI, Section A, line 8b The Board of Directors may act by and through such committees as may be specified in resolutions approved by a majority of the total number of directors. Committees are subject at all times to the direction and control of the Board of Directors. Form 990, Part VI, Section B, line 11 The Form 990 will be reviewed by the Director of Finance and Operations and Chief Executive Officer. The board will receive the Form 990 via e-mail. The board will review the Form 990 and authorize management to sign it on the organization's behalf. Form 990, Part VI, Section B, line 12c All Board members and employees are required to fill out an annual conflict of interest form. Board forms are reviewed by the CEO initially, then by the Board of Directors if potential conflicts are identified. Staff forms are reviewed by the Operations Manager initially, then by the Chief Operating Officer and Chief Executive Officer if potential conflicts are identified. Persons with identified conflicts of interest are recused from participation in decisions affected by the conflict of interest. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflict of interest is fully disclosed; 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction; 3. A competitive bid or comparable valuation exists; and 4. The board chair or a duly constituted committee thereof has determined that the transaction is in the best interest of the organization. Disclosure in the organization should be made to the Chief Executive Officer (or if she or he is the one with the conflict, then to the Board Chair), who shall bring the matter to the attention of the Board Chair or the Budget and Oversight Committee. Disclosure involving directors should be made to the Board Chair (or if she or he is the one with the conflict, then to the Board Vice-Chair), who shall bring these matters to the board or a duly constituted committee thereof. The board or a duly constituted committee thereof shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to College Possible. The decision of the board, or the designated committee, on these matters will rest in their sole discretion, and their concern must be the welfare of College Possible and the advancement of its purpose. Form 990, Part VI, Section B, line 15a The CEO's compensation is determined annually by the organization's board of directors. An independent consultant was hired to determine the market rate for the CEO's compensation. In 2010, a compensation committee reviewed comparable compensation data for nonprofit CEO's/Executive Directors as well as pre-determined performance metrics for the organization's CEO. Form 990, Part VI, Section C, line 19 The audit report is available on College Possible's website. All other documents are available upon request. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized gains on investments: 30,703.