2011-03-29T11:46:13-05:00 2010-08-31 Eide Bailly LLP 5601 Green Valley Drive Ste 700 Minneapolis MN 554371145 990 2009-09-01 411968798 Admission Possible Inc ADMI 6519173525 450 North Syndicate Street No 200 St Paul MN 55104 Jim McCorkell 6519173525 2011-03-19 1 Kim Hunwardsen CPA 9529446166 2011-03-21 2009 2016-02-24 21:20:13Z Jim McCorkell 450 North Syndicate Street No 200 St Paul MN 55104 4246968 0 X www.admissionpossible.org X 1999 MN To help promising low-income youth prepare for and earn admission to college. 20 19 115 1313 0 0 2980615 4112929 75000 101000 55666 33039 0 3111281 4246968 0 0 1742179 2275291 0 266043 719765 768509 2461944 3043800 649337 1203168 5009525 6309891 282187 379387 4727338 5930504 Admission Possible is a nonprofit organization dedicated to helping promising low-income youth prepare for and earn admission to college by providing them with four critical services: 1) ACT and SAT test preparation; 2) Intensive guidance in preparing for college applications; 3) help in obtaining financial aid; and; 4) guidance in the transition to college. 0 0 2460568 101000 Since the start of programming in 2000, 98% of the students assisted by Admission Possible have earned admission to college. Further, the students in the program have shown an average ACT exam score increase of more than 20%. Leading for profit companies, by comparison, advertise average increases of 12-14%. Nearly 80% of Admission Possible students 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, 2010, Admission Possible- Greater Twin Cities served 1,397 high school students in 18 area high schools. The programmatic focus for the junior year is preparation for the ACT college entrance exam. 730 juniors in the program took the ACT exam and posted a 25% score increase over the baseline ACT administered earlier in the year. 667 seniors participated in Admission Possible during 2009-2010 and 98% were admitted to college, with 92% admitted to a four-year institution.In this same year, Admission Possible- Greater Milwaukee served 146 students in four metro high schools. The 93 juniors in the Milwaukee program increased their ACT score by an average of 17%. In the first year of working with seniors, 94% of the 53 seniors in the program had earned admission to college; 81% of them were admitted to four-year schools.In order to fulfill its mission, Admission Possible strives to meet four central objectives:1) Identify low-income youth with the potential for higher education. Admission 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, Admission 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. Admission 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. Admission 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, Admission Possible now serves more than 1,500 low-income high school students in twenty-one high schools across seven different school districts in two states. 2460568 1 1 0 0 0 0 0 0 0 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 1 0 0 115 1 0 0 0 0 0 0 0 0 0 20 19 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 0 0 MN WI X Jim McCorkell 6519173525 450 North Syndicate Street Suite St Paul MN 55104 David MacLennan 0.80 X X 0 0 0 Levi Downs MD 0.50 X X 0 0 0 Margaret Murphy 0.50 X X 0 0 0 Shamiere Bridgeford 0.30 X 0 0 0 Jose Chipoco 0.30 X 0 0 0 Ann Dayton 0.50 X 0 0 0 Libby Carrier Doran 0.50 X 0 0 0 Todd Firebaugh 0.30 X 0 0 0 Libby Driscoll Hlavka 0.30 X 0 0 0 Tom Holman 0.30 X 0 0 0 Gary Manney 0.30 X 0 0 0 Melissa Soderberg 0.30 X 0 0 0 Scott Weisberg 0.30 X 0 0 0 Khou Yang 0.30 X 0 0 0 DAVID LAIRD 0.30 X 0 0 0 BILL MCKINNEY 0.30 X 0 0 0 JULIE MOORE 0.30 X 0 0 0 BARRY NORDSTRAND 0.30 X 0 0 0 PATRICK O'SHAUGHNESSY 0.30 X 0 0 0 JIM MCCORKELL 40.00 X X 158178 0 31065 Traci Kirtley 40.00 X 92769 0 4227 Natalie Rule 40.00 X 94287 0 3834 250947 0 35292 1 0 1 0 0 968023 3144906 23455 4112929 SERVICE FEES 611710 51000 51000 Consortium fees 611710 50000 50000 101000 33039 33039 4246968 101000 0 33039 228564 203638 13684 11242 1694762 1435416 113051 146295 35099 29762 2433 2904 168625 143778 15001 9846 148241 128918 8629 10694 28200 28200 93350 35580 50863 6907 3108 3108 187101 121083 36526 29492 163531 139690 10229 13612 36274 34424 703 1147 15908 11370 851 3687 30346 25378 2484 2484 9045 7467 789 789 Hiring costs 64153 11207 28295 24651 teaching materials 60051 60051 Training 49925 44635 3891 1399 Recognition 22575 20121 1560 894 4942 4942 3043800 2460568 317189 266043 X 19049 12311 788 5950 4402778 4981010 414075 594901 22358 6584 43094 58116 251999 150075 127220 101924 567356 5009525 6309891 249687 344387 12500 20000 35000 282187 379387 X 4015913 4173979 711425 1756525 4727338 5930504 5009525 6309891 X 0 1 1 X 1 1 X 3099488 1980532 2346853 2980615 4112929 14520417 3099488 1980532 2346853 2980615 4112929 14520417 2318018 12202399 34835 83577 104942 55666 33039 312059 14832476 228000 0.82270 0.87000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 51070 42775 8295 200929 107300 93629 101924 INVESTMENTS 567356 F 567356 Deferred compensation liability 35000 35000 4246968 3043800 1203168 -2 -2 1203166 4312686 65718 65718 4246968 0 4246968 3109518 65718 65718 3043800 0 3043800 Part X: Description of Uncertain Tax Positions Under FIN 48: The Organization has adopted the provisions of FASB Accounting Standards Codification Topic ASC 740-10 (previously Financial Interpretation No. 48, Accounting for Uncertainty in Income Taxes). The implementation of this standard had no impact on the financial statements. As of both the date of adoption, and as of August 31, 2010, the unrecognized tax benefit accrual was zero. The Organization will recognize future accrued interest and penalties related to unrecognized tax benefits in income tax expense if incurred. The Organization is no longer subject to Federal and State tax examinations by tax authorities for the years before 2007. X X X 0 1 0 0 0 0 0 0 0 JIM MCCORKELL 114705 0 43413 0 60 0 17836 0 13857 0 189871 0 0 0 Part I, Line 4a The organization has a non-qualified 457(f) deferred compensation arrangement with CEO, Jim McCorkell. Form 990, Part VI, Section B, line 11 The 990 return will be reviewed by the Chief Operating Officer and Chief Executive Officer. The board will receive the 990 tax return via e-mail. The board will review Admission Possible's Form 990 tax return 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 Admission 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 Admission 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. In 2009, a compensation committee reviewed comparable compensation data for nonprofit CEOs/Executive Directors as well as pre-determined performance metrics for the organization's CEO. The compensation committee presented its analysis and recommendations to the Board at the October 2009 board meeting, the Board voted unanimously in favor of this compensation package. No members of the authorizing body had a conflict of interest in this decision. Form 990, Part VI, Section C, line 19 The audit report is available on Admission Possible's website, all other documnets are available upon request. Form 990, Part XI, Line 2c: The process used by the committee that assumes responsibility for oversight of the audit of its finanacial statements and selection of an independent accountant has not changed since last year.