2026-08-27T17:45:06-07:00 2025-12-31 472626541 Cook & Company A Prof Actcy Corporation One Sansome St Ste 3500 San Francisco CA 94104 990 2025-01-01 823461657 Bay Area Hybrid College Initiative DBA Rivet School BAYA 5107275484 1503 Macdonald Ave Richmond CA 94801 Jeff Manassero CEO 2026-08-27 true Douglas Cook PhDMPACPA P01521705 4156211112 2025 2025-03-06 01:10:19Z Jeff Manassero 1503 Macdonald Ave Richmond CA 94801 6139816 false X rivetschool.org X 2017 CA Rivet School's mission is to build and scale a new model of higher education that reliably enables traditionally underserved students to earn an affordable bachelor's degree in as little as two years, leading to a great first job and increased opportunity over time. 7 7 43 8 0 2955978 4768962 1182976 1235492 159656 134465 1160 897 4299770 6139816 366272 239379 0 3181049 3993495 85872 50000 228219 769397 657313 4402590 4940187 -102820 1199629 5693218 6711646 931558 510357 4761660 6201289 Rivet School's mission is to build and scale a new model of higher education that reliably enables traditionally underserved students to earn an affordable bachelor's degree in as little as two years, leading to a great first job and increased opportunity over time. false false 4084819 239379 1235492 Rivet School was founded in 2018 with the mission of building a college experience designed entirely around the needs of real students. Our founding degree partner is Southern New Hampshire University, which offers a program called College for America, or CfA. Through CfA, enrollees earn their Associates of Arts or Bachelors of Arts degrees. In 2025, we continued executing on our ambitious strategy to grow and enroll 800 students annually by EOY 2026. We built on our past successes by exploring opportunities in our newest regions (Chicago and New Orleans), expanding our employer partnerships and programming (Educator and Healthcare Pathways), and refining our teams capacity to maximize outcomes for our students and graduates. (Continued at Schedule O.) 4084819 true true false false false false false false false false false false false false false false true false false false false false false true false false false true true true false false false false false false false false false false false false false false false false false true 60 0 true 43 true false false false false false false false 0 false false false false false false false X 7 7 false false false false false false false true true false false true true true true true true true true false CA IL NY X X Rachel Friedland 4152977493 832 Baker Street San Francisco CA 94115 Jeff Manassero CEO 40.00 0.00 X 192634 0 0 Amy Barad Senior Director of Partnerships 40.00 0.00 189258 0 0 Nora Maxwell Chief Growth Officer 40.00 0.00 135218 0 20460 Iris Jong COO 38.00 0.00 X 149186 0 5997 Sandra Nunez Chief Program Officer 40.00 0.00 135429 0 8238 Ted Williams Chairman 0.50 0.00 X X 0 0 0 Lauren Dutton Dir Secretary 1.00 0.00 X X 0 0 0 John Philip Coghlan Dir Treasurer 0.50 0.00 X X 0 0 0 Jaclyn Pinero Director 0.50 0.00 X 0 0 0 Yin Lu Director 0.50 0.00 X 0 0 0 Adanta Ahanonu Director 0.50 0.00 X 0 0 0 Jonathan Chaparro Director 0.50 0.00 X 0 0 0 801725 34695 5 false true false 0 4768962 4768962 Fellow Support Fees 611430 1235492 1235492 1235492 134465 134465 0 0 0 0 0 0 0 Miscellaneous 900099 897 897 897 6139816 1235492 135362 134997 134997 104382 104382 0 0 347816 23277 199327 125212 0 3008499 2845119 143733 19647 4252 4252 378497 296875 71712 9910 254431 219556 23828 11047 0 21745 21745 0 0 50000 50000 0 148245 97865 44999 5381 0 33725 29630 3823 272 91598 89063 -590 3125 0 47327 4500 42827 28962 6409 19031 3522 0 0 2500 2500 0 0 17824 17824 Other program/oper. expenses 131920 102797 29020 103 Credit loss expense 85784 85784 Admissions 47683 44565 3118 0 4940187 4084819 627149 228219 530149 836695 0 640500 1326306 310002 164357 0 0 0 0 10146 24556 0 3925970 4200151 0 276451 159581 0 0 5693218 6711646 213398 313894 96463 718160 100000 931558 510357 X 2177903 3402840 2583757 2798449 4761660 6201289 5693218 6711646 1199629 240000 X false true X true false X 1870608 3802087 4192509 2955978 4768962 17590144 0 0 1870608 3802087 4192509 2955978 4768962 17590144 9058060 8532084 782 9187 70579 159656 134465 374669 0 1026 1160 897 3083 17967896 3620904 0.47490 0.54970 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6139816 6139816 6139816 4940187 4940187 4940187 X X X X true Archana Patel Advising 4217 Don Felipe Drive Los Angeles CA 90008 Develop. consultant false 20000 Lila Leff 1609 Grappenhall Dr Apex NC 27502 Develop. consultant false 17500 Meveo 6957 Broadway Terrace Oakland CA 94611 Develop. consultant false 12500 false false 50000 CA true Southern New Hampshire Uni 2500 N River Road Manchester NH 03106 020274509 501(c)(3) 134997 0 Tuition Support 1 0 Scholarships 90 104382 Grantmaker's Description of How Grants are Used Amounts, which are primarily awarded for scholarships, are not monitored since they are given on behalf of foundations. X X X X false false false false false false false false false Amy Barad Senior Director of Partnerships 189258 189258 Iris Jong COO 149186 5997 155183 Jeff Manassero CEO 192634 192634 Nora Maxwell Chief Growth Officer 135218 20460 155678 Form 990, Part VI, Section B, Line 11b Iris Jong, the Chief Operating Officer functioning as Chief Financial Officer, reviews the draft Form 990 with the CEO and Board Finance Committee prior to final approval, with a comment/feedback period of 2 weeks. All Board members and the CEO are emailed a copy of the final Form 990 prior to filing. Form 990, Part VI, Section B, Line 12c Members of the Board are covered under the Conflict of Interest Policy & Form, which all members must sign prior to joining. Duty To Disclose: In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board-delegated powers considering the proposed transaction or arrangement. Determining Whether a Conflict of Interest Exists: After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he or she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. Procedures for Addressing the Conflict of Interest: An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. The chair of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the governing board or committee shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board or committee shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the organization's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, it shall make its decision as to whether to enter into the transaction or arrangement. Violations of the Conflicts-of-Interest Policy: If the governing board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the governing board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. Form 990, Part VI, Section B, Line 15a Every 3 years in Q3 starting 2023 (2026, 2029, 2031, etc.), following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we run a market comparison analysis and update salary band midpoints as needed. Every year in Q3 following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we: 1) Assess midpoints and Level assignments for in flux roles, i.e. roles whose complexity and scope may have fluctuated in the past year. (These roles primarily include Level 4+ IC and leadership roles whose scope may have grown with our org size, budget, complexity, etc.) 2) Consider a % increase across all salary midpoints based on both organization budget and macro factors, such as regional core inflation over the previous twelve months. -- Such salary adjustments are made at the discretion of Rivet School leadership and are not guaranteed. Furthermore, adjustment amounts will reference, but not necessarily strictly align, core inflation %s. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the CEO's case, the Board). The Career Framework lays out different Levels, Grades, and Steps for each functional role, corresponding to a level of responsibility and performance. For Chief Executive Officer, Jeff Manassero: - On 2/26/25, the Rivet School Board of Directors unanimously approved an adjustment to Jeffs salary to $192,700 (in order to align him to Level 7 Grade D Step 4 on the Career Framework, backpaid to 1/1/25. For Level 7 Executive roles (CEO, COO, CGO, CPO, CoS), we updated our Executive Compensation Model and input comparable salaries from the 2023 Fair Pay Northern CA Nonprofit Salary Survey. We weighted the 50th percentile salary comparables at 60% and the 75th percentile salary comparables at 40%. We weighted the following factors, summing to 100%: [20% weight] Field Social service: one major program; [25% weight] Budget $2,500,000 - 4,999,999; [25% weight] Budget $5,000,000 - 8,999,999; [30% weight] FTEs 16 to 40; Sanity check by reviewing peer organization 990 filings. Lauren Dutton, Board Chair, signed a compensation change letter on 2/26/25. Form 990, Part VI, Section B, Line 15b Every 3 years in Q3 starting 2023 (2026, 2029, 2031, etc.), following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we run a market comparison analysis and update salary band midpoints as needed. Every year in Q3 following the release of the yearly Fair Pay for Northern California Nonprofits (FPNCAN) salary survey, we: 1) Assess midpoints and Level assignments for in flux roles, i.e. roles whose complexity and scope may have fluctuated in the past year. (These roles primarily include Level 4+ IC and leadership roles whose scope may have grown with our org size, budget, complexity, etc.) 2) Consider a % increase across all salary midpoints based on both organization budget and macro factors, such as regional core inflation over the previous twelve months. -- Such salary adjustments are made at the discretion of Rivet School leadership and are not guaranteed. Furthermore, adjustment amounts will reference, but not necessarily strictly align, core inflation %s. Salaries are determined by placement on our Career Framework, as determined by a team member's Performance Evaluation, led by their Manager (in the CEO's case, the Board). The Career Framework lays out different Levels, Grades, and Steps for each functional role, corresponding to a level of responsibility and performance. For Level 7 Executive roles (CEO, COO, CGO, CPO, CoS), we updated our Executive Compensation Model and input comparable salaries from the 2023 Fair Pay Northern CA Nonprofit Salary Survey. We weighted the 50th percentile salary comparables at 60% and the 75th percentile salary comparables at 40%. We weighted the following factors, summing to 100%: [20% weight] Field Social service: one major program; [25% weight] Budget $2,500,000 - 4,999,999; [25% weight] Budget $5,000,000 - 8,999,999; [30% weight] FTEs 16 to 40; Sanity check by reviewing peer organization 990 filings. Nora Maxwell, Chief Growth Officer: On 7/29/25, salary adjustment to $147,700 during 6-year performance evaluation in order to align compensation with the most updated salary band (Level 7 / Grade C / Step 2). Iris Jong, Chief Operating Officer: On 3/17/25, salary adjustment to $166,700 due to advancement to Level 7 / Grade D / Step 3 as result of 7-year performance evaluation. On 8/1/25, salary adjustment to $150,030 due to adjustment of role to 90% capacity, or the equivalent of 36 hours of work per week. (Per Rivet Schools Part-Time / Partial Full-Time Policy, the Executive Team (Nora Maxwell, Sandra Nuez, and Jeff Manassero) approved this change on Wednesday, 7/30/25.) Sandra Maxwell, Chief Program Officer: On 4/28/25, salary adjustment to $137,500 during 1-year performance evaluation in order to align compensation with the most updated salary band (Level 7, Grade B, Step 1). Shilpa Bhongir, Chief of Staff: On 6/25/25, starting salary set at $135,000 (Level 7 / Grade C / Step 2). Form 990, Part VI, Section C, Line 19 Copies of documents shall be made available upon request. Page 2, Part III, 4a - Program Accomplishments Cont'd from Page 2: This multi-stage growth strategy is yielding results: 2025 was a record-breaking year for our Growth team and a clear signal that Rivet Schools model is resonating with learners and partners alike. Across the year, we generated more than 4,200 prospective learner leads nearly 1,000 more than in 2024. Over 1,800 of those leads came directly through partner referrals, while more than 2,000 were driven by our marketing efforts, including a growing presence on Instagram and TikTok. We welcomed our largest onboarding cohort to date, admitting 89 fellows for our fall term, and we enrolled 550 students throughout the year, putting us within striking distance of our big goal. A defining feature of our program work in 2025 was a much more rigorous and intentional use of caseload data to drive student success. This orientation was a key driver of our success this year. Each term in 2025, more than 70% of fellows earned eight or more credits the baseline we defined for meaningful degree progress and 81% of students earned a BA degree in 3 years or less. Prior to 2025, an average of just 53% of fellows met this threshold each term. In the fall, we hosted our largest BA graduation to date, celebrating more than 50 graduates who earned their bachelors degrees this year. As a team, we also marked a major organizational milestone: our 200th BA graduate. We also continue to achieve robust career outcomes: within 9 months after graduation, 73% of our alumni had secured a strong job (either a full-time job at an annual salary of $63,700 or higher, with employer-provided paid time off and/or health benefits, or enrolled in a graduate program or fellowship requiring a BA degree). Finally, thanks to our strong team of managers and intentional culture-building, our organization maintained a 95% voluntary retention rate and high levels of satisfaction, with scores like "I am satisfied with the progress we're making as an organization" receiving a 4.5 out of 5, and "I would recommend Rivet School as a great place to work" achieving a 4.8 out of 5, with a 100% response rate each quarter.