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Mathpath EIN 20-1290489

Mathpath FY2024 filing

EIN  20-1290489 Public charity (501(c)(3)) Grand Rapids, MI
Form 990 (PDF)
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Size
$100K–1M
What they do
Inspires and advances gifted middle school students globally through an affordable summer math camp.
Leadership
Lara Pudwell · Executive Dir. · $16K
Money in and out
$886K revenue, $770K expenses
Bottom line
95% program efficiency

Inspires and advances gifted middle school students globally through an affordable summer math camp. For fiscal year 2024 it reported $886K in revenue, $770K in expenses, and $3.3M in net assets.Pt I

Where the money goes · FY2024
Total revenue
$886K
Pt VIII · Ln 12
Total expenses
$770K
Pt IX · Ln 25
Net assets
$3.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $117K
Where spending went · Part IX cols B–D
Program services $0.95 Management & general $0.05
Program efficiency
95%
of spending reaches programs
Operating runway
51.4mo
months of highly liquid reserves at operating expense rate
Surplus margin
+13%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$886K
FY2024▼ -17%
Expenses
$770K
FY2024▲ +2%
Total assets
$3.3M
FY2024▲ +19%
Total liabilities
$597
FY2024▲ +23%
Total revenue
$886K
Pt VIII · Ln 12
Total expenses
$770K
Pt IX · Ln 25
Net assets
$3.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$117K
Total assetsPt X · Ln 16$3.3M
Program-expense ratioPt IX · col B95%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 44
Mission & Programs · Part III

Where the work happens

1 program service account for $731K of program spending, described in the organization's own filed words · FY2023.
01

MathPath is a 4-week residential math program attended each summer by about 100 highly gifted students from around the world. It changes location from year to year; in 2024 it was held at Rockhurst University in Kansas City, Missouri. It was attended face-to-face by 120 students. Financial aid was awarded to 16 of those students.

$731Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMathpath
EINHdr · item D20-1290489
Principal addressHdr · item CGrand Rapids, MI
WebsiteHdr · item Jwww.mathpath.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MMI
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B28)
Ruling yearIRS BMFFeb 2005

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1b4
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Lara Pudwell
Executive Dir.
$15,667Pt VII · Sec A
$3,075Pt VII · Sec A
Silva Chang
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
John Howe
Treasurer
$0Pt VII · Sec A

Lara Pudwell’s $16K as Executive Dir. is at the 12th percentile of top reported officer pay among 1615 $100K–1M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Lara Pudwell$15,667$15,667$15,242———
John Howe———$4,000$10,000$10,000
Sam Vandervelde$3,075$3,075$3,075$3,000$1,800$1,800
Stephen B Maurer————$2,000$2,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Statement of Revenue

Part VIII
Program service revenue$713K · 80%
Investment income$91K · 10%
Contributions & grants$81K · 9%
Program service revenue80%$713K
Investment income10%$91K
Contributions & grants9%$81K
Other revenue$1K
Total revenueLn 12$886K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.95 Management & general $0.05
Program services95%$731K
Management & general5%$39K
Total functional expensesLn 25$770K

Balance Sheet

Part X · end of year
CashLn 1$310K
Total assetsLn 16$3.3M
Total liabilitiesLn 26$597
Total net assetsLn 32$3.3M
Months of cash on handcomputed4.8

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $3.3M · Operating expenses/yr $770K
51.4 months
Where the money goes
Program services
Program services $731K · Total expenses $770K
95%
Management & General
Management & general $39K · Total expenses $770K
5%
Fundraising
Fundraising $0 · Total expenses $770K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $298K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $81K · Total revenue $886K
9%
Government reliance
Government grants — · Total revenue $886K
—
Earned-income share
Program service revenue $713K · Total revenue $886K
80%
Investment reliance
Investment income $91K · Total revenue $886K
+10%
Program self-sufficiency
Program service revenue $713K · Total expenses $770K
93%
Growth & trend
Revenue growth (YoY)
This year $886K · Prior year $1.1M
-17%
Revenue CAGR
FY2019 $616K · FY2023 $886K
+10%
Net-asset trend (YoY)
End of year $3.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $886K · Expenses $770K
+13%
Liabilities-to-Assets
Total liabilities — · Total assets $3.3M
—
Net-asset ratio
Net assets $3.3M · Total assets $3.3M
100%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) $3.0M · Other securities (Pt X, ln 12) $0 · Total assets (Pt X, ln 16) $3.3M
90%
People & payroll
Highest Reported Total Compensation
Individual Lara Pudwell · Reported title Executive Dir. · Highest reported compensation $16K · Total expenses $770K
2%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $237K · Total expenses $770K
31%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 95%——
Overhead ratio 5%——
Fundraising cost ratio 0%——
Revenue growth -17%——
Investment management fee ratio 0%——
Legal fee ratio 0%——
Accounting fee ratio 1%——
Fundraising fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Fidelity Investments Charitable Gift FundFY2024$29K
The Campos Epc FoundationFY2024$2K
Wei & Wang Family Foundation INCFY2024$1K
Total grants receivedfrom 3 funders$32K
See all 3 funders →
Grants paid · 2 grants · $138K · 2023–2024
Unitemized GrantFY2024$58,523
Unitemized GrantFY2023$79,594

Similar Organizations

Closest in mission — by what they do
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AbilitypathCA
TessellationsCA
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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2025 (Latest)$892K revenue · ⤓ 990 PDF
FY2024$886K revenue · viewing · ⤓ 990 PDF
FY2023$1.1M revenue · ⤓ 990 PDF
FY2022$1.2M revenue · ⤓ 990 PDF
FY2021$529K revenue · ⤓ 990 PDF
FY2020$616K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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