College Unbound: FY2023 Nonprofit Profile & Form 990 (EIN 46-2470807)

Revenue by fiscal year
FY2020	$2.6M
FY2021	$3.5M
FY2022	$3.5M
FY2023	$7.7M
FY2024	$8.4M
FY2025	$10.2M

Expenses by fiscal year
FY2020	$2.4M
FY2021	$2.9M
FY2022	$4.1M
FY2023	$6.8M
FY2024	$8.3M
FY2025	$8.1M

Net assets by fiscal year
FY2020	$962K
FY2021	$1.6M
FY2022	$956K
FY2023	$1.8M
FY2024	$1.9M
FY2025	$4.0M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 2014.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

66 cents of each dollar spent went to programs.

66%

30%

Program services 66% · $4.5M Management & general 30% · $2.0M Fundraising 5% · $336K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

32 people listed on the 990; $1.0M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII

Sylvia Spears

Provost & VP of Lifelong Learning

$164,658Pt VII · Sec A

Adam Bush

President

$160,094Pt VII · Sec A

Jose Rodriguez

Assistant Vice President of Community & Belonging

$125,795Pt VII · Sec A

Julia Rickert

Chief Development Officer

$121,316Pt VII · Sec A

David Bromley

Coord. of Growth/Philly Expansion (site Director)

$116,996Pt VII · Sec A

Allen Cowett

Director of Financial Aid

$108,365Pt VII · Sec A

Diana Perdomo

VP for Institutional & Student Sustainability

$108,031Pt VII · Sec A

Sage Morgan-Hubbard

Director of Workplace World Lab Learning

$103,909Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

Name	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Sylvia Spears	$162,921	$164,658	$164,658	$160,175	—	—
Adam Bush	$147,683	$160,094	$160,094	$123,344	$106,495	$113,037
Diana Perdomo	$141,101	$108,031	$108,031	—	—	—
Jose Rodriguez	$140,776	$125,795	$125,795	—	—	—
David Bromley	$132,235	$116,996	$116,996	$139,894	—	—
Julia Rickert	$136,858	$121,316	$121,316	$109,759	—	—
Allen Cowett	$106,261	$108,365	$108,365	$104,063	—	—
Sage Morgan-Hubbard	—	$103,909	$103,909	—	—	—

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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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

Family or business ties among officersPt VI · Ln 2No
Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Reinventing higher education for adults through individualized, project-driven learning.

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Provided by the organization

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1 program · $4.5M · in their own filed words · FY2022

01

College unbound integrates the students' own purposes for learning with the needs of their workplaces and communities, improving the lives of the students and the lives of those they touch.

$4.5Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid

Grants received · FY2025

Lb FoundationFY2025$38K

Total grants receivedfrom 1 funder$38K

Grants paid · 9 grants · $5.3M · 2019–2024

Unitemized GrantFY2024$1,016,625

Unitemized GrantFY2023$1,267,165

Unitemized GrantFY2022$1,268,478

Peer 2 Peer University INCCA · FY2022$150,000

Equity InstituteFY2022$78,915

Unitemized GrantFY2021$411,621

Peer 2 Peer University INCCA · FY2021$135,000

Unitemized GrantFY2020$381,482

Unitemized GrantFY2019$554,055

By the numbers

The FY2023 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$7.7M

Ln 12

Gifts and grantsLn 1h$4.8M

Fees for servicesLn 2g$2.9M

Investment incomeLn 3$2K

Money outPt IX

$6.8M

Ln 25

Programscol B$4.5M

Managementcol C$2.0M

Fundraisingcol D$336K

Owns and owesPt X

$1.8M

net assets · Ln 32

Cash and savingsLn 1–2$873K

Total assetsLn 16$2.3M

LiabilitiesLn 26$499K

PeoplePt VI, VII

32

listed · VII A

PaidVII A9

Voting boardVI 1a25

IndependentVI 1b23

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$4.8M

Government grantsLn 1e$1.7M

Fees for servicesLn 2g$2.9M

Investment incomeLn 3$2K

Total revenueLn 12$7.7M

Assets in detailPt X, end of year

CashLn 1$873K

Cash and savings togetherLn 1–2$873K

Land, buildings, equipmentLn 10c$60K

Other assetsLn 15$85K

Total assetsLn 16$2.3M

LiabilitiesLn 26$499K

Net assetsLn 32$1.8M

OperationsPt I, VI

EmployeesI 553

VolunteersI 60

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$958K	$873K
Land, buildings, equipmentLn 10c	$45K	$60K
Total assetsLn 16	$1.2M	$2.3M
LiabilitiesLn 26	$213K	$499K
Net assetsLn 32	$956K	$1.8M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$230K	$230K
Grants to domestic individualsLn 2	$1.3M	$1.3M
Pay of current officers, directors and key staffLn 5	$524K	$304K	$194K	$26K
Other salaries and wagesLn 7	$3.0M	$1.8M	$1.1M	$151K
Other employee benefitsLn 9	$344K	$200K	$127K	$17K
Payroll taxesLn 10	$336K	$195K	$124K	$17K
Legal feesLn 11b	$6K		$6K
Accounting feesLn 11c	$53K		$53K
Other fees for servicesLn 11g	$273K	$74K	$199K
Advertising and promotionLn 12	$22K	$14K	$8K
Information technologyLn 14	$71K	$41K	$26K	$4K
OccupancyLn 16	$95K	$55K	$35K	$5K
TravelLn 17	$138K	$8K	$34K	$95K
Depreciation, depletion and amortizationLn 22	$30K	$17K	$11K	$1K
InsuranceLn 23	$11K	$6K	$4K	$546
Other expenses (24a–d)Ln 24	$277K	$236K	$38K	$3K
All other expensesLn 24e	$139K	$80K	$42K	$17K
Total functional expensesLn 25	$6.8M	$4.5M	$2.0M	$336K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest	$10.2M	$8.1M	$2.1M	$4.0M	990 PDF
FY2024	$8.4M	$8.3M	$116K	$1.9M	990 PDF
FY2023 Viewing	$7.7M	$6.8M	$840K	$1.8M	990 PDF
FY2022	$3.5M	$4.1M	−$599K	$956K	990 PDF
FY2021	$3.5M	$2.9M	$594K	$1.6M	990 PDF
FY2020	$2.6M	$2.4M	$248K	$962K	990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations

See the full FY2023 990 (6 parts)

Part I · Summary $7,676,053 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $1,640,658$4,772,522

I-9 Program service revenuePrior year $1,838,533$2,901,469

I-10 Investment incomePrior year $2,333$2,062

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $3,481,524$7,676,053

I-13 Grants and similar amounts paidPrior year $546,621$1,498,301

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $2,794,468$4,222,767

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $739,557$1,114,685

I-18 Total expensesPrior year $4,080,646$6,835,753

I-19 Revenue less expensesPrior year −$599,122$840,300

Part VI · Governance 23 of 25 board members independent, no flags

VI-1a Voting members of the governing body25

VI-1b Independent voting members23

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $7,676,053 across 6 lines filed

VIII-1e Government grants$1,696,133

VIII-1f All other contributions, gifts and grants$3,076,389

VIII-1h Total contributions, gifts and grants$4,772,522

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,901,469$2,901,469

VIII-3 Investment incomeExcluded from tax $2,062$2,062

VIII-12 Total revenueRelated to mission $2,901,469 · Unrelated business $0 · Excluded from tax $2,062$7,676,053

Part IX · Statement of functional expenses $6,835,753 across 17 lines filed

IX-1 Grants to domestic organizationsPrograms $229,823$229,823

IX-2 Grants to domestic individualsPrograms $1,268,478$1,268,478

IX-5 Pay of current officers, directors and key staffPrograms $303,881 · Management $193,855 · Fundraising $26,197$523,933

IX-7 Other salaries and wagesPrograms $1,750,748 · Management $1,116,857 · Fundraising $150,926$3,018,531

IX-9 Other employee benefitsPrograms $199,522 · Management $127,281 · Fundraising $17,200$344,003

IX-10 Payroll taxesPrograms $195,054 · Management $124,431 · Fundraising $16,815$336,300

IX-11b Legal feesManagement $6,073$6,073

IX-11c Accounting feesManagement $52,566$52,566

IX-11g Other fees for servicesPrograms $73,754 · Management $199,409$273,163

IX-12 Advertising and promotionPrograms $14,114 · Management $7,600$21,714

IX-14 Information technologyPrograms $41,453 · Management $26,445 · Fundraising $3,574$71,472

IX-16 OccupancyPrograms $55,356 · Management $35,314 · Fundraising $4,772$95,442

IX-17 TravelPrograms $8,258 · Management $34,409 · Fundraising $94,967$137,634

IX-22 Depreciation, depletion and amortizationPrograms $17,129 · Management $10,927 · Fundraising $1,477$29,533

IX-23 InsurancePrograms $6,328 · Management $4,037 · Fundraising $546$10,911

IX-24 Other expenses (24a–d)Programs $236,150 · Management $37,714 · Fundraising $2,814$276,678

IX-24e All other expensesPrograms $80,309 · Management $42,385 · Fundraising $16,805$139,499

IX-25 Total functional expensesPrograms $4,480,357 · Management $2,019,303 · Fundraising $336,093$6,835,753

Part X · Balance sheet $2,295,950 assets, 15 lines filed

X-1 Cash, non-interest-bearingStart of year $957,872$873,397

X-3 Pledges and grants receivableStart of year $75,000$636,222

X-4 Accounts receivableStart of year $66,008$614,506

X-9 Prepaid expenses and deferred chargesStart of year $25,453$26,754

X-10c Land, buildings and equipment, netStart of year $45,266$60,209

X-15 Other assetsStart of year $0$84,862

X-16 Total assetsStart of year $1,169,599$2,295,950

X-17 Accounts payable and accrued expensesStart of year $154,915$357,101

X-19 Deferred revenueStart of year $58,490$57,493

X-25 Other liabilitiesStart of year $0$84,862

X-26 Total liabilitiesStart of year $213,405$499,456

X-27 Net assets without donor restrictionsStart of year $950,425$424,818

X-28 Net assets with donor restrictionsStart of year $5,769$1,371,676

X-32 Total net assets or fund balancesStart of year $956,194$1,796,494

X-33 Total liabilities and net assetsStart of year $1,169,599$2,295,950

Part XI · Reconciliation of net assets $1,796,494 net assets at year end

XI-1 Total revenue$7,676,053

XI-2 Total expenses$6,835,753

XI-3 Revenue less expenses$840,300

XI-4 Net assets at start of year$956,194

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$1,796,494

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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College Unbound FY2023 filing

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