Civic Intelligence

Chicago Virtual Charter School

990 • Fiscal year 2015 • EIN 01-0863627

Jul 01, 2014 to Jun 30, 2015 • Filed on Mar 23, 2016

38 South Peoria StreetChicago, IL 60607-2628

(312) 267-4486

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

87th percentile

0.84x

Higher debt load relative to assets than 87% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

54th percentile

0.22x

Higher debt load relative to revenue than 54% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

38th percentile

0.0%

Higher net margin than 38% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

94th percentile

58%

Faster asset growth than 94% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

73rd percentile

15%

Faster revenue growth than 73% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Up

$1,966,047

Up $723,756 (+58%) from 2014

Net Assets

Up

$309,374

Up $154 (+0.0%) from 2014

Liabilities

Up

$1,656,673

Up $723,602 (+78%) from 2014

Revenue

Up

$7,621,166

Up $1,001,267 (+15%) from 2014

Expenses

Up

$7,621,012

Up $1,079,261 (+16%) from 2014

Net Income

Down

$154

Down $77,994 (-100%) from 2014

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $757,817Liabilities 2010: $505,719Net Assets 2010: $252,0982010Assets 2011: $790,866Liabilities 2011: $560,093Net Assets 2011: $230,7732011Assets 2012: $1,130,235Liabilities 2012: $899,312Net Assets 2012: $230,9232012Assets 2013: $929,167Liabilities 2013: $698,095Net Assets 2013: $231,0722013Assets 2014: $1,242,291Liabilities 2014: $933,071Net Assets 2014: $309,2202014Assets 2015: $1,966,047Liabilities 2015: $1,656,673Net Assets 2015: $309,3742015Assets 2016: $1,503,872Liabilities 2016: $1,503,871Net Assets 2016: $12016Assets 2017: $1,313,616Liabilities 2017: $1,029,762Net Assets 2017: $283,8542017Assets 2018: $1,774,789Liabilities 2018: $1,774,788Net Assets 2018: $12018Assets 2019: $1,978,402Liabilities 2019: $844,353Net Assets 2019: $1,134,0492019Assets 2020: $3,313,930Liabilities 2020: $1,063,695Net Assets 2020: $2,250,2352020

Highlighted filing

2015

Assets$1,966,047
Liabilities$1,656,673
Net Assets$309,374

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $4,879,7912010Expenses 2011: $4,713,1262011Expenses 2012: $4,990,2602012Revenue 2013: $5,564,892Expenses 2013: $5,564,743Net Income 2013: $1492013Revenue 2014: $6,619,899Expenses 2014: $6,541,751Net Income 2014: $78,1482014Revenue 2015: $7,621,166Expenses 2015: $7,621,012Net Income 2015: $1542015Revenue 2016: $7,238,504Expenses 2016: $7,547,877Net Income 2016: -$309,3732016Revenue 2017: $7,228,931Expenses 2017: $6,945,078Net Income 2017: $283,8532017Revenue 2018: $8,083,769Expenses 2018: $8,367,622Net Income 2018: -$283,8532018Revenue 2019: $7,893,666Expenses 2019: $6,756,202Net Income 2019: $1,137,4642019Revenue 2020: $7,688,889Expenses 2020: $6,572,703Net Income 2020: $1,116,1862020

Highlighted filing

2015

Revenue$7,621,166
Expenses$7,621,012
Net Income$154
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Mar 23, 2016
Return Version
2014v6.0
Gross Receipts
$7,621,166
Mission and Program Overview

Mission

The Chicago Virtual Charter School was formed in 2006 as a tuition-free, public charter school that provides an individualized, high-quality education where parents parter with certified teacher.

The chicago virtual charter school was formed in 2006 as a tuition-free, public charter school that provides an individualized, high-quality education where parents partner with certified teachers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$565,135$1,397,047▲ $831,912
Accounts Receivable$398,660$290,804▼ $107,856
Savings and Temporary Cash Investments$241,835$241,931▲ $96
Prepaid Expenses and Deferred Charges$17,695$25,248▲ $7,553
Land, Buildings, and Equipment, Net$10,466$2,517▼ $7,949
Total Assets$1,242,291$1,966,047▲ $723,756
Other Assets Total$8,500$8,500→ $0
Liabilities
Accounts Payable and Accrued Expenses$933,071$1,656,673▲ $723,602
Total Liabilities$933,071$1,656,673▲ $723,602
Net Assets / Fund Balance
Unrestricted Net Assets$309,220$309,374▲ $154
Total Net Assets Fund Balance$309,220$309,374▲ $154
Total Liabilities and Net Assets / Fund Balance$1,242,291$1,966,047▲ $723,756

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,517$418,600$421,117
Compensation and Service Providers

Board Members and Trustees

NameTitle
Michael LucciPresident
Dr Earl FredrickPresident - Term
La Shone KellyVice President
Luz ChavezVice President - Term
Austin BergBoard Member
David QuBoard Member
Dr Renee NashBoard Member
Dr Seth HarkinsBoard Member
Alexander WhiteBoard Member - Term
Alison Scott WhiteBoard Member - Term
Dr Elizabeth Romero-fuerteBoard Member - Term
Geremy CepinBoard Member - Term
Ilia KayBoard Member - Term
Joshua DwyerBoard Member - Term
Thomas FlowersBoard Member - Term
Amy BiasbasHead of School - Term
Elizabeth RothInterim Head of School
Sabrina BoyleSecretary - Term
Lashonda MiltonSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
K12 Classroom LLCManagement Serivces2300 CORPORATE PARK DRIVE SUITE 20, Herndon, VA 20171$4,208,309
Revenue and Support

Revenue Composition

Contributions and Grants
$7,620,298
Program Service Revenue
$0
Investment Income
$868
Other Revenue
$0
Change in Net Assets
$154

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,621,166
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$127,530
Total Revenue per Audited Statements
$7,748,696
Total Revenue per Form 990
$7,621,166
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,934,981
Salaries, Compensation, and Employee Benefits$2,686,031
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,852,610--$1,852,610
Fees for Services Management-$934,946-$934,946
Information Technology$873,079--$873,079
Other Employee Benefits$833,421--$833,421
Fees for Services Other$211,680$43,459-$255,139
Occupancy$215,730--$215,730
Office Expenses$192,475$186-$192,661
All Other Expenses$135,666$16,687-$152,353
Other Expenses$115,082--$115,082
Travel$22,902--$22,902
Conferences and Meetings$16,341--$16,341
Insurance$15,256--$15,256
Depreciation Depletion$7,949--$7,949
Total Functional Expenses$6,625,734$995,278$0$7,621,012

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,748,542
Expenses per Audited Statements$7,621,012
Total Expenses per Form 990$7,621,012
Expenses Not Reported on Form 990$127,530
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

Alexander white and alison scott white - family relationship

Form 990, Part VI, Section A, Line 3

The school has contracted with k12, inc., through its subsidiary, k12 classroom llc (collectively referred to as k12) to manage the school and provide educational and administrative services. The costs paid to k12 include computer leases, curriculum, educational materials, management fees, performance incentive fees, technology fees, and temporary teaching resources. Certain positions at the school are held by k12 employees, including the head of school, and may include individuals who received more than $100,000 in reportable compensation.

Form 990, Part VI, Section B, Line 11

Management assists in preparing and then reviews a draft copy of form 990 prepared by the school's cpa firm. An electronic copy of form 990 is provided to all board members prior to filing with the irs.

Form 990, Part VI, Section B, Line 12C

All employees of the school are given an employee handbook each year which discusses various policies, including conflict of interest. Management deals with any issues on a case by case basis as they arise. Board members also disclose annually interests that could give rise to conflicts. The school regularly and consistently monitors and enforces compliance with its conflict of interest policy.

Form 990, Part VI, Section B, Line 15

The board of directors annually review compensation levels for all employees, including comparing to comparable positions at comparable organizations.

Form 990, Part VI, Section C, Line 19

The school makes this information available upon request.

Filing and Contact Details

Filer

Filer Name
Chicago Virtual Charter School
EIN
01-0863627
Phone
3122674486
Address
38 SOUTH PEORIA STREET, CHICAGO, IL 60607-2628

Signing Officer

Name
Michael Lucci
Title
Board President
Phone
3122674486
Signed
2016-03-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Roth
Formed
2006
Legal Domicile
Il
Voting Board Members
7
Independent Board Members
7
Employees
48
Volunteers
16

Preparer

Firm
Ostrow Reisin Berk & Abrams Ltd
Address
455 N CITYFRONT PLAZA DR SUITE 1500, CHICAGO, IL 60611
Preparer
James G Quaid
Phone
3126707444
Supplemental Narrative

Additional Explanations

FORM 990 PART IX #9 AND #10

The school has contracted with insperity, a professional employer organization, to provide human resources services. The school pays insperity a service fee that includes both payroll taxes and employee benefits. A breakout between these amounts can not be determined.

Financial Statement Notes

PART X, LINE 2:

The school is a tax-exempt organization as described in section 501(c)(3) of the internal revenue code (the code) and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. In addition, the internal revenue service has determined that the school is not a private foundation within the meaning of section 509(a) of the code. The school has adopted the requirements for accounting for uncertain tax positions and management has determined that the school was not required to record a liability related to uncertain tax positions as of june 30, 2015 and 2014.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2VICE PRESIDENT - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt4VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt12SECRETARY/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17HEAD OF SCHOOL - TERM
IRS990/Form990PartVIISectionAGrp/TitleTxt18INTERIM HEAD OF SCHOOL
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IRS990/MissionDesc0THE CHICAGO VIRTUAL CHARTER SCHOOL WAS FORMED IN 2006 AS A TUITION-FREE, PUBLIC CHARTER SCHOOL THAT PROVIDES AN INDIVIDUALIZED, HIGH-QUALITY EDUCATION WHERE PARENTS PARTNER WITH CERTIFIED TEACHERS.
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IRS990/OtherExpensesGrp/Desc0CURRICULUM
IRS990/OtherExpensesGrp/Desc1EDUCATIONAL MATERIALS
IRS990/OtherExpensesGrp/Desc2CPS - ADMIN FEE
IRS990/OtherExpensesGrp/Desc3TUTORING
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (THE CODE) AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. IN ADDITION, THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT THE SCHOOL IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE CODE. THE SCHOOL HAS ADOPTED THE REQUIREMENTS FOR ACCOUNTING FOR UNCERTAIN TAX POSITIONS AND MANAGEMENT HAS DETERMINED THAT THE SCHOOL WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2015 AND 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
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IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
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IRS990ScheduleE/MaintainScholarshipsRecsInd01
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IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL FULLY DISCLOSES ITS NONDISCRIMINATORY POLICY TO ALL POTENTIAL STUDENTS. COPIES OF THIS POLICY CAN BE OBTAINED UPON REQUEST.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL RECEIVES FEDERAL AND STATE GRANTS THROUGH VARIOUS GOVERNMENTAL AGENCIES, INCLUDING CHICAGO PUBLIC SCHOOLS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALEXANDER WHITE AND ALISON SCOTT WHITE - FAMILY RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL HAS CONTRACTED WITH K12, INC., THROUGH ITS SUBSIDIARY, K12 CLASSROOM LLC (COLLECTIVELY REFERRED TO AS K12) TO MANAGE THE SCHOOL AND PROVIDE EDUCATIONAL AND ADMINISTRATIVE SERVICES. THE COSTS PAID TO K12 INCLUDE COMPUTER LEASES, CURRICULUM, EDUCATIONAL MATERIALS, MANAGEMENT FEES, PERFORMANCE INCENTIVE FEES, TECHNOLOGY FEES, AND TEMPORARY TEACHING RESOURCES. CERTAIN POSITIONS AT THE SCHOOL ARE HELD BY K12 EMPLOYEES, INCLUDING THE HEAD OF SCHOOL, AND MAY INCLUDE INDIVIDUALS WHO RECEIVED MORE THAN $100,000 IN REPORTABLE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT ASSISTS IN PREPARING AND THEN REVIEWS A DRAFT COPY OF FORM 990 PREPARED BY THE SCHOOL'S CPA FIRM. AN ELECTRONIC COPY OF FORM 990 IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL EMPLOYEES OF THE SCHOOL ARE GIVEN AN EMPLOYEE HANDBOOK EACH YEAR WHICH DISCUSSES VARIOUS POLICIES, INCLUDING CONFLICT OF INTEREST. MANAGEMENT DEALS WITH ANY ISSUES ON A CASE BY CASE BASIS AS THEY ARISE. BOARD MEMBERS ALSO DISCLOSE ANNUALLY INTERESTS THAT COULD GIVE RISE TO CONFLICTS. THE SCHOOL REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD OF DIRECTORS ANNUALLY REVIEW COMPENSATION LEVELS FOR ALL EMPLOYEES, INCLUDING COMPARING TO COMPARABLE POSITIONS AT COMPARABLE ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE SCHOOL MAKES THIS INFORMATION AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE SCHOOL HAS CONTRACTED WITH INSPERITY, A PROFESSIONAL EMPLOYER ORGANIZATION, TO PROVIDE HUMAN RESOURCES SERVICES. THE SCHOOL PAYS INSPERITY A SERVICE FEE THAT INCLUDES BOTH PAYROLL TAXES AND EMPLOYEE BENEFITS. A BREAKOUT BETWEEN THESE AMOUNTS CAN NOT BE DETERMINED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990 PART IX #9 AND #10
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00

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