Civic Intelligence

International Spanish Language Academy

990 • Fiscal year 2014 • EIN 01-0872726

Jul 01, 2013 to Jun 30, 2014 • Filed on May 13, 2015

Organization Profilewww.isla-academy.org
5959 Shady Oak Road SEdina, MN 55343-8969

(952) 746-6020

Siviq Scores

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

Liabilities / Assets

58th percentile

0.17x

Higher debt load relative to assets than 58% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Liabilities / Revenue

43rd percentile

0.08x

Higher debt load relative to revenue than 43% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Net Margin

47th percentile

1.7%

Higher net margin than 47% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

68th percentile

$96,000

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 4.0% of source-year revenue.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2014

Asset Growth

54th percentile

3.0%

Faster asset growth than 54% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

63rd percentile

9.8%

Faster revenue growth than 63% of similar nonprofits.

2014 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets58th percentile

Assets

Up

$1,099,066

Up $32,492 (+3.0%) from 2013

Net Assets

Up

$909,180

Up $41,789 (+4.8%) from 2013

Liabilities

Down

$189,886

Down $9,297 (-4.7%) from 2013

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin47th percentile

Revenue

Up

$2,394,731

Up $214,708 (+9.8%) from 2013

Expenses

Up

$2,352,942

Up $267,840 (+13%) from 2013

Net Income

Down

$41,789

Down $53,132 (-56%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth54th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MAssets 2010: $404,715Liabilities 2010: $31,110Net Assets 2010: $373,6052010Assets 2011: $550,799Liabilities 2011: $53,556Net Assets 2011: $497,2432011Assets 2012: $1,055,946Liabilities 2012: $283,476Net Assets 2012: $772,4702012Assets 2013: $1,066,574Liabilities 2013: $199,183Net Assets 2013: $867,3912013Assets 2014: $1,099,066Liabilities 2014: $189,886Net Assets 2014: $909,1802014Assets 2015: $1,423,264Liabilities 2015: $1,548,887Net Assets 2015: -$125,6232015Assets 2016: $1,464,065Liabilities 2016: $1,575,949Net Assets 2016: -$111,8842016Assets 2017: $4,107,753Liabilities 2017: $4,697,518Net Assets 2017: -$589,7652017Assets 2018: $4,175,621Liabilities 2018: $5,287,442Net Assets 2018: -$1,111,8212018Assets 2019: $3,481,726Liabilities 2019: $4,199,454Net Assets 2019: -$717,7282019Assets 2020: $3,077,012Liabilities 2020: $4,084,169Net Assets 2020: -$1,007,1572020Assets 2021: $2,475,051Liabilities 2021: $3,868,387Net Assets 2021: -$1,393,3362021Assets 2022: $3,097,442Liabilities 2022: $4,181,638Net Assets 2022: -$1,084,1962022Assets 2023: $3,361,838Liabilities 2023: $4,045,310Net Assets 2023: -$683,4722023Assets 2024: $2,944,121Liabilities 2024: $4,172,429Net Assets 2024: -$1,228,3082024

Highlighted filing

2014

Assets$1,099,066
Liabilities$189,886
Net Assets$909,180
Open 2014 Filing

Operations Trend

Revenue Growth63rd percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,265,7782010Revenue 2011: $1,715,813Expenses 2011: $1,592,175Net Income 2011: $123,6382011Expenses 2012: $1,832,5122012Revenue 2013: $2,180,023Expenses 2013: $2,085,102Net Income 2013: $94,9212013Revenue 2014: $2,394,731Expenses 2014: $2,352,942Net Income 2014: $41,7892014Revenue 2015: $2,593,808Expenses 2015: $2,513,482Net Income 2015: $80,3262015Revenue 2016: $2,705,440Expenses 2016: $2,691,701Net Income 2016: $13,7392016Revenue 2017: $3,085,510Expenses 2017: $3,563,391Net Income 2017: -$477,8812017Revenue 2018: $3,252,708Expenses 2018: $3,774,764Net Income 2018: -$522,0562018Revenue 2019: $3,444,371Expenses 2019: $3,050,278Net Income 2019: $394,0932019Revenue 2020: $3,758,221Expenses 2020: $4,047,650Net Income 2020: -$289,4292020Revenue 2021: $3,628,425Expenses 2021: $4,014,604Net Income 2021: -$386,1792021Revenue 2022: $5,135,143Expenses 2022: $5,562,745Net Income 2022: -$427,6022022Revenue 2023: $5,795,715Expenses 2023: $5,979,322Net Income 2023: -$183,6072023Revenue 2024: $6,695,853Expenses 2024: $7,240,689Net Income 2024: -$544,8362024

Highlighted filing

2014

Revenue$2,394,731
Expenses$2,352,942
Net Income$41,789
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 13, 2015
Return Version
2013v4.0
Gross Receipts
$2,394,731
Mission and Program Overview

Mission

Isla, a pre-k-6 spanish immersion community, empowers the whole child by nurturing the development of personal growth, strong character, academic excellence, and global vision.

Provide an education, in the English and Spanish languages, to students in grades K-6.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$781,307$827,657▲ $46,350
Cash and Non-Interest-Bearing Accounts$447,976$509,029▲ $61,053
Accounts Receivable$419,357$407,525▼ $11,832
Land, Buildings, and Equipment, Net$151,174$129,276▼ $21,898
Pd in Cap Srpls Land Bldg Eqp Fund$86,084$81,523▼ $4,561
Prepaid Expenses and Deferred Charges$48,067$53,236▲ $5,169
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$1,066,574$1,099,066▲ $32,492
Liabilities
Accounts Payable and Accrued Expenses$115,459$122,868▲ $7,409
Mortgage Notes Payable Secured by Investment Property$65,090$47,753▼ $17,337
Deferred Revenue$18,634$19,265▲ $631
Total Liabilities$199,183$189,886▼ $9,297
Net Assets / Fund Balance
Total Net Assets Fund Balance$867,391$909,180▲ $41,789
Total Liabilities and Net Assets / Fund Balance$1,066,574$1,099,066▲ $32,492

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$129,276$196,297$325,573
Compensation and Service Providers
Top Officer Pay68th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Karen TerhaarAcademy Executive DirectorFT$96,000$96,000
Kelsie KnudsonMember/TeacherFT$42,743$42,743
Emily HelgersonMember/TeacherFT$36,575$36,575

Board Members and Trustees

NameTitle
Jen DellmuthChair
Brenna BackstrandMember
David PorcaroMember
Jared GoodwinMember
Mark MathisonMember
Ron ClarkeMember
Stephanie SwansonMember
Tom SchmidtMember
Sonia Miller-Van OortSecretary
Natalie WobbemaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$330,844
Program Service Revenue
$2,063,611
Investment Income
$276
Other Revenue
$0
All Other Contributions
$530
Change in Net Assets
$41,789

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,394,731
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$3,590
Total Revenue per Audited Statements
$2,398,321
Total Revenue per Form 990
$2,394,731
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,304,455
Other Expenses$1,048,487
Total Fundraising Expense$450
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$810,626$79,887-$890,513
Occupancy$448,090$28,154-$476,244
Fees for Services Other$174,741$57,947-$232,688
Current Officers, Directors, Trustees, and Key Employees$83,010$97,500-$180,510
Payroll Taxes$67,262$13,365-$80,627
Other Employee Benefits$51,208$25,293-$76,501
Pension Plan Contributions$63,445$12,859-$76,304
Office Expenses$59,072$9,695$450$69,217
Information Technology$66,142--$66,142
Depreciation Depletion$47,146$4,330-$51,476
Fees for Services Accounting-$33,000-$33,000
Insurance-$12,133-$12,133
Conferences and Meetings$10,681--$10,681
Interest-$7,140-$7,140
Other Expenses$3,452$9,215-$3,452
Fees for Services Legal-$65-$65
Total Functional Expenses$1,961,909$390,583$450$2,352,942

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,362,245
Expenses per Audited Statements$2,352,942
Total Expenses per Form 990$2,352,942
Expenses Not Reported on Form 990$9,303
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
Backup withholding compliance
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
No

Governance Explanations

Form 990, Part VI, Section B, line 11

“The form 990 is prepared by an independent accounting firm. Once the form is completed, it is given to the Executive Director and the Finance Committee for review before it is signed and filed. The entire board does not review the 990 before its filed.”

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

“Board members sign a conflict of interest statement annually. The Board also reviews the conflict of interest policy annually and makes changes as necessary.”

Form 990, Part VI, Section B, line 15

“The School Board does an annual evaluation of the Executive Director and determines the compensation. The Executive Director evaluates employees and makes recommendations to the School Board. The Board bases its compensation on the knowledge of the budget.”

Form 990, Part VI, Section C, line 19

“The organization makes it governing documents available online. The conflict of interest policy and financial statements are available to the public upon request.”

Form 990, Part VI, Section A, Line 1B

“Two members of the Board are teachers at the Academy. Minnesota State Statute 124D.10 subd. 4(g) requires the Board to have at least one employed or contracted teacher.”

Filing and Contact Details

Filer

EIN
01-0872726
Phone
9527466020

Signing Officer

Name
Karen Terhaar
Title
Executive Director
Phone
7635373922
Signed
2015-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Terhaar
Formed
2006
Legal Domicile
Mn
Voting Board Members
12
Independent Board Members
10
Employees
38
Volunteers
90

Preparer

Preparer
Thomas A Karnowski
Phone
9525450424
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C

“The Academy's Board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant annually. This process has not changed from the prior year.”

Authorizer

“The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2014 was Innovative Quality Schools.”

Related Organization Compensation

“Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.”

Financial Statement Notes

Part X, Line 2:

“The Academy is exempt from income taxes under Internal Revenue Service Code ?? 501(c)(3). The Academy is subject to tax on income from any unrelated business. The Academy is subject to the recognition requirements for uncertain income tax positions as required by the Financial Accounting Standards Board (FASB) Accounting Standards Codification 740-10 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes). Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The Academy has analyzed tax positions taken for filing with the Internal Revenue Service and state jurisdiction where they operate. The Academy believes that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on their respective financial condition, results of operation, or cash flows. Accordingly, the Academy has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2014. The Academy is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods. Open audit periods for the Academy are the years ended June 30, 2011, 2012, and 2013.”

Part XI, Line 2D - Other Adjustments:

“Revenues reported by related party - ISLA Affiliated Building Co.”

Part XII, Line 2D - Other Adjustments:

“Expenses reported by related party - ISLA Affiliated Building Co.”

Raw XML AppendixShowing 400 of 501 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InformationTechnologyGrp/ProgramServicesAmt066142
IRS990/InformationTechnologyGrp/TotalAmt066142
IRS990/InsuranceGrp/ManagementAndGeneralAmt012133
IRS990/InsuranceGrp/TotalAmt012133
IRS990/InterestGrp/ManagementAndGeneralAmt07140
IRS990/InterestGrp/TotalAmt07140
IRS990/InvestmentIncomeGrp/ExclusionAmt0276
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0276
IRS990/InvestmentInJointVentureInd00
IRS990/IRPDocumentCnt06
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt0196297
IRS990/LandBldgEquipBasisNetGrp/BOYAmt0151174
IRS990/LandBldgEquipBasisNetGrp/EOYAmt0129276
IRS990/LandBldgEquipCostOrOtherBssAmt0325573
IRS990/LegalDomicileStateCd0MN
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0Operate a public elementary school that immerses students in the Spanish language and with a rigorous academic program designed to promote strong character, personal growth, academic excellence, and global vision.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt065090
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt047753
IRS990/NetAssetsOrFundBalancesBOYAmt0867391
IRS990/NetAssetsOrFundBalancesEOYAmt0909180
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoncashContributionsAmt05500
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ManagementAndGeneralAmt028154
IRS990/OccupancyGrp/ProgramServicesAmt0448090
IRS990/OccupancyGrp/TotalAmt0476244
IRS990/OfficeExpensesGrp/FundraisingAmt0450
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt09695
IRS990/OfficeExpensesGrp/ProgramServicesAmt059072
IRS990/OfficeExpensesGrp/TotalAmt069217
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt025293
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt051208
IRS990/OtherEmployeeBenefitsGrp/TotalAmt076501
IRS990/OtherExpensesGrp/Desc0Food
IRS990/OtherExpensesGrp/Desc1Field Trips
IRS990/OtherExpensesGrp/Desc2Dues and registration
IRS990/OtherExpensesGrp/Desc3Transportation
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt09215
IRS990/OtherExpensesGrp/ProgramServicesAmt064243
IRS990/OtherExpensesGrp/ProgramServicesAmt112791
IRS990/OtherExpensesGrp/ProgramServicesAmt23452
IRS990/OtherExpensesGrp/TotalAmt064243
IRS990/OtherExpensesGrp/TotalAmt112791
IRS990/OtherExpensesGrp/TotalAmt29215
IRS990/OtherExpensesGrp/TotalAmt33452
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt079887
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0810626
IRS990/OtherSalariesAndWagesGrp/TotalAmt0890513
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt013365
IRS990/PayrollTaxesGrp/ProgramServicesAmt067262
IRS990/PayrollTaxesGrp/TotalAmt080627
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt086084
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt081523
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt012859
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt063445
IRS990/PensionPlanContributionsGrp/TotalAmt076304
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt048067
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt053236
IRS990/PrincipalOfficerNm0Karen Terhaar
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/BusinessCd1611710
IRS990/ProgramServiceRevenueGrp/Desc0Federal and State Sour
IRS990/ProgramServiceRevenueGrp/Desc1Other Educational Purp
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01835329
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1228282
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01835329
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1228282
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0415102
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0308
IRS990/PYOtherExpensesAmt0921819
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt01764613
IRS990/PYRevenuesLessExpensesAmt094921
IRS990/PYSalariesCompEmpBnftPaidAmt01163283
IRS990/PYTotalExpensesAmt02085102
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02180023
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt041789
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02063611
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt0129276
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0196297
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0325573
IRS990ScheduleD/ExpensesNotReportedAmt09303
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02352942
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherExpensesIncludedAmt09303
IRS990ScheduleD/OtherRevenueAmt03590
IRS990ScheduleD/RevenueNotReportedAmt03590
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02394731
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Academy is exempt from income taxes under Internal Revenue Service Code ?? 501(c)(3). The Academy is subject to tax on income from any unrelated business. The Academy is subject to the recognition requirements for uncertain income tax positions as required by the Financial Accounting Standards Board (FASB) Accounting Standards Codification 740-10 (formerly known as FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes). Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The Academy has analyzed tax positions taken for filing with the Internal Revenue Service and state jurisdiction where they operate. The Academy believes that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on their respective financial condition, results of operation, or cash flows. Accordingly, the Academy has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2014. The Academy is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods. Open audit periods for the Academy are the years ended June 30, 2011, 2012, and 2013.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Revenues reported by related party - ISLA Affiliated Building Co.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Expenses reported by related party - ISLA Affiliated Building Co.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0129276
IRS990ScheduleD/TotalExpensesPerForm990Amt02352942
IRS990ScheduleD/TotalRevenuePerForm990Amt02394731
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02398321
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02362245
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0All policies are available to the public by request and are provided to all prospective families and students.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1The Academy receives state and federal aid to provide an education to students.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Part I, Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Part I, Line 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The form 990 is prepared by an independent accounting firm. Once the form is completed, it is given to the Executive Director and the Finance Committee for review before it is signed and filed. The entire board does not review the 990 before its filed.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Board members sign a conflict of interest statement annually. The Board also reviews the conflict of interest policy annually and makes changes as necessary.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The School Board does an annual evaluation of the Executive Director and determines the compensation. The Executive Director evaluates employees and makes recommendations to the School Board. The Board bases its compensation on the knowledge of the budget.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization makes it governing documents available online. The conflict of interest policy and financial statements are available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Academy's Board assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant annually. This process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Two members of the Board are teachers at the Academy. Minnesota State Statute 124D.10 subd. 4(g) requires the Board to have at least one employed or contracted teacher.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved Authorizer during the fiscal year 2014 was Innovative Quality Schools.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION A, LINE 1B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Authorizer
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7RELATED ORGANIZATION COMPENSATION
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10ISLA Affiliated Building Company

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,099,066
Liabilities
$189,886
Net assets
$909,180
Revenue
$2,394,731
Expenses
$2,352,942
Net income
$41,789
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.94$4.17$1.23$6.70$7.24$0.54
2023Detailed filing. Detailed filing data is available for this year.$3.36$4.05$0.68$5.80$5.98$0.18
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.10$4.18$1.08$5.14$5.56$0.43
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.48$3.87$1.39$3.63$4.01$0.39
2020Detailed filing. Detailed filing data is available for this year.$3.08$4.08$1.01$3.76$4.05$0.29
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.48$4.20$0.72$3.44$3.05$0.39
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.18$5.29$1.11$3.25$3.77$0.52
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.11$4.70$0.59$3.09$3.56$0.48
2016Detailed filing. Detailed filing data is available for this year.$1.46$1.58$0.11$2.71$2.69$0.01
2015Detailed filing. Detailed filing data is available for this year.$1.42$1.55$0.13$2.59$2.51$0.08
2014Detailed filing. Detailed filing data is available for this year.$1.10$0.19$0.91$2.39$2.35$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.07$0.20$0.87$2.18$2.09$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.06$0.28$0.77$1.83
2011Summary only. Only limited summary data is available for this year.$0.55$0.05$0.50$1.72$1.59$0.12
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.40$0.03$0.37$1.27
Peer Organizations

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