Liabilities / Assets
94th percentile
Higher debt load relative to assets than 94% of similar nonprofits.
International Spanish Language Academy
990 • Fiscal year 2017 • EIN 01-0872726
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.14x
Liabilities / Revenue
89th percentile
Higher debt load relative to revenue than 89% of similar nonprofits.
Net Margin
16th percentile
Higher net margin than 16% of similar nonprofits.
Top Officer Pay
44th percentile
Higher top officer pay than 44% of similar nonprofits.
Top officer pay equals 1.5% of source-year revenue.
Asset Growth
97th percentile
Faster asset growth than 97% of similar nonprofits.
Revenue Growth
67th percentile
Faster revenue growth than 67% of similar nonprofits.
Balance Sheet
Assets
Up$4,107,753
Up $2,643,688 (+181%) from 2016
Net Assets
Down-$589,765
Down $477,881 (-427%) from 2016
Liabilities
Up$4,697,518
Up $3,121,569 (+198%) from 2016
Revenue And Expenses
Revenue
Up$3,085,510
Up $380,070 (+14%) from 2016
Expenses
Up$3,563,391
Up $871,690 (+32%) from 2016
Net Income
Down-$477,881
Down $491,620 (-3578%) from 2016
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2016 to Jun 30, 2017
- Signed
- Feb 21, 2018
- Return Version
- 2016v3.0
- Gross Receipts
- $3,085,510
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
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Cash and Non-Interest-Bearing Accounts | $766,471 | $837,443 | ▲ $70,972 |
| Accounts Receivable | $334,314 | $350,933 | ▲ $16,619 |
| Land, Buildings, and Equipment, Net | $72,662 | $66,446 | ▼ $6,216 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $59,581 | $66,446 | ▲ $6,865 |
| Prepaid Expenses and Deferred Charges | $20,157 | $38,301 | ▲ $18,144 |
| Rtn Earn Endowment Incm Other Fnds | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $-171,465 | $-656,211 | ▼ $484,746 |
| Total Assets | $1,464,065 | $4,107,753 | ▲ $2,643,688 |
| Other Assets Total | $270,461 | $2,814,630 | ▲ $2,544,169 |
| Liabilities | |||
| Other Liabilities | $1,381,001 | $4,459,901 | ▲ $3,078,900 |
| Accounts Payable and Accrued Expenses | $153,949 | $205,482 | ▲ $51,533 |
| Deferred Revenue | $27,918 | $32,135 | ▲ $4,217 |
| Mortgage Notes Payable Secured by Investment Property | $13,081 | - | - |
| Total Liabilities | $1,575,949 | $4,697,518 | ▲ $3,121,569 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $-111,884 | $-589,765 | ▼ $477,881 |
| Total Liabilities and Net Assets / Fund Balance | $1,464,065 | $4,107,753 | ▲ $2,643,688 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $66,446 | $270,294 | $336,740 |
| Leasehold Improvements | $0 | $54,783 | $54,783 |
| Other Assets Org | $2,814,630 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Total |
|---|---|---|---|---|
| Adriana Maldonado | Secretary/Teacher | FT | $46,326 | $46,326 |
| Cori Adams | Member/Teacher | FT | $45,047 | $45,047 |
| Allison Oleson | Member/Teacher | FT | $37,223 | $37,223 |
Board Members and Trustees
| Name | Title |
|---|---|
| Nora Tycast | Chair |
| Jared Goodwin | Vice Chair |
| Jeremy Perrin | Executive Director |
| Gina Rumore | Member |
| Heather Copps | Member |
| Kristina Taylor | Member |
| Mark Mathison | Member |
| Mary Jo De Villers | Member |
| Susan Malaret | Member |
| Tom Schmidt | Member |
| JJ Schlangen | Treasurer |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $476,664
- Program Service Revenue
- $2,608,586
- Investment Income
- $260
- Other Revenue
- $0
- All Other Contributions
- $54,637
- Change in Net Assets
- $-477,881
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $2,622,694
- Revenue Not Reported on Financial Statements
- $462,816
- Revenue Not Reported on Form 990
- $462,816
- Other Revenue Adjustments
- $462,816
- Total Revenue per Audited Statements
- $3,085,510
- Total Revenue per Form 990
- $3,085,510
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $2,373,920 |
| Other Expenses | $1,189,471 |
| Grants and Similar Amounts Paid | $0 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Salaries and Wages | $1,111,298 | $104,219 | - | $1,215,517 |
| Pension Plan Contributions | $650,364 | $48,747 | - | $699,111 |
| Occupancy | $511,771 | $8,215 | - | $519,986 |
| Fees for Services Other | $316,377 | $48,777 | - | $365,154 |
| Current Officers, Directors, Trustees, and Key Employees | $135,656 | $88,551 | - | $224,207 |
| Other Employee Benefits | $98,535 | $34,125 | - | $132,660 |
| Payroll Taxes | $88,329 | $14,096 | - | $102,425 |
| Office Expenses | $73,190 | $10,892 | - | $84,082 |
| Fees for Services Accounting | - | $36,000 | - | $36,000 |
| Information Technology | $29,067 | $3,765 | - | $32,832 |
| Conferences and Meetings | $32,664 | - | - | $32,664 |
| Insurance | - | $12,728 | - | $12,728 |
| Fees for Services Legal | - | $5,405 | - | $5,405 |
| Other Expenses | $5,962 | $2,574 | - | $2,574 |
| Interest | - | $1,785 | - | $1,785 |
| Payments to Affiliates | $673 | - | - | $673 |
| Total Functional Expenses | $3,143,512 | $419,879 | $0 | $3,563,391 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Form 990 | $3,563,391 |
| Total Expenses per Audited Statements | $3,449,953 |
| Expenses per Audited Statements | $3,100,575 |
| Expenses Not Reported on Financial Statements | $462,816 |
| Other Expense Adjustments | $462,816 |
| Expenses Not Reported on Form 990 | $349,378 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| Professional Fundraising Fees | $0 |
Political and Lobbying Activity
- Political campaign activity
- No
- Lobbying activity
- No
- Subject to proxy tax
- No
Debt and Bond Financing
Other Reported Liabilities
| Liability | Amount |
|---|---|
| Net Pension Liabilities - PERA and | $4,349,739 |
| Deferred inflows of Resources | $110,162 |
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 11B
“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
- Filer Name
- International Spanish Language Academy
- EIN
- 01-0872726
- Phone
- 9527466020
- Address
- 5959 Shady Oak Road S, Minnetonka, MN 55343-8969
Signing Officer
- Name
- Jeremy Perrin
- Title
- Executive Director
- Phone
- 9527466020
- Signed
- 2018-02-21
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Jeremy Perrin
- Formed
- 2006
- Legal Domicile
- Mn
- Voting Board Members
- 13
- Independent Board Members
- 10
- Employees
- 46
- Volunteers
- 110
Preparer
- Firm
- Malloy Montague Karnowski Radosevich
- Address
- 5353 Wayzata Blvd Suite 410, Minneapolis, MN 55416
- Preparer
- Thomas A Karnowski
- Phone
- 9525450424
Supplemental Narrative
Additional Explanations
Form 990, Part IX, line 11G
“Staff Development Conference : Program service expenses 8,310. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,310. Nursing Services : Program service expenses 23,176. Management and general expenses 0. Fundraising expenses 0. Total expenses 23,176. Special Ed Contracted Services : Program service expenses 111,729. Management and general expenses 0. Fundraising expenses 0. Total expenses 111,729. Food Service Fees : Program service expenses 213. Management and general expenses 0. Fundraising expenses 0. Total expenses 213. Fees for Services : Program service expenses 769. Management and general expenses 0. Fundraising expenses 0. Total expenses 769. Board Training : Program service expenses 0. Management and general expenses 2,194. Fundraising expenses 0. Total expenses 2,194. Business Services, Authorizer: Program service expenses 0. Management and general expenses 46,583. Fundraising expenses 0. Total expenses 46,583. Consulting Fees/Fees for Service : Program service expenses 133,313. Management and general expenses 0. Fundraising expenses 0. Total expenses 133,313. Field Trip Cost : Program service expenses 18,707. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,707. Federal Contracted Services : Program service expenses 20,160. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,160.”
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 2017 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 section 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, 2017.”
Part XI, Line 2D - Other Adjustments:
“Revenues reported by ISLA ABC 462,816.”
Part XI, Line 4B - Other Adjustments:
“Rent from ISLA ABC 462,816.”
Part XII, Line 2D - Other Adjustments:
“Expenses reported by ISLA ABC 349,378.”
Part XII, Line 4B - Other Adjustments:
“Rent paid by ISLA ABC 462,816.”
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| IRS990/MissionDesc | 0 | Operate 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. |
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| IRS990/PrincipalOfficerNm | 0 | Jeremy Perrin |
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| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | Pension Plan Deferments-PERA and TRA |
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| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 2622694 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | The Academy is exempt from income taxes under Internal Revenue Service Code section 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, 2017. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | Revenues reported by ISLA ABC 462,816. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 2 | Rent from ISLA ABC 462,816. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 3 | Expenses reported by ISLA ABC 349,378. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 4 | Rent paid by ISLA ABC 462,816. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Part X, Line 2: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Part XI, Line 2d - Other Adjustments: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | Part XI, Line 4b - Other Adjustments: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | Part XII, Line 2d - Other Adjustments: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | Part XII, Line 4b - Other Adjustments: |
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| IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceAthltProgInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEducPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd | 0 | 0 |
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| IRS990ScheduleE/DiscriminateRaceSchsInd | 0 | 0 |
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| IRS990ScheduleE/PolicyStmtInBrochuresEtcInd | 0 | 1 |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 0 | All policies are available to the public by request and are provided to all prospective families and students. |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 1 | The Academy receives state and federal aid to provide an education to students. |
| IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | Schedule E, Part I, Line 3 |
| IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | Schedule E, Part I, Line 6 |
| IRS990/ScheduleJRequiredInd | 0 | 0 |
| IRS990/ScheduleORequiredInd | 0 | 1 |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 0 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | Board 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/ExplanationTxt | 2 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | The organization makes it governing documents available online. The conflict of interest policy and financial statements are available to the public upon request. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | Staff Development Conference : Program service expenses 8,310. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,310. Nursing Services : Program service expenses 23,176. Management and general expenses 0. Fundraising expenses 0. Total expenses 23,176. Special Ed Contracted Services : Program service expenses 111,729. Management and general expenses 0. Fundraising expenses 0. Total expenses 111,729. Food Service Fees : Program service expenses 213. Management and general expenses 0. Fundraising expenses 0. Total expenses 213. Fees for Services : Program service expenses 769. Management and general expenses 0. Fundraising expenses 0. Total expenses 769. Board Training : Program service expenses 0. Management and general expenses 2,194. Fundraising expenses 0. Total expenses 2,194. Business Services, Authorizer: Program service expenses 0. Management and general expenses 46,583. Fundraising expenses 0. Total expenses 46,583. Consulting Fees/Fees for Service : Program service expenses 133,313. Management and general expenses 0. Fundraising expenses 0. Total expenses 133,313. Field Trip Cost : Program service expenses 18,707. Management and general expenses 0. Fundraising expenses 0. Total expenses 18,707. Federal Contracted Services : Program service expenses 20,160. Management and general expenses 0. Fundraising expenses 0. Total expenses 20,160. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | 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. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | 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 2017 was Innovative Quality Schools. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted. |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2017 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $4,107,753
- Liabilities
- $4,697,518
- Net assets
- -$589,765
- Revenue
- $3,085,510
- Expenses
- $3,563,391
- Net income
- -$477,881