Civic Intelligence

Minneapolis Academy Charter School 4115

EIN 05-0575923 • 501(c)3 • Minneapolis, MN

Profile

Minneapolis Academy is the first independent college preparatory middle school in Minneapolis, providing children from all walks of life and of all abilities with an educational opportunity that is generally not available to most lower-income and working class families. Founded by educators and community leaders in 2004, the Academy's primary mission is to provide all of its students with the knowledge, skills and character to graduate from High School, and the confidence to continue on and successfully complete their post-secondary education. The Academy will accomplish this through a college preparatory educational program based on high expectations, rigorous academic performance, more time on task, and a safe and orderly environment driven by high standards of personal conduct and respect for others.

5011 31st Avenue SouthMinneapolis, MN 55417

www.minneapolisacademy.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

98th percentile

2.22x

Higher debt load relative to assets than 98% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

84th percentile

0.67x

Higher debt load relative to revenue than 84% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

26th percentile

-6.9%

Higher net margin than 26% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2016

Top Officer Pay

72nd percentile

$113,618

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 5.7% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2016

Asset Growth

74th percentile

15%

Faster asset growth than 74% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

46th percentile

5.0%

Faster revenue growth than 46% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$599,190

Up $79,381 (+15%) from 2015

Liabilities

Up

$1,329,221

Up $215,351 (+19%) from 2015

Net Assets

Down

-$730,031

Down $135,970 (-23%) from 2015

Operations
Liabilities / Revenue84th percentileNet Margin26th percentile

Revenue

Up

$1,982,308

Up $94,493 (+5.0%) from 2015

Expenses

Up

$2,118,278

Up $85,533 (+4.2%) from 2015

Net Income

Up

-$135,970

Up $8,960 (+6.2%) from 2015

Trend Graphs

Balance Sheet Trend

Asset Growth74th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.0M$0-$1.0MAssets 2011: $655,320Liabilities 2011: $100,598Net Assets 2011: $554,7222011Assets 2012: $949,338Liabilities 2012: $111,682Net Assets 2012: $837,6562012Assets 2013: $1,115,826Liabilities 2013: $116,455Net Assets 2013: $999,3712013Assets 2014: $683,866Liabilities 2014: $135,139Net Assets 2014: $548,7272014Assets 2015: $519,809Liabilities 2015: $1,113,870Net Assets 2015: -$594,0612015Assets 2016: $599,190Liabilities 2016: $1,329,221Net Assets 2016: -$730,0312016

Highlighted filing

2016

Assets$599,190
Liabilities$1,329,221
Net Assets-$730,031
Open 2016 Filing

Operations Trend

Revenue Growth46th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $1,756,4642011Expenses 2012: $1,933,4502012Revenue 2013: $2,293,135Expenses 2013: $2,131,420Net Income 2013: $161,7152013Revenue 2014: $1,773,866Expenses 2014: $2,224,510Net Income 2014: -$450,6442014Revenue 2015: $1,887,815Expenses 2015: $2,032,745Net Income 2015: -$144,9302015Revenue 2016: $1,982,308Expenses 2016: $2,118,278Net Income 2016: -$135,9702016

Highlighted filing

2016

Revenue$1,982,308
Expenses$2,118,278
Net Income-$135,970
Open 2016 Filing

Filings

Most recent year

2016 • Form 990XML pending. An XML filing is linked for this year, but detailed extraction is still pending.

Open filing
Assets
$599,190
Liabilities
$1,329,221
Net assets
-$730,031
Revenue
$1,982,308
Expenses
$2,118,278
Net income
-$135,970
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.60$1.33$0.73$1.98$2.12$0.14
2015Detailed filing. Detailed filing data is available for this year.$0.52$1.11$0.59$1.89$2.03$0.14
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$0.68$0.14$0.55$1.77$2.22$0.45
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.12$0.12$1.00$2.29$2.13$0.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.95$0.11$0.84$1.93
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.66$0.10$0.55$1.76
Latest Detailed Filing

The latest 2016 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2015 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Apr 26, 2016
Return Version
2014v6.0
Gross Receipts
$1,887,815
Mission and Program Overview

Mission

Minneapolis Academy is the first independent college preparatory middle school in Minneapolis, providing children from all walks of life and of all abilities with an educational opportunity that is generally not available to most lower-income and working class families. Founded by educators and community leaders in 2004, the Academy's primary mission is to provide all of its students with the knowledge, skills and character to graduate from High School, and the confidence to continue on and successfully complete their post-secondary education. The Academy will accomplish this through a college preparatory educational program based on high expectations, rigorous academic performance, more time on task, and a safe and orderly environment driven by high standards of personal conduct and respect for others.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$345,280$333,398▼ $11,882
Land, Buildings, and Equipment, Net$86,062$62,735▼ $23,327
Pledges and Grants Receivable$35,110$39,086▲ $3,976
Prepaid Expenses and Deferred Charges$40,983$31,321▼ $9,662
Savings and Temporary Cash Investments$27,708$27,614▼ $94
Accounts Receivable$148,723$25,655▼ $123,068
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$683,866$519,809▼ $164,057
Other Assets Total-$0-
Liabilities
Other Liabilities-$1,018,605-
Accounts Payable and Accrued Expenses$135,139$95,265▼ $39,874
Total Liabilities$135,139$1,113,870▲ $978,731
Net Assets / Fund Balance
Temporarily Rstr Net Assets$86,062$62,735▼ $23,327
Unrestricted Net Assets$462,665$-656,796▼ $1,119,461
Total Net Assets Fund Balance$548,727$-594,061▼ $1,142,788
Total Liabilities and Net Assets / Fund Balance$683,866$519,809▼ $164,057

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$62,735$183,678$246,413
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Kathleen MortensonExecutive DirectorFT$45,000$6,876$51,876
Angela HalamaSecretaryFT$19,500$1,596$21,096

Board Members and Trustees

NameTitle
Thomas HaegChairperson
Kari KauffmanVice Chair
Fermin AlcantaraMember
Rose GbadamassiMember
Shawn McKeownMember
Suzette AllaireMember
Lori SteinTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Monarch Bus Service IncTransportation101 E 10th Str STE 300, Hastings, MN 55033$180,365
Revenue and Support

Revenue Composition

Contributions and Grants
$1,873,462
Program Service Revenue
$13,330
Investment Income
$53
Other Revenue
$970
All Other Contributions
$11,263
Change in Net Assets
$-144,930

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,885,371
Revenue Not Reported on Financial Statements
$2,444
Other Revenue Adjustments
$2,444
Total Revenue per Audited Statements
$1,885,371
Total Revenue per Form 990
$1,887,815
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,148,016
Other Expenses$884,729
Total Fundraising Expense$3,200
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$597,364$92,604-$689,968
Occupancy$188,025--$188,025
Current Officers, Directors, Trustees, and Key Employees$56,414$106,535-$162,949
Fees for Services Other$110,250$6,246$3,200$119,696
Payroll Taxes$52,769$36,304-$89,073
Comp Disqual Persons$61,406$22,518-$83,924
Pension Plan Contributions$65,589$8,966-$74,555
Fees for Services Accounting-$58,975-$58,975
Other Employee Benefits$40,620$6,927-$47,547
Other Expenses$32,845$2,493-$35,338
Information Technology$12,038$23,010-$35,048
All Other Expenses$33,486--$33,486
Depreciation Depletion$12,450$12,933-$25,383
Office Expenses-$23,335-$23,335
Fees for Services Management$15,240--$15,240
Conferences and Meetings$11,355$2,297-$13,652
Insurance$10,092--$10,092
Fees for Services Legal-$3,974-$3,974
Advertising-$3,490-$3,490
Total Functional Expenses$1,618,938$410,607$3,200$2,032,745

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$2,032,745
Total Expenses per Audited Statements$1,986,227
Expenses per Audited Statements$1,984,171
Expenses Not Reported on Financial Statements$48,574
Other Expense Adjustments$48,574
Expenses Not Reported on Form 990$2,056
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Kelsey NeumannSee Part IVCompensationNo$24,439

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability, def outflow/inflo$1,018,605
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
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, Line 11B: Form 990 Review Process

“The Form 990 is prepared by the school accountant. Prior to filing the form 990, members of the finance committe will conduct a detail review and provide the approved public disclosure draft of the form 990 to the full Board of Directors for any change requests or questions.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Potential conflicts of interest are reviewed at each meeting of the Board of Directors and documented in the minutes.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“The Academy's governing documents, policies and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Minneapolis Academy Charter School 4115
EIN
05-0575923
Phone
6124551340
Address
5011 31st Avenue South, Minneapolis, MN 55417

Signing Officer

Name
Barbara Wornson
Title
Executive Director
Signed
2016-04-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Barbara Wornson
Formed
2003
Legal Domicile
Mn
Voting Board Members
8
Independent Board Members
7
Employees
42
Volunteers
8

Preparer

Firm
Beltz Kes Darling & Associates
Address
22488 Chippendale Ave W, Farmington, MN 55024
Preparer
Theresa Kingsbury
Phone
6514632233
Supplemental Narrative

Additional Explanations

Prior Period Adjustment due to change in Accounting Principle

“The School implemented two new accounting standards (GASB 68 and 71) for the year ended June 30, 2015 which required recognition of the schools proportionate share of the unfunded pension liability. As a charter school in the state of Minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The schools contributions to the plans are also regulated by statute and are based on a percentage of salaries and wages earned by current employees. Therefore, while the Net Pension Liability is reported on the schools Statement of Net Position, the school is not in a position to directly control the liability or the subsequent liquidation of the liability.”

Related Board Members

“Per MN Statute 124D.10, Charter Schools are required to have licensed teachers as members of the Board of Directors. Angela Halama was a Board Member, but received compensation for her services as a Teacher.”

Financial Statement Notes

Part X : FIN48 Footnote

“The Academy is required to assess whether an uncertain tax position exists and if there should be recognition of a related benefit or liability in the financial statements. The Academy has determined there are no amounts to record as assets or liabilities related to uncertain tax positions. Generally, the Academy is no longer subject to examination by tax authorities for years before 2012.”

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“State Aid related to Pension Exp $2444”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Capital Outlay $2056”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Depreciation $25383 Pension Exp $23191”

Raw XML AppendixShowing 400 of 496 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/Form990PartVIISectionAGrp/TitleTxt1Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Member
IRS990/Form990PartVIISectionAGrp/TitleTxt5Member
IRS990/Form990PartVIISectionAGrp/TitleTxt6Member
IRS990/Form990PartVIISectionAGrp/TitleTxt7Member
IRS990/Form990PartVIISectionAGrp/TitleTxt8Executive Dir.
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IRS990/MissionDesc0Minneapolis Academy is the first independent college preparatory middle school in Minneapolis, providing children from all walks of life and of all abilities with an educational opportunity that is generally not available to most lower-income and working class families. Founded by educators and community leaders in 2004, the Academy's primary mission is to provide all of its students with the knowledge, skills and character to graduate from High School, and the confidence to continue on and successfully complete their post-secondary education. The Academy will accomplish this through a college preparatory educational program based on high expectations, rigorous academic performance, more time on task, and a safe and orderly environment driven by high standards of personal conduct and respect for others.
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IRS990/PrincipalOfficerNm0Barbara Wornson
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Academy is required to assess whether an uncertain tax position exists and if there should be recognition of a related benefit or liability in the financial statements. The Academy has determined there are no amounts to record as assets or liabilities related to uncertain tax positions. Generally, the Academy is no longer subject to examination by tax authorities for years before 2012.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1State Aid related to Pension Exp $2444
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Capital Outlay $2056
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3Depreciation $25383 Pension Exp $23191
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d: Other expenses and losses per audited F/S
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S
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IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0As a Public School, the Academy is funded through education aid from the State of Minnesota.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1Statement is published on the recruitment mailing borchure.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 5 - Explanation of Organization Discrimination by Race

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