Liabilities / Assets
96th percentile
Higher debt load relative to assets than 96% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.29x
Liabilities / Revenue
77th percentile
Higher debt load relative to revenue than 77% of similar nonprofits.
Net Margin
42nd percentile
Higher net margin than 42% of similar nonprofits.
Top Officer Pay
45th percentile
Higher top officer pay than 45% of similar nonprofits.
Top officer pay equals 1.3% of source-year revenue.
Asset Growth
6th percentile
Faster asset growth than 6% of similar nonprofits.
Revenue Growth
66th percentile
Faster revenue growth than 66% of similar nonprofits.
Balance Sheet
Assets
Down$5,115,826
Down $666,974 (-12%) from 2019
Net Assets
Down-$1,494,479
Down $485,947 (-48%) from 2019
Liabilities
Down$6,610,305
Down $181,027 (-2.7%) from 2019
Revenue And Expenses
Revenue
Up$8,597,817
Up $797,684 (+10%) from 2019
Expenses
Up$8,471,331
Up $1,117,486 (+15%) from 2019
Net Income
Down$126,486
Down $319,802 (-72%) from 2019
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2019 to Jun 30, 2020
- Signed
- May 5, 2021
- Return Version
- 2019v5.2
- Gross Receipts
- $8,597,817
Mission and Program Overview
Mission
To provide students with a personalized and adaptive education to grow academically, emotionally, and socially.
SEE PART III, LINE 1.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $879,279 | $1,123,027 | ▲ $243,748 |
| Accounts Receivable | $745,721 | $555,179 | ▼ $190,542 |
| Land, Buildings, and Equipment, Net | $297,952 | $265,440 | ▼ $32,512 |
| Pd in Cap Srpls Land Bldg Eqp Fund | $181,955 | $199,711 | ▲ $17,756 |
| Prepaid Expenses and Deferred Charges | $13,954 | $21,910 | ▲ $7,956 |
| Rtn Earn Endowment Incm Other Fnds | $0 | $0 | → $0 |
| Cap Stk Tr Prin Current Funds | $-1,190,487 | $-1,694,190 | ▼ $503,703 |
| Total Assets | $5,782,800 | $5,115,826 | ▼ $666,974 |
| Other Assets Total | $3,845,894 | $3,150,270 | ▼ $695,624 |
| Liabilities | |||
| Other Liabilities | $6,285,065 | $6,201,899 | ▼ $83,166 |
| Accounts Payable and Accrued Expenses | $390,200 | $342,677 | ▼ $47,523 |
| Mortgage Notes Payable Secured by Investment Property | $115,997 | $65,729 | ▼ $50,268 |
| Deferred Revenue | $70 | - | - |
| Total Liabilities | $6,791,332 | $6,610,305 | ▼ $181,027 |
| Net Assets / Fund Balance | |||
| Total Net Assets Fund Balance | $-1,008,532 | $-1,494,479 | ▼ $485,947 |
| Total Liabilities and Net Assets / Fund Balance | $5,782,800 | $5,115,826 | ▼ $666,974 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $265,440 | $228,732 | $494,172 |
| Other Assets Org | $3,150,270 | - | - |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Chipp Windham | Executive Director | FT | $95,410 | $15,190 | $110,600 |
| Taryn Mcgovern | Secretary/teacher | FT | $55,393 | $11,627 | $67,020 |
| Katie Rose Kammerude | Member - Teacher | FT | $50,032 | $11,019 | $61,051 |
Board Members and Trustees
| Name | Title |
|---|---|
| Donna Piazza | Board Chair |
| Amy Wood | Member |
| Jim Lawrence | Member |
| Shannan Paul | Member |
| Stacey Monsen | Member |
| Karen Marshall | Treasurer |
Highest Paid Contractors
| Contractor | Services | Location | Compensation |
|---|---|---|---|
| Contemporary Transportation | Student Transportation | 2300 NEVADA AVE NO 300, Golden Valley, MN 55427 | $919,290 |
| Pediatric Psych Services | Psychologist | 4832 W 27TH STREET, St Louis Park, MN 55416 | $219,233 |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $8,256,632
- Program Service Revenue
- $339,123
- Investment Income
- $0
- Other Revenue
- $2,062
- All Other Contributions
- $13,175
- Change in Net Assets
- $126,486
Audited Revenue Reconciliation
- Revenue per Audited Statements
- $8,597,817
- Revenue Not Reported on Financial Statements
- $0
- Revenue Not Reported on Form 990
- $35,698
- Total Revenue per Audited Statements
- $8,633,515
- Total Revenue per Form 990
- $8,597,817
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Salaries, Compensation, and Employee Benefits | $5,259,442 |
| Other Expenses | $3,211,889 |
| 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 | $3,818,444 | $75,928 | - | $3,894,372 |
| Occupancy | $1,424,882 | $66 | - | $1,424,948 |
| Other Employee Benefits | $491,462 | $7,938 | - | $499,400 |
| Payroll Taxes | $300,406 | $11,460 | - | $311,866 |
| Pension Plan Contributions | $290,169 | $11,796 | - | $301,965 |
| Fees for Services Other | $231,311 | $2,357 | - | $233,668 |
| Current Officers, Directors, Trustees, and Key Employees | $99,877 | $82,617 | - | $182,494 |
| Office Expenses | $47,246 | $49,813 | - | $97,059 |
| Information Technology | $80,376 | $11,309 | - | $91,685 |
| Fees for Services Accounting | - | $72,823 | - | $72,823 |
| Depreciation Depletion | $70,867 | $579 | - | $71,446 |
| Comp Disqual Persons | $69,345 | - | - | $69,345 |
| Other Expenses | $54,755 | $474 | - | $55,229 |
| Fees for Services Legal | - | $20,100 | - | $20,100 |
| Insurance | $19,412 | - | - | $19,412 |
| All Other Expenses | $2,150 | $16,105 | - | $18,255 |
| Conferences and Meetings | $13,125 | $1,300 | - | $14,425 |
| Interest | $10,021 | - | - | $10,021 |
| Advertising | - | $2,053 | - | $2,053 |
| Total Functional Expenses | $8,104,613 | $366,718 | $0 | $8,471,331 |
Audited Expense Reconciliation
| Line Item | Amount |
|---|---|
| Total Expenses per Audited Statements | $9,200,482 |
| Total Expenses per Form 990 | $8,471,331 |
| Expenses per Audited Statements | $7,176,693 |
| Expenses Not Reported on Form 990 | $2,023,789 |
| Expenses Not Reported on Financial Statements | $1,294,638 |
| Other Expense Adjustments | $1,294,638 |
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 Liability | $3,129,313 |
| Deferred Inflows - Pension | $3,072,586 |
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 35% controlled entity
- No
- 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
- No
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- Yes
- Key decisions subject to board approval
- No
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Section A, Line 7A
“As per mn statute 124e.07, staff members employed at the school, including teachers providing instruction under a contract, members of the board of directors, and all parents or legal guardians of children enrolled in the school are the voters eligible to elect the members of the schools board of directors.”
Form 990, Part VI, Section B, Line 11B
“The spero academy finance committee reviews the form 990, while in preparation, and then presents the public disclosure form 990 to the board of directors for review and approval, prior to submission.”
Form 990, Part VI, Section B, Line 12C
“The members of the board of directors receive an orientation and review of the conflict of interest policy at the annual meeting of the board. Following the information review, each member completes and signs a conflict of interest disclosure that is current for the year. The governance committee reminds board members of their disclosure responsibilities at several times throughout the school year at board meetings.”
Form 990, Part VI, Section B, Line 15A
“The spero academy personnel committee reviews the macs annual report of charter school salaries and benefits for comparability, the chair of the personnel committee solicits performance review data from officers of the board and summarizes the responses for a meeting and discussion with the director. Compensation is recommended to the full board of directors, as outlined by the approved administration compensation plan, by the chair of the board and based on the results of the compensation and performance reviews. The full board takes action on the contract prior to execution.”
Form 990, Part VI, Section C, Line 19
“The policies and financial statements of spero academy are posted on its website. The policies and financial statements are also available in the school office for review of hard copy.”
FORM 990, PART VII, SECTION A:
“Related board members per mn statute 124e.07, charter schools are required to have a licensed teacher as a member of the board of directors. Katie rose kammerude and taryn mcgovern are board members but received compensation for their services as teachers.”
Filing and Contact Details
Filer
- Filer Name
- Spero Academy
- EIN
- 20-0309518
- Phone
- 6124658600
- Address
- 2701 CALIFORNIA ST NE, MINNEAPOLIS, MN 55418
Signing Officer
- Name
- Diane Pangal
- Title
- Executive Director
- Phone
- 6124658600
- Signed
- 2021-05-05
- Discuss with paid preparer
- Yes
Organization Details
- Principal Officer
- Donna Piazza
- Formed
- 2003
- Legal Domicile
- Mn
- Voting Board Members
- 9
- Independent Board Members
- 7
- Employees
- 141
- Volunteers
- 11
Preparer
- Firm
- Bergankdv Ltd
- Address
- 3800 AMERICAN BLVD WEST SUITE 1000, MINNEAPOLIS, MN 55431-4420
- Preparer
- Nickolas S Taintor CPA
- Phone
- 9525636800
Supplemental Narrative
Additional Explanations
FORM 990, PART X, LINE 25:
“Pension liabilities, deferred outflows & inflows pension: as a charter school in the state of minnesota, participation in two multiple-employer, cost-sharing defined benefit pension plans is statutorily required. The school's 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, deferred outflows and inflows, are reported on the school's statement of net position, the school is not in a position to directly control the liabilities or the subsequent liquidation of the liabilities.”
FORM 990, PART XI, LINE 9:
“Gasb 68 - pension adjustment -612,433.”
Form 990, Part XII, Line 2C
“The board is responsible for selection of an independent accountant and for the oversight of the financial statement audit. This process has not changed from prior year.”
Financial Statement Notes
PART XI, LINE 2D - OTHER ADJUSTMENTS:
“Friends of spero revenues less rent 30,786. Pensions 4,912.”
PART XII, LINE 2D - OTHER ADJUSTMENTS:
“Pensions 617,343. Friends of spero expenses 1,406,446.”
PART XII, LINE 4B - OTHER ADJUSTMENTS:
“RENT 1,294,638.”
Raw XML AppendixShowing 400 of 513 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/Desc | 0 | SPERO ACADEMY COMPLETED YEAR 16 OF OPERATION ON JUNE 30, 2020.ON JUNE 30, 2020, SPERO ACADEMY SERVED A TOTAL OF 139 STUDENTS AND OVER 92% OF THE STUDENT POPULATION ARE STUDENTS WITH DISABILITIES. THE SCHOOL'S WAIT-LIST HAS GROWN TO OVER 300 STUDENTS, WHICH SUPPORTS THE PLAN TO REACH MAXIMUM CAPACITY OF 160 STUDENTS BY YEAR FIVE IN THE NEW FACILITY. ALL BUDGETARY GOALS ASSOCIATED WITH THE OPERATIONS OF THE NEW FACILITY AND GROWING ENROLLMENT ARE BEING MET.THE SCHOOL CONTINUES TO RECEIVE HIGH MARKS IN ALL EVALUATIONS FROM THE UNIVERSITY OF ST. THOMAS, OUR AUTHORIZER. |
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| IRS990/FormationYr | 0 | 2003 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | 0 |
| IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | 1 |
| IRS990/FundraisingActivitiesInd | 0 | 0 |
| IRS990/GamingActivitiesInd | 0 | 0 |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 9 |
| IRS990/GovernmentGrantsAmt | 0 | 8243457 |
| IRS990/GrantsToIndividualsInd | 0 | 0 |
| IRS990/GrantsToOrganizationsInd | 0 | 0 |
| IRS990/GrantToRelatedPersonInd | 0 | 0 |
| IRS990/GrossReceiptsAmt | 0 | 8597817 |
| IRS990/GroupReturnForAffiliatesInd | 0 | 0 |
| IRS990/IncludeFIN48FootnoteInd | 0 | 0 |
| IRS990/IndependentAuditFinclStmtInd | 0 | 0 |
| IRS990/IndependentVotingMemberCnt | 0 | 7 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/IndoorTanningServicesInd | 0 | 0 |
| IRS990/InfoInScheduleOPartVIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIIInd | 0 | X |
| IRS990/InfoInScheduleOPartXIInd | 0 | X |
| IRS990/InfoInScheduleOPartXInd | 0 | X |
| IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt | 0 | 11309 |
| IRS990/InformationTechnologyGrp/ProgramServicesAmt | 0 | 80376 |
| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 91685 |
| IRS990/InsuranceGrp/ProgramServicesAmt | 0 | 19412 |
| IRS990/InsuranceGrp/TotalAmt | 0 | 19412 |
| IRS990/InterestGrp/ProgramServicesAmt | 0 | 10021 |
| IRS990/InterestGrp/TotalAmt | 0 | 10021 |
| IRS990/InvestmentInJointVentureInd | 0 | 0 |
| IRS990/IRPDocumentCnt | 0 | 14 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 228732 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 297952 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 265440 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 494172 |
| IRS990/LegalDomicileStateCd | 0 | MN |
| IRS990/LoanOutstandingInd | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | 0 |
| IRS990/LocalChaptersInd | 0 | 0 |
| IRS990/MaterialDiversionOrMisuseInd | 0 | 0 |
| IRS990/MembersOrStockholdersInd | 0 | 0 |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | 1 |
| IRS990/MinutesOfGoverningBodyInd | 0 | 1 |
| IRS990/MissionDesc | 0 | TO PROVIDE STUDENTS WITH A PERSONALIZED AND ADAPTIVE EDUCATION TO GROW ACADEMICALLY, EMOTIONALLY, AND SOCIALLY. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | 0 |
| IRS990/MoreThan5000KToOrgInd | 0 | 0 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt | 0 | 115997 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt | 0 | 65729 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | -1008532 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | -1494479 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NondeductibleContributionsInd | 0 | 0 |
| IRS990/OccupancyGrp/ManagementAndGeneralAmt | 0 | 66 |
| IRS990/OccupancyGrp/ProgramServicesAmt | 0 | 1424882 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 1424948 |
| IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt | 0 | 49813 |
| IRS990/OfficeExpensesGrp/ProgramServicesAmt | 0 | 47246 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 97059 |
| IRS990/OfficerMailingAddressInd | 0 | 0 |
| IRS990/OperateHospitalInd | 0 | 0 |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrgDoesNotFollowFASB117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/BOYAmt | 0 | 3845894 |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 3150270 |
| IRS990/OtherChangesInNetAssetsAmt | 0 | -612433 |
| IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt | 0 | 7938 |
| IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt | 0 | 491462 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 499400 |
| IRS990/OtherExpensesGrp/Desc | 0 | STUDENT TRANSPORTATION |
| IRS990/OtherExpensesGrp/Desc | 1 | INSTRUCTIONAL SUPPLIES |
| IRS990/OtherExpensesGrp/Desc | 2 | FOOD SERVICE |
| IRS990/OtherExpensesGrp/Desc | 3 | EQUIP RENTAL & MAINT |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 474 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 911964 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 109591 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 59210 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 3 | 54755 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 911964 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 109591 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 59210 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 55229 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 6285065 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 6201899 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 0 | 611600 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | MISC REVENUE |
| IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt | 0 | 2062 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 2062 |
| IRS990/OtherRevenueTotalAmt | 0 | 2062 |
| IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt | 0 | 75928 |
| IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt | 0 | 3818444 |
| IRS990/OtherSalariesAndWagesGrp/TotalAmt | 0 | 3894372 |
| IRS990/PartialLiquidationInd | 0 | 0 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt | 0 | 11460 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 300406 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 311866 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt | 0 | 181955 |
| IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt | 0 | 199711 |
| IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt | 0 | 11796 |
| IRS990/PensionPlanContributionsGrp/ProgramServicesAmt | 0 | 290169 |
| IRS990/PensionPlanContributionsGrp/TotalAmt | 0 | 301965 |
| IRS990/PoliticalCampaignActyInd | 0 | 0 |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 13954 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 21910 |
| IRS990/PrincipalOfficerNm | 0 | DONNA PIAZZA |
| IRS990/ProfessionalFundraisingInd | 0 | 0 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 611600 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 611710 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 2 | 611600 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | MEDICAL ASSISTANCE |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | FOOD SALES |
| IRS990/ProgramServiceRevenueGrp/Desc | 2 | FEES FROM PATRONS |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 329982 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 8508 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 2 | 633 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 329982 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 8508 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 2 | 633 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | 0 |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 7470506 |
| IRS990/PYExcessBenefitTransInd | 0 | 0 |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 0 |
| IRS990/PYInvestmentIncomeAmt | 0 | 83 |
| IRS990/PYOtherExpensesAmt | 0 | 3059773 |
| IRS990/PYOtherRevenueAmt | 0 | 35350 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 294194 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 446288 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 4294072 |
| IRS990/PYTotalExpensesAmt | 0 | 7353845 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 7800133 |
| IRS990/QuidProQuoContributionsInd | 0 | 0 |
| IRS990/RcvFndsToPayPrsnlBnftCntrctInd | 0 | 0 |
| IRS990/ReconcilationRevenueExpnssAmt | 0 | 126486 |
| IRS990/RegularMonitoringEnfrcInd | 0 | 1 |
| IRS990/RelatedEntityInd | 0 | 1 |
| IRS990/RelatedOrganizationCtrlEntInd | 0 | 1 |
| IRS990/ReportInvestmentsOtherSecInd | 0 | 0 |
| IRS990/ReportLandBuildingEquipmentInd | 0 | 1 |
| IRS990/ReportOtherAssetsInd | 0 | 1 |
| IRS990/ReportOtherLiabilitiesInd | 0 | 1 |
| IRS990/ReportProgramRelatedInvstInd | 0 | 0 |
| IRS990/RevenueAmt | 0 | 341185 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt | 0 | 0 |
| IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt | 0 | 0 |
| IRS990/SavingsAndTempCashInvstGrp/BOYAmt | 0 | 879279 |
| IRS990/SavingsAndTempCashInvstGrp/EOYAmt | 0 | 1123027 |
| IRS990ScheduleA/SchoolInd | 0 | X |
| IRS990/ScheduleBRequiredInd | 0 | 0 |
| IRS990ScheduleD/EquipmentGrp/BookValueAmt | 0 | 265440 |
| IRS990ScheduleD/EquipmentGrp/DepreciationAmt | 0 | 228732 |
| IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt | 0 | 494172 |
| IRS990ScheduleD/ExpensesNotReportedAmt | 0 | 2023789 |
| IRS990ScheduleD/ExpensesNotRptFinclStmtAmt | 0 | 1294638 |
| IRS990ScheduleD/ExpensesSubtotalAmt | 0 | 7176693 |
| IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt | 0 | 3150270 |
| IRS990ScheduleD/OtherAssetsOrgGrp/Desc | 0 | DEFERRED OUTFLOWS - PENSION |
| IRS990ScheduleD/OtherExpensesIncludedAmt | 0 | 2023789 |
| IRS990ScheduleD/OtherExpensesNotIncludedAmt | 0 | 1294638 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 0 | 3129313 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt | 1 | 3072586 |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 0 | NET PENSION LIABILITY |
| IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc | 1 | DEFERRED INFLOWS - PENSION |
| IRS990ScheduleD/OtherRevenueAmt | 0 | 35698 |
| IRS990ScheduleD/RevenueNotReportedAmt | 0 | 35698 |
| IRS990ScheduleD/RevenueNotReportedFinclStmtAmt | 0 | 0 |
| IRS990ScheduleD/RevenueSubtotalAmt | 0 | 8597817 |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 0 | FRIENDS OF SPERO REVENUES LESS RENT 30,786. PENSIONS 4,912. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 1 | PENSIONS 617,343. FRIENDS OF SPERO EXPENSES 1,406,446. |
| IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt | 2 | RENT 1,294,638. |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | PART XI, LINE 2D - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | PART XII, LINE 2D - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | PART XII, LINE 4B - OTHER ADJUSTMENTS: |
| IRS990ScheduleD/TotalBookValueLandBuildingsAmt | 0 | 265440 |
| IRS990ScheduleD/TotalBookValueOtherAssetsAmt | 0 | 3150270 |
| IRS990ScheduleD/TotalExpensesPerForm990Amt | 0 | 8471331 |
| IRS990ScheduleD/TotalLiabilityAmt | 0 | 6201899 |
| IRS990ScheduleD/TotalRevenuePerForm990Amt | 0 | 8597817 |
| IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt | 0 | 8633515 |
| IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt | 0 | 9200482 |
| IRS990ScheduleE/ComplianceWithRevProc7550Ind | 0 | 1 |
| IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceAthltProgInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEducPlcyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceOtherActyInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceSchsInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd | 0 | 0 |
| IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd | 0 | 0 |
| IRS990ScheduleE/GovernmentFinancialAidRcvdInd | 0 | 1 |
| IRS990ScheduleE/GovernmentFinancialAidRvkdInd | 0 | 0 |
| IRS990ScheduleE/MaintainCpyOfAllSolInd | 0 | 1 |
| IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd | 0 | 1 |
| IRS990ScheduleE/MaintainRacialCompRecsInd | 0 | 1 |
| IRS990ScheduleE/MaintainScholarshipsRecsInd | 0 | 1 |
| IRS990ScheduleE/NondiscriminatoryPolicyStmtInd | 0 | 1 |
| IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd | 0 | 1 |
| IRS990ScheduleE/PolicyStmtInBrochuresEtcInd | 0 | 1 |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 0 | POLICIES ARE POSTED ON THE SCHOOL WEBSITE OR AVAILABLE AT THE SITE AS REQUESTED. |
| IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt | 1 | AS A MN PUBLIC CHARTER SCHOOL, SPERO ACADEMY RECEIVES STATE EDUCATION AID AND FEDERAL GRANT FUNDING. |
| 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 | AS PER MN STATUTE 124E.07, STAFF MEMBERS EMPLOYED AT THE SCHOOL, INCLUDING TEACHERS PROVIDING INSTRUCTION UNDER A CONTRACT, MEMBERS OF THE BOARD OF DIRECTORS, AND ALL PARENTS OR LEGAL GUARDIANS OF CHILDREN ENROLLED IN THE SCHOOL ARE THE VOTERS ELIGIBLE TO ELECT THE MEMBERS OF THE SCHOOLS BOARD OF DIRECTORS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 1 | THE SPERO ACADEMY FINANCE COMMITTEE REVIEWS THE FORM 990, WHILE IN PREPARATION, AND THEN PRESENTS THE PUBLIC DISCLOSURE FORM 990 TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL, PRIOR TO SUBMISSION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 2 | THE MEMBERS OF THE BOARD OF DIRECTORS RECEIVE AN ORIENTATION AND REVIEW OF THE CONFLICT OF INTEREST POLICY AT THE ANNUAL MEETING OF THE BOARD. FOLLOWING THE INFORMATION REVIEW, EACH MEMBER COMPLETES AND SIGNS A CONFLICT OF INTEREST DISCLOSURE THAT IS CURRENT FOR THE YEAR. THE GOVERNANCE COMMITTEE REMINDS BOARD MEMBERS OF THEIR DISCLOSURE RESPONSIBILITIES AT SEVERAL TIMES THROUGHOUT THE SCHOOL YEAR AT BOARD MEETINGS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 3 | THE SPERO ACADEMY PERSONNEL COMMITTEE REVIEWS THE MACS ANNUAL REPORT OF CHARTER SCHOOL SALARIES AND BENEFITS FOR COMPARABILITY, THE CHAIR OF THE PERSONNEL COMMITTEE SOLICITS PERFORMANCE REVIEW DATA FROM OFFICERS OF THE BOARD AND SUMMARIZES THE RESPONSES FOR A MEETING AND DISCUSSION WITH THE DIRECTOR. COMPENSATION IS RECOMMENDED TO THE FULL BOARD OF DIRECTORS, AS OUTLINED BY THE APPROVED ADMINISTRATION COMPENSATION PLAN, BY THE CHAIR OF THE BOARD AND BASED ON THE RESULTS OF THE COMPENSATION AND PERFORMANCE REVIEWS. THE FULL BOARD TAKES ACTION ON THE CONTRACT PRIOR TO EXECUTION. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 4 | THE POLICIES AND FINANCIAL STATEMENTS OF SPERO ACADEMY ARE POSTED ON ITS WEBSITE. THE POLICIES AND FINANCIAL STATEMENTS ARE ALSO AVAILABLE IN THE SCHOOL OFFICE FOR REVIEW OF HARD COPY. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 5 | RELATED BOARD MEMBERS PER MN STATUTE 124E.07, CHARTER SCHOOLS ARE REQUIRED TO HAVE A LICENSED TEACHER AS A MEMBER OF THE BOARD OF DIRECTORS. KATIE ROSE KAMMERUDE AND TARYN MCGOVERN ARE BOARD MEMBERS BUT RECEIVED COMPENSATION FOR THEIR SERVICES AS TEACHERS. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 6 | PENSION LIABILITIES, DEFERRED OUTFLOWS & INFLOWS PENSION: AS A CHARTER SCHOOL IN THE STATE OF MINNESOTA, PARTICIPATION IN TWO MULTIPLE-EMPLOYER, COST-SHARING DEFINED BENEFIT PENSION PLANS IS STATUTORILY REQUIRED. THE SCHOOL'S 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, DEFERRED OUTFLOWS AND INFLOWS, ARE REPORTED ON THE SCHOOL'S STATEMENT OF NET POSITION, THE SCHOOL IS NOT IN A POSITION TO DIRECTLY CONTROL THE LIABILITIES OR THE SUBSEQUENT LIQUIDATION OF THE LIABILITIES. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 7 | GASB 68 - PENSION ADJUSTMENT -612,433. |
| IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt | 8 | THE BOARD IS RESPONSIBLE FOR SELECTION OF AN INDEPENDENT ACCOUNTANT AND FOR THE OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR. |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 0 | FORM 990, PART VI, SECTION A, LINE 7A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 1 | FORM 990, PART VI, SECTION B, LINE 11B |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 2 | FORM 990, PART VI, SECTION B, LINE 12C |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 3 | FORM 990, PART VI, SECTION B, LINE 15A |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 4 | FORM 990, PART VI, SECTION C, LINE 19 |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 5 | FORM 990, PART VII, SECTION A: |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 6 | FORM 990, PART X, LINE 25: |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 7 | FORM 990, PART XI, LINE 9: |
| IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc | 8 | FORM 990, PART XII, LINE 2C |
| IRS990ScheduleR/AssetExchangeInd | 0 | 0 |
| IRS990ScheduleR/AssetPurchaseFromOtherOrgInd | 0 | 0 |
| IRS990ScheduleR/AssetSaleToOtherOrgInd | 0 | 0 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2020 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $5,115,826
- Liabilities
- $6,610,305
- Net assets
- -$1,494,479
- Revenue
- $8,597,817
- Expenses
- $8,471,331
- Net income
- $126,486