Civic Intelligence

Hmong Education Reform Company

EIN 20-4244605 • 501(c)3 • St Paul, MN

Profile

The Corporation is organized and shall be operated exclusively in support of Hmong College Prep Academy and in particular, to purchase, own, and construct a public schoolhouse on real estate for lease to Hmong College Prep Academy.

1515 Brewster StreetSt Paul, MN 55108

www.hcpak12.org

Siviq Scores

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

Liabilities / Assets

94th percentile

1.02x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

14.08x

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

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

20th percentile

-5.6%

Higher net margin than 20% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

9th percentile

$119,216

Higher top officer pay than 9% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

20th percentile

-2.1%

Faster asset growth than 20% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

31st percentile

0.8%

Faster revenue growth than 31% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Down

$76,248,454

Down $1,618,397 (-2.1%) from 2023

Liabilities

Down

$78,095,632

Down $1,306,984 (-1.6%) from 2023

Net Assets

Down

-$1,847,178

Down $311,413 (-20%) from 2023

Revenue

Up

$5,548,214

Up $45,687 (+0.8%) from 2023

Expenses

Down

$5,859,627

Down $98,802 (-1.7%) from 2023

Net Income

Up

-$311,413

Up $144,489 (+32%) from 2023

Trend Graphs

Balance Sheet Trend

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

$100M$50M$0-$50MAssets 2011: $8,959,561Liabilities 2011: $9,823,032Net Assets 2011: -$863,4712011Assets 2012: $9,271,047Liabilities 2012: $10,101,465Net Assets 2012: -$830,4182012Assets 2013: $28,559,308Liabilities 2013: $29,546,526Net Assets 2013: -$987,2182013Assets 2014: $23,772,214Liabilities 2014: $26,391,412Net Assets 2014: -$2,619,1982014Assets 2015: $23,497,364Liabilities 2015: $26,211,517Net Assets 2015: -$2,714,1532015Assets 2016: $23,363,168Liabilities 2016: $26,211,075Net Assets 2016: -$2,847,9072016Assets 2017: $64,572,665Liabilities 2017: $70,176,609Net Assets 2017: -$5,603,9442017Assets 2018: $59,422,601Liabilities 2018: $65,402,560Net Assets 2018: -$5,979,9592018Assets 2019: $56,630,467Liabilities 2019: $62,888,060Net Assets 2019: -$6,257,5932019Assets 2020: $55,495,111Liabilities 2020: $62,802,070Net Assets 2020: -$7,306,9592020Assets 2021: $74,819,992Liabilities 2021: $78,204,223Net Assets 2021: -$3,384,2312021Assets 2022: $79,403,833Liabilities 2022: $80,483,696Net Assets 2022: -$1,079,8632022Assets 2023: $77,866,851Liabilities 2023: $79,402,616Net Assets 2023: -$1,535,7652023Assets 2024: $76,248,454Liabilities 2024: $78,095,632Net Assets 2024: -$1,847,1782024

Highlighted filing

2024

Assets$76,248,454
Liabilities$78,095,632
Net Assets-$1,847,178

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2011: $828,4962011Revenue 2012: $908,402Expenses 2012: $875,349Net Income 2012: $33,0532012Expenses 2013: $994,2572013Revenue 2014: $1,710,368Expenses 2014: $2,096,599Net Income 2014: -$386,2312014Revenue 2015: $2,015,314Expenses 2015: $2,110,269Net Income 2015: -$94,9552015Revenue 2016: $1,965,185Expenses 2016: $2,098,939Net Income 2016: -$133,7542016Revenue 2017: $2,376,123Expenses 2017: $5,132,160Net Income 2017: -$2,756,0372017Revenue 2018: $3,919,447Expenses 2018: $4,295,462Net Income 2018: -$376,0152018Revenue 2019: $4,245,354Expenses 2019: $4,522,988Net Income 2019: -$277,6342019Revenue 2020: $4,464,368Expenses 2020: $5,513,734Net Income 2020: -$1,049,3662020Revenue 2021: $9,901,803Expenses 2021: $5,979,075Net Income 2021: $3,922,7282021Revenue 2022: $5,088,738Expenses 2022: $2,784,370Net Income 2022: $2,304,3682022Revenue 2023: $5,502,527Expenses 2023: $5,958,429Net Income 2023: -$455,9022023Revenue 2024: $5,548,214Expenses 2024: $5,859,627Net Income 2024: -$311,4132024

Highlighted filing

2024

Revenue$5,548,214
Expenses$5,859,627
Net Income-$311,413

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$76.2$78.1$1.85$5.55$5.86$0.31
2023Detailed filing. Detailed filing data is available for this year.$77.9$79.4$1.54$5.50$5.96$0.46
2022Detailed filing. Detailed filing data is available for this year.$79.4$80.5$1.08$5.09$2.78$2.30
2021Detailed filing. Detailed filing data is available for this year.$74.8$78.2$3.38$9.90$5.98$3.92
2020Detailed filing. Detailed filing data is available for this year.$55.5$62.8$7.31$4.46$5.51$1.05
2019Detailed filing. Detailed filing data is available for this year.$56.6$62.9$6.26$4.25$4.52$0.28
2018Detailed filing. Detailed filing data is available for this year.$59.4$65.4$5.98$3.92$4.30$0.38
2017Detailed filing. Detailed filing data is available for this year.$64.6$70.2$5.60$2.38$5.13$2.76
2016Detailed filing. Detailed filing data is available for this year.$23.4$26.2$2.85$1.97$2.10$0.13
2015Detailed filing. Detailed filing data is available for this year.$23.5$26.2$2.71$2.02$2.11$0.09
2014Detailed filing. Detailed filing data is available for this year.$23.8$26.4$2.62$1.71$2.10$0.39
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.6$29.5$0.99$0.99
2012Summary only. Only limited summary data is available for this year.$9.27$10.1$0.83$0.91$0.88$0.03
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.96$9.82$0.86$0.83
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 25, 2025
Return Version
2023v6.0
Gross Receipts
$5,548,214
Mission and Program Overview

Mission

The corporation is organized and shall be operated exclusively in support of hmong college prep academy and in particular, to purchase, own, and construct a public schoolhouse on real estate for lease to hmong college prep academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$74,584,715$73,049,392▼ $1,535,323
Savings and Temporary Cash Investments$3,047,279$3,199,062▲ $151,783
Cash and Non-Interest-Bearing Accounts$-39,339--
Total Assets$77,866,851$76,248,454▼ $1,618,397
Other Assets Total$274,196$0▼ $274,196
Liabilities
Tax Exempt Bond Liabilities$71,724,020$70,777,806▼ $946,214
Unsecured Notes Loans Payable$6,418,063$5,975,092▼ $442,971
Other Liabilities$1,260,533$1,241,200▼ $19,333
Accounts Payable and Accrued Expenses-$101,534-
Total Liabilities$79,402,616$78,095,632▼ $1,306,984
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,747,407$1,856,328▲ $108,921
Net Assets Without Donor Restrictions$-3,283,172$-3,703,506▼ $420,334
Total Net Assets Fund Balance$-1,535,765$-1,847,178▼ $311,413
Total Liabilities and Net Assets / Fund Balance$77,866,851$76,248,454▼ $1,618,397

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$65,187,868$11,422,866$76,610,734
Land$7,848,820-$7,848,820
Equipment$12,704$152,045$164,749
Compensation and Service Providers

Employees

NameTitleOtherTotal
Jenee Nordstrom-AndersonSecretary/Teaching Directo$119,216$119,216
Luke MeadBoard Chair/Project Manage$96,305$96,305

Board Members and Trustees

NameTitle
Mariah MercilTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,434,330
Investment Income
$113,884
Other Revenue
$0
Change in Net Assets
$-311,413
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,859,627
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$3,639,678$71,670-$3,711,348
Depreciation Depletion$1,711,819--$1,711,819
Fees for Services Other$373,908--$373,908
Other Expenses$62,552--$62,552
Total Functional Expenses$5,787,957$71,670$0$5,859,627
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued interest payable$1,241,200

Bond Issues

BondIssuerIssuedIssue PricePurpose
AHRA of the City of St Paul2016-12-01$43,330,000To refund 2006A Bonds, acquire land, construct & equip capital improvements
BHRA of the City of St Paul2020-09-01$26,060,000To refund 2012A bonds, new construction
CPort Authority of the City of Saint Paul2020-09-01$7,000,000Acquisition, construction, and equipping new building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$43,330,000--$863,433
B$26,060,000--$237,150
C$7,000,000---

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
No
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 6

The Corporation's sole member is Hmong College Prep Academy

Form 990, Part VI, Section A, line 7A

The sole member, Hmong College Prep Academy, appoints the directors.

Form 990, Part VI, Section B, line 11B

The form 990 is reviewed in detail by the HERC Board Chair prior to filing. A final copy of the report is shared with the HERC Board.

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

The board members are required to sign off on an annual conflict of interest form indicating they have acknowledged that no conflicts of interest existed. They are also required to review all vendor contracts as presented to the board and to ensure that no conflicts of interest exist with vendors. The school has not had a case where persons with conflict of interest existed since inception. If a conflict would arise, the individual would disclose the facts and circumstances to the remaining board memebrs who would review and determine if a conflict exists. The individual would not be allowed to participate in the determination, discussion, or vote on the transaction. All proceedings related to conflicts of interest would be documented in the meeting minutes.

Form 990, Part VI, Section C, line 19

The Corporation makes its governing documents and financial statements available upon request. The form 900 is also available on GuideStar.

Filing and Contact Details

Filer

Filer Name
Hmong Education Reform Company
EIN
20-4244605
Phone
6513328560
Address
1515 Brewster Street, St Paul, MN 55108

Signing Officer

Name
David Kloskin
Title
Chief Financial Officer
Phone
6513328560
Signed
2025-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
David Kloskin
Formed
2006
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Abdo LLP
Address
5201 Eden Ave Ste 250, Edina, MN 55436
Preparer
Steven D Anseth CPA
Phone
9528359090
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C:

This process has not changed from the prior year.

Financial Statement Notes

Part X, Line 2:

The Charter School is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The Charter School also qualifies as a tax-exempt organization under applicable statutes of the State of Minnesota. Management believes that it is not reasonably possible for any tax position benefits to increase or decrease significantly over the next 12 months. As of June 30, 2024, there were no income tax related accrued interest or penalties recognized in either the statement of financial position or the statement of activities. The Charter School files informational returns in the U.S. federal jurisdiction, and in the Minnesota state jurisdiction. U.S. federal returns and Minnesota returns for the prior three fiscal years are closed. No returns are currently under examination in any tax jurisdiction. Charter School's financial condition, liquidity, and future results of its revenue collections is uncertain.

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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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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Hmong College Prep Academy
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IRS990ScheduleA/SupportingOrgType1Ind0X
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/EquipmentGrp/BookValueAmt012704
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt07848820
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01241200
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Accrued interest payable
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Charter School is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The Charter School also qualifies as a tax-exempt organization under applicable statutes of the State of Minnesota. Management believes that it is not reasonably possible for any tax position benefits to increase or decrease significantly over the next 12 months. As of June 30, 2024, there were no income tax related accrued interest or penalties recognized in either the statement of financial position or the statement of activities. The Charter School files informational returns in the U.S. federal jurisdiction, and in the Minnesota state jurisdiction. U.S. federal returns and Minnesota returns for the prior three fiscal years are closed. No returns are currently under examination in any tax jurisdiction. Charter School's financial condition, liquidity, and future results of its revenue collections is uncertain.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02016-12-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12020-09-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22020-09-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0521440935
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1521440935
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN2416005524
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum1852297CZ1
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd20
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt126060000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt27000000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0HRA of the City of St Paul
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1HRA of the City of St Paul
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt2Port Authority of the City of Saint Paul
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0To refund 2006A Bonds, acquire land, construct & equip capital improvements
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1To refund 2012A bonds, new construction
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc2Acquisition, construction, and equipping new building
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt27000000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt0866099
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt1451975
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02018
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr12021
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt043330000
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The Corporation's sole member is Hmong College Prep Academy
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The sole member, Hmong College Prep Academy, appoints the directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The form 990 is reviewed in detail by the HERC Board Chair prior to filing. A final copy of the report is shared with the HERC Board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The board members are required to sign off on an annual conflict of interest form indicating they have acknowledged that no conflicts of interest existed. They are also required to review all vendor contracts as presented to the board and to ensure that no conflicts of interest exist with vendors. The school has not had a case where persons with conflict of interest existed since inception. If a conflict would arise, the individual would disclose the facts and circumstances to the remaining board memebrs who would review and determine if a conflict exists. The individual would not be allowed to participate in the determination, discussion, or vote on the transaction. All proceedings related to conflicts of interest would be documented in the meeting minutes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Corporation makes its governing documents and financial statements available upon request. The form 900 is also available on GuideStar.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5This process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c:
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Hmong College Prep Academy
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0651180277
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Education
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt01515 Brewster Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0St Paul
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055108
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
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IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd01
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00

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