Civic Intelligence

Success Academy Charter Schools Inc.

990 • Fiscal year 2018 • EIN 20-5298861

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

95 Pine Street 6th FloorNew York, NY 10005

(646) 277-7170

Siviq Scores

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

Liabilities / Assets

88th percentile

0.60x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

80th percentile

1.11x

Higher debt load relative to revenue than 80% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Net Margin

53rd percentile

6.2%

Higher net margin than 53% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

91st percentile

$889,051

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2018 filings • NTEE B • $100M-$250M nonprofits • Source year 2018

Asset Growth

89th percentile

16%

Faster asset growth than 89% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

87th percentile

23%

Faster revenue growth than 87% of similar nonprofits.

2018 filings • NTEE B • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Up

$150,318,099

Up $20,306,023 (+16%) from 2017

Net Assets

Up

$60,259,182

Up $5,059,549 (+9.2%) from 2017

Liabilities

Up

$90,058,917

Up $15,246,474 (+20%) from 2017

Revenue

Up

$81,159,815

Up $15,073,343 (+23%) from 2017

Expenses

Up

$76,100,266

Up $9,834,146 (+15%) from 2017

Net Income

Up

$5,059,549

Up $5,239,197 (+2916%) from 2017

Historical Trend

Balance Sheet Trend

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

$600M$400M$200M$0Assets 2010: $4,857,713Liabilities 2010: $754,465Net Assets 2010: $4,103,2482010Assets 2011: $9,489,422Liabilities 2011: $2,184,288Net Assets 2011: $7,305,1342011Assets 2012: $15,122,325Liabilities 2012: $4,464,518Net Assets 2012: $10,657,8072012Assets 2013: $30,918,540Liabilities 2013: $7,725,591Net Assets 2013: $23,192,9492013Assets 2014: $45,274,459Liabilities 2014: $12,830,780Net Assets 2014: $32,443,6792014Assets 2015: $68,581,583Liabilities 2015: $18,622,782Net Assets 2015: $49,958,8012015Assets 2016: $74,385,381Liabilities 2016: $19,006,100Net Assets 2016: $55,379,2812016Assets 2017: $130,012,076Liabilities 2017: $74,812,443Net Assets 2017: $55,199,6332017Assets 2018: $150,318,099Liabilities 2018: $90,058,917Net Assets 2018: $60,259,1822018Assets 2019: $148,717,499Liabilities 2019: $97,069,384Net Assets 2019: $51,648,1152019Assets 2020: $139,942,239Liabilities 2020: $73,563,361Net Assets 2020: $66,378,8782020Assets 2021: $162,966,057Liabilities 2021: $77,566,632Net Assets 2021: $85,399,4252021Assets 2022: $274,485,406Liabilities 2022: $94,726,032Net Assets 2022: $179,759,3742022Assets 2023: $362,618,379Liabilities 2023: $161,974,070Net Assets 2023: $200,644,3092023Assets 2024: $527,307,780Liabilities 2024: $249,083,704Net Assets 2024: $278,224,0762024

Highlighted filing

2018

Assets$150,318,099
Liabilities$90,058,917
Net Assets$60,259,182

Operations Trend

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

$300M$200M$100M$0-$100MExpenses 2010: $5,190,9752010Expenses 2011: $8,966,5382011Revenue 2012: $16,671,278Expenses 2012: $13,318,605Net Income 2012: $3,352,6732012Expenses 2013: $22,016,0172013Revenue 2014: $42,479,327Expenses 2014: $33,228,597Net Income 2014: $9,250,7302014Revenue 2015: $60,435,750Expenses 2015: $42,920,628Net Income 2015: $17,515,1222015Revenue 2016: $58,373,913Expenses 2016: $52,953,433Net Income 2016: $5,420,4802016Revenue 2017: $66,086,472Expenses 2017: $66,266,120Net Income 2017: -$179,6482017Revenue 2018: $81,159,815Expenses 2018: $76,100,266Net Income 2018: $5,059,5492018Revenue 2019: $79,336,020Expenses 2019: $87,947,087Net Income 2019: -$8,611,0672019Revenue 2020: $88,191,643Expenses 2020: $73,460,880Net Income 2020: $14,730,7632020Revenue 2021: $99,368,525Expenses 2021: $77,155,177Net Income 2021: $22,213,3482021Revenue 2022: $188,955,703Expenses 2022: $92,840,929Net Income 2022: $96,114,7742022Revenue 2023: $143,889,167Expenses 2023: $123,024,079Net Income 2023: $20,865,0882023Revenue 2024: $211,032,479Expenses 2024: $133,452,712Net Income 2024: $77,579,7672024

Highlighted filing

2018

Revenue$81,159,815
Expenses$76,100,266
Net Income$5,059,549
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$82,446,651
Mission and Program Overview

Mission

To provide children in new york city with an exceptionally high-quality education that gives them the knowledge, skills, character and disposition to meet and exceed new york state standards, and the resources to succeed and lead in school, college and a competitive global economy.

To provide children in nyc with a high quality education that gives them the knowledge, skills, character & disposition to meet & exceed nys standards, & the resources to succeed

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$67,657,780$81,532,655▲ $13,874,875
Savings and Temporary Cash Investments$10,185,445$10,596,816▲ $411,371
Other Notes and Loans Receivable, Net$7,500,000$7,500,000→ $0
Prepaid Expenses and Deferred Charges$4,310,331$5,043,230▲ $732,899
Pledges and Grants Receivable$3,822,598$4,548,485▲ $725,887
Cash and Non-Interest-Bearing Accounts$4,344,474$684,221▼ $3,660,253
Accounts Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$130,012,076$150,318,099▲ $20,306,023
Other Assets Total$32,191,448$40,412,692▲ $8,221,244
Liabilities
Other Liabilities$47,508,281$50,740,381▲ $3,232,100
Mortgage Notes Payable Secured by Investment Property$13,400,000$23,150,000▲ $9,750,000
Accounts Payable and Accrued Expenses$11,192,063$10,357,700▼ $834,363
Grants Payable$936,615$3,952,724▲ $3,016,109
Deferred Revenue$1,775,484$1,858,112▲ $82,628
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$74,812,443$90,058,917▲ $15,246,474
Net Assets / Fund Balance
Unrestricted Net Assets$46,692,182$46,856,575▲ $164,393
Temporarily Rstr Net Assets$8,507,451$13,402,607▲ $4,895,156
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$55,199,633$60,259,182▲ $5,059,549
Total Liabilities and Net Assets / Fund Balance$130,012,076$150,318,099▲ $20,306,023

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$45,784,578$1,320,000$47,104,578
Leasehold Improvements$30,904,784$3,010,605$33,915,389
Equipment$1,247,164$12,366,445$13,613,609
Other Land Buildings$3,596,129$1,710,284$5,306,413
Other Assets Org$354--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Judith FriedmanExecutive VP of AdvancementFT$311,825$134,131$445,956
Ingrid LaMae de JonghChief Scaling OfficerFT$300,000$92,050$392,050
Ann PowellExec VP of CommunicationsFT$271,268$116,985$388,253
Robert PriceChief Financial OfficerFT$294,521$65,654$360,175
Kris CheungChief Operations OfficerFT$249,749$80,970$330,719
Michele VespiChief People OfficerFT$246,100$67,665$313,765
Michele CaracappaChief Academic OfficerFT$234,440$74,014$308,454
Emily Kim Thru 617Ex VP - Policy & Legal AffairsFT$183,909$119,036$302,945
Paula HuncharSr. Mgr. Director of AdvancementFT$231,720$51,239$282,959
Eva S MoskowitzChief Executive OfficerFT$249,598$29,453$279,051
Deanna DurrettChief of StaffFT$214,423$60,064$274,487
Karen SpringManaging Director Board Rel. & PlanFT$211,168$41,192$252,360
Alfred VazquezDirector of Software DevelopmentFT$193,145$39,065$232,210
Javeria KhanManaging Director of SchoolsFT$173,648$47,682$221,330
Holly SasoManaging Director of EnrollmentFT$174,234$43,323$217,557
Meredith LevinSmd, Creative ContentFT$177,560$38,462$216,022
Richard Seigler Thru 618Managing Director Elementary SchoolFT$177,792$35,400$213,192
Daniel SoleimaniHead of School Mgmt. OfficeFT$164,843$41,081$205,924
Amanda Cabreira Da SilvaManaging Diretor of MarketingFT$168,986$35,698$204,684
Heather TsonopoulosCOS, CommunicationsFT$162,750$33,522$196,272
Andrew Benjamin LauckManaging Director of Comm. Deve.FT$159,305$36,411$195,716

Highest Paid Contractors

ContractorServicesLocationCompensation
Madwell LLCMarketing Services243 BOERUM STREET, Brooklyn, NY 11206$1,062,988
Biber Architects PCRenovationsWOOLWORTH BUILDING 233 BROADWAY 2, New York, NY 10279$940,846
Liberty Fox Technologies LLCI.t. Consulting931 HUNTINGDON PIKE, Huntingdon Valley, PA 19006$528,020
Revenue and Support

Revenue Composition

Contributions and Grants
$47,329,686
Program Service Revenue
$31,695,870
Investment Income
$147,193
Other Revenue
$1,987,066
All Other Contributions
$34,203,037
Change in Net Assets
$5,059,549

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded10$562,997Market Quotation
Total Noncash Contributions10$562,997-

Audited Revenue Reconciliation

Revenue per Audited Statements
$81,106,840
Revenue Not Reported on Financial Statements
$52,975
Other Revenue Adjustments
$52,975
Total Revenue per Audited Statements
$81,106,840
Total Revenue per Form 990
$81,159,815
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$39,543,713
Other Expenses$33,367,732
Grants and Similar Amounts Paid$3,135,846
Total Fundraising Expense$2,771,095
Professional Fundraising Fees$52,975

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$23,400,885$4,972,688$877,533$29,251,106
Information Technology$4,591,877$975,773$172,196$5,739,846
Depreciation Depletion$4,824,367$571,549$100,862$5,496,778
Occupancy$4,340,137$441,449$77,903$4,859,489
Current Officers, Directors, Trustees, and Key Employees$3,777,944$802,813$141,673$4,722,430
Interest$2,851,238$605,888$106,921$3,564,047
Grants to Domestic Orgs$3,135,846--$3,135,846
Other Employee Benefits$2,110,362$448,451$79,138$2,637,951
Payroll Taxes$1,822,511$387,284$68,344$2,278,139
All Other Expenses$1,195,415$200,194$35,328$1,430,937
Office Expenses$823,736$175,043$30,890$1,029,669
Other Expenses$697,794$173,090$837,431$837,431
Pension Plan Contributions$523,269$111,195$19,623$654,087
Fees for Services Lobbying$608,855--$608,855
Travel$402,536$85,539$15,095$503,170
Fees for Services Other$96,795$149,950$26,462$273,207
Fees for Services Legal-$220,848-$220,848
Insurance$154,454$33,904-$188,358
Fees for Services Accounting-$138,530-$138,530
Fees for Services Professional Fundraising--$52,975$52,975
Total Functional Expenses$61,552,957$11,776,214$2,771,095$76,100,266

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$76,100,266
Expenses per Audited Statements$76,047,291
Total Expenses per Audited Statements$76,047,291
Expenses Not Reported on Financial Statements$52,975
Other Expense Adjustments$52,975
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Success Academy Charter Schools - NycNew York, NY501(c)(3)Expansion/$3,135,846
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$718,199
Fundraising Gross Income$716,655
Professional Fundraising Fees$52,975
Gaming Direct Expenses$0
Gaming Gross Income$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Spring Event$10,013,309$716,655$483,937$232,718
Total Events$10,013,309$716,655$718,199$-1,544
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Capital Lease Payable$46,760,061
Interest Payable$3,980,320
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 A, LINE 2:

- trustees john scully and regina scully have a family relationship. - trustees joel greenblatt and rich pzena have a business relationship.

FORM 990, PART VI, SECTION B, LINE 11B:

Form 990 is reviewed by management for approval and is provided to the finance committee of the board of trustees. If changes are required, the organization will then forward to the auditing firm and the final version will be provided to the finance committee of the board of trustees prior to the irs submission.

FORM 990, PART VI, SECTION B, LINE 12C:

The organization shares its conflict of interest policy with Board members and officers upon hire or appointment and on an annual basis. OFFICERS, DIRECTORS, AND KEY EMPLOYEES ARE EXPECTED TO DECLARE IF AT ANY POINT A CONFLICT OF INTEREST ARISES.

FORM 990, PART VI, SECTION B, LINES 15A AND 15B:

The independent board takes into account the compensation paid to the CHIEF EXECUTIVE OFFICER by the related organization. Comparable data is reviewed annually by the Independent Board when determining the compensation of the CHIEF EXECUTIVE OFFICER and CONTEMPORANEOUS DOCUMENTATION IS MAINTAINED BY THE ORGANIZATION. COMPARABLE DATA IS USED BY THE BOARD WHEN DETERMINING THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES.

FORM 990, PART VI, SECTION C, LINE 19:

The organization makes all governing documents, conflict of interest policy and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Success Academy Charter Schools Inc
EIN
20-5298861
In Care Of
% CATHY JESSUP
Phone
6462777170
Address
95 PINE STREET 6TH FLOOR, NEW YORK, NY 10005

Signing Officer

Name
Cathy Jessup
Title
CFO
Phone
6462777170
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eva Moskowitz
Formed
2006
Legal Domicile
De
Voting Board Members
14
Independent Board Members
14
Employees
483
Volunteers
110

Preparer

Firm
Bdo USA Llp
Address
100 PARK AVENUE, NEW YORK, NY 10017-5001
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

FORM 990, PART I, LINE 7B AND PART V, LINE 3A:

Form 990-t was filed exclusively to report qualified transportation and parking fringe benefits, and any on-premises athletic facilities under section 512(a)(7) for the period beginning january 1, 2018 thru june 30, 2018.

Financial Statement Notes

PART X, LINE 2:

Under asc 740, "income taxes", an organization must recognize the tax benefit associated with tax positions taken for tax return purposes when it is more likely than not that the position will not be sustained upon examination by a taxing authority. Success academy charter schools, inc. (the "reporting organization") does not believe it has taken any material uncertain tax positions and, accordingly, it has not recorded any liability for unrecognized tax benefits. The reporting organization is subject to routine audits by a taxing authority. As of june 30, 2018, the reporting organization was not subject to any examination by a taxing authority. Management believes it is no longer subject to income tax examination for the years prior to june 30, 2015.

PART XI, LINE 4B:

Professional fundraising fees $52,975.

PART XII, LINE 4B:

Professional fundraising fees $52,975.

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IRS990/Desc0THE ORGANIZATION PROVIDED MANAGEMENT AND ADMINISTRATIVE SUPPORTING SERVICES TO THIRTY FOUR DISTINCT CHARTER SCHOOLS WITHIN THE BOUNDARIES OF THE BRONX, BROOKLYN, AND MANHATTAN BOROUGHS OF NEW YORK CITY. THE NETWORK'S ACTIVITIES INCLUDE: 1) HIRING EDUCATIONAL CONSULTANTS AND STAFF TO ADVISE ON SCHOOLS' DEVELOPMENT; 2) RESEARCHING AND DOCUMENTING THE SUCCESSFUL CHARACTERISTICS OF K-12 SCHOOLS SUCH AS THOSE AFFILIATED WITH THE NETWORK; 3) CREATING AND IMPLEMENTING A PLAN FOR THE REPLICATION OF THE SUCCESS ACADEMIES; 4) PROVIDING RESOURCES TO NEW CHARTER SCHOOLS, SUCH AS ASSISTANCE RECRUITING LEADERSHIP, ADMINISTRATION AND STAFF, RECRUITING STUDENTS, AND FOSTERING THE DEVELOPMENT OF SHARED SERVICES, CURRICULA, AND FACILITIES; 5) PERFORMING RESEARCH ON POLICIES THAT CAN INCREASE EDUCATIONAL OPPORTUNITIES FOR ALL CHILDREN, INCLUDING BUT NOT LIMITED TO POLICIES RELATING TO CHARTER SCHOOLS; 6) SUPPORTING EDUCATIONAL ORGANIZATIONS WITH SIMILAR GOALS; 7) PROVIDING ADDITIONAL SUPPORT TO STUDENTS WITHIN THE NETWORK OR STUDENTS OF NEED TO ALLOW THEM TO PURSUE ACADEMIC EXCELLENCE; AND 8) OTHER ACTIVITIES THAT PROMOTE EDUCATIONAL ACHIEVEMENT.
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IRS990/Form990PartVIISectionAGrp/PersonNm21Ann Powell
IRS990/Form990PartVIISectionAGrp/PersonNm22Ingrid LaMae de Jongh
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IRS990/Form990PartVIISectionAGrp/PersonNm25Michele Caracappa
IRS990/Form990PartVIISectionAGrp/PersonNm26PAULA HUNCHAR
IRS990/Form990PartVIISectionAGrp/PersonNm27Deanna Durrett
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IRS990/Form990PartVIISectionAGrp/PersonNm29JAVERIA KHAN
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$527$249$278$211$133$77.6
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$363$162$201$144$123$20.9
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$274$94.7$180$189$92.8$96.1
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$163$77.6$85.4$99.4$77.2$22.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$140$73.6$66.4$88.2$73.5$14.7
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$149$97.1$51.6$79.3$87.9$8.61
2018Detailed filing. Detailed filing data is available for this year.$150$90.1$60.3$81.2$76.1$5.06
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$130$74.8$55.2$66.1$66.3$0.18
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$74.4$19.0$55.4$58.4$53.0$5.42
2015Detailed filing. Detailed filing data is available for this year.$68.6$18.6$50.0$60.4$42.9$17.5
2014Detailed filing. Detailed filing data is available for this year.$45.3$12.8$32.4$42.5$33.2$9.25
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$30.9$7.73$23.2$22.0
2012Summary only. Only limited summary data is available for this year.$15.1$4.46$10.7$16.7$13.3$3.35
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.49$2.18$7.31$8.97
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.86$0.75$4.10$5.19