Civic Intelligence

Icahn Charter School 2

990 • Fiscal year 2014 • EIN 20-5816198

Jul 01, 2013 to Jun 30, 2014 • Filed on May 15, 2015

767 Fifth AvenueSuite 470010153

(212) 702-4300

Siviq Scores

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

Liabilities / Assets

34th percentile

0.11x

Higher debt load relative to assets than 34% of similar nonprofits.

2014 filings • NTEE B • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

51st percentile

0.19x

Higher debt load relative to revenue than 51% of similar nonprofits.

2014 filings • NTEE B • $5M-$10M nonprofits • Source year 2014

Net Margin

10th percentile

-15%

Higher net margin than 10% of similar nonprofits.

2014 filings • NTEE B • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

96th percentile

$344,171

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 7.2% of source-year revenue.

2014 filings • NTEE B • $5M-$10M nonprofits • Source year 2014

Asset Growth

14th percentile

-6.4%

Faster asset growth than 14% of similar nonprofits.

2014 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Assets

Down

$8,596,344

Down $592,643 (-6.4%) from 2013

Net Assets

Down

$7,685,637

Down $710,092 (-8.5%) from 2013

Liabilities

Up

$910,707

Up $117,449 (+15%) from 2013

Revenue

$4,776,668

No earlier filing loaded for comparison.

Expenses

Up

$5,486,760

Up $400,281 (+7.9%) from 2013

Net Income

-$710,092

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2010: $1,070,246Liabilities 2010: $494,241Net Assets 2010: $576,0052010Assets 2011: $1,554,197Liabilities 2011: $698,356Net Assets 2011: $855,8412011Assets 2012: $9,861,965Liabilities 2012: $742,071Net Assets 2012: $9,119,8942012Assets 2013: $9,188,987Liabilities 2013: $793,258Net Assets 2013: $8,395,7292013Assets 2014: $8,596,344Liabilities 2014: $910,707Net Assets 2014: $7,685,6372014Assets 2015: $7,924,188Liabilities 2015: $902,219Net Assets 2015: $7,021,9692015Assets 2016: $7,477,419Liabilities 2016: $1,028,673Net Assets 2016: $6,448,7462016Assets 2017: $6,742,218Liabilities 2017: $912,314Net Assets 2017: $5,829,9042017Assets 2018: $6,393,830Liabilities 2018: $1,083,323Net Assets 2018: $5,310,5072018Assets 2019: $5,812,485Liabilities 2019: $1,174,483Net Assets 2019: $4,638,0022019Assets 2020: $5,418,684Liabilities 2020: $970,558Net Assets 2020: $4,448,1262020Assets 2021: $5,595,494Liabilities 2021: $1,277,583Net Assets 2021: $4,317,9112021Assets 2022: $4,798,537Liabilities 2022: $1,595,605Net Assets 2022: $3,202,9322022Assets 2023: $3,570,503Liabilities 2023: $1,295,077Net Assets 2023: $2,275,4262023Assets 2024: $3,016,085Liabilities 2024: $1,344,097Net Assets 2024: $1,671,9882024Assets 2025: $2,633,331Liabilities 2025: $1,392,028Net Assets 2025: $1,241,3032025

Highlighted filing

2014

Assets$8,596,344
Liabilities$910,707
Net Assets$7,685,637

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,422,5442010Expenses 2011: $3,447,2142011Expenses 2012: $4,520,9132012Expenses 2013: $5,086,4792013Revenue 2014: $4,776,668Expenses 2014: $5,486,760Net Income 2014: -$710,0922014Revenue 2015: $4,875,871Expenses 2015: $5,539,539Net Income 2015: -$663,6682015Revenue 2016: $4,812,455Expenses 2016: $4,732,475Net Income 2016: $79,9802016Revenue 2017: $4,941,011Expenses 2017: $4,918,527Net Income 2017: $22,4842017Revenue 2018: $5,085,388Expenses 2018: $4,999,091Net Income 2018: $86,2972018Revenue 2019: $5,310,089Expenses 2019: $5,376,900Net Income 2019: -$66,8112019Revenue 2020: $5,512,090Expenses 2020: $5,096,271Net Income 2020: $415,8192020Revenue 2021: $5,527,174Expenses 2021: $5,051,694Net Income 2021: $475,4802021Revenue 2022: $5,916,462Expenses 2022: $6,425,746Net Income 2022: -$509,2842022Revenue 2023: $6,501,561Expenses 2023: $6,823,372Net Income 2023: -$321,8112023Revenue 2024: $6,849,260Expenses 2024: $6,847,003Net Income 2024: $2,2572024Revenue 2025: $6,887,544Expenses 2025: $6,712,534Net Income 2025: $175,0102025

Highlighted filing

2014

Revenue$4,776,668
Expenses$5,486,760
Net Income-$710,092
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 15, 2015
Return Version
2013v4.0
Gross Receipts
$4,776,668
Mission and Program Overview

Mission

See schedule othe mission of icahn charter schools is to cultivate a climate of collaborative excellence among students, staff, families, and the community. Our four pillars of transformative education guide icahn educators as they adopt a holistic approach to teaching and learning that addresses the academic, social, and emotional needs of our students. The student-centered learning experience is defined through individualized learning environments that empower icahn students to take ownership of their education. Our core knowledge curriculum and instructional practices promote learning through innovation and creativity to meet the needs of our diverse learners. Through strategic partnerships among all stakeholders, icahn student graduate equipped with the skills, knowledge, and personal confidence to participate successfully in the most rigorous academic environments and demonstrate a sense of personal responsibility as global citizens.

To use a rigorous academic program to prepare students with skills and knowledge to participate in rigorous academic environments and develop a sense of personal responsbility.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$7,462,263$6,835,096▼ $627,167
Savings and Temporary Cash Investments$1,261,815$1,322,370▲ $60,555
Land, Buildings, and Equipment, Net$363,793$349,762▼ $14,031
Prepaid Expenses and Deferred Charges$68,119$62,801▼ $5,318
Accounts Receivable$8,748$9,278▲ $530
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$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$9,188,987$8,596,344▼ $592,643
Other Assets Total$24,249$17,037▼ $7,212
Liabilities
Accounts Payable and Accrued Expenses$584,839$695,221▲ $110,382
Deferred Revenue$170,215$172,069▲ $1,854
Other Liabilities$38,204$43,417▲ $5,213
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$793,258$910,707▲ $117,449
Net Assets / Fund Balance
Temporarily Rstr Net Assets$7,547,445$6,894,242▼ $653,203
Unrestricted Net Assets$848,284$791,395▼ $56,889
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$8,395,729$7,685,637▼ $710,092
Total Liabilities and Net Assets / Fund Balance$9,188,987$8,596,344▼ $592,643

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$320,932$417,231$738,163
Other Land Buildings$28,830$210,984$239,814
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert SanchoTrustee-$184,543$198,081$382,624
Gail Golden-icahnChairperson/trustee-$66,634$285,762$352,396
Seymour FliegelTrustee-$42,425$181,792$224,217
Julie Clark GoodyearSecretary/trusteePT$159,270$40,420$199,690
Karen MandelbaumTrustee-$25,832$118,474$144,306
Brenda CarrasquilloPrincipalFT$56,177$10,457$66,634
Jeffrey LittSuperintendentPT$37,569$5,218$42,787
Daniel GarciaDeputy SuperintendentPT$36,393$6,032$42,425
Edward J ShanahanTrustee--$6,406$6,406

Board Members and Trustees

NameTitle
Carl C IcahnChairman/trustee (thru 09/13)
Steven SorokinDirector of Curriculum
Tamara Delgado-dejesusTrustee
Keith CozzaAssistant Treasurer
Richard SantiagoDepy Superintendent of Finance
Irene MarchTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$453,865
Program Service Revenue
$4,314,802
Investment Income
$2,155
Other Revenue
$5,846
All Other Contributions
$153,044
Change in Net Assets
$-710,092

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table648$71,066Cost
Total Noncash Contributions648$71,066-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,776,668
Revenue Not Reported on Form 990
$1,850
Total Revenue per Audited Statements
$4,778,518
Total Revenue per Form 990
$4,776,668
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,392,078
Other Expenses$2,094,682
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,945,653$514,934-$2,460,587
Occupancy$666,329$145,760-$812,089
Payroll Taxes$333,273$74,758-$408,031
Current Officers, Directors, Trustees, and Key Employees$386,420--$386,420
Office Expenses$319,472$11,640-$331,112
Depreciation Depletion$140,826$30,833-$171,659
Information Technology$86,952$19,021-$105,973
Other Employee Benefits$92,344$0-$92,344
Insurance$70,117$15,338-$85,455
Pension Plan Contributions$33,115$11,581-$44,696
Fees for Services Other$27,002$1,604-$28,606
Fees for Services Accounting$22,335$4,886-$27,221
Travel$11,012$4,282-$15,294
All Other Expenses$8,811$3,427-$12,238
Advertising$1,476$323-$1,799
Interest$1,247$485-$1,732
Fees for Services Legal$632$138-$770
Other Expenses$7,534$-7,304-$230
Total Functional Expenses$4,646,053$840,707$0$5,486,760

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,488,610
Expenses per Audited Statements$5,486,760
Total Expenses per Form 990$5,486,760
Expenses Not Reported on Form 990$1,850
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

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
Obligation Under Capital Lease$43,417
Due to School District$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, Line 11

The financial statements were audited by an independent accounting firm, which also reviewed the form 990 prior to its completion and filing. The form 990 is provided to the trustees upon completion of the independent audit and prior to filing of the form 990.

Form 990, Part VI, Line 19

The school does not make its governing documents, conflict of interest policy or audited financial statements available to the public.

Part VI, Section B, Line 12C

If the board or a committee of the board has reasonable cause to believe that an interested person has failed to disclose an actual or possible conflict of interest, it will inform the interested person of the basis for such belief and afford him or her an opportunity to explain the alleged failure to disclose. If, after hearing the response and making such further investigation as may be warranted in the circumstances, the board determines that the interested person has in fact failed to disclose an actual or possible conflict of interest, it will take appropriate action which may include recommendation to the board for removal from the board or termination of employment, as well as reconsideration of whether the transaction or arrangement was in the best interests of and fair and reasonable to the school at the time it was undertaken. If it is determined that the transaction was not fair and reasonable to the school, the school in its discretion, may void the contract and/or require the interested person to restore the school to the financial position it would have been in if such person had been dealing under the highest fiduciary standing.

Form 990, Part VI, Line 15A and 15B

The compensation paid to top management officials, officers, and key employees is reasonable based on the duties and responsibilities of the positions, the time spent performing their duties, and their performance level. This is determined by conducting research of compensation for similar positions at similar types of schools. The compensation for top management officials, officers, and key employees is reviewed and approved by the board annually and is included in the minutes.

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

The board of trustees of the school seeks to include a parent representative on the board who is a parent of an active school student and who is an officer of the school parents' association and designated by the association to represent it. This parent association board trustee member has voting rights.

PART VII, SECTION A, LINE 1A, COLUMNS D AND E

ALL COMPENSATION LISTED IN COLUMNS D AND E FOR JEFFREY LITT, DANIEL GARCIA, RICHARD SANTIAGO AND STEVEN SOROKIN IS PAID AND W-2s ARE ISSUED OUT OF ICAHN CHARTER SCHOOL 1. THESE EMPLOYEES ALSO WORK FOR ICAHN CHARTER SCHOOLS 2-7 (RELATED ORGANIZATIONS). COMPENSATION IS ALLOCATED TO EACH OF THESE SCHOOLS AND ICAHN CHARTER SCHOOL 1 IS REIMBURSED ACCORDINGLY.

Part VI, Section A, Question 2

Two trustees, carl c. Icahn and gail golden-icahn, are husband and wife.

Filing and Contact Details

Filer

EIN
20-5816198
In Care Of
% RICHARD SANTIAGO
Phone
2127024300

Signing Officer

Name
Irene March
Title
Treasurer
Signed
2015-05-15

Organization Details

Principal Officer
Gail Golden-Icahn
Formed
2007
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
6
Employees
57
Volunteers
2

Preparer

Preparer
Qi Wen Liang
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

The charter school recognizes or derecognizes a tax position based on a "more likely than not" threshold. This applies to positions taken or expected to be taken in a tax return. The charter school evaluated its tax positions and concluded that there are no uncertain tax positions within its financial statements. The tax years ended 2011, 2012, 2013, and 2014 are still open to audit for both federal and state purposes.

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IRS990/Form990PartVIISectionAGrp/PersonNm12RICHARD SANTIAGO
IRS990/Form990PartVIISectionAGrp/PersonNm13BRENDA CARRASQUILLO
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IRS990/Form990PartVIISectionAGrp/TitleTxt11DEPUTY SUPERINTENDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DEPY SUPERINTENDENT OF FINANCE
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IRS990/MissionDesc0THE ICAHN CHARTER SCHOOL 2 USES A RIGOROUS ACADEMIC PROGRAM FOR GRADES K THROUGH 8 IN ORDER TO PREPARE STUDENTS WITH THE SKILLS AND KNOWLEDGE TO PARTICIPATE SUCCESSFULLY IN THE MOST RIGOROUS ACADEMIC ENVIRONMENTS, AND HAVE A SENSE OF PERSONAL AND COMMUNITY RESPONSIBILITY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CHARTER SCHOOL RECOGNIZES OR DERECOGNIZES A TAX POSITION BASED ON A "MORE LIKELY THAN NOT" THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE CHARTER SCHOOL EVALUATED ITS TAX POSITIONS AND CONCLUDED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WITHIN ITS FINANCIAL STATEMENTS. THE TAX YEARS ENDED 2011, 2012, 2013, AND 2014 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PART X, LINE 2
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.63$1.39$1.24$6.89$6.71$0.18
2024Detailed filing. Detailed filing data is available for this year.$3.02$1.34$1.67$6.85$6.85$0.00
2023Detailed filing. Detailed filing data is available for this year.$3.57$1.30$2.28$6.50$6.82$0.32
2022Detailed filing. Detailed filing data is available for this year.$4.80$1.60$3.20$5.92$6.43$0.51
2021Detailed filing. Detailed filing data is available for this year.$5.60$1.28$4.32$5.53$5.05$0.48
2020Detailed filing. Detailed filing data is available for this year.$5.42$0.97$4.45$5.51$5.10$0.42
2019Detailed filing. Detailed filing data is available for this year.$5.81$1.17$4.64$5.31$5.38$0.07
2018Detailed filing. Detailed filing data is available for this year.$6.39$1.08$5.31$5.09$5.00$0.09
2017Detailed filing. Detailed filing data is available for this year.$6.74$0.91$5.83$4.94$4.92$0.02
2016Detailed filing. Detailed filing data is available for this year.$7.48$1.03$6.45$4.81$4.73$0.08
2015Detailed filing. Detailed filing data is available for this year.$7.92$0.90$7.02$4.88$5.54$0.66
2014Detailed filing. Detailed filing data is available for this year.$8.60$0.91$7.69$4.78$5.49$0.71
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.19$0.79$8.40$5.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$9.86$0.74$9.12$4.52
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.55$0.70$0.86$3.45
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.07$0.49$0.58$2.42
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • NTEE B29 • $5M-$10M nonprofits