Civic Intelligence

Great Expectations Foundation

990 • Fiscal year 2020 • EIN 20-5931949

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 01, 2020

Organization ProfileWWW.GREATEXPECTATIONSSCHOOL.COM
P O Box 310Grand Marais, MN 55604

(218) 370-0777

Siviq Scores

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

Liabilities / Assets

88th percentile

0.67x

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

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

96th percentile

3.67x

Higher debt load relative to revenue than 96% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

87th percentile

42%

Higher net margin than 87% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

51st percentile

$0

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

42nd percentile

3.0%

Faster asset growth than 42% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

50th percentile

-0.7%

Faster revenue growth than 50% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$962,271

Up $28,346 (+3.0%) from 2019

Net Assets

Up

$312,898

Up $74,563 (+31%) from 2019

Liabilities

Down

$649,373

Down $46,217 (-6.6%) from 2019

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin87th percentile

Revenue

Down

$176,917

Down $1,317 (-0.7%) from 2019

Expenses

Up

$102,354

Up $9,187 (+9.9%) from 2019

Net Income

Down

$74,563

Down $10,504 (-12%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth42nd percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $825,702Liabilities 2011: $824,707Net Assets 2011: $9952011Assets 2012: $817,231Liabilities 2012: $809,042Net Assets 2012: $8,1892012Assets 2013: $775,223Liabilities 2013: $761,011Net Assets 2013: $14,2122013Assets 2014: $763,894Liabilities 2014: $740,507Net Assets 2014: $23,3872014Assets 2015: $765,093Liabilities 2015: $718,528Net Assets 2015: $46,5652015Assets 2016: $757,170Liabilities 2016: $695,098Net Assets 2016: $62,0722016Assets 2017: $833,831Liabilities 2017: $737,633Net Assets 2017: $96,1982017Assets 2018: $909,070Liabilities 2018: $755,802Net Assets 2018: $153,2682018Assets 2019: $933,925Liabilities 2019: $695,590Net Assets 2019: $238,3352019Assets 2020: $962,271Liabilities 2020: $649,373Net Assets 2020: $312,8982020Assets 2021: $991,627Liabilities 2021: $627,072Net Assets 2021: $364,5552021Assets 2022: $1,037,068Liabilities 2022: $574,059Net Assets 2022: $463,0092022Assets 2023: $1,214,141Liabilities 2023: $540,404Net Assets 2023: $673,7372023Assets 2024: $3,824,998Liabilities 2024: $3,006,286Net Assets 2024: $818,7122024Assets 2025: $4,865,282Liabilities 2025: $3,883,076Net Assets 2025: $982,2062025

Highlighted filing

2020

Assets$962,271
Liabilities$649,373
Net Assets$312,898
Open 2020 Filing

Operations Trend

Revenue Growth50th percentile

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

$600K$400K$200K$0Revenue 2011: $93,399Expenses 2011: $88,957Net Income 2011: $4,4422011Expenses 2012: $80,7092012Expenses 2013: $90,7162013Revenue 2014: $99,358Expenses 2014: $90,183Net Income 2014: $9,1752014Revenue 2015: $104,384Expenses 2015: $90,109Net Income 2015: $14,2752015Revenue 2016: $101,004Expenses 2016: $86,590Net Income 2016: $14,4142016Revenue 2017: $118,991Expenses 2017: $84,865Net Income 2017: $34,1262017Revenue 2018: $163,362Expenses 2018: $106,292Net Income 2018: $57,0702018Revenue 2019: $178,234Expenses 2019: $93,167Net Income 2019: $85,0672019Revenue 2020: $176,917Expenses 2020: $102,354Net Income 2020: $74,5632020Revenue 2021: $155,505Expenses 2021: $103,848Net Income 2021: $51,6572021Revenue 2022: $201,218Expenses 2022: $84,473Net Income 2022: $116,7452022Revenue 2023: $279,470Expenses 2023: $68,742Net Income 2023: $210,7282023Revenue 2024: $261,305Expenses 2024: $116,330Net Income 2024: $144,9752024Revenue 2025: $459,256Expenses 2025: $295,762Net Income 2025: $163,4942025

Highlighted filing

2020

Revenue$176,917
Expenses$102,354
Net Income$74,563
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 1, 2020
Return Version
2019v5.0
Gross Receipts
$176,917
Mission and Program Overview

Mission

The mission of the great expectations foundation is to provide financial support, leadership support and community support for the great expectations school and its public supported affiliates.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$799,418$798,789▼ $629
Cash and Non-Interest-Bearing Accounts$111,807$92,386▼ $19,421
Accounts Receivable-$50,000-
Intangible Assets$21,452$19,848▼ $1,604
Prepaid Expenses and Deferred Charges$1,248$1,248→ $0
Total Assets$933,925$962,271▲ $28,346
Liabilities
Mortgage Notes Payable Secured by Investment Property$689,518$645,561▼ $43,957
Accounts Payable and Accrued Expenses$6,072$3,812▼ $2,260
Total Liabilities$695,590$649,373▼ $46,217
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$230,650$312,898▲ $82,248
Net Assets With Donor Restrictions$7,685--
Total Net Assets Fund Balance$238,335$312,898▲ $74,563
Total Liabilities and Net Assets / Fund Balance$933,925$962,271▲ $28,346

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$798,789$195,625$994,414
Compensation and Service Providers
Top Officer Pay51st percentile

Board Members and Trustees

NameTitle
Howard HedstromChair
Jeff KernMember at L
Judi BarsnessMember at La
Tom MorseMember at La
Beth KennedySecretary
Bob PadzieskiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$21,816
Program Service Revenue
$154,000
Investment Income
$1,046
Other Revenue
$55
All Other Contributions
$21,816
Change in Net Assets
$74,563
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$102,354
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
Interest-$45,248-$45,248
Depreciation Depletion$22,872--$22,872
Insurance$5,139--$5,139
Fees for Services Accounting-$5,025-$5,025
Fees for Services Other-$3,638-$3,638
Other Expenses$1,464--$1,464
Advertising$149--$149
Total Functional Expenses$48,443$53,911$0$102,354
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$55
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Great Expectations Foundation
EIN
20-5931949
Phone
2183700777
Address
P O BOX 310, GRAND MARAIS, MN 55604

Signing Officer

Name
Howard Hedstrom
Title
Chair
Phone
2183700777
Signed
2020-03-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Howard Hedstrom
Formed
2007
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
6
Employees
0

Preparer

Firm
Licari Larsen and Company
Address
130 W SUPERIOR ST STE 712, DULUTH, MN 55802
Preparer
Steven S Licari CPA
Phone
2187222226
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

“The foundation owns the land and building rented for the exclusive use of the great expectations school, a public charter school with approximately 6o students grades k-8.”

Raw XML Appendix310 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/USAddress/AddressLine1Txt0PO BOX 310
IRS990/USAddress/CityNm0GRAND MARAIS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055604
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.GREATEXPECTATIONSSCHOOL.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HOWARD HEDSTROM
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum02183700777
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-03-01
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0GREAT EXPECTATIONS FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0GREA
ReturnHeader/Filer/EIN0205931949
ReturnHeader/Filer/PhoneNum02183700777
ReturnHeader/Filer/USAddress/AddressLine1Txt0P O BOX 310
ReturnHeader/Filer/USAddress/CityNm0GRAND MARAIS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055604
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411806729
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LICARI LARSEN AND COMPANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0130 W SUPERIOR ST STE 712
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DULUTH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055802
ReturnHeader/PreparerPersonGrp/PhoneNum02187222226
ReturnHeader/PreparerPersonGrp/PreparationDt02021-03-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN S LICARI CPA
ReturnHeader/ReturnTs02021-03-15T06:51:45-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$962,271
Liabilities
$649,373
Net assets
$312,898
Revenue
$176,917
Expenses
$102,354
Net income
$74,563
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.87$3.88$0.98$0.46$0.30$0.16
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.82$3.01$0.82$0.26$0.12$0.14
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.21$0.54$0.67$0.28$0.07$0.21
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.04$0.57$0.46$0.20$0.08$0.12
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.99$0.63$0.36$0.16$0.10$0.05
2020Detailed filing. Detailed filing data is available for this year.$0.96$0.65$0.31$0.18$0.10$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.93$0.70$0.24$0.18$0.09$0.09
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.91$0.76$0.15$0.16$0.11$0.06
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.83$0.74$0.10$0.12$0.08$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.76$0.70$0.06$0.10$0.09$0.01
2015Summary only. Only limited summary data is available for this year.$0.77$0.72$0.05$0.10$0.09$0.01
2014Summary only. Only limited summary data is available for this year.$0.76$0.74$0.02$0.10$0.09$0.01
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.78$0.76$0.01$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.82$0.81$0.01$0.08
2011Summary only. Only limited summary data is available for this year.$0.83$0.82$0.00$0.09$0.09$0.00