Civic Intelligence

Shorecrest Preparatory School Inc

EIN 23-7412158 • 501(c)3 • St Petersburg, FL

Profile

Shorecrest is a college preparatory school that educates a diverse community of students to become lifelong learners in the pursuit of personal and academic excellence, physical well-being, creative achievement and the development of a commitment to social responsibility.

5101 First Street NortheastSt Petersburg, FL 33703

www.shorecrest.org

Siviq Scores

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

Liabilities / Assets

66th percentile

0.43x

Higher debt load relative to assets than 66% of similar nonprofits.

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

Liabilities / Revenue

77th percentile

1.09x

Higher debt load relative to revenue than 77% of similar nonprofits.

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

Net Margin

64th percentile

11%

Higher net margin than 64% of similar nonprofits.

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

Top Officer Pay

54th percentile

$386,944

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

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

Asset Growth

58th percentile

7.9%

Faster asset growth than 58% of similar nonprofits.

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

Revenue Growth

52nd percentile

9.1%

Faster revenue growth than 52% of similar nonprofits.

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

Assets

Up

$81,259,238

Up $15,031,704 (+23%) from 2020

Liabilities

Up

$36,560,961

Up $7,413,091 (+25%) from 2020

Net Assets

Up

$44,698,277

Up $7,618,613 (+21%) from 2020

Revenue

Up

$30,198,380

Up $2,428,347 (+8.7%) from 2020

Expenses

Up

$27,243,250

Up $2,372,921 (+9.5%) from 2020

Net Income

Up

$2,955,130

Up $55,426 (+1.9%) from 2020

Trend Graphs

Balance Sheet Trend

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

$100M$50M$0Assets 2010: $38,889,360Liabilities 2010: $21,244,789Net Assets 2010: $17,644,5712010Assets 2012: $46,419,202Liabilities 2012: $22,894,484Net Assets 2012: $23,524,7182012Assets 2013: $46,585,591Liabilities 2013: $22,199,310Net Assets 2013: $24,386,2812013Assets 2015: $45,148,647Liabilities 2015: $20,534,976Net Assets 2015: $24,613,6712015Assets 2017: $51,573,212Liabilities 2017: $20,994,131Net Assets 2017: $30,579,0812017Assets 2019: $65,537,279Liabilities 2019: $28,281,041Net Assets 2019: $37,256,2382019Assets 2020: $66,227,534Liabilities 2020: $29,147,870Net Assets 2020: $37,079,6642020Assets 2022: $81,259,238Liabilities 2022: $36,560,961Net Assets 2022: $44,698,2772022

Highlighted filing

2022

Assets$81,259,238
Liabilities$36,560,961
Net Assets$44,698,277

Operations Trend

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

$40M$30M$20M$10M$0-$10MExpenses 2010: $17,448,7582010Expenses 2012: $17,877,2902012Expenses 2013: $18,531,6602013Revenue 2015: $19,916,483Expenses 2015: $20,288,666Net Income 2015: -$372,1832015Revenue 2017: $23,738,299Expenses 2017: $20,707,123Net Income 2017: $3,031,1762017Revenue 2019: $28,363,403Expenses 2019: $23,759,188Net Income 2019: $4,604,2152019Revenue 2020: $27,770,033Expenses 2020: $24,870,329Net Income 2020: $2,899,7042020Revenue 2022: $30,198,380Expenses 2022: $27,243,250Net Income 2022: $2,955,1302022

Highlighted filing

2022

Revenue$30,198,380
Expenses$27,243,250
Net Income$2,955,130

Filings

Latest Detailed Filing

The latest 2022 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2017 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 8, 2017
Return Version
2016v3.0
Gross Receipts
$24,060,890
Mission and Program Overview

Mission

A college preparatory school that educates a diverse community of students to become lifelong learners in the pursuit of personal and academic excellence, physical well-being, creative achievement and the development of a commitment to social responsibility.

Sps is a college preparatory school that educates lifelong learners

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$21,239,073$21,004,380▼ $234,693
Savings and Temporary Cash Investments$16,717,805$19,735,744▲ $3,017,939
Investments in Publicly Traded Securities$4,129,481$4,931,903▲ $802,422
Accounts Receivable$2,482,428$2,461,980▼ $20,448
Pledges and Grants Receivable$2,474,127$2,353,220▼ $120,907
Prepaid Expenses and Deferred Charges$547,283$471,838▼ $75,445
Receivables From Officers Etc$75,319$80,205▲ $4,886
Cash and Non-Interest-Bearing Accounts$-14,108$29,413▲ $43,521
Other Notes and Loans Receivable, Net$0$8,088▲ $8,088
Inventories for Sale or Use$3,951$7,336▲ $3,385
Total Assets$48,157,351$51,573,212▲ $3,415,861
Other Assets Total$501,992$489,105▼ $12,887
Liabilities
Deferred Revenue$11,615,539$12,164,905▲ $549,366
Tax Exempt Bond Liabilities$7,713,078$7,519,642▼ $193,436
Accounts Payable and Accrued Expenses$1,150,519$1,006,652▼ $143,867
Mortgage Notes Payable Secured by Investment Property$221,306$302,582▲ $81,276
Other Liabilities$2,935$350▼ $2,585
Total Liabilities$20,703,377$20,994,131▲ $290,754
Net Assets / Fund Balance
Unrestricted Net Assets$24,043,873$25,525,266▲ $1,481,393
Temporarily Rstr Net Assets$3,304,681$4,448,395▲ $1,143,714
Permanently Rstr Net Assets$105,420$605,420▲ $500,000
Total Net Assets Fund Balance$27,453,974$30,579,081▲ $3,125,107
Total Liabilities and Net Assets / Fund Balance$48,157,351$51,573,212▲ $3,415,861

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$17,444,743$11,206,211$28,650,954
Equipment$2,388,408$4,149,704$6,538,112
Land$1,042,422-$1,042,422
Other Land Buildings$128,807-$128,807

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$4,136,919$145,458▲ $664,498-$4,931,903
2015$4,089,835$120,559▼ $54,605-$4,136,919
2014$3,923,068$141,585▲ $57,111-$4,089,835
2013$3,285,154$27,785▲ $627,449$4,000$3,923,068
2012$2,758,287$237,214▲ $290,613-$3,285,154
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael a MurphyHeadmasterFT$302,516$37,617$340,133
Karen S MooreCFO/COOFT$151,491$33,455$184,946
Adrianne Finley-odellAssistant Head of SchoolFT$134,719$26,850$161,569
Thomas DillowUpper Division HeadFT$130,166$19,263$149,429
Lisa BiancoLower Division HeadFT$106,066$14,690$120,756
Revenue and Support

Revenue Composition

Contributions and Grants
$3,593,405
Program Service Revenue
$19,674,609
Investment Income
$231,919
Other Revenue
$238,366
All Other Contributions
$3,490,206
Change in Net Assets
$3,031,176

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 Table588$30,156Fair Market Value (FMV)
Other Non Cash Contri Table3$13,635Fair Market Value (FMV)
Other Non Cash Contri Table1$10,900Fair Market Value (FMV)
Other Non Cash Contri Table1$4,250Fair Market Value (FMV)
Total Noncash Contributions593$58,941-

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,392,053
Revenue Not Reported on Financial Statements
$2,346,246
Revenue Not Reported on Form 990
$592,947
Other Revenue Adjustments
$2,331,178
Total Revenue per Audited Statements
$21,985,000
Total Revenue per Form 990
$23,738,299
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$12,367,210
Other Expenses$6,175,969
Grants and Similar Amounts Paid$2,163,944
Total Fundraising Expense$953,002
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,897,473$1,255,484$343,536$9,496,493
Grants to Domestic Individuals$2,163,944--$2,163,944
Occupancy$917,641$384,125$65,673$1,367,439
Depreciation Depletion$897,759$377,869$65,266$1,340,894
Other Employee Benefits$873,867$133,666$37,522$1,045,055
Fees for Services Other$647,287$173,209$14,513$835,009
Payroll Taxes$586,875$99,520$31,338$717,733
Pension Plan Contributions$484,754$74,332$20,199$579,285
Current Officers, Directors, Trustees, and Key Employees$95,156$327,759$105,729$528,644
All Other Expenses$74,722$235,425$4,342$314,489
Interest$158,074$66,534$11,492$236,100
Office Expenses$113,185$87,123$22,548$222,856
Advertising$3,605$179,059$28,485$211,149
Travel$97,649$37,256$8,757$143,662
Information Technology$96,182$40,483$6,992$143,657
Conferences and Meetings$60,083$27,022$9,827$96,932
Fees for Services Accounting-$83,273-$83,273
Insurance$30,262$12,737$2,200$45,199
Fees for Services Legal-$38,040-$38,040
Other Expenses$26,556$863$38$27,457
Fees for Service Investment Mgmnt Fees-$15,068-$15,068
Total Functional Expenses$16,040,560$3,713,561$953,002$20,707,123

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$20,707,123
Total Expenses per Audited Statements$18,859,000
Expenses per Audited Statements$18,359,984
Expenses Not Reported on Financial Statements$2,347,139
Other Expense Adjustments$2,332,071
Expenses Not Reported on Form 990$499,016
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$93,728
Fundraising Gross Income$61,720
Gaming Direct Expenses$3,336
Gaming Gross Income$865
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Big Event Gala$140,749$52,980$9,900$43,080
Golf Tournament$24,170$8,740-$8,740
Total Events$164,919$61,720$93,728$-32,008
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
Receivables from Officers, Directors, Trustees, and Key Employees$75,319$80,205▲ $4,886
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unclaimed Property$350
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
No
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 B, Line 11B

A complete copy of the form 990 is provided to the entire board of directors for review before it is filed.

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

If a conflict of interest exists, the trustee shall inform the board immediately and shall not participate in any discussion or vote with respect to the conflicted transaction. If an entity related to the trustee or the trustee's family is negotiating a transaction or arrangement, the school must solicit at least one other bid. The conflict of interest statement is communicated to faculty and staff in the employee handbook. All faculty and staff receive and are required to sign a form acknowledging receipt of the handbook on an annual basis. The board chair or executive committee would address any potential conflicts which may arise.

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

Compensation for the headmaster is determined by the board of directors. The committee relies upon comparability data including statistical compensation data from the nais website for schools in the southeast with greater than 700 students enrolled. All discussions are documented in meeting minutes. When determining compensation for the officers, the headmaster relies upon comparability data including statistical compensation data from the nais website for schools in the southeast with greater than 700 students enrolled

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request and at management's discretion.

Filing and Contact Details

Filer

Filer Name
Shorecrest Preparatory School Inc
EIN
23-7412158
Phone
7274567503
Address
5101 FIRST STREET NORTHEAST, ST PETERSBURG, FL 33703

Signing Officer

Name
Karen S Moore
Title
CFO
Phone
7274567503
Signed
2017-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael a Murphy
Formed
1923
Legal Domicile
Fl
Voting Board Members
23
Independent Board Members
23
Employees
259
Volunteers
700

Preparer

Firm
Cliftonlarsonallen Llp
Address
201 N FRANKLIN ST SUITE 2500, TAMPA, FL 33602
Preparer
Tori Lehman
Phone
8133842700
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Write off of uncollectible accounts -443,008.

Financial Statement Notes

PART V, LINE 4:

The school's endowment is intended to provide a predictable stream of funding to support the school's charitable and educational programs. Per board policy, the endowment's principal will be left untouched, while the earnings therefrom are available for use to fund school activities once the endowment totals $5 million.

PART X, LINE 2:

The company adopted the provision of accounting standard codification (asc) topic 740, "income taxes", related to the accounting for uncertainty in taxes. Adoption of these provisions had no financial statement impact and the company has no amounts accrued for uncertain tax positions.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Direct fundraising event expenses 56,008.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Employee benefit discounts 149,191. Tuition discounts and scholarships 2,163,944. Noncash donations of concrete work and equipment 17,885. Financial statement rounding 158.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Write off of uncollectible accounts 443,008. Direct fundraising event expenses 56,008.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Tuition discounts and scholarships 2,163,944. Employee benefit discounts 149,191. Noncash donations of concrete work and equipment 17,885. Financial statement rounding 1,051.

Raw XML AppendixShowing 400 of 869 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/Desc0EACH YEAR SHORECREST WELCOMES NEARLY 1,000 STUDENTS FROM OVER 700 FAMILIES. FAMILIES CHOOSE SHORECREST BECAUSE OF ITS STUDENT-CENTERED LIBERAL ARTS CURRICULUM; ITS FORWARD-THINKING SCIENCE, MATH, AND TECHNOLOGY TRACKS; AND ITS COMMITMENT TO EDUCATING STUDENTS TO BE THOUGHTFUL GLOBAL CITIZENS. SHORECREST STUDENTS EXCEL IN A NUMBER OF FIELDS FROM ATHLETICS TO ARTS TO SCIENCE AND PLAYWRITING.IN ITS LAST THREE GRADUATING CLASSES, SHORECREST HAS HAD A PRESIDENTIAL SCHOLAR, A MOREHEAD CAIN SCHOLAR, THE FEMALE JIMMY AWARD WINNER FOR MUSICAL THEATRE, A NATIONAL CHAMPIONSHIP SAILING TEAM, A NATIONAL CHAMPION TENNIS PLAYER, A NATIONALLY RANKED ROBOTICS TEAM, A THESPIAN TROUPE INVITED TO PLAY ON THE MAINSTAGE AT THE STATE THESPIAN FESTIVAL, AS WELL AS DOZENS OF OTHER AWARDS AND RECOGNITION FOR SHORECREST STUDENTS AND PROGRAMS. WHEN RELOCATING FAMILIES CONSIDER WHERE TO LIVE IN THE TAMPA BAY AREA, THEY OFTEN NOTE THAT THEY CHOSE ST. PETERSBURG BECAUSE OF SHORECREST.SINCE ITS FOUNDING IN 1923, SHORECREST HAS BEEN ON THE FOREFRONT RESEARCH-BASED BEST PRACTICES FOR TEACHING AND LEARNING. SCHEDULES, COURSE MATERIALS, CLASSROOM DESIGN, AND TECHNOLOGY CONTINUE TO EVOLVE BASED ON WHAT CURRENT RESEARCH TELLS US ABOUT WHAT WORKS BEST FOR YOUNG LEARNERS. IN 2016, SHORECREST WAS AWARDED A GRANT FROM STEELCASE EDUCATION FOR ITS INNOVATIVE APPROACH OF INTERDISCIPLINARY STUDY IN THE 5TH-8TH GRADE MIDDLE SCHOOL. THE GRANT FUNDED THE NEW INNOVATION & DESIGN STUDIO IN THE MIDDLE SCHOOL WHERE ART AND TECHNOLOGY CLASSES MERGE TO ALLOW FOR MORE IN-DEPTH PROJECTS AND REAL-WORLD APPLICATIONS OF TOPICS OF STUDY. IN 2017, THE SHORECREST MIDDLE SCHOOL LAUNCHED DROP EVERYTHING AND STEAM" WEEK IN FIFTH GRADE. FOREGOING THEIR REGULAR WEEKLY SCHEDULE, THE FIFTH GRADE TEACHERS ENGAGED THEIR STUDENTS IN SCIENCE- AND ART-BASED CHALLENGES THAT MIMIC THE STRUCTURE AND REAL-WORLD WORK OF STEAM PROFESSIONALS LIKE DESIGNERS, ENGINEERS, SCIENTISTS, AND CODERS.SIMILARLY, 2016 MARKED THE INAUGURAL YEAR OF THE CENTER FOR MEDICAL SCIENCES PROGRAM IN SHORECREST'S 9TH-12TH GRADE UPPER SCHOOL. THE CENTER FOR MEDICAL SCIENCES IS AN IN-DEPTH APPLIED SCIENCES TRACK FOR HIGH SCHOOL STUDENTS. IN 2017, STUDENTS IN THE CENTER FOR MEDICAL SCIENCES HEARD FROM NATIONALLY RECOGNIZED SURGEONS, MEDICAL CEOS, THERAPISTS AND MORE, AND HAD REGULAR OPPORTUNITIES TO SHADOW MEDICAL PROFESSIONALS IN THE OPERATING ROOM. THESE NEW PROGRAMS, ALONG WITH OTHER SCHOOL INITIATIVES LIKE THE 1:1 IPAD PROGRAM, LED TO SHORECREST'S RECOGNITION AS AN APPLE DISTINGUISHED SCHOOL FOR 2016-18. THE APPLE DISTINGUISHED SCHOOL DESIGNATION IS RESERVED FOR PROGRAMS THAT MEET CRITERIA FOR INNOVATION, LEADERSHIP, AND EDUCATIONAL EXCELLENCE, AND DEMONSTRATE A CLEAR VISION OF EXEMPLARY LEARNING ENVIRONMENTS.IN ADDITION TO THE ACADEMIC, ATHLETIC, AND ARTISTIC AREAS OF THE SHORECREST EXPERIENCE, SERVICE LEARNING IS A DELIBERATE PART OF A SHORECREST EDUCATION, WOVEN THROUGH ALL LEVELS OF THE CURRICULUM. THE CLASS OF 2017 ALONE COMPLETED MORE THAN 12,000 SERVICE HOURS OVER THEIR 4 YEARS OF HIGH SCHOOL. SHORECREST PARTNERS WITH A HOST OF COMMUNITY ORGANIZATIONS TO PROVIDE A VOLUNTEER FORCE AND SUPPORT INCLUDING KEEP PINELLAS BEAUTIFUL, CLOTHES TO KIDS, GUARDIAN AD LITEM FOUNDATION, SOUTHEASTERN GUIDE DOGS, AND ALL CHILDREN'S HOSPITAL, TO NAME A FEW. A RELAY FOR LIFE SCHOOL, SHORECREST HAS RAISED MORE THAN $1 MILLION FOR THE AMERICAN CANCER SOCIETY OVER ITS DECADE TENURE OF HOSTING THE IMPORTANT EVENT. SHORECREST IS KNOWN THROUGHOUT THE TAMPA BAY AREA FOR ITS IMPRESSIVE COLLEGE ACCEPTANCE RATE AND MATRICULATION LIST. THE SHORECREST COLLEGE CENTER WORKS INDIVIDUALLY WITH STUDENTS AND PARENTS TO GUIDE THE COLLEGE APPLICATION PROCESS AND ENSURE THE BEST FIT COLLEGES AND UNIVERSITIES FOR SHORECREST GRADS. YEAR AFTER YEAR, ALUMNI COME BACK TO EXTOL THE VIRTUES OF THEIR SHORECREST EXPERIENCE AND SHARE THEIR SUCCESSES WITH THEIR FORMER TEACHERS, COACHES AND DIRECTORS. A SHORECREST EDUCATION ENSURES THAT STUDENTS ARE READY TO THRIVE IN UNIVE
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IRS990/MissionDesc0A COLLEGE PREPARATORY SCHOOL THAT EDUCATES A DIVERSE COMMUNITY OF STUDENTS TO BECOME LIFELONG LEARNERS IN THE PURSUIT OF PERSONAL AND ACADEMIC EXCELLENCE, PHYSICAL WELL-BEING, CREATIVE ACHIEVEMENT AND THE DEVELOPMENT OF A COMMITMENT TO SOCIAL RESPONSIBILITY.
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