Civic Intelligence

Venture Academy

990 • Fiscal year 2021 • EIN 26-0379892

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 24, 2022

495 North 1500 WestMarriottslaterville, UT 84404

(801) 393-3900

Siviq Scores

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

Liabilities / Assets

87th percentile

0.76x

Higher debt load relative to assets than 87% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.73x

Higher debt load relative to revenue than 87% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

43rd percentile

8.8%

Higher net margin than 43% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

33rd percentile

$128,851

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Assets

$16,056,916

No earlier filing loaded for comparison.

Net Assets

$3,830,075

No earlier filing loaded for comparison.

Liabilities

$12,226,841

No earlier filing loaded for comparison.

Revenue

$7,087,990

No earlier filing loaded for comparison.

Expenses

$6,460,922

No earlier filing loaded for comparison.

Net Income

$627,068

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.

$20M$15M$10M$5.0M$0Assets 2021: $16,056,916Liabilities 2021: $12,226,841Net Assets 2021: $3,830,0752021Assets 2022: $16,214,185Liabilities 2022: $11,828,152Net Assets 2022: $4,386,0332022

Highlighted filing

2021

Assets$16,056,916
Liabilities$12,226,841
Net Assets$3,830,075

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Revenue 2021: $7,087,990Expenses 2021: $6,460,922Net Income 2021: $627,0682021Revenue 2022: $7,490,337Expenses 2022: $6,934,379Net Income 2022: $555,9582022

Highlighted filing

2021

Revenue$7,087,990
Expenses$6,460,922
Net Income$627,068
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 24, 2022
Return Version
2020v4.2
Gross Receipts
$7,144,430
Mission and Program Overview

Mission

Inspire the rising generation to reach the heights of their potential, ignite their curiosity to venture into challenging new learning experiences, and through service, empower them to be leaders who are committed to family and community ... Then they can achieve their dreams and shape their world.

Educate our students according to the mission statement and to provide innovative and effective learning for students and help prepare them for life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$11,634,478$11,384,807▼ $249,671
Savings and Temporary Cash Investments$6,630$2,953,700▲ $2,947,070
Cash and Non-Interest-Bearing Accounts$3,926,624$1,349,639▼ $2,576,985
Pledges and Grants Receivable-$355,670-
Prepaid Expenses and Deferred Charges-$6,898-
Accounts Receivable$248,079$6,202▼ $241,877
Total Assets$15,815,811$16,056,916▲ $241,105
Liabilities
Tax Exempt Bond Liabilities-$6,410,195-
Mortgage Notes Payable Secured by Investment Property$11,705,699$5,327,643▼ $6,378,056
Accounts Payable and Accrued Expenses$462,927$489,003▲ $26,076
Deferred Revenue$21,164--
Total Liabilities$12,189,790$12,226,841▲ $37,051
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,626,021$2,834,241▼ $791,780
Net Assets With Donor Restrictions-$995,834-
Total Net Assets Fund Balance$3,626,021$3,830,075▲ $204,054
Total Liabilities and Net Assets / Fund Balance$15,815,811$16,056,916▲ $241,105

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,909,242$2,833,069$12,742,311
Land$1,261,399-$1,261,399
Equipment$191,391$184,981$376,372
Other Land Buildings$22,775$26,097$48,872
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Mark ChildExecutive DirectorFT$128,851$128,851

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$6,962,375
Program Service Revenue
$53,231
Investment Income
$72,384
Other Revenue
$0
All Other Contributions
$47,762
Change in Net Assets
$627,068

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,087,990
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$7,087,990
Total Revenue per Form 990
$7,087,990
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,485,589
Other Expenses$1,975,333
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,367,074--$3,367,074
Other Employee Benefits$512,237--$512,237
Depreciation Depletion$361,743--$361,743
Interest$342,041--$342,041
Payroll Taxes$266,937--$266,937
Pension Plan Contributions$178,071--$178,071
Current Officers, Directors, Trustees, and Key Employees$161,270--$161,270
Occupancy$159,515--$159,515
Information Technology$128,590--$128,590
Fees for Services Other$108,072--$108,072
Fees for Services Management$79,560--$79,560
Office Expenses$45,077--$45,077
Insurance$33,397--$33,397
Other Expenses$22,680--$22,680
Fees for Services Accounting-$10,780-$10,780
Advertising$3,955--$3,955
Travel$1,567--$1,567
Total Functional Expenses$6,450,142$10,780$0$6,460,922

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,460,922
Total Expenses per Audited Statements$6,460,922
Total Expenses per Form 990$6,460,922
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
AUtah Charter School Finance Authority2014-11-06$7,219,149Proceeds used to refund 2018 bond and to purchase land and building.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$7,101,424$6,559,241$1,509,149$123,183

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
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 B, Line 11B

Reviewed by outside consultant and the board's finance committee for correctness.

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

Monitored by the executive director and board annually.

Form 990, Part VI, Section B, Line 15

All employee compensation is based on approved pay scales which are reviewed annually.

Form 990, Part VI, Section C, Line 19

Governing board documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Venture Academy
EIN
26-0379892
Phone
8013933900
Address
495 NORTH 1500 WEST, MARRIOTTSLATERVILLE, UT 84404

Signing Officer

Name
Steven Finley
Title
Business Manager
Phone
8013933900
Signed
2022-03-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Child
Formed
2008
Legal Domicile
Ut
Voting Board Members
6
Independent Board Members
6
Employees
165
Volunteers
76

Preparer

Firm
Eide Bailly Llp
Address
5929 FASHION POINT DR STE 300, OGDEN, UT 84403-4684
Preparer
Chett Campbell CPA
Phone
8016211575
Supplemental Narrative

Additional Explanations

Form 990, Part V, Line 3B

All revenue is derived from related business activities.

FORM 990, PART XI, LINE 9:

Fasb to gasb adjustment -423,014.

Financial Statement Notes

Change in Accounting Framework

Utah house bill 242 (h.b. 242) was passed in 2020 and requires utah charter schools to report under the governmental accounting standards board (gasb) framework. As a result of implementing the financial reporting requirements of h.b. 242, the school has converted the financial statement presentation of the school's financial statements and related disclosures to be presented in accordance with the gasb financial reporting framework. Previously, the school prepared financial statements under the financial accounting standards board (fasb) framework.

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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt026097
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt048872
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt07087990
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0UTAH HOUSE BILL 242 (H.B. 242) WAS PASSED IN 2020 AND REQUIRES UTAH CHARTER SCHOOLS TO REPORT UNDER THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) FRAMEWORK. AS A RESULT OF IMPLEMENTING THE FINANCIAL REPORTING REQUIREMENTS OF H.B. 242, THE SCHOOL HAS CONVERTED THE FINANCIAL STATEMENT PRESENTATION OF THE SCHOOL'S FINANCIAL STATEMENTS AND RELATED DISCLOSURES TO BE PRESENTED IN ACCORDANCE WITH THE GASB FINANCIAL REPORTING FRAMEWORK. PREVIOUSLY, THE SCHOOL PREPARED FINANCIAL STATEMENTS UNDER THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) FRAMEWORK.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0CHANGE IN ACCOUNTING FRAMEWORK
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011384807
IRS990ScheduleD/TotalExpensesPerForm990Amt06460922
IRS990ScheduleD/TotalRevenuePerForm990Amt07087990
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07087990
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt06460922
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd00
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION RECEIVES STATE AND FEDERAL FUNDING TO OPERATE THE SCHOOL.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION RECEIVES STATE AND FEDERAL FUNDING TO OPERATE THE SCHOOL.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 6
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1LINE 6A
IRS990/ScheduleJRequiredInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd01
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0ISSUER NAME: UTAH CHARTER SCHOOL FINANCE AUTHORITY DATE THE REBATE COMPUTATION WAS PERFORMED: 01/02/2022
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0DATE REBATE COMPUTATION PERFORMED
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02014-11-06
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0261275269
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum091754TKA0
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt07219149
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0UTAH CHARTER SCHOOL FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0PROCEEDS USED TO REFUND 2018 BOND AND TO PURCHASE LAND AND BUILDING.
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd01
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct00.00000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt0117725
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt0419000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0123183
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt06559241
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RetiredAmt01509149
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02014
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt07101424
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL REVENUE IS DERIVED FROM RELATED BUSINESS ACTIVITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1REVIEWED BY OUTSIDE CONSULTANT AND THE BOARD'S FINANCE COMMITTEE FOR CORRECTNESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MONITORED BY THE EXECUTIVE DIRECTOR AND BOARD ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL EMPLOYEE COMPENSATION IS BASED ON APPROVED PAY SCALES WHICH ARE REVIEWED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING BOARD DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FASB TO GASB ADJUSTMENT -423,014.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART V, LINE 3B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0UT
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt06410195
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt015815811
IRS990/TotalAssetsEOYAmt016056916
IRS990/TotalAssetsGrp/BOYAmt015815811
IRS990/TotalAssetsGrp/EOYAmt016056916
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt06962375
IRS990/TotalEmployeeCnt0165
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt010780
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt06450142
IRS990/TotalFunctionalExpensesGrp/TotalAmt06460922
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt012189790
IRS990/TotalLiabilitiesEOYAmt012226841
IRS990/TotalLiabilitiesGrp/BOYAmt012189790
IRS990/TotalLiabilitiesGrp/EOYAmt012226841
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03626021
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03830075

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