Civic Intelligence

Maui Preparatory Academy Foundation

990 • Fiscal year 2019 • EIN 27-2023362

Jul 01, 2018 to Jun 30, 2019 • Filed on Jun 24, 2020

4910 Honoapiilani HighwayLahaina, HI 96761

(808) 665-9966

Siviq Scores

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

Liabilities / Assets

81st percentile

0.61x

Higher debt load relative to assets than 81% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

96th percentile

7.62x

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

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

88th percentile

41%

Higher net margin than 88% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

33rd percentile

$85,216

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 14.4% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

Score unavailable

No value available

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

Source year 2019

Revenue Growth

Score unavailable

No value available

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

Source year 2019

Assets

$7,356,335

No earlier filing loaded for comparison.

Net Assets

$2,859,052

No earlier filing loaded for comparison.

Liabilities

$4,497,283

No earlier filing loaded for comparison.

Revenue

$589,949

No earlier filing loaded for comparison.

Expenses

$346,975

No earlier filing loaded for comparison.

Net Income

$242,974

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.

$8.0M$6.0M$4.0M$2.0M$0Assets 2019: $7,356,335Liabilities 2019: $4,497,283Net Assets 2019: $2,859,0522019Assets 2020: $7,226,752Liabilities 2020: $3,421,492Net Assets 2020: $3,805,2602020Assets 2021: $7,097,168Liabilities 2021: $2,549,244Net Assets 2021: $4,547,9242021Assets 2022: $6,967,585Liabilities 2022: $2,430,789Net Assets 2022: $4,536,7962022Assets 2023: $6,838,002Liabilities 2023: $2,079,092Net Assets 2023: $4,758,9102023Assets 2024: $6,708,419Liabilities 2024: $35,599Net Assets 2024: $6,672,8202024

Highlighted filing

2019

Assets$7,356,335
Liabilities$4,497,283
Net Assets$2,859,052

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2019: $589,949Expenses 2019: $346,975Net Income 2019: $242,9742019Revenue 2020: $1,271,674Expenses 2020: $325,466Net Income 2020: $946,2082020Revenue 2021: $994,005Expenses 2021: $251,341Net Income 2021: $742,6642021Revenue 2022: $203,742Expenses 2022: $214,870Net Income 2022: -$11,1282022Revenue 2023: $429,712Expenses 2023: $207,598Net Income 2023: $222,1142023Revenue 2024: $2,056,779Expenses 2024: $142,869Net Income 2024: $1,913,9102024

Highlighted filing

2019

Revenue$589,949
Expenses$346,975
Net Income$242,974
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jun 24, 2020
Return Version
2018v3.2
Gross Receipts
$589,949
Mission and Program Overview

Mission

Maui preparatory academy foundation holds the title to all land, buildings, and leasehold improvements used, or to be used, by maui preparatory academy. The foundation manages and makes available the land and buildings for educational activities. It engages in fundraising for the academy and oversees the implementation of a "school of the future- and other program.

Maui preparatory academy foundation holds the title to all land, buildings, and leasehold improvements used, or to be used, by maui preparatory academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,464,199$7,356,335▼ $107,864
Loans From Officers Directors$1,536,986$1,175,000▼ $361,986
Total Assets$7,464,199$7,356,335▼ $107,864
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,275,536$3,167,198▼ $108,338
Other Liabilities$35,599$155,085▲ $119,486
Total Liabilities$4,848,121$4,497,283▼ $350,838
Net Assets / Fund Balance
Permanently Rstr Net Assets$4,540,000$4,540,000→ $0
Unrestricted Net Assets$-1,923,922$-1,680,948▲ $242,974
Total Net Assets Fund Balance$2,616,078$2,859,052▲ $242,974
Total Liabilities and Net Assets / Fund Balance$7,464,199$7,356,335▼ $107,864

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,816,335$2,302,691$5,119,026
Land$4,540,000-$4,540,000
Compensation and Service Providers

Employees

NameTitleOtherTotal
Jonathan SilverDir./frmr He$85,216$85,216
Robert LandauDirector/hea$62,257$62,257

Board Members and Trustees

NameTitle
Corie BluhDirector
Janis CascoDirector
Michelle OttoDirector
Norm EstinDirector
Roy SakamotoDirector
Scott ShoemakerDirector
Warren GibsonDirector
Nam Le VietSecretary
Mark MerrillTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$271,149
Program Service Revenue
$318,800
Investment Income
$0
Other Revenue
$0
All Other Contributions
$250,000
Change in Net Assets
$242,974

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 Table1$250,000Actual
Other Non Cash Contri Table1$21,149Net Book Value
Total Noncash Contributions2$271,149-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$346,975
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$152,572$65,388-$217,960
Depreciation Depletion$90,310$38,705-$129,015
Total Functional Expenses$242,882$104,093$0$346,975
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$1,536,986$1,175,000▼ $361,986
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Maui Preparatory Academy$155,085
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The form 990 is reviewed and approved by the board treasurer and finance committee.

Form 990, Page 6, Part VI, Line 12C

The foundation regularly and consistently monitors and enforces compliance with their conflict of interest policy by having the foundation's members and executive committee communicate all potential conflict of interest concerns.

Form 990, Page 6, Part VI, Line 19

The foundation makes its governing documents, conflict of interest policies, forms 990, and financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Maui Preparatory Academy
EIN
27-2023362
Phone
8086659966
Address
4910 HONOAPIILANI HIGHWAY, LAHAINA, HI 96761

Signing Officer

Name
Nam Le Viet
Title
Secretary
Phone
8086659966
Signed
2020-06-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nam Le Viet
Formed
2010
Legal Domicile
Hi
Voting Board Members
10
Independent Board Members
9
Employees
0
Volunteers
9

Preparer

Firm
Carbonaro Cpas & Management Group
Address
1885 MAIN ST STE 408, WAILUKU, HI 96793
Preparer
Gretchen Kremeyer
Phone
8082425002
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Maui preparatory academy foundation holds the title to all land, buildings, and leasehold improvements used, or to be used, by maui preparatory academy. The foundation manages and makes available the land and buildings for educational activities. It engages in fundraising for the academy and oversees the implementation of a "school of the future- and other program.

Financial Statement Notes

Schedule D, Page 3, Part X

The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements. Under that guidance, the organization may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no unrecognized tax benefits identified or recorded as liabilities for fiscal year 2019 and 2018. The organization's forms 990, return of organization exempt from income tax, for the years ending 2016, 2017, and 2018 are subject to examination by the irs, generally for 3 years after they were filed.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE CONSOLIDATED FINANCIAL STATEMENTS. UNDER THAT GUIDANCE, THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE CONSOLIDATED FINANCIAL STATEMENTS FROM SUCH A POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED OR RECORDED AS LIABILITIES FOR FISCAL YEAR 2019 AND 2018. THE ORGANIZATION'S FORMS 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, FOR THE YEARS ENDING 2016, 2017, AND 2018 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR 3 YEARS AFTER THEY WERE FILED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0SCOTT SHOEMAKER
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1MACKIN FAMILY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2GRAHAM FAMILY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3DEAN OTTO
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm4SHERRIE NARAYAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm5PARIS NABIVI
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm6LISA GIBSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm7GREG HOWETH
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm8JIM FALK
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IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0DEBT FORGIVENES
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc1BLDG IMPROVE
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0ACTUAL
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MAUI PREPARATORY ACADEMY FOUNDATION HOLDS THE TITLE TO ALL LAND, BUILDINGS, AND LEASEHOLD IMPROVEMENTS USED, OR TO BE USED, BY MAUI PREPARATORY ACADEMY. THE FOUNDATION MANAGES AND MAKES AVAILABLE THE LAND AND BUILDINGS FOR EDUCATIONAL ACTIVITIES. IT ENGAGES IN FUNDRAISING FOR THE ACADEMY AND OVERSEES THE IMPLEMENTATION OF A "SCHOOL OF THE FUTURE- AND OTHER PROGRAM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED AND APPROVED BY THE BOARD TREASURER AND FINANCE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FOUNDATION REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY BY HAVING THE FOUNDATION'S MEMBERS AND EXECUTIVE COMMITTEE COMMUNICATE ALL POTENTIAL CONFLICT OF INTEREST CONCERNS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, FORMS 990, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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