Civic Intelligence

Maui Preparatory Academy Foundation

990 • Fiscal year 2020 • EIN 27-2023362

Jul 01, 2019 to Jun 30, 2020 • Filed on Apr 26, 2021

Organization Profile
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

74th percentile

0.47x

Higher debt load relative to assets than 74% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

2.69x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Net Margin

95th percentile

74%

Higher net margin than 95% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Top Officer Pay

67th percentile

$164,162

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 12.9% of source-year revenue.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2020

Asset Growth

22nd percentile

-1.8%

Faster asset growth than 22% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

116%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets74th percentile

Assets

Down

$7,226,752

Down $129,583 (-1.8%) from 2019

Net Assets

Up

$3,805,260

Up $946,208 (+33%) from 2019

Liabilities

Down

$3,421,492

Down $1,075,791 (-24%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin95th percentile

Revenue

Up

$1,271,674

Up $681,725 (+116%) from 2019

Expenses

Down

$325,466

Down $21,509 (-6.2%) from 2019

Net Income

Up

$946,208

Up $703,234 (+289%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

2020

Assets$7,226,752
Liabilities$3,421,492
Net Assets$3,805,260
Open 2020 Filing

Operations Trend

Revenue Growth94th percentile

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

2020

Revenue$1,271,674
Expenses$325,466
Net Income$946,208
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 26, 2021
Return Version
2019v5.0
Gross Receipts
$1,271,674
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$7,356,335$7,226,752▼ $129,583
Loans From Officers Directors$1,175,000$225,000▼ $950,000
Total Assets$7,356,335$7,226,752▼ $129,583
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,167,198$3,084,193▼ $83,005
Other Liabilities$155,085$112,299▼ $42,786
Total Liabilities$4,497,283$3,421,492▼ $1,075,791
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,540,000$4,540,400▲ $400
Net Assets Without Donor Restrictions$-1,680,948$-735,140▲ $945,808
Total Net Assets Fund Balance$2,859,052$3,805,260▲ $946,208
Total Liabilities and Net Assets / Fund Balance$7,356,335$7,226,752▼ $129,583

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,686,752$2,432,274$5,119,026
Land$4,540,000-$4,540,000
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleOtherTotal
Robert LandauDirector/hea$164,162$164,162

Board Members and Trustees

NameTitle
Nam Le VietPresident
Ralph PaisDirector
Scott ShoemakerDirector
Warren GibsonDirector
Robert LandauDirector/head of Sch
James BozichVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$650,000
Program Service Revenue
$621,674
Investment Income
$0
Other Revenue
$0
All Other Contributions
$650,000
Change in Net Assets
$946,208

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 Table5$650,000Book Value
Total Noncash Contributions5$650,000-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$325,466
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$137,118$58,765-$195,883
Depreciation Depletion$90,708$38,875-$129,583
Total Functional Expenses$227,826$97,640$0$325,466
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$1,175,000$225,000▼ $950,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Maui Preparatory Academy$112,299
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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
President
Phone
8086659966
Signed
2021-04-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nam Le Viet
Formed
2010
Legal Domicile
Hi
Voting Board Members
6
Independent Board Members
5
Employees
0
Volunteers
6

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 organization is exempt from federal income taxes under section 501(c) (3) of the internal revenue code and also from state of hawaii income taxes under section 237-23 (b) of the hawaii revised statutes. 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 2020 and 2019. The organization's forms 990, return of organization exempt from income tax, for the years ending 2017, 2018, and 2019 are subject to examination by the irs, generally for 3 years after they were filed.”

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO MAUI PREPARATORY ACADEMY
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE AND ALSO FROM STATE OF HAWAII INCOME TAXES UNDER SECTION 237-23 (B) OF THE HAWAII REVISED STATUTES. 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 2020 AND 2019. THE ORGANIZATION'S FORMS 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, FOR THE YEARS ENDING 2017, 2018, AND 2019 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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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0DIRECTOR/HEAD OF SCH
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0MACKIN FAMILY
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm1SHERRIE NARAYAN
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm2LISA GIBSON
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm3GREG HOWETH
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IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0DEBT FORGIVENES
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0BOOK VALUE
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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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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0EDUCATION
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
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IRS990ScheduleR/SharingOfFacilitiesInd0true
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IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt13309193
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalContributionsAmt0650000
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IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt097640
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0227826
IRS990/TotalFunctionalExpensesGrp/TotalAmt0325466
IRS990/TotalGrossUBIAmt00
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IRS990/TotReportableCompRltdOrgAmt0156066
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$7,226,752
Liabilities
$3,421,492
Net assets
$3,805,260
Revenue
$1,271,674
Expenses
$325,466
Net income
$946,208
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.71$0.04$6.67$2.06$0.14$1.91
2023Detailed filing. Detailed filing data is available for this year.$6.84$2.08$4.76$0.43$0.21$0.22
2022Detailed filing. Detailed filing data is available for this year.$6.97$2.43$4.54$0.20$0.21$0.01
2021Detailed filing. Detailed filing data is available for this year.$7.10$2.55$4.55$0.99$0.25$0.74
2020Detailed filing. Detailed filing data is available for this year.$7.23$3.42$3.81$1.27$0.33$0.95
2019Detailed filing. Detailed filing data is available for this year.$7.36$4.50$2.86$0.59$0.35$0.24