Civic Intelligence

Maui Preparatory Academy Foundation

990 • Fiscal year 2023 • EIN 27-2023362

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 23, 2024

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

68th percentile

0.30x

Higher debt load relative to assets than 68% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

95th percentile

4.84x

Higher debt load relative to revenue than 95% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

91st percentile

52%

Higher net margin than 91% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

26th percentile

-1.9%

Faster asset growth than 26% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

93rd percentile

111%

Faster revenue growth than 93% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets68th percentile

Assets

Down

$6,838,002

Down $129,583 (-1.9%) from 2022

Net Assets

Up

$4,758,910

Up $222,114 (+4.9%) from 2022

Liabilities

Down

$2,079,092

Down $351,697 (-14%) from 2022

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin91st percentile

Revenue

Up

$429,712

Up $225,970 (+111%) from 2022

Expenses

Down

$207,598

Down $7,272 (-3.4%) from 2022

Net Income

Up

$222,114

Up $233,242 (+2096%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth26th 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

2023

Assets$6,838,002
Liabilities$2,079,092
Net Assets$4,758,910
Open 2023 Filing

Operations Trend

Revenue Growth93rd 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

2023

Revenue$429,712
Expenses$207,598
Net Income$222,114
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 23, 2024
Return Version
2022v5.0
Gross Receipts
$429,712
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$6,967,585$6,838,002▼ $129,583
Total Assets$6,967,585$6,838,002▼ $129,583
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,395,190$2,043,493▼ $351,697
Other Liabilities$35,599$35,599→ $0
Total Liabilities$2,430,789$2,079,092▼ $351,697
Net Assets / Fund Balance
Net Assets With Donor Restrictions$4,540,000$4,540,000→ $0
Net Assets Without Donor Restrictions$-3,204$218,910▲ $222,114
Total Net Assets Fund Balance$4,536,796$4,758,910▲ $222,114
Total Liabilities and Net Assets / Fund Balance$6,967,585$6,838,002▼ $129,583

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,298,002$2,821,024$5,119,026
Land$4,540,000-$4,540,000
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
MA'ANN SABINODirector
Mary Anne Le VietDirector
Scott ShoemakerDirector
Nam Le VietPres/secreta
Mark MerrillTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$429,712
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$222,114
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$207,598
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
Depreciation Depletion$90,708$38,875-$129,583
Interest$54,610$23,405-$78,015
Total Functional Expenses$145,318$62,280$0$207,598
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

Other Reported Liabilities

LiabilityAmount
Due to Maui Preparatory Academy$35,599
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 2

“Nam leviet mary anne leviet pres/sec director married”

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
Pres/secretary
Phone
8086659966
Signed
2024-01-23
Discuss with paid preparer
Yes

Organization Details

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

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 combined 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 combined 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 2023 and 2022. The organization's forms 990, return of organization exempt from income tax, for the years ending 2020, 2021, and 2022 are subject to examination by the irs, generally for 3 years after they were filed.”

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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 COMBINED 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 COMBINED 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 2023 AND 2022. THE ORGANIZATION'S FORMS 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, FOR THE YEARS ENDING 2020, 2021, AND 2022 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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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/ExplanationTxt1NAM LEVIET MARY ANNE LEVIET PRES/SEC DIRECTOR MARRIED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS REVIEWED AND APPROVED BY THE BOARD TREASURER AND FINANCE COMMITTEE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE 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/ExplanationTxt4THE 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
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
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ReturnHeader/PreparerPersonGrp/PreparationDt02024-02-19
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0GRETCHEN KREMEYER
ReturnHeader/ReturnTs02024-02-19T12:56:37-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0NAM
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0LE VIET
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,838,002
Liabilities
$2,079,092
Net assets
$4,758,910
Revenue
$429,712
Expenses
$207,598
Net income
$222,114
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