Civic Intelligence

Legacy21 Inc.

990 • Fiscal year 2020 • EIN 27-4013601

Sep 01, 2019 to Aug 31, 2020 • Filed on Jul 15, 2021

Organization ProfileWWW.LEGACYPREPARATORY.COM

View Organization Page

9441 Lbj FreewayDallas, TX 75243

(469) 759-7529

Siviq Scores

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

Liabilities / Assets

90th percentile

0.94x

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

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

86th percentile

2.12x

Higher debt load relative to revenue than 86% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Net Margin

26th percentile

-2.7%

Higher net margin than 26% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

34th percentile

$190,567

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2020

Asset Growth

23rd percentile

-0.6%

Faster asset growth than 23% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Revenue Growth

78th percentile

20%

Faster revenue growth than 78% of similar nonprofits.

2020 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$40,681,015

Down $225,429 (-0.6%) from 2019

Net Assets

Down

$2,570,325

Down $488,873 (-16%) from 2019

Liabilities

Up

$38,110,690

Up $263,444 (+0.7%) from 2019

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin26th percentile

Revenue

Up

$17,941,832

Up $3,008,251 (+20%) from 2019

Expenses

Up

$18,430,705

Up $3,067,697 (+20%) from 2019

Net Income

Down

-$488,873

Down $59,446 (-14%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth23rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0-$20MAssets 2014: $517,325Liabilities 2014: $966,392Net Assets 2014: -$449,0672014Assets 2015: $751,371Liabilities 2015: $912,399Net Assets 2015: -$161,0282015Assets 2016: $1,280,920Liabilities 2016: $1,212,446Net Assets 2016: $68,4742016Assets 2017: $2,262,543Liabilities 2017: $1,468,134Net Assets 2017: $794,4092017Assets 2018: $40,741,591Liabilities 2018: $38,718,472Net Assets 2018: $2,023,1192018Assets 2019: $40,906,444Liabilities 2019: $37,847,246Net Assets 2019: $3,059,1982019Assets 2020: $40,681,015Liabilities 2020: $38,110,690Net Assets 2020: $2,570,3252020Assets 2021: $40,270,776Liabilities 2021: $36,425,285Net Assets 2021: $3,845,4912021Assets 2022: $40,073,655Liabilities 2022: $35,644,391Net Assets 2022: $4,429,2642022Assets 2024: $36,474,367Liabilities 2024: $34,680,009Net Assets 2024: $1,794,3582024

Highlighted filing

2020

Assets$40,681,015
Liabilities$38,110,690
Net Assets$2,570,325
Open 2020 Filing

Operations Trend

Revenue Growth78th percentile

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

$30M$20M$10M$0-$10MRevenue 2014: $8,584,233Expenses 2014: $8,801,522Net Income 2014: -$217,2892014Revenue 2015: $10,871,843Expenses 2015: $10,583,804Net Income 2015: $288,0392015Revenue 2016: $11,558,654Expenses 2016: $11,329,152Net Income 2016: $229,5022016Revenue 2017: $12,994,161Expenses 2017: $12,268,226Net Income 2017: $725,9352017Revenue 2018: $14,052,263Expenses 2018: $12,823,553Net Income 2018: $1,228,7102018Revenue 2019: $14,933,581Expenses 2019: $15,363,008Net Income 2019: -$429,4272019Revenue 2020: $17,941,832Expenses 2020: $18,430,705Net Income 2020: -$488,8732020Revenue 2021: $19,212,915Expenses 2021: $17,937,749Net Income 2021: $1,275,1662021Revenue 2022: $20,667,864Expenses 2022: $20,084,091Net Income 2022: $583,7732022Revenue 2024: $18,340,461Expenses 2024: $20,560,473Net Income 2024: -$2,220,0122024

Highlighted filing

2020

Revenue$17,941,832
Expenses$18,430,705
Net Income-$488,873
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Sep 1, 2019 to Aug 31, 2020
Signed
Jul 15, 2021
Return Version
2019v5.0
Gross Receipts
$17,941,832
Mission and Program Overview

Mission

Charter school- legacy preparatory has established a taskforce of educators, parents, and citizens who earnestly desire for students to receive a relevant and meaningful education.

The vision of Legacy Preparatory Charter Academy is that all LPCA schools will serve as a model school of excellence, addressing the needs of all school community stakeholders. The mission of Legacy Preparatory Charter Academy is to prepare all scholars to be college and career ready by giving them ownership of their own learning through the development of intellectual and emotional independence while instilling the values needed to propel them into becoming successful 21st century leaders.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$34,701,390$31,799,259▼ $2,902,131
Cash and Non-Interest-Bearing Accounts$3,907,004$4,279,050▲ $372,046
Savings and Temporary Cash Investments$550,158$2,285,371▲ $1,735,213
Intangible Assets-$1,440,115-
Accounts Receivable$1,740,323$751,439▼ $988,884
Prepaid Expenses and Deferred Charges$6,914$125,781▲ $118,867
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$40,906,444$40,681,015▼ $225,429
Other Assets Total$655$0▼ $655
Liabilities
Tax Exempt Bond Liabilities$36,896,318$36,537,240▼ $359,078
Unsecured Notes Loans Payable-$877,000-
Mortgage Notes Payable Secured by Investment Property$785,767$590,725▼ $195,042
Accounts Payable and Accrued Expenses$165,161$105,725▼ $59,436
Total Liabilities$37,847,246$38,110,690▲ $263,444
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,263,719$1,464,901▼ $798,818
Net Assets Without Donor Restrictions$795,479$1,105,424▲ $309,945
Total Net Assets Fund Balance$3,059,198$2,570,325▼ $488,873
Total Liabilities and Net Assets / Fund Balance$40,906,444$40,681,015▼ $225,429

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$28,154,873$2,132,859$30,287,732
Land$2,959,123-$2,959,123
Other Land Buildings$685,263$1,162,177$1,847,440
Compensation and Service Providers
Top Officer Pay34th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Rebecca GoodSuperintendentFT$161,640$28,927$190,567
Angela WillisDirector of FinanceFT$108,900$4,944$113,844

Board Members and Trustees

NameTitle
Byron RicksBoard President
Megan BauerBoard Member
Katrina MartinezMember
Vince VittatoeSecretary
Marc DesgravesTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Preferred Meal Systems INCFood Service4135 BIRNEY AVENUE, Moosic, PA 18507$480,809
Sharp Business SystemsNetwork Services1880 CROWN DRIVE 1210, Farmers Branch, TX 75234$170,181
Spectrum Businesscommunications701 CANYON DR, Coppel, TX 75019$114,032
Reachlocal INCMarketing21700 Oxnard Street Suite 1600, Woodland Hills, CA 91367$105,451
New Technology Network LLCProfessional Development952 School Street 311, Napa, CA 94559$100,900
Revenue and Support

Revenue Composition

Contributions and Grants
$17,684,818
Program Service Revenue
$246,294
Investment Income
$10,720
Other Revenue
$0
Change in Net Assets
$-488,873

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,941,832
Total Revenue per Audited Statements
$17,941,832
Total Revenue per Form 990
$17,941,832
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,920,703
Other Expenses$7,510,002
Total Fundraising Expense$3,101
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$7,857,566$1,580,958$3,000$9,441,524
Interest$1,970,712$503,810-$2,474,522
Fees for Services Other$964,983$614,189-$1,579,172
Depreciation Depletion$1,098,906$386,102-$1,485,008
Other Employee Benefits$592,895$125,505-$718,400
Occupancy$443,942$188,948-$632,890
Pension Plan Contributions$302,019$63,945$62$366,026
Current Officers, Directors, Trustees, and Key Employees$182,647$121,647-$304,294
Insurance$106,978$25,110-$132,088
Payroll Taxes$74,617$15,803$39$90,459
Travel$46,439$41,503-$87,942
Fees for Services Legal-$78,771-$78,771
Other Expenses$30,361$127,950-$30,361
Total Functional Expenses$14,359,154$4,068,450$3,101$18,430,705

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$18,430,705
Total Expenses per Audited Statements$18,430,705
Total Expenses per Form 990$18,430,705
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANew Hope Cultural Ed Facs2018-02-21$36,920,000Facilities and improvements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$37,244,205-$10,000$738,384

Bond Financing Compliance

No rebate due
No
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
No
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, Line 11B: Form 990 Review Process

“The organization's final form 990 including required schedules are distributed to each board member for review prior to the required filing date.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The organization's conflict of interest policy requires that each member of the board and employees comply with all applicable conflict of interest laws and rules. An individual is prohibited from participating in an administrative decision regarding a project funded through csp or federal funds if the decision is likely to benefit that person or an immediate family member. The superintendent shall ensure that all employees are in compliance with all conflict of interest laws and rules.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Compensation for the organization's superintendent and principal is determined after comprehensive searches of other comparable positions. The board's decisions are approved and documented contemporaneously.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Legacy21 Inc
EIN
27-4013601
Phone
4697597529
Address
9441 LBJ FREEWAY, DALLAS, TX 75243

Signing Officer

Name
Dr Rebecca Good
Title
Superintendent
Signed
2021-07-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Rebecca Good
Formed
2010
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
198
Volunteers
100

Preparer

Firm
Sutton Frost Cary LLP
Address
600 Six Flags Dr Suite 600, Arlington, TX 76011
Preparer
Carroll Elizabeth Arnott
Phone
8176498083
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Academy is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (Code) and has not been classified as a private foundation as defined in the Code. Income generated from activities unrelated to the Academys exempt purposes is subject to tax under Code Section 511. The Academy had no unrelated business income for the year ended August 31, 2020. Accordingly, no provision has been made for federal income tax. GAAP requires the evaluation of tax positions taken in the course of preparing the Academys tax returns and recognition of a tax liability (or asset) if the Academy has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Academy, and has concluded that as of August 31, 2020, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.”

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IRS990/Desc0ACADEMIC PROGRAM- LEGACY PREPARATORY IS A STATE ACCREDITED CHARTER SCHOOL DISTRICT THAT OPERATES KINDERGARTEN THROUGH NINTH GRADE. LEGACY OFFERS AN INNOVATIVE APPROACH TO INSTRUCTION AND CULTURE BY PROVIDING ITS STUDENTS WITH THE SMART USE OF TECHNOLOGY AND UNLIMITED ACCESS TO ONLINE RESOURCE SUPPORT. WITH THE LATEST IN COLLABORATIVE LEARNING TECHNOLOGY, LEGACY IS LASER FOCUSED ON ONE THING: TO PREPARE STUDENTS FOR A COLLEGE AND CAREER-READY FUTURE.
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IRS990/MissionDesc0The vision of Legacy Preparatory Charter Academy is that all LPCA schools will serve as a model school of excellence, addressing the needs of all school community stakeholders. The mission of Legacy Preparatory Charter Academy is to prepare all scholars to be college and career ready by giving them ownership of their own learning through the development of intellectual and emotional independence while instilling the values needed to propel them into becoming successful 21st century leaders.
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0125781
IRS990/PrincipalOfficerNm0DR REBECCA GOOD
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Academy is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code (Code) and has not been classified as a private foundation as defined in the Code. Income generated from activities unrelated to the Academys exempt purposes is subject to tax under Code Section 511. The Academy had no unrelated business income for the year ended August 31, 2020. Accordingly, no provision has been made for federal income tax. GAAP requires the evaluation of tax positions taken in the course of preparing the Academys tax returns and recognition of a tax liability (or asset) if the Academy has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. Management has analyzed the tax positions taken by the Academy, and has concluded that as of August 31, 2020, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0IN THE SCHOOL'S HANDBOOK AND THE FACT THEY ARE A PUBLIC SCHOOL IT IS DISCLOSED THEY HAVE A RACIALLY NONDISCRIMINATORY POLICY.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1STATE PROGRAM REVENUES DISTRIBUTED BY TEA.FEDERAL PROGRAM REVENUES DISTRIBUTED BY TEA.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
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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
$40,681,015
Liabilities
$38,110,690
Net assets
$2,570,325
Revenue
$17,941,832
Expenses
$18,430,705
Net income
-$488,873
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.5$34.7$1.79$18.3$20.6$2.22
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.1$35.6$4.43$20.7$20.1$0.58
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$40.3$36.4$3.85$19.2$17.9$1.28
2020Detailed filing. Detailed filing data is available for this year.$40.7$38.1$2.57$17.9$18.4$0.49
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.9$37.8$3.06$14.9$15.4$0.43
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.7$38.7$2.02$14.1$12.8$1.23
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.26$1.47$0.79$13.0$12.3$0.73
2016Detailed filing. Detailed filing data is available for this year.$1.28$1.21$0.07$11.6$11.3$0.23
2015Detailed filing. Detailed filing data is available for this year.$0.75$0.91$0.16$10.9$10.6$0.29
2014Detailed filing. Detailed filing data is available for this year.$0.52$0.97$0.45$8.58$8.80$0.22