Civic Intelligence

Pearl Academy Inc

990 • Fiscal year 2015 • EIN 27-4384610

Jul 01, 2014 to Jun 30, 2015 • Filed on Apr 04, 2016

Organization ProfileWWW.HOPE-ACADEMIES.COM
4850 Pearl RoadCleveland, OH 44109

(216) 741-2991

Siviq Scores

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

Liabilities / Assets

100th percentile

11.21x

Higher debt load relative to assets than 100% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

84th percentile

0.92x

Higher debt load relative to revenue than 84% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Net Margin

53rd percentile

3.6%

Higher net margin than 53% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

35th percentile

$3,250

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2015

Asset Growth

Score unavailable

No value available

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

Source year 2015

Revenue Growth

Score unavailable

No value available

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

Source year 2015

Balance Sheet
Liabilities / Assets100th percentile

Assets

$293,932

No earlier filing loaded for comparison.

Net Assets

-$3,001,741

No earlier filing loaded for comparison.

Liabilities

$3,295,673

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue84th percentileNet Margin53rd percentile

Revenue

$3,571,739

No earlier filing loaded for comparison.

Expenses

$3,442,167

No earlier filing loaded for comparison.

Net Income

$129,572

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MAssets 2015: $293,932Liabilities 2015: $3,295,673Net Assets 2015: -$3,001,7412015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2015

Assets$293,932
Liabilities$3,295,673
Net Assets-$3,001,741
Open 2015 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2015: $3,571,739Expenses 2015: $3,442,167Net Income 2015: $129,5722015Revenue 2016: $2,538,470Expenses 2016: $2,583,898Net Income 2016: -$45,4282016

Highlighted filing

2015

Revenue$3,571,739
Expenses$3,442,167
Net Income$129,572
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Apr 4, 2016
Return Version
2014v6.0
Gross Receipts
$3,571,739
Mission and Program Overview

Mission

"it is our mission to provide an effective, consistent, and academically rigorous education in a safe, disciplined, and nuturing environment. We will empower students to reach their fullest potential by implementing a comprehensive curriculum facilitated by highly effective educators in collaboration with families and the community, and supported by progressive technology."

To provide a high quality alternative education opportunity for children ages 5-14, grades k-8.

Balance Sheet Detail
LineBeginningEndChange
Assets
Prepaid Expenses and Deferred Charges-$208,288-
Cash and Non-Interest-Bearing Accounts$15,151$45,304▲ $30,153
Pledges and Grants Receivable$119,027$39,450▼ $79,577
Accounts Receivable-$890-
Total Assets$134,178$293,932▲ $159,754
Liabilities
Other Liabilities$0$2,767,970▲ $2,767,970
Deferred Revenue-$500,664-
Grants Payable$98,983$24,134▼ $74,849
Accounts Payable and Accrued Expenses-$2,905-
Total Liabilities$98,983$3,295,673▲ $3,196,690
Net Assets / Fund Balance
Unrestricted Net Assets$35,195$-3,001,741▼ $3,036,936
Total Net Assets Fund Balance$35,195$-3,001,741▼ $3,036,936
Total Liabilities and Net Assets / Fund Balance$134,178$293,932▲ $159,754
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleBaseTotal
David SalinasSecretary$3,250$3,250
Kim HenryTreasurer$3,250$3,250
Caroline GioittaPresident$3,000$3,000
Twannia AllenBoard Member$2,750$2,750
Cynthia WestonVice President$2,500$2,500

Board Members and Trustees

NameTitle
Jeff FosterFiscal Officer

Highest Paid Contractors

ContractorServicesLocationCompensation
Seneca Community School LLCEducational Management121 SOUTH MAIN ST SUITE 200, Akron, OH 44308$3,422,288
Revenue and Support

Revenue Composition

Contributions and Grants
$3,563,729
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$8,010
Change in Net Assets
$129,572

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,571,739
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,571,739
Total Revenue per Form 990
$3,571,739
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,351,377
Salaries, Compensation, and Employee Benefits$90,790
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$3,240,086--$3,240,086
Pension Plan Contributions$76,040--$76,040
Current Officers, Directors, Trustees, and Key Employees-$14,750-$14,750
Fees for Services Accounting-$12,936-$12,936
Insurance-$7,172-$7,172
Fees for Services Legal-$4,438-$4,438
Advertising$623--$623
Other Expenses-$372-$372
Total Functional Expenses$3,316,749$125,418$0$3,442,167

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,442,167
Total Expenses per Audited Statements$3,442,167
Total Expenses per Form 990$3,442,167
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

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$2,767,970
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 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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The school contracts with seneca community school, llc for most of its functions. Seneca community, llc is responsible and accountable to the school's board of directors for the administration and operation of the school. The school is required to pay seneca community, llc a monthly continuing fee of 95 percent of the school's "qualified gress revenues and seneca community , llc is responsible for all costs incurred in providing the educational program at the school. While control over the management duties of the school has been delegated to seneca community, llc by virtue of the management agreement, the governing authority still has the overall responsibility to oversee the accounting procedures.”

Form 990, Part VI, Section B, Line 11

“A copy of the completed form 990 is sent to the board president and fiscal officer to be reviewed and signed before filing.”

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

“The governing authority reviews the conflict of interest policy annually.”

Form 990, Part VI, Section C, Line 19

“Upon written or verbal request, documents are made available to the public. However, for the end of the year unaudited financials, a public notice is placed in the local papers stating that the unaudited financials are availale for review.”

Filing and Contact Details

Filer

Filer Name
Pearl Academy Inc
EIN
27-4384610
Phone
2167412991
Address
4850 PEARL ROAD, CLEVELAND, OH 44109

Signing Officer

Name
Caroline Gioitta
Title
President
Phone
2167412991
Signed
2016-04-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Caroline Gioitta
Formed
2011
Legal Domicile
Oh
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Rea & Associates Inc
Address
941 STEUBENVILLE AVE PO BOX 820, CAMBRIDGE, OH 43725-0820
Preparer
Mary Elizabeth Wright CPA
Phone
7404325658
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Prior period adjustment due to adoption of gasb 68 -3,166,508.”

Form 990, Part XI, Line 2C

“The organization does have a committee that assumes oversight responsibility of the audit, review of its financial statements, and selection of an independent accountant. This has not changed since the prior year.”

Financial Statement Notes

PART X, LINE 2:

“This is a governmental enterprise- fin 48 does not apply.”

Raw XML Appendix391 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0A STATEMENT READING "ALL EDUCATIONAL PROGRAMS ARE AVAILABLE WITHOUT REGARD TO RACE, COLOR, NATIONAL ORIGIN, SEX OR DISABILITY" IS ALWAYS INCLUDED. THIS STATEMENT IS PUBLISHED IN THE PARENT/STUDENT HANDBOOK, BOARD POLICY BOOK AND ON THE WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DOES NOT PROVIDE SCHOLARSHIPS OR FINANCIAL ASSISTANCE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL CURRENTLY PARTICIPATES IN THE STATE FUNDATION PROGRAM AND CASINO TAX DISTRIBUTIONS. REVENUES RECEIVED FROM THIS PROGRAM ARE RECOGNIZED AS OPERATING REVENUES IN THE ACCOUNTING PERIOD IN WHICH ALL ELIGIBILITY REQUIREMENTS HAVE BEEN MET. THE SCHOOL ALSO PARTICIPATES IN THE FEDERAL CHARTER SCHOOL GRANT PROGRAM THROUGH THE OHIO DEPARTMENT OF EDUCATION.
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL CONTRACTS WITH SENECA COMMUNITY SCHOOL, LLC FOR MOST OF ITS FUNCTIONS. SENECA COMMUNITY, LLC IS RESPONSIBLE AND ACCOUNTABLE TO THE SCHOOL'S BOARD OF DIRECTORS FOR THE ADMINISTRATION AND OPERATION OF THE SCHOOL. THE SCHOOL IS REQUIRED TO PAY SENECA COMMUNITY, LLC A MONTHLY CONTINUING FEE OF 95 PERCENT OF THE SCHOOL'S "QUALIFIED GRESS REVENUES AND SENECA COMMUNITY , LLC IS RESPONSIBLE FOR ALL COSTS INCURRED IN PROVIDING THE EDUCATIONAL PROGRAM AT THE SCHOOL. WHILE CONTROL OVER THE MANAGEMENT DUTIES OF THE SCHOOL HAS BEEN DELEGATED TO SENECA COMMUNITY, LLC BY VIRTUE OF THE MANAGEMENT AGREEMENT, THE GOVERNING AUTHORITY STILL HAS THE OVERALL RESPONSIBILITY TO OVERSEE THE ACCOUNTING PROCEDURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE COMPLETED FORM 990 IS SENT TO THE BOARD PRESIDENT AND FISCAL OFFICER TO BE REVIEWED AND SIGNED BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING AUTHORITY REVIEWS THE CONFLICT OF INTEREST POLICY ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UPON WRITTEN OR VERBAL REQUEST, DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC. HOWEVER, FOR THE END OF THE YEAR UNAUDITED FINANCIALS, A PUBLIC NOTICE IS PLACED IN THE LOCAL PAPERS STATING THAT THE UNAUDITED FINANCIALS ARE AVAILALE FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PRIOR PERIOD ADJUSTMENT DUE TO ADOPTION OF GASB 68 -3,166,508.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION DOES HAVE A COMMITTEE THAT ASSUMES OVERSIGHT RESPONSIBILITY OF THE AUDIT, REVIEW OF ITS FINANCIAL STATEMENTS, AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS HAS NOT CHANGED SINCE THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 2C
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0BROADWAY ACADEMY INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0274385313
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03398 EAST 55TH ST
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0CLEVELAND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd044127
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0134178
IRS990/TotalAssetsEOYAmt0293932
IRS990/TotalAssetsGrp/BOYAmt0134178
IRS990/TotalAssetsGrp/EOYAmt0293932
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03563729
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0125418
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03316749
IRS990/TotalFunctionalExpensesGrp/TotalAmt03442167
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt098983
IRS990/TotalLiabilitiesEOYAmt03295673
IRS990/TotalLiabilitiesGrp/BOYAmt098983
IRS990/TotalLiabilitiesGrp/EOYAmt03295673
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt035195
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-3001741
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03316749
IRS990/TotalReportableCompFromOrgAmt014750
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt08010
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03571739
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0134178
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0293932
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt035195
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-3001741
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04850 PEARL ROAD
IRS990/USAddress/CityNm0CLEVELAND
IRS990/USAddress/StateAbbreviationCd0OH
IRS990/USAddress/ZIPCd044109
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0WWW.HOPE-ACADEMIES.COM
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0CAROLINE GIOITTA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02167412991
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-04-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PEARL ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0PEAR
ReturnHeader/Filer/EIN0274384610
ReturnHeader/Filer/PhoneNum02167412991
ReturnHeader/Filer/USAddress/AddressLine1Txt04850 PEARL ROAD
ReturnHeader/Filer/USAddress/CityNm0CLEVELAND
ReturnHeader/Filer/USAddress/StateAbbreviationCd0OH
ReturnHeader/Filer/USAddress/ZIPCd044109
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0341310124
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0REA & ASSOCIATES INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0941 STEUBENVILLE AVE PO BOX 820
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CAMBRIDGE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0OH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0437250820
ReturnHeader/PreparerPersonGrp/PhoneNum07404325658
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARY ELIZABETH WRIGHT CPA
ReturnHeader/ReturnTs02016-04-04T08:26:42-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$293,932
Liabilities
$3,295,673
Net assets
-$3,001,741
Revenue
$3,571,739
Expenses
$3,442,167
Net income
$129,572
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$2.54$2.58$0.05
2015Detailed filing. Detailed filing data is available for this year.$0.29$3.30$3.00$3.57$3.44$0.13