Civic Intelligence

Innovations Public Charter School Foundation

990 • Fiscal year 2015 • EIN 30-0218474

Jul 01, 2014 to Jun 30, 2015 • Filed on Jan 14, 2016

Organization ProfileIPCS.INFO
75-5815 Queen Kaahumanu HwyKailua Kona, HI 96740

(808) 327-6205

Siviq Scores

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

Liabilities / Assets

81st percentile

0.64x

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

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

96th percentile

10.01x

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

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

91st percentile

48%

Higher net margin than 91% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

33rd percentile

$85,692

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 22.9% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

89th percentile

31%

Faster asset growth than 89% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

33rd percentile

-2.0%

Faster revenue growth than 33% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$5,864,200

Up $1,401,239 (+31%) from 2014

Net Assets

Up

$2,127,048

Up $179,615 (+9.2%) from 2014

Liabilities

Up

$3,737,152

Up $1,221,624 (+49%) from 2014

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin91st percentile

Revenue

Down

$373,400

Down $7,600 (-2.0%) from 2014

Expenses

Up

$193,785

Up $17,251 (+9.8%) from 2014

Net Income

Down

$179,615

Down $24,851 (-12%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$10M$5.0M$0Assets 2011: $2,936,837Liabilities 2011: $1,460,509Net Assets 2011: $1,476,3282011Assets 2014: $4,462,961Liabilities 2014: $2,515,528Net Assets 2014: $1,947,4332014Assets 2015: $5,864,200Liabilities 2015: $3,737,152Net Assets 2015: $2,127,0482015Assets 2016: $6,796,965Liabilities 2016: $4,442,842Net Assets 2016: $2,354,1232016Assets 2018: $6,772,105Liabilities 2018: $4,193,175Net Assets 2018: $2,578,9302018Assets 2019: $7,010,002Liabilities 2019: $4,253,191Net Assets 2019: $2,756,8112019Assets 2021: $7,217,141Liabilities 2021: $4,098,406Net Assets 2021: $3,118,7352021Assets 2022: $7,342,673Liabilities 2022: $4,017,180Net Assets 2022: $3,325,4932022Assets 2025: $8,043,411Liabilities 2025: $3,755,032Net Assets 2025: $4,288,3792025

Highlighted filing

2015

Assets$5,864,200
Liabilities$3,737,152
Net Assets$2,127,048
Open 2015 Filing

Operations Trend

Revenue Growth33rd percentile

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

$800K$600K$400K$200K$0Expenses 2011: $273,1902011Revenue 2014: $381,000Expenses 2014: $176,534Net Income 2014: $204,4662014Revenue 2015: $373,400Expenses 2015: $193,785Net Income 2015: $179,6152015Revenue 2016: $376,505Expenses 2016: $149,430Net Income 2016: $227,0752016Revenue 2018: $512,440Expenses 2018: $354,025Net Income 2018: $158,4152018Revenue 2019: $532,368Expenses 2019: $354,487Net Income 2019: $177,8812019Revenue 2021: $531,621Expenses 2021: $350,771Net Income 2021: $180,8502021Revenue 2022: $552,690Expenses 2022: $319,778Net Income 2022: $232,9122022Revenue 2025: $664,454Expenses 2025: $359,349Net Income 2025: $305,1052025

Highlighted filing

2015

Revenue$373,400
Expenses$193,785
Net Income$179,615
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Jan 14, 2016
Return Version
2014v6.0
Gross Receipts
$373,400
Mission and Program Overview

Mission

To provide facilities, raise funds for capital campaigns, seek contributions and preserve the endowment for innovations public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,745,299$5,182,608▲ $1,437,309
Cash and Non-Interest-Bearing Accounts$711,186$676,999▼ $34,187
Prepaid Expenses and Deferred Charges$1,976$2,593▲ $617
Total Assets$4,462,961$5,864,200▲ $1,401,239
Other Assets Total$4,500$2,000▼ $2,500
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,030,993$3,676,889▲ $1,645,896
Unsecured Notes Loans Payable$127,580--
Accounts Payable and Accrued Expenses$356,955$60,263▼ $296,692
Total Liabilities$2,515,528$3,737,152▲ $1,221,624
Net Assets / Fund Balance
Unrestricted Net Assets$1,925,013$2,127,048▲ $202,035
Temporarily Rstr Net Assets$22,420--
Total Net Assets Fund Balance$1,947,433$2,127,048▲ $179,615
Total Liabilities and Net Assets / Fund Balance$4,462,961$5,864,200▲ $1,401,239

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,732,459$44,805$2,777,264
Buildings$1,835,482$502,371$2,337,853
Land$604,000-$604,000
Equipment$10,667$24,502$35,169
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleOtherTotal
Jennifer HiroSecretary$85,692$85,692
Lee NelsonMember$84,708$84,708

Board Members and Trustees

NameTitle
Susan CarrollChair
Barbara WoernerMember
Ed RapozaMember
Jason Ikaika HauanioMember
Rebecca MortonMember
William WongTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Tinguely Development INCConstructionPO BOX 9013, Kailuakona, HI 96745$1,129,683
Broderson Landscape INCLandscaping73-897 KUPALOKE ST, Kailuakona, HI 96740$118,206
Revenue and Support

Revenue Composition

Contributions and Grants
$13,400
Program Service Revenue
$360,000
Investment Income
$0
Other Revenue
$0
All Other Contributions
$8,400
Change in Net Assets
$179,615

Audited Revenue Reconciliation

Revenue per Audited Statements
$373,400
Total Revenue per Audited Statements
$373,400
Total Revenue per Form 990
$373,400
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$180,785
Grants and Similar Amounts Paid$13,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$68,840--$68,840
Depreciation Depletion$64,404--$64,404
Occupancy$26,400--$26,400
Grants to Domestic Orgs$13,000--$13,000
Insurance$10,803--$10,803
Fees for Services Accounting$10,338--$10,338
Total Functional Expenses$193,785$0$0$193,785

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$193,785
Total Expenses per Audited Statements$193,785
Total Expenses per Form 990$193,785
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Innovations Public Charter SchoolKailuakona, HIGovSupport$13,000
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
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
No

Governance Explanations

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

“All board members and members of the governing body will review and approve the form 990.”

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

“Board members are asked to disclose any relationships with contractors hired when construction bidding takes place.”

Form 990, Page 6, Part VI, Line 19

“Governing documents and the form 990 are available upon request at the innovations public charter school office. The form 990 is also available on the guidestar website.”

Filing and Contact Details

Filer

Filer Name
Innovations Public Charter School
EIN
30-0218474
Phone
8083276205
Address
75-5815 QUEEN KAAHUMANU HWY, KAILUA KONA, HI 96740

Signing Officer

Name
Susan Carroll
Title
Chair
Phone
8083276205
Signed
2016-01-14

Organization Details

Principal Officer
Susan Carroll
Formed
2003
Legal Domicile
Hi
Voting Board Members
8
Independent Board Members
6
Employees
0
Volunteers
25

Preparer

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

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 applicable state law. 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 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. Examples of tax positions include the tax-exempt status of the organization and various positions related to the potential sources of unrelated business taxable income (ubit). The tax benefits recognized in the 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 the year ended june 30, 2014. The organization files its forms 990 in the u.s. Federal jurisdiction and the office of the state's attorney general for the state of hawai'i. The organization is generally no longer subject to examination by the internal revenue service for years before 2012.”

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IRS990ScheduleD/RevenueSubtotalAmt0373400
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE LAW. 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 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. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBIT). THE TAX BENEFITS RECOGNIZED IN THE 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 THE YEAR ENDED JUNE 30, 2014. THE ORGANIZATION FILES ITS FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND THE OFFICE OF THE STATE'S ATTORNEY GENERAL FOR THE STATE OF HAWAI'I. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2012.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION'S BOARD MEMBERS REVIEW ALL GRANT APPLICATIONS AND AWARD NOTICES TO ENSURE COMPLIANCE WITH INDIVIDUAL GRANT FUNDS. EACH INDIVIDUAL GRANT IS TRACKED AS AN INDEPENDENT CLASS WITHIN THE FOUNDATION'S ACCOUNTING SOFTWARE. ORIGINAL RECEIPTS ARE MAINTAINED FOR ALL EXPENDITURES. BOARD MEMBERS REVIEW FINAL GRANT AND FINANCIAL REPORTS FOR COMPLIANCE AND PROPER USE OF FUNDS.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE I, PAGE 1, PART I, LINE 2
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL BOARD MEMBERS AND MEMBERS OF THE GOVERNING BODY WILL REVIEW AND APPROVE THE FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS ARE ASKED TO DISCLOSE ANY RELATIONSHIPS WITH CONTRACTORS HIRED WHEN CONSTRUCTION BIDDING TAKES PLACE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS AND THE FORM 990 ARE AVAILABLE UPON REQUEST AT THE INNOVATIONS PUBLIC CHARTER SCHOOL OFFICE. THE FORM 990 IS ALSO AVAILABLE ON THE GUIDESTAR WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/AssetSaleToOtherOrgInd0false
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IRS990ScheduleR/SharingOfFacilitiesInd0false
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IRS990/WebsiteAddressTxt0IPCS.INFO
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/PersonNm0SUSAN CARROLL
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR

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
$5,864,200
Liabilities
$3,737,152
Net assets
$2,127,048
Revenue
$373,400
Expenses
$193,785
Net income
$179,615
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.04$3.76$4.29$0.66$0.36$0.31
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.34$4.02$3.33$0.55$0.32$0.23
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.22$4.10$3.12$0.53$0.35$0.18
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.01$4.25$2.76$0.53$0.35$0.18
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.77$4.19$2.58$0.51$0.35$0.16
2016Detailed filing. Detailed filing data is available for this year.$6.80$4.44$2.35$0.38$0.15$0.23
2015Detailed filing. Detailed filing data is available for this year.$5.86$3.74$2.13$0.37$0.19$0.18
2014Detailed filing. Detailed filing data is available for this year.$4.46$2.52$1.95$0.38$0.18$0.20
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.94$1.46$1.48$0.27