Civic Intelligence

Innovations Public Charter School Foundation

990 • Fiscal year 2017 • EIN 30-0218474

Jul 01, 2016 to Jun 30, 2017 • Filed on Nov 07, 2017

Organization ProfileIPCS.INFO/FOUNDATION
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.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

96th percentile

9.90x

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

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

74th percentile

15%

Higher net margin than 74% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

53rd percentile

$127,015

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 29.4% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

28th percentile

-1.6%

Faster asset growth than 28% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

69th percentile

15%

Faster revenue growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets81st percentile

Assets

Down

$6,689,652

Down $107,313 (-1.6%) from 2016

Net Assets

Up

$2,420,515

Up $66,392 (+2.8%) from 2016

Liabilities

Down

$4,269,137

Down $173,705 (-3.9%) from 2016

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin74th percentile

Revenue

Up

$431,300

Up $54,795 (+15%) from 2016

Expenses

Up

$364,908

Up $215,478 (+144%) from 2016

Net Income

Down

$66,392

Down $160,683 (-71%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth28th 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 2017: $6,689,652Liabilities 2017: $4,269,137Net Assets 2017: $2,420,5152017Assets 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

2017

Assets$6,689,652
Liabilities$4,269,137
Net Assets$2,420,515
Open 2017 Filing

Operations Trend

Revenue Growth69th 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 2017: $431,300Expenses 2017: $364,908Net Income 2017: $66,3922017Revenue 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

2017

Revenue$431,300
Expenses$364,908
Net Income$66,392
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Nov 7, 2017
Return Version
2016v3.0
Gross Receipts
$431,300
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$6,020,963$5,849,193▼ $171,770
Cash and Non-Interest-Bearing Accounts$771,255$778,343▲ $7,088
Accounts Receivable$2,500$60,000▲ $57,500
Prepaid Expenses and Deferred Charges$2,247$2,116▼ $131
Total Assets$6,796,965$6,689,652▼ $107,313
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,242,987$4,257,070▲ $14,083
Accounts Payable and Accrued Expenses$199,855$12,067▼ $187,788
Total Liabilities$4,442,842$4,269,137▼ $173,705
Net Assets / Fund Balance
Unrestricted Net Assets$2,354,123$2,420,515▲ $66,392
Total Net Assets Fund Balance$2,354,123$2,420,515▲ $66,392
Total Liabilities and Net Assets / Fund Balance$6,796,965$6,689,652▼ $107,313

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,112,143$660,782$5,772,925
Land$604,000-$604,000
Equipment$91,170$51,443$142,613
Other Land Buildings$41,880$95,627$137,507
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleOtherTotal
Jennifer HiroSecretary$127,015$127,015
Lee NelsonMember$106,858$106,858

Board Members and Trustees

NameTitle
Susan CarrollChair
Christina CollinsMember
Ed RapozaMember
Jason Ikaika HauanioMember
Kimberly YamasakiMember
Rebecca MortonMember
William WongTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$11,300
Program Service Revenue
$420,000
Investment Income
$0
Other Revenue
$0
All Other Contributions
$8,175
Change in Net Assets
$66,392

Audited Revenue Reconciliation

Revenue per Audited Statements
$431,300
Revenue Not Reported on Form 990
$20,000
Total Revenue per Audited Statements
$451,300
Total Revenue per Form 990
$431,300
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$353,783
Grants and Similar Amounts Paid$11,125
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$171,770--$171,770
Interest$148,501--$148,501
Insurance$13,173--$13,173
Grants to Domestic Orgs$11,125--$11,125
Fees for Services Accounting$9,445--$9,445
Occupancy$8,309--$8,309
Fees for Services Other$2,585--$2,585
Total Functional Expenses$364,908$0$0$364,908

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$384,908
Expenses per Audited Statements$364,908
Total Expenses per Form 990$364,908
Expenses Not Reported on Form 990$20,000
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Innovations Public Charter SchoolKailuakona, HIGovSupport$11,125
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
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
2017-11-07

Organization Details

Principal Officer
Susan Carroll
Formed
2003
Legal Domicile
Hi
Voting Board Members
9
Independent Board Members
7
Employees
0
Volunteers
75

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, Part XI, Line 9

“In kind services 20,000 in kind services -20,000”

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, 2017. 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 hawaii. The organization is generally no longer subject to examination by the internal revenue service for years before 2014.”

Schedule D, Page 4, Part XI, Line 2D

“IN KIND SERVICES 20,000”

Schedule D, Page 4, Part XII, Line 2D

“IN KIND SERVICES 20,000”

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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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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, 2017. 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 HAWAII. THE ORGANIZATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2014.
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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.
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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.
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,689,652
Liabilities
$4,269,137
Net assets
$2,420,515
Revenue
$431,300
Expenses
$364,908
Net income
$66,392
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
2017Detailed filing. Detailed filing data is available for this year.$6.69$4.27$2.42$0.43$0.36$0.07
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