Civic Intelligence

Shpa Abc Building Company

990 • Fiscal year 2023 • EIN 30-0961319

Jul 01, 2022 to Jun 30, 2023 • Filed on May 06, 2024

8600 Bloomington Avenue SouthBloomington, MN 55425

(651) 287-0890

Siviq Scores

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

Liabilities / Assets

95th percentile

1.04x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

97th percentile

14.30x

Higher debt load relative to revenue than 97% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

60th percentile

8.1%

Higher net margin than 60% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

21st percentile

$94,892

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 9.6% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

25th percentile

-1.2%

Faster asset growth than 25% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

48th percentile

4.3%

Faster revenue growth than 48% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Down

$13,620,725

Down $158,746 (-1.2%) from 2022

Net Assets

Up

-$557,819

Up $80,361 (+13%) from 2022

Liabilities

Down

$14,178,544

Down $239,107 (-1.7%) from 2022

Revenue

Up

$991,836

Up $41,222 (+4.3%) from 2022

Expenses

Down

$911,475

Down $29,639 (-3.1%) from 2022

Net Income

Up

$80,361

Up $70,861 (+746%) from 2022

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2017: $154,316Liabilities 2017: $161,866Net Assets 2017: -$7,5502017Assets 2018: $14,441,879Liabilities 2018: $15,153,379Net Assets 2018: -$711,5002018Assets 2019: $13,973,428Liabilities 2019: $14,688,807Net Assets 2019: -$715,3792019Assets 2020: $13,931,579Liabilities 2020: $14,587,024Net Assets 2020: -$655,4452020Assets 2021: $13,888,978Liabilities 2021: $14,536,658Net Assets 2021: -$647,6802021Assets 2022: $13,779,471Liabilities 2022: $14,417,651Net Assets 2022: -$638,1802022Assets 2023: $13,620,725Liabilities 2023: $14,178,544Net Assets 2023: -$557,8192023Assets 2024: $27,430,699Liabilities 2024: $29,534,175Net Assets 2024: -$2,103,4762024

Highlighted filing

2023

Assets$13,620,725
Liabilities$14,178,544
Net Assets-$557,819

Operations Trend

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

$4.0M$2.0M$0-$2.0MRevenue 2017: $0Expenses 2017: $7,550Net Income 2017: -$7,5502017Revenue 2018: $490,325Expenses 2018: $1,194,275Net Income 2018: -$703,9502018Revenue 2019: $969,771Expenses 2019: $973,650Net Income 2019: -$3,8792019Revenue 2020: $1,030,354Expenses 2020: $970,420Net Income 2020: $59,9342020Revenue 2021: $955,286Expenses 2021: $950,649Net Income 2021: $4,6372021Revenue 2022: $950,614Expenses 2022: $941,114Net Income 2022: $9,5002022Revenue 2023: $991,836Expenses 2023: $911,475Net Income 2023: $80,3612023Revenue 2024: $1,030,129Expenses 2024: $2,575,786Net Income 2024: -$1,545,6572024

Highlighted filing

2023

Revenue$991,836
Expenses$911,475
Net Income$80,361
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 6, 2024
Return Version
2022v5.0
Gross Receipts
$991,836
Mission and Program Overview

Mission

The organization was created as a vehicle to acquire a facility for seven hills preparatory academy, a mn public charter school.

To purchase, own, construct or lease a public schoolhouse on real estate for lease to seven hills preparatory academy, a mn public charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,496,729$12,278,972▼ $217,757
Savings and Temporary Cash Investments$1,282,742$1,341,753▲ $59,011
Cap Stk Tr Prin Current Funds$1,002,211$1,056,822▲ $54,611
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$-1,640,391$-1,614,641▲ $25,750
Total Assets$13,779,471$13,620,725▼ $158,746
Liabilities
Tax Exempt Bond Liabilities$13,280,000$13,255,000▼ $25,000
Mortgage Notes Payable Secured by Investment Property$685,000$470,000▼ $215,000
Other Liabilities$280,531$284,931▲ $4,400
Accounts Payable and Accrued Expenses$172,120$168,613▼ $3,507
Total Liabilities$14,417,651$14,178,544▼ $239,107
Net Assets / Fund Balance
Total Net Assets Fund Balance$-638,180$-557,819▲ $80,361
Total Liabilities and Net Assets / Fund Balance$13,779,471$13,620,725▼ $158,746

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$9,148,029$1,088,877$10,236,906
Land$2,890,000-$2,890,000
Equipment$240,943$36,382$277,325
Compensation and Service Providers

Employees

NameTitleFull / Part TimeOtherTotal
Ryan GrutschBoard ChairFT$94,892$94,892
Kate DockenTreasurerFT$93,638$93,638

Board Members and Trustees

NameTitle
Janeen RaaenSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$950,618
Investment Income
$41,218
Other Revenue
$0
Change in Net Assets
$80,361
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$911,475
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
Interest$689,318--$689,318
Depreciation Depletion$217,757--$217,757
Fees for Services Other-$4,400-$4,400
Total Functional Expenses$907,075$4,400$0$911,475
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 From Seven Hills Preparatory Academy$284,931

Bond Issues

BondIssuerIssuedIssue PricePurpose
CCity of Deephaven Minnesota2017-10-01$8,300,000Finance the acquisition, construction, improvement, & equipping of facility
BCity of Deephaven Minnesota2017-10-01$4,020,000Finance the acquisition, construction, improvement, & equipping of facility
ACity of Deephaven Minnesota2017-10-01$1,000,000Finance the acquisition, construction, improvement, & equipping of facility

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$8,300,000--$294,539
B$4,020,000--$142,656
A$1,000,000--$35,487

Bond Financing Compliance

No rebate due
Yes
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
No
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The sole member of shpa abc is seven hills preparatory academy.

Form 990, Part VI, Section A, Line 7A

Seven hills preparatory academy, as the sole member, has the power to remove or appoint directors of shpa abc.

Form 990, Part VI, Section A, Line 7B

The articles of incorporation shall not be amended without the written consent of seven hills preparatory academy.

Form 990, Part VI, Section A, Line 8B

There are no committees with the authority to act on behalf of the full board.

Form 990, Part VI, Section B, Line 11B

A draft of form 990 is reviewed by the finance committee, then sent to the board for review and approval.

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

All directors are required to submit an annual statement that discloses any relationships that may give rise to potential conflicts of interest. The board of directors and school administrators complete required training on what may constitute a conflict of interest and both review the conflict of interest annual statements and conflicts that arise during the year. Any director who has a potential conflict of interest in a transaction that is being contemplated by the board, or has a relationship with any person whom may be involved in such a transaction, must fully disclose to the board the existence of the interest or relationship. Individuals with potential conflicts of interest may not participate in the discussion nor the vote on the transaction. All proceedings related to conflicts of interest are noted in the meeting minutes.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request for the same period of disclosure as set forth in section 6104(d).

Filing and Contact Details

Filer

Filer Name
Shpa Abc Building Company
EIN
30-0961319
Phone
6512870890
Address
8600 BLOOMINGTON AVENUE SOUTH, BLOOMINGTON, MN 55425

Signing Officer

Name
Ryan Grutsch
Title
Board Chair
Phone
6512870890
Signed
2024-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ryan Grutsch
Formed
2006
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
1
Employees
0
Volunteers
1

Preparer

Firm
Creative Planning Tax LLC
Address
3800 AMERICAN BLVD WEST SUITE 1000, MINNEAPOLIS, MN 55431-4420
Preparer
Brent L Alexander CPA
Phone
9525636800
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

The academy is exempt from income taxes under section 501(c)(3) of the internal revenue code (irc). The academy is also exempt from minnesota franchise or income tax. The academy is required to assess whether an uncertain tax position exists and if there should be recognition of a related benefit or liability in the basic financial statements. The academy has determined there are no amounts to record as assets or liabilities related to uncertain tax positions.

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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02017-10-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12017-10-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22017-10-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0416005090
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1416005090
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN2416005090
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt01000000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt14020000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt28300000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0CITY OF DEEPHAVEN MINNESOTA
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1CITY OF DEEPHAVEN MINNESOTA
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt2CITY OF DEEPHAVEN MINNESOTA
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, & EQUIPPING OF FACILITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, & EQUIPPING OF FACILITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc2FINANCE THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, & EQUIPPING OF FACILITY
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd20
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd10
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd1B
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd20
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd20
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd20
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd20
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt0854428
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt13434802
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt27091756
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt1142656
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt2294539
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd20
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt01000000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt14020000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt28300000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt0110085
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt1442542
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt2913705
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SOLE MEMBER OF SHPA ABC IS SEVEN HILLS PREPARATORY ACADEMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SEVEN HILLS PREPARATORY ACADEMY, AS THE SOLE MEMBER, HAS THE POWER TO REMOVE OR APPOINT DIRECTORS OF SHPA ABC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ARTICLES OF INCORPORATION SHALL NOT BE AMENDED WITHOUT THE WRITTEN CONSENT OF SEVEN HILLS PREPARATORY ACADEMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE ARE NO COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE FULL BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4A DRAFT OF FORM 990 IS REVIEWED BY THE FINANCE COMMITTEE, THEN SENT TO THE BOARD FOR REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ALL DIRECTORS ARE REQUIRED TO SUBMIT AN ANNUAL STATEMENT THAT DISCLOSES ANY RELATIONSHIPS THAT MAY GIVE RISE TO POTENTIAL CONFLICTS OF INTEREST. THE BOARD OF DIRECTORS AND SCHOOL ADMINISTRATORS COMPLETE REQUIRED TRAINING ON WHAT MAY CONSTITUTE A CONFLICT OF INTEREST AND BOTH REVIEW THE CONFLICT OF INTEREST ANNUAL STATEMENTS AND CONFLICTS THAT ARISE DURING THE YEAR. ANY DIRECTOR WHO HAS A POTENTIAL CONFLICT OF INTEREST IN A TRANSACTION THAT IS BEING CONTEMPLATED BY THE BOARD, OR HAS A RELATIONSHIP WITH ANY PERSON WHOM MAY BE INVOLVED IN SUCH A TRANSACTION, MUST FULLY DISCLOSE TO THE BOARD THE EXISTENCE OF THE INTEREST OR RELATIONSHIP. INDIVIDUALS WITH POTENTIAL CONFLICTS OF INTEREST MAY NOT PARTICIPATE IN THE DISCUSSION NOR THE VOTE ON THE TRANSACTION. ALL PROCEEDINGS RELATED TO CONFLICTS OF INTEREST ARE NOTED IN THE MEETING MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D).
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0SEVEN HILLS PREPARATORY ACADEMY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0203107105
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0PUBLIC CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt08600 BLOOMINGTON AVE S
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BLOOMINGTON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055425
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00

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