Civic Intelligence

Fahari Academy Charter School

990 • Fiscal year 2017 • EIN 32-0279176

Jul 01, 2016 to Jun 30, 2017 • Filed on May 14, 2018

Organization ProfileWWW.FAHARIACADEMY.ORG
72 Veronica Place No 418Brooklyn, NY 11226

(718) 282-5139

Siviq Scores

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

Liabilities / Assets

87th percentile

0.34x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Liabilities / Revenue

95th percentile

0.91x

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

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Net Margin

3rd percentile

-241%

Higher net margin than 3% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Top Officer Pay

97th percentile

$79,000

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 70.2% of source-year revenue.

2017 filings • 501(c)3 • <$500k nonprofits • Source year 2017

Asset Growth

5th percentile

-71%

Faster asset growth than 5% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Revenue Growth

2nd percentile

-98%

Faster revenue growth than 2% of similar nonprofits.

2017 filings • 501(c)3 • <$500k nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets87th percentile

Assets

Down

$303,017

Down $748,966 (-71%) from 2016

Net Assets

Down

$200,120

Down $270,925 (-58%) from 2016

Liabilities

Down

$102,897

Down $478,041 (-82%) from 2016

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin3rd percentile

Revenue

Down

$112,508

Down $6,481,970 (-98%) from 2016

Expenses

Down

$383,433

Down $6,004,465 (-94%) from 2016

Net Income

Down

-$270,925

Down $477,505 (-231%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

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

$1.5M$1.0M$500K$0Assets 2010: $532,774Liabilities 2010: $110,340Net Assets 2010: $422,4342010Assets 2012: $1,234,469Liabilities 2012: $223,742Net Assets 2012: $1,010,7272012Assets 2013: $1,109,759Liabilities 2013: $332,590Net Assets 2013: $777,1692013Assets 2014: $1,221,325Liabilities 2014: $506,977Net Assets 2014: $714,3482014Assets 2015: $675,199Liabilities 2015: $410,734Net Assets 2015: $264,4652015Assets 2016: $1,051,983Liabilities 2016: $580,938Net Assets 2016: $471,0452016Assets 2017: $303,017Liabilities 2017: $102,897Net Assets 2017: $200,1202017

Highlighted filing

2017

Assets$303,017
Liabilities$102,897
Net Assets$200,120
Open 2017 Filing

Operations Trend

Revenue Growth2nd percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,437,9422010Expenses 2012: $3,618,9622012Expenses 2013: $5,396,5082013Revenue 2014: $6,668,557Expenses 2014: $6,731,378Net Income 2014: -$62,8212014Revenue 2015: $6,809,485Expenses 2015: $7,259,368Net Income 2015: -$449,8832015Revenue 2016: $6,594,478Expenses 2016: $6,387,898Net Income 2016: $206,5802016Revenue 2017: $112,508Expenses 2017: $383,433Net Income 2017: -$270,9252017

Highlighted filing

2017

Revenue$112,508
Expenses$383,433
Net Income-$270,925
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 14, 2018
Return Version
2016v3.0
Gross Receipts
$112,508
Mission and Program Overview

Mission

The charter school's mission is to serve grades five through twelve in the flatbush community. Fahari academy charter school educates, supports, challenges and trains scholars for success in college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$417,396$168,130▼ $249,266
Land, Buildings, and Equipment, Net$213,952$124,708▼ $89,244
Prepaid Expenses and Deferred Charges$9,982$8,000▼ $1,982
Pledges and Grants Receivable$409,647$2,179▼ $407,468
Savings and Temporary Cash Investments$1,006$0▼ $1,006
Total Assets$1,051,983$303,017▼ $748,966
Liabilities
Other Liabilities$251,430$0▼ $251,430
Accounts Payable and Accrued Expenses$111,084$54,617▼ $56,467
Deferred Revenue$218,424$48,280▼ $170,144
Total Liabilities$580,938$102,897▼ $478,041
Net Assets / Fund Balance
Unrestricted Net Assets$471,045$200,120▼ $270,925
Total Net Assets Fund Balance$471,045$200,120▼ $270,925
Total Liabilities and Net Assets / Fund Balance$1,051,983$303,017▼ $748,966

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$124,708$560,552$685,260
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Stephanie ClagnazPrincipalFT$79,000$79,000

Board Members and Trustees

NameTitle
Jason StarrBoard Chair
Christina Bonne-anneeVice Chair
Allison PierreTrustee
Elizabeth LenigTrustee
Thomas CampbellSecretary
Steven YaegerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$7,811
Program Service Revenue
$104,675
Investment Income
$22
Other Revenue
$0
Change in Net Assets
$-270,925
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$269,854
Salaries, Compensation, and Employee Benefits$113,579
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$77,642$11,602-$89,244
Other Salaries and Wages$47,975$19,380-$67,355
Other Employee Benefits$36,370$4,960-$41,330
Fees for Services Legal$30,383--$30,383
Fees for Services Accounting-$29,006-$29,006
Information Technology$14,200$1,936-$16,136
Office Expenses$9,807$2,107-$11,914
Payroll Taxes$4,258$636-$4,894
Fees for Services Other$2,969$411-$3,380
Other Expenses$33$4,988-$33
Total Functional Expenses$308,407$75,026$0$383,433
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
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, Section B, Line 11B

“The finance committee reviews the form 990 in detail. It is then provided to the board for final review and is then filed.”

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

“Board members are required to evaluate and disclose conflicts of interests on an annual basis.”

Form 990, Part VI, Section B, Line 15

“Through the annual budget approval process all compensation for key employees is approved by school board of trustees.”

Form 990, Part VI, Section C, Line 19

“Governing documents and conflicts of interest policy are available upon request. Financial statements are available on www.guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Fahari Academy Charter School
EIN
32-0279176
Phone
7182825139
Address
72 VERONICA PLACE NO 418, BROOKLYN, NY 11226

Signing Officer

Name
Steve Yaeger
Title
Treasurer
Phone
7182825139
Signed
2018-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Yaeger
Formed
2008
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
63
Volunteers
6

Preparer

Firm
Mengel Metzger Barr & Co Llp
Address
100 CHESTNUT STREET SUITE 1200, ROCHESTER, NY 14604
Preparer
Michelle Cain
Phone
5854231860
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 3

“On march 5, 2015, the new york city department of education (nysdoe) informed the charter school that it was not recommending renewal of its charter which was valid through june 30, 2015. The charter school took legal action to prevent the nycdoe from closing the school which was ultimately unsuccessful. The school ceased operations on june 30, 2016 and is in the process of dissolving.”

Form 990, Part XII, Line 2C

“The process is consistent with prior years.”

Raw XML Appendix383 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/ExplanationTxt0THE ORGANIZATION'S POLICY IS POSTED ON THEIR WEBSITE AND IS INCLUDED ON THE SCHOOL APPLICATION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION IS A FREE PUBLIC CHARTER SCHOOL, NO SCHOLARSHIPS OR FINANCIAL ASSISTANCE IS OFFERED.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION RECEIVES FEDERAL AND STATE GRANTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ON MARCH 5, 2015, THE NEW YORK CITY DEPARTMENT OF EDUCATION (NYSDOE) INFORMED THE CHARTER SCHOOL THAT IT WAS NOT RECOMMENDING RENEWAL OF ITS CHARTER WHICH WAS VALID THROUGH JUNE 30, 2015. THE CHARTER SCHOOL TOOK LEGAL ACTION TO PREVENT THE NYCDOE FROM CLOSING THE SCHOOL WHICH WAS ULTIMATELY UNSUCCESSFUL. THE SCHOOL CEASED OPERATIONS ON JUNE 30, 2016 AND IS IN THE PROCESS OF DISSOLVING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FINANCE COMMITTEE REVIEWS THE FORM 990 IN DETAIL. IT IS THEN PROVIDED TO THE BOARD FOR FINAL REVIEW AND IS THEN FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE REQUIRED TO EVALUATE AND DISCLOSE CONFLICTS OF INTERESTS ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THROUGH THE ANNUAL BUDGET APPROVAL PROCESS ALL COMPENSATION FOR KEY EMPLOYEES IS APPROVED BY SCHOOL BOARD OF TRUSTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE ON WWW.GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS IS CONSISTENT WITH PRIOR YEARS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART III, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd01
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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IRS990/WebsiteAddressTxt0WWW.FAHARIACADEMY.ORG
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ReturnHeader/ReturnTs02018-05-15T09:17:44-05:00
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ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$303,017
Liabilities
$102,897
Net assets
$200,120
Revenue
$112,508
Expenses
$383,433
Net income
-$270,925
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$0.30$0.10$0.20$0.11$0.38$0.27
2016Detailed filing. Detailed filing data is available for this year.$1.05$0.58$0.47$6.59$6.39$0.21
2015Detailed filing. Detailed filing data is available for this year.$0.68$0.41$0.26$6.81$7.26$0.45
2014Detailed filing. Detailed filing data is available for this year.$1.22$0.51$0.71$6.67$6.73$0.06
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.11$0.33$0.78$5.40
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.23$0.22$1.01$3.62
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.53$0.11$0.42$1.44