Civic Intelligence

Colonial Preparatory Academy

990 • Fiscal year 2015 • EIN 34-1866952

Jul 01, 2014 to Jun 30, 2015 • Filed on May 12, 2016

Organization ProfileWWW.COLONIALPREP.ORG
2199 5th StreetAkron, OH 44314

(330) 785-0180

Siviq Scores

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

Liabilities / Assets

98th percentile

2.04x

Higher debt load relative to assets than 98% of similar nonprofits.

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

Liabilities / Revenue

88th percentile

1.48x

Higher debt load relative to revenue than 88% of similar nonprofits.

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

Net Margin

58th percentile

5.4%

Higher net margin than 58% of similar nonprofits.

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

Top Officer Pay

35th percentile

$3,600

Higher top officer pay than 35% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

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

Asset Growth

63rd percentile

4.8%

Faster asset growth than 63% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

86th percentile

42%

Faster revenue growth than 86% of similar nonprofits.

2015 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$1,613,384

Up $74,227 (+4.8%) from 2014

Net Assets

Down

-$1,682,594

Down $1,402,940 (-502%) from 2014

Liabilities

Up

$3,295,978

Up $1,477,167 (+81%) from 2014

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin58th percentile

Revenue

Up

$2,232,622

Up $658,022 (+42%) from 2014

Expenses

Up

$2,111,083

Up $216,914 (+11%) from 2014

Net Income

Up

$121,539

Up $441,108 (+138%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth63rd percentile

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

$4.0M$2.0M$0-$2.0MAssets 2014: $1,539,157Liabilities 2014: $1,818,811Net Assets 2014: -$279,6542014Assets 2015: $1,613,384Liabilities 2015: $3,295,978Net Assets 2015: -$1,682,5942015Assets 2016: $1,814,161Liabilities 2016: $3,564,327Net Assets 2016: -$1,750,1662016Assets 2017: $1,833,231Liabilities 2017: $3,757,807Net Assets 2017: -$1,924,5762017

Highlighted filing

2015

Assets$1,613,384
Liabilities$3,295,978
Net Assets-$1,682,594
Open 2015 Filing

Operations Trend

Revenue Growth86th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2014: $1,574,600Expenses 2014: $1,894,169Net Income 2014: -$319,5692014Revenue 2015: $2,232,622Expenses 2015: $2,111,083Net Income 2015: $121,5392015Revenue 2016: $2,087,398Expenses 2016: $2,154,969Net Income 2016: -$67,5712016Revenue 2017: $2,295,224Expenses 2017: $2,431,016Net Income 2017: -$135,7922017

Highlighted filing

2015

Revenue$2,232,622
Expenses$2,111,083
Net Income$121,539
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 12, 2016
Return Version
2014v6.0
Gross Receipts
$2,232,622
Mission and Program Overview

Mission

Colonial prep academy, serving grades k-8, is dedicated to improving the lives of its students by providing authentic learning experiences in a collaborative, nurturing environment that will build a foundation for students success in school, at future work, and in life. To achieve the mission, our school will integrate current learning technologies into each classroom. We will offer authentic learning experiences that are representative of how children learn best, as well as offer a schedule and support activities that enable each student to reach to his or her potential. We want our students to leave with the skills and abilities necessary to achieve academic excellence, personal growth, and success as lifelong learners. This mission requires the support of the faculty, staff, families, and community in order to encourage and empower students to be responsible and valued citizens.

Colonial prep academy, serving grades k-8 is dedicated to improving the livs of its students by providing authentic learning experiences in a collaborative, nurturing environment that will build a foundation for students[:quote:] success in school, at future work, and in life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,434,229$1,241,104▼ $193,125
Prepaid Expenses and Deferred Charges$163,519$241,767▲ $78,248
Cash and Non-Interest-Bearing Accounts$32,161$117,549▲ $85,388
Pledges and Grants Receivable$27,878$12,964▼ $14,914
Total Assets$1,657,787$1,613,384▼ $44,403
Liabilities
Other Liabilities$1,650,203$1,389,634▼ $260,569
Mortgage Notes Payable Secured by Investment Property$1,678,682$1,348,885▼ $329,797
Accounts Payable and Accrued Expenses$133,035$400,439▲ $267,404
Unsecured Notes Loans Payable-$157,020-
Total Liabilities$3,461,920$3,295,978▼ $165,942
Net Assets / Fund Balance
Permanently Rstr Net Assets$-60,297$-107,802▼ $47,505
Unrestricted Net Assets$-1,743,836$-1,574,792▲ $169,044
Total Net Assets Fund Balance$-1,804,133$-1,682,594▲ $121,539
Total Liabilities and Net Assets / Fund Balance$1,657,787$1,613,384▼ $44,403

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$7,000$11,000-
Leasehold Improvements$1,234,104$366,896-
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

NameTitleBaseTotal
Brian G AdamsTreasurer$3,600$3,600
Janice BaumannPresident$2,600$2,600
Calleiah KennedyMember$2,425$2,425
Kathleen BrandMember$2,225$2,225
Marsha WiseMember$2,050$2,050
Patricia BealsMember$1,850$1,850
Angela RobinsonMember$1,500$1,500
Cara FordMember$625$625
Dawn LavenskyMember$350$350

Highest Paid Contractors

ContractorServicesLocationCompensation
Cambridge Education PartnersEducation Management275 W MARKET STREET, Akron, OH 44303$933,737
Revenue and Support

Revenue Composition

Contributions and Grants
$2,231,779
Program Service Revenue
$0
Investment Income
$5
Other Revenue
$838
Change in Net Assets
$121,539

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,232,622
Total Revenue per Audited Statements
$2,232,622
Total Revenue per Form 990
$2,232,622
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,172,657
Salaries, Compensation, and Employee Benefits$938,426
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$938,426--$938,426
Fees for Services Management-$310,855-$310,855
Office Expenses-$269,177-$269,177
Depreciation Depletion-$211,125-$211,125
Fees for Services Other$104,256--$104,256
Interest-$104,129-$104,129
Fees for Services Accounting-$42,575-$42,575
Fees for Services Legal-$21,769-$21,769
Other Expenses$42,122$12,415-$12,415
Total Functional Expenses$1,084,804$1,026,279$0$2,111,083

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,111,083
Total Expenses per Audited Statements$2,111,083
Total Expenses per Form 990$2,111,083
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$1,389,634
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Part VI, Section A, line 3

“The school contracts with cambridge education group to run the day to day operations of the school.”

Part VI, Section A, line 7A

“The board elects or removes members as needed with approval from sponsor.”

Part VI, Section B, line 11

“The board reviews and approves the 990 prior to filing.”

Part VI, Section B, line 12C

“At the annual meeting of the school, each board member is required to fill out the disclosure policy form and submit for review.”

Part VI, Section C, line 19

“The organiztions day to day operating records are maintained by the emo on site at the school. All legal documents (policies, bylaws, and other governance documents) are maintained by the schools legal counsel. All financial documents are maintined by the fiscal officer.”

Part VII, line 1A(B)

“Preparing financial statements, a/p, a/r and handling other board business”

Filing and Contact Details

Filer

Filer Name
Colonial Preparatory Academy
EIN
34-1866952
Phone
3307850180
Address
2199 5TH STREET, AKRON, OH 44314

Signing Officer

Name
Brian G Adams
Title
Treasurer
Phone
6147667009
Signed
2016-05-12

Organization Details

Principal Officer
Janice Baumann
Formed
1998
Legal Domicile
Oh
Voting Board Members
7
Independent Board Members
7
Employees
0
Supplemental Narrative

Financial Statement Notes

Part X line 2

“The school implemented gasb 68 in fiscal year 2015. This caused a restatement of fiscal year 2014 balance sheet. The changes are in effect on part x.”

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IRS990ScheduleD/EquipmentGrp/DepreciationAmt011000
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt018000
IRS990ScheduleD/ExpensesSubtotalAmt02111083
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01234104
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0366896
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt01601000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01389634
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0NET PENSION LIABILITY
IRS990ScheduleD/RevenueSubtotalAmt02232622
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IMPLEMENTED GASB 68 IN FISCAL YEAR 2015. THIS CAUSED A RESTATEMENT OF FISCAL YEAR 2014 BALANCE SHEET. THE CHANGES ARE IN EFFECT ON PART X.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X line 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01241104
IRS990ScheduleD/TotalExpensesPerForm990Amt02111083
IRS990ScheduleD/TotalLiabilityAmt01389634
IRS990ScheduleD/TotalRevenuePerForm990Amt02232622
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02232622
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02111083
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL CONTRACTS WITH CAMBRIDGE EDUCATION GROUP TO RUN THE DAY TO DAY OPERATIONS OF THE SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD ELECTS OR REMOVES MEMBERS AS NEEDED WITH APPROVAL FROM SPONSOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWS AND APPROVES THE 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AT THE ANNUAL MEETING OF THE SCHOOL, EACH BOARD MEMBER IS REQUIRED TO FILL OUT THE DISCLOSURE POLICY FORM AND SUBMIT FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZTIONS DAY TO DAY OPERATING RECORDS ARE MAINTAINED BY THE EMO ON SITE AT THE SCHOOL. ALL LEGAL DOCUMENTS (POLICIES, BYLAWS, AND OTHER GOVERNANCE DOCUMENTS) ARE MAINTAINED BY THE SCHOOLS LEGAL COUNSEL. ALL FINANCIAL DOCUMENTS ARE MAINTINED BY THE FISCAL OFFICER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5PREPARING FINANCIAL STATEMENTS, A/P, A/R AND HANDLING OTHER BOARD BUSINESS
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI, Section A, line 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Part VI, Section A, line 7a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Part VI, Section B, line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Part VI, Section B, line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Part VII, line 1A(B)
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0MIDDLEBURY PREPARATORY ACADEMY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0341866953
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C3
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0YES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt088 KENT STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0AKRON
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0OH
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd044305
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0150000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH LOAN WAS MADE FROM MIDDLEBURY TO COLONIAL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0MIDDLEBURY PREPARATORY
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0A
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd01
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0OH
IRS990/SubjectToProxyTaxInd00
IRS990/TaxableDistributionsInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01657787
IRS990/TotalAssetsEOYAmt01613384
IRS990/TotalAssetsGrp/BOYAmt01657787
IRS990/TotalAssetsGrp/EOYAmt01613384
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt02231779
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01026279
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01084804
IRS990/TotalFunctionalExpensesGrp/TotalAmt02111083
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt03461920
IRS990/TotalLiabilitiesEOYAmt03295978
IRS990/TotalLiabilitiesGrp/BOYAmt03461920
IRS990/TotalLiabilitiesGrp/EOYAmt03295978
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1804133
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1682594
IRS990/TotalProgramServiceExpensesAmt02111083
IRS990/TotalReportableCompFromOrgAmt017225
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0843
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02232622
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01657787
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01613384
IRS990/TransactionWithControlEntInd00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-1743836
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-1574792
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0157020
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02199 5TH STREET
IRS990/USAddress/CityNm0AKRON
IRS990/USAddress/StateAbbreviationCd0OH
IRS990/USAddress/ZIPCd044314
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BRIAN G ADAMS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER

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
$1,613,384
Liabilities
$3,295,978
Net assets
-$1,682,594
Revenue
$2,232,622
Expenses
$2,111,083
Net income
$121,539
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.83$3.76$1.92$2.30$2.43$0.14
2016Detailed filing. Detailed filing data is available for this year.$1.81$3.56$1.75$2.09$2.15$0.07
2015Detailed filing. Detailed filing data is available for this year.$1.61$3.30$1.68$2.23$2.11$0.12
2014Detailed filing. Detailed filing data is available for this year.$1.54$1.82$0.28$1.57$1.89$0.32
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2015 filings • 501(c)3 • $1M-$5M nonprofits