Civic Intelligence

Science and Arts Academy

990 • Fiscal year 2016 • EIN 36-3838771

Jul 01, 2015 to Jun 30, 2016 • Filed on Nov 15, 2015

1825 Miner StreetDes Plaines, IL 60016

(847) 827-7880

Siviq Scores

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

Liabilities / Assets

86th percentile

0.80x

Higher debt load relative to assets than 86% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

87th percentile

1.82x

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

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Net Margin

39th percentile

0.2%

Higher net margin than 39% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

66th percentile

$227,604

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2016

Asset Growth

56th percentile

3.1%

Faster asset growth than 56% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

54th percentile

4.1%

Faster revenue growth than 54% of similar nonprofits.

2016 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2015 to 2016

Assets

Up

$12,401,973

Up $376,728 (+3.1%) from 2015

Net Assets

Up

$2,541,883

Up $8,279 (+0.3%) from 2015

Liabilities

Up

$9,860,090

Up $368,449 (+3.9%) from 2015

Revenue

Up

$5,405,380

Up $215,115 (+4.1%) from 2015

Expenses

Up

$5,397,101

Up $373,294 (+7.4%) from 2015

Net Income

Down

$8,279

Down $158,179 (-95%) from 2015

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2012: $12,481,567Liabilities 2012: $10,599,848Net Assets 2012: $1,881,7192012Assets 2013: $12,572,711Liabilities 2013: $10,319,813Net Assets 2013: $2,252,8982013Assets 2014: $12,133,324Liabilities 2014: $9,766,178Net Assets 2014: $2,367,1462014Assets 2015: $12,025,245Liabilities 2015: $9,491,641Net Assets 2015: $2,533,6042015Assets 2016: $12,401,973Liabilities 2016: $9,860,090Net Assets 2016: $2,541,8832016Assets 2017: $12,916,418Liabilities 2017: $9,755,762Net Assets 2017: $3,160,6562017Assets 2018: $13,330,299Liabilities 2018: $9,855,222Net Assets 2018: $3,475,0772018Assets 2019: $13,345,889Liabilities 2019: $10,101,676Net Assets 2019: $3,244,2132019Assets 2020: $13,440,785Liabilities 2020: $10,669,977Net Assets 2020: $2,770,8082020Assets 2021: $13,723,413Liabilities 2021: $10,400,699Net Assets 2021: $3,322,7142021Assets 2022: $14,489,626Liabilities 2022: $9,875,770Net Assets 2022: $4,613,8562022

Highlighted filing

2016

Assets$12,401,973
Liabilities$9,860,090
Net Assets$2,541,883

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2012: $4,367,6342012Expenses 2013: $4,947,2952013Revenue 2014: $5,180,347Expenses 2014: $5,066,099Net Income 2014: $114,2482014Revenue 2015: $5,190,265Expenses 2015: $5,023,807Net Income 2015: $166,4582015Revenue 2016: $5,405,380Expenses 2016: $5,397,101Net Income 2016: $8,2792016Revenue 2017: $5,741,102Expenses 2017: $5,429,563Net Income 2017: $311,5392017Revenue 2018: $6,186,084Expenses 2018: $6,045,789Net Income 2018: $140,2952018Revenue 2019: $6,517,296Expenses 2019: $6,476,279Net Income 2019: $41,0172019Revenue 2020: $6,420,638Expenses 2020: $6,596,146Net Income 2020: -$175,5082020Revenue 2021: $7,060,010Expenses 2021: $6,660,539Net Income 2021: $399,4712021Revenue 2022: $8,495,124Expenses 2022: $7,512,399Net Income 2022: $982,7252022

Highlighted filing

2016

Revenue$5,405,380
Expenses$5,397,101
Net Income$8,279
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Nov 15, 2015
Return Version
2015v2.1
Gross Receipts
$5,543,850
Mission and Program Overview

Mission

To provide a stimulating environment in which gifted children can realize and learn to celebrate their full academic and artistic potential.

To educate gifted children in an academically differentiated and enriched environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,016,938$8,951,040▼ $65,898
Savings and Temporary Cash Investments$1,745,135$2,129,614▲ $384,479
Accounts Receivable$598,787$962,702▲ $363,915
Cash and Non-Interest-Bearing Accounts$540,095$304,745▼ $235,350
Intangible Assets$64,653$0▼ $64,653
Prepaid Expenses and Deferred Charges$48,656$39,654▼ $9,002
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$12,025,245$12,401,973▲ $376,728
Other Assets Total$10,981$14,218▲ $3,237
Liabilities
Tax Exempt Bond Liabilities$6,162,398$5,897,855▼ $264,543
Deferred Revenue$3,261,461$3,637,780▲ $376,319
Other Liabilities$3,287$253,693▲ $250,406
Accounts Payable and Accrued Expenses$64,495$70,762▲ $6,267
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$9,491,641$9,860,090▲ $368,449
Net Assets / Fund Balance
Unrestricted Net Assets$2,427,567$2,457,268▲ $29,701
Temporarily Rstr Net Assets$106,037$84,615▼ $21,422
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$2,533,604$2,541,883▲ $8,279
Total Liabilities and Net Assets / Fund Balance$12,025,245$12,401,973▲ $376,728

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,914,762$1,405,578$6,320,340
Land$3,955,910-$3,955,910
Other Land Buildings$25,240$322,534$347,774
Equipment$55,128$225,529$280,657
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Timothy P CostelloHead of SchoolFT$185,000$42,604$227,604
Jim RadermacherBusiness ManagerPT$60,000-$60,000

Board Members and Trustees

NameTitle
Deborah KeytChairman
Aviad Sheinfeldvice chairman
Alan W GibbyTrustee
Allyson RussoTrustee
Beth DudneyTrustee
CHUCK SweetTrustee
Ellen ApleyTrustee
Regina BrunTrustee
Richard FramptonTrustee
Ted ArthurTrustee
chirag shahtrustee
erik fordtrustee
susan richeytrustee
Mark AndersonTrustee/financial Secretary
don dalltrustee/recording secretary
Revenue and Support

Revenue Composition

Contributions and Grants
$362,812
Program Service Revenue
$5,068,658
Investment Income
$1,564
Other Revenue
$-27,654
All Other Contributions
$265,791
Change in Net Assets
$8,279

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table218$74,6950
Other Non Cash Contri Table1$3,5320
Total Noncash Contributions219$78,227-

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,469,155
Revenue Not Reported on Financial Statements
$-63,775
Revenue Not Reported on Form 990
$-598,722
Other Revenue Adjustments
$-63,775
Total Revenue per Audited Statements
$4,870,433
Total Revenue per Form 990
$5,405,380
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,133,574
Other Expenses$1,664,805
Grants and Similar Amounts Paid$598,722
Total Fundraising Expense$32,880
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,001,053$399,542$21,076$2,421,671
Grants to Domestic Individuals$598,722--$598,722
Interest$393,851$92,547$3,781$490,179
Current Officers, Directors, Trustees, and Key Employees$162,010$125,130$464$287,604
Depreciation Depletion$169,205$43,606$1,627$214,438
Payroll Taxes$166,531$32,360$739$199,630
Other Employee Benefits$142,274$27,931$1,716$171,921
All Other Expenses$43,898$93,314$61$137,273
Occupancy$61,537$14,460$592$76,589
Pension Plan Contributions$45,857$6,676$215$52,748
Insurance$42,013$9,873$404$52,290
Office Expenses$18,711$31,152$180$50,043
Advertising$35,362$8,310$340$44,012
Information Technology$34,149$8,025$328$42,502
Other Expenses$35,209$33,154$1,357$35,209
Fees for Services Accounting-$16,440-$16,440
Fees for Services Legal-$1,250-$1,250
Total Functional Expenses$4,409,959$954,262$32,880$5,397,101

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$5,397,101
Total Expenses per Audited Statements$4,862,154
Expenses per Audited Statements$4,798,379
Expenses Not Reported on Financial Statements$598,722
Other Expense Adjustments$598,722
Expenses Not Reported on Form 990$63,775
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$153,139
Fundraising Direct Expenses$138,470
Gaming Gross Income$5,525
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
gala$250,160$153,139$74,695$78,444
Total Events$250,160$153,139$138,470$14,669
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Obligation Under Interest Rate Swap$253,693

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Burbank Cook County IL2016-05-27$5,940,355Replacement Bonds Use-Construction

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$5,940,355$0$0$65,000

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
Yes
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, PART VI, SECTION B, LINE 11:

A full copy of the form 990, including schedule b, is provided to all trustees for review and comment. Questions or concerns are addressed before the form 990 is filed.

FORM 990, PART VI, SECTION B, LINE 12C:

The organization's practice for monitoring proposed or ongoing transactions for conflicts of interest and dealing with potential or actual conflicts of interest is to annually remind all trustees to keep business independent. The board reviews potential conflicts annually and documents conflicts in the minutes. If a potential conflict of interest arises, it is deemed to be the responsibility of the person involved or any other person with knowledge to notify the board of trustees of the circumstances resulting in the potential conflict so that the board of trustees can provide such guidance and take such action as appropriate. No trustee who directly or indirectly is involved in a potential conflict of interest shall be counted in determining the existence of a quorum at any meeting of the board where the potential conflict is considered, nor shall the trustee vote on any action.

FORM 990, PART VI, SECTION B, LINE 15A:

The executive committee of the board meets annually to review and evaluate the performance and salary of the head of school. The executive committee also compares the compensation of similar schools in the area for the positions of head of school. The decisions are approved and documented in the executive board minutes. The last review for the head of school was done in may 2015.

FORM 990, PART VI, SECTION C, LINE 19:

The organization makes it bylaws available to the public on its website. The organization does not make its conflict of interest policy or financial statements available to the public.

Filing and Contact Details

Filer

Filer Name
Science and Arts Academy
EIN
36-3838771
In Care Of
% JAMES RADERMACHER
Phone
8478277880
Address
1825 Miner Street, Des Plaines, IL 60016

Signing Officer

Name
Mark Anderson
Title
Financial Secretary
Signed
2015-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Timothy P Costello
Formed
1992
Legal Domicile
Il
Voting Board Members
15
Independent Board Members
15
Employees
98
Volunteers
50

Preparer

Firm
Bdo USA Llp
Address
1665 Elk Boulevard, Des Plaines, IL 60016-4776
Preparer
Rebekuh Eley
Phone
8478244000
Supplemental Narrative

Financial Statement Notes

Part X, Line 2

The Organization is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code, except for net income derived from unrelated business activities. In addition, the Organization qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an organization other than a private foundation under IRC Section 509(a). The Organizations income tax filings are subject to audit by various taxing authorities. The Organizations open audit periods are 2013 through the current year. In evaluating the Organizations activities, management believes its position of tax-exempt status is based on current facts and circumstances and there have been no uncertain positions taken related to recording income taxes. In the opinion of management there are no activities unrelated to the purpose of the Organization and therefore no tax is to be recognized for the years ended June 30,2016 and 2015. It is the policy of the Organization to include in administrative expenses penalties and interest assessed by income taxing authorities. There are no penalties or interest from taxing authorities included in administrative expenses for the years ended June 30, 2016 and 2015.

Part XI, Line 2D Financial Aid

FINANCIAL AID $(598,722)

PART XI, LINE 4B SPECIAL EVENT Expense

Special Event Expenses $(63,775)

Part XII, Line 2D

Special event expense $63,775

Part XII, Line 4B

Financial Aid $598,722

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IRS990/Desc0Science and Arts Academy (SAA) BELIEVES THAT EVERY GIFTED CHILD HAS THE RIGHT TO AN EDUCATION THAT IS APPROPRIATE TO HIS OR HER POTENTIAL. CONSISTENT WITH THIS BELIEF, SAA CREATES A STIMULATING LEARNING EXPERIENCE BY PROVIDING EDUCATIONAL OFFERINGS SUITED TO OUR STUDENTS' VARIED LEVELS OF DEVELOPMENT. WE BELIEVE THAT SAA'S PURPOSE IS TO PROMOTE, FACILITATE, AND IGNITE STUDENT LEARNING. FURTHER, THE BEST EDUCATIONAL EXPERIENCE FOR A GIFTED CHILD IS GUIDED BY EXPERTS IN GIFTED EDUCATION AND IN CORPORATES THREE COMPONENTS: 1) ROBUST ACADEMICS WHICH APPROPRIATELY CHALLENGE EACH STUDENT 2) EXTENSIVE OPPORTUNITIES FOR ARTISTIC EXPRESSION WHICH FOSTER CREATIVITY AND BUILD GREATER SELF-CONFIDENCE 3) SOCIAL AND EMOTIONAL DEVELOPMENT WHICH ALLOWS STUDENTS TO GAIN SKILLS FOR LIFE-LONG SUCCESS WE DELIVER A HIGH QUALITY EDUCATIONAL EXPERIENCE TO OVER 238 STUDENTS IN GRADES JUNIOR KINDERGARTEN THROUGH EIGHTH GRADE 172 DAYS A YEAR.
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