Civic Intelligence

Acero Charter Schools Inc.

990 • Fiscal year 2019 • EIN 36-4235934

Jul 01, 2018 to Jun 30, 2019 • Filed on Jan 08, 2020

209 W Jackson Boulevard Suite 500Chicago, IL 60606

(312) 637-3900

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.71x

Higher debt load relative to assets than 82% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Liabilities / Revenue

65th percentile

0.65x

Higher debt load relative to revenue than 65% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Net Margin

48th percentile

2.7%

Higher net margin than 48% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Top Officer Pay

40th percentile

$294,322

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2019

Asset Growth

44th percentile

3.2%

Faster asset growth than 44% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Revenue Growth

40th percentile

0.9%

Faster revenue growth than 40% of similar nonprofits.

2019 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2018 to 2019

Assets

Up

$89,193,414

Up $2,798,992 (+3.2%) from 2018

Net Assets

Up

$26,066,657

Up $2,667,099 (+11%) from 2018

Liabilities

Up

$63,126,757

Up $131,893 (+0.2%) from 2018

Revenue

Up

$97,048,525

Up $856,972 (+0.9%) from 2018

Expenses

Up

$94,381,426

Up $7,723,533 (+8.9%) from 2018

Net Income

Down

$2,667,099

Down $6,866,561 (-72%) from 2018

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2013: $67,613,240Liabilities 2013: $62,385,925Net Assets 2013: $5,227,3152013Assets 2014: $71,630,145Liabilities 2014: $64,151,426Net Assets 2014: $7,478,7192014Assets 2015: $75,159,745Liabilities 2015: $64,231,005Net Assets 2015: $10,928,7402015Assets 2016: $79,636,477Liabilities 2016: $66,037,179Net Assets 2016: $13,599,2982016Assets 2018: $86,394,422Liabilities 2018: $62,994,864Net Assets 2018: $23,399,5582018Assets 2019: $89,193,414Liabilities 2019: $63,126,757Net Assets 2019: $26,066,6572019Assets 2020: $93,308,666Liabilities 2020: $66,175,217Net Assets 2020: $27,133,4492020Assets 2021: $97,227,259Liabilities 2021: $65,114,653Net Assets 2021: $32,112,6062021Assets 2022: $101,251,624Liabilities 2022: $63,352,918Net Assets 2022: $37,898,7062022Assets 2024: $109,586,537Liabilities 2024: $60,445,857Net Assets 2024: $49,140,6802024

Highlighted filing

2019

Assets$89,193,414
Liabilities$63,126,757
Net Assets$26,066,657

Operations Trend

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

$150M$100M$50M$0Expenses 2013: $63,890,3412013Revenue 2014: $83,049,013Expenses 2014: $80,797,609Net Income 2014: $2,251,4042014Revenue 2015: $90,562,940Expenses 2015: $88,146,240Net Income 2015: $2,416,7002015Revenue 2016: $94,514,595Expenses 2016: $91,844,037Net Income 2016: $2,670,5582016Revenue 2018: $96,191,553Expenses 2018: $86,657,893Net Income 2018: $9,533,6602018Revenue 2019: $97,048,525Expenses 2019: $94,381,426Net Income 2019: $2,667,0992019Revenue 2020: $99,185,235Expenses 2020: $98,118,443Net Income 2020: $1,066,7922020Revenue 2021: $113,233,241Expenses 2021: $108,438,953Net Income 2021: $4,794,2882021Revenue 2022: $117,350,059Expenses 2022: $110,041,797Net Income 2022: $7,308,2622022Revenue 2024: $124,882,198Expenses 2024: $120,344,943Net Income 2024: $4,537,2552024

Highlighted filing

2019

Revenue$97,048,525
Expenses$94,381,426
Net Income$2,667,099
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jan 8, 2020
Return Version
2018v3.1
Gross Receipts
$97,126,988
Mission and Program Overview

Mission

Transforming minds through academic empowerment and success. Acero provides educational opportunities that will launch the next generation of extraordinary life-long learners, discerners and doers.

Transforming minds through academic empowerment and success.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$48,887,308$47,556,842▼ $1,330,466
Savings and Temporary Cash Investments$27,367,444$31,681,954▲ $4,314,510
Accounts Receivable$2,122,941$2,453,860▲ $330,919
Prepaid Expenses and Deferred Charges$2,503,341$1,599,152▼ $904,189
Cash and Non-Interest-Bearing Accounts$5,738$5,907▲ $169
Total Assets$86,394,422$89,193,414▲ $2,798,992
Other Assets Total$5,507,650$5,895,699▲ $388,049
Liabilities
Tax Exempt Bond Liabilities$33,699,946$33,225,574▼ $474,372
Mortgage Notes Payable Secured by Investment Property$16,804,585$16,173,838▼ $630,747
Accounts Payable and Accrued Expenses$8,977,743$8,797,479▼ $180,264
Other Liabilities$3,507,242$4,834,518▲ $1,327,276
Deferred Revenue$5,348$95,348▲ $90,000
Total Liabilities$62,994,864$63,126,757▲ $131,893
Net Assets / Fund Balance
Unrestricted Net Assets$23,375,368$26,021,641▲ $2,646,273
Temporarily Rstr Net Assets$24,190$45,016▲ $20,826
Total Net Assets Fund Balance$23,399,558$26,066,657▲ $2,667,099
Total Liabilities and Net Assets / Fund Balance$86,394,422$89,193,414▲ $2,798,992

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$31,747,075$4,198,469$35,945,544
Equipment$10,647,558$10,985,293$21,632,851
Leasehold Improvements$5,162,209$13,069,366$18,231,575
Other Assets Org$70,260--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard L RodriguezChief Executive OfficerFT$255,640$38,682$294,322
Michael BradleyChief Financial OfficerFT$151,310$33,168$184,478
Richard ValergaChief Operating OfficerFT$149,053$31,305$180,358
Araceli De La CruzGeneral Counsel/chief AdminFT$144,895$33,168$178,063
Joanne M TannerSchool PrincipalFT$138,647$38,935$177,582
Helena C StangleChief External Affairs OfficerFT$153,330$19,114$172,444
Christopher J AllenSchool PrincipalFT$137,890$30,743$168,633
Melissa SweazySchool PrincipalFT$140,281$23,163$163,444
Molly Anne RobinsonSchool PrincipalFT$136,120$20,399$156,519
Sandra Medina-albaSchool PrincipalFT$121,637$34,562$156,199
Joel Richard PollackChief Education Officer - Left Aug 18FT$130,199$22,580$152,779
Joel Richard PollackChief Education Officer - Left Aug 1-$124,160$28,619$152,779
Christine DiazChief Education OfficerFT$64,384$9,903$74,287

Board Members and Trustees

NameTitle
Yeni RojasChairwoman
Douglass G HewittVice Chairman
Kelwin HarrisDirector
Marco a RodriguezDirector
Margery a YeagerDirector
Stacy Neier BeranDirector
Roxanne MatiasSecretary
Simon YohananTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ceres Food Group INCFood Catering Services For Student Meals5343 WEST ROSCOE STREET, Chicago, IL 60641-4141$3,979,454
Edu Healthcare LLCSpecial Education Instruction Services FPO BOX 480394, Charlotte, NC 28269$2,374,429
Healthpro HeritageSpecial Education Clinician Services536 OLD HOWELL ROAD, Greenville, SC 29615$1,556,519
Parallel Employment GroupSubstitute Teacher Placement Service6925 SOUTH 6TH STREET SUITE 300, Oak Creek, WI 53154$1,246,989
General Mechanical ServicesMaintenance Supplies. Repair Service And18 CONGRESS CIRCLE WEST, Roselle, IL 60172$835,879
Revenue and Support

Revenue Composition

Contributions and Grants
$96,328,448
Program Service Revenue
$290,020
Investment Income
$373,555
Other Revenue
$56,502
All Other Contributions
$572,414
Change in Net Assets
$2,667,099

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 Table1$268,522Fair Market Value (FMV)
Books and Publications-$30,000Fair Market Value (FMV)
Total Noncash Contributions1$298,522-

Audited Revenue Reconciliation

Revenue per Audited Statements
$97,048,525
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$317,729
Total Revenue per Audited Statements
$97,366,254
Total Revenue per Form 990
$97,048,525
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$61,362,636
Other Expenses$33,018,790
Total Fundraising Expense$101,640
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$43,048,505$2,891,712-$45,940,217
Occupancy$6,808,273$499,358-$7,307,631
Other Employee Benefits$6,398,912$448,877-$6,847,789
Pension Plan Contributions$5,406,355$377,833-$5,784,188
Fees for Services Other$4,330,320$854,607-$5,184,927
Depreciation Depletion$4,652,485$341,241-$4,993,726
Interest$2,935,260$215,289-$3,150,549
All Other Expenses$2,508,727$45,803$101,640$2,656,170
Payroll Taxes$1,468,135$107,682-$1,575,817
Other Expenses$1,199,658$87,990-$1,287,648
Current Officers, Directors, Trustees, and Key Employees$847,585$367,040-$1,214,625
Office Expenses$664,200$202,346-$866,546
Fees for Services Legal-$512,688-$512,688
Insurance$402,277$29,505-$431,782
Information Technology-$229,338-$229,338
Advertising$208,210--$208,210
Fees for Services Accounting-$82,051-$82,051
Conferences and Meetings$19,762$1,449-$21,211
Total Functional Expenses$86,974,476$7,305,310$101,640$94,381,426

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$94,699,155
Expenses per Audited Statements$94,381,426
Total Expenses per Form 990$94,381,426
Expenses Not Reported on Form 990$317,729
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$7,155
Fundraising Gross Income$1,320
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Somos Achievement Luncheon$7,470$1,320$1,575$-255
Total Events$7,470$1,320$7,155$-5,835
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 to Related Entity$3,089,551
Capital Lease Obligation$1,152,299
Deferred Rent$592,668

Bond Issues

BondIssuerIssuedIssue PricePurpose
BIllinois Finance Authority2011-10-26$21,200,000SEE PART VI
AIllinois Finance Authority2011-10-26$15,575,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$21,200,000$19,057,280-$424,000
A$15,575,000$14,000,809$1,025,000$311,500

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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

The form 990 is prepared by an independent accounting firm; then the cfo sends a copy of the final draft 990 prior to its filing to the board of directors. The cfo reviews the draft with the board of directors. The board of directors are provided with a copy of the 990 prior to submission to the irs.

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

Monitoring is done on an on-going basis by management and the board of directors and is accomplished as part of regular board of directors meeting and monitored by corporate attorneys. A policy has been established to define conflicts of interest and shall require that each officer, director, and employee with decision-making authority of the entity certify at least annually that he or she has no conflict that has not been disclosed in the appropriate certification form. The policy also includes practices for monitoring proposed or ongoing transactions and dealing with potential or actual conflicts, whether discovered before or after the transactions has occurred.

Form 990, Part VI, Section B, Line 15

Human resources researches comparable ceo compensation by reference to salary surveys, independent consultants, and publicly available information. This information was included in the compensation information package given to the board by the general counsel/chief administrative officer. The board uses this information to determine and document annual compensation. The independent board of directors review the reasonableness of the compensation arrangement and approval is documented in the board minutes. The board of directors also approves any proposed compensation to any individual that is $125,000 or greater.

Form 990, Part VI, Section C, Line 19

The organization makes its governing documents, conflict of interest policy and financial statements available upon request.

Filing and Contact Details

Filer

Filer Name
Acero Charter Schools Inc
EIN
36-4235934
Phone
3126373900
Address
209 W JACKSON BOULEVARD SUITE 500, CHICAGO, IL 60606

Signing Officer

Name
Richard L Rodriguez
Title
Chief Executive Officer
Phone
3126373900
Signed
2020-01-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard L Rodriguez
Formed
1997
Legal Domicile
Il
Voting Board Members
8
Independent Board Members
8
Employees
855
Volunteers
426

Preparer

Firm
Cliftonlarsonallen Llp
Address
1301 W 22ND ST STE 1100, OAK BROOK, IL 60523
Preparer
James R Thomas
Phone
6305738600
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

There is no change from the prior year. Oversight of the audit and selection of an independent accountant are performed by the board of directors or appropriate committees of the board.

Financial Statement Notes

PART X, LINE 2:

The school is exempt from federal income tax under section 501(c)(3) of the internal revenue code (irc). However, income from certain activities not directly related to the school's tax-exempt purpose is subject to taxation as unrelated business income. In addition, the school 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 section 509(a)(2). Management of the school believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

IN-KIND REVENUE 317,729.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

In-kind expenses 317,729.

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