Civic Intelligence

Independence Mission Schools

990 • Fiscal year 2015 • EIN 45-4720688

Jul 01, 2014 to Jun 30, 2015 • Filed on May 11, 2016

Organization Profilewww.independencemissionschools.org

View Organization Page

500 North Gulph RoadKing Of Prussia, PA 19406

(610) 200-5100

Siviq Scores

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

Liabilities / Assets

50th percentile

0.27x

Higher debt load relative to assets than 50% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

25th percentile

0.12x

Higher debt load relative to revenue than 25% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

72nd percentile

14%

Higher net margin than 72% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

46th percentile

$228,039

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

96th percentile

52%

Faster asset growth than 96% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

68th percentile

11%

Faster revenue growth than 68% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$11,448,333

Up $3,935,945 (+52%) from 2014

Net Assets

Up

$8,317,589

Up $3,649,456 (+78%) from 2014

Liabilities

Up

$3,130,744

Up $286,489 (+10%) from 2014

Revenue And Expenses
Liabilities / Revenue25th percentileNet Margin72nd percentile

Revenue

Up

$25,883,379

Up $2,549,567 (+11%) from 2014

Expenses

Up

$22,233,923

Up $2,556,865 (+13%) from 2014

Net Income

Down

$3,649,456

Down $7,298 (-0.2%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth96th percentile

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

$60M$40M$20M$0Assets 2012: $192,079Liabilities 2012: $0Net Assets 2012: $192,0792012Assets 2013: $1,071,225Liabilities 2013: $59,846Net Assets 2013: $1,011,3792013Assets 2014: $7,512,388Liabilities 2014: $2,844,255Net Assets 2014: $4,668,1332014Assets 2015: $11,448,333Liabilities 2015: $3,130,744Net Assets 2015: $8,317,5892015Assets 2016: $15,178,803Liabilities 2016: $2,535,606Net Assets 2016: $12,643,1972016Assets 2017: $21,068,108Liabilities 2017: $4,247,757Net Assets 2017: $16,820,3512017Assets 2018: $19,301,245Liabilities 2018: $4,105,963Net Assets 2018: $15,195,2822018Assets 2019: $23,909,731Liabilities 2019: $4,757,111Net Assets 2019: $19,152,6202019Assets 2020: $29,413,076Liabilities 2020: $7,740,164Net Assets 2020: $21,672,9122020Assets 2021: $31,809,598Liabilities 2021: $5,812,876Net Assets 2021: $25,996,7222021Assets 2022: $39,191,945Liabilities 2022: $7,433,846Net Assets 2022: $31,758,0992022Assets 2023: $51,632,215Liabilities 2023: $5,334,301Net Assets 2023: $46,297,9142023Assets 2024: $52,246,831Liabilities 2024: $4,653,669Net Assets 2024: $47,593,1622024Assets 2025: $57,585,952Liabilities 2025: $4,942,434Net Assets 2025: $52,643,5182025

Highlighted filing

2015

Assets$11,448,333
Liabilities$3,130,744
Net Assets$8,317,589
Open 2015 Filing

Operations Trend

Revenue Growth68th percentile

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

$60M$40M$20M$0-$20MRevenue 2012: $232,040Expenses 2012: $39,961Net Income 2012: $192,0792012Revenue 2013: $1,493,758Expenses 2013: $674,458Net Income 2013: $819,3002013Revenue 2014: $23,333,812Expenses 2014: $19,677,058Net Income 2014: $3,656,7542014Revenue 2015: $25,883,379Expenses 2015: $22,233,923Net Income 2015: $3,649,4562015Revenue 2016: $30,390,301Expenses 2016: $26,970,988Net Income 2016: $3,419,3132016Revenue 2017: $34,868,373Expenses 2017: $30,691,219Net Income 2017: $4,177,1542017Revenue 2018: $30,840,888Expenses 2018: $32,465,957Net Income 2018: -$1,625,0692018Revenue 2019: $36,027,635Expenses 2019: $32,265,456Net Income 2019: $3,762,1792019Revenue 2020: $29,105,857Expenses 2020: $26,901,677Net Income 2020: $2,204,1802020Revenue 2021: $31,345,958Expenses 2021: $27,839,486Net Income 2021: $3,506,4722021Revenue 2022: $38,175,969Expenses 2022: $31,726,965Net Income 2022: $6,449,0042022Revenue 2023: $46,876,562Expenses 2023: $32,985,292Net Income 2023: $13,891,2702023Revenue 2024: $34,099,277Expenses 2024: $34,700,650Net Income 2024: -$601,3732024Revenue 2025: $36,510,515Expenses 2025: $33,751,989Net Income 2025: $2,758,5262025

Highlighted filing

2015

Revenue$25,883,379
Expenses$22,233,923
Net Income$3,649,456
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 11, 2016
Return Version
2014v6.0
Gross Receipts
$26,099,302
Mission and Program Overview

Mission

Independence mission schools manages a network of catholic elementary schools through a central office location which provides support to all of the schools. The mission of ims is to provide sustainable, affordable, high-quality catholic education to nearly 4,000 children of all faiths in underserved urban neighborhoods through a new model of governance, funding, and accountability for the member schools.

Independence Mission Schools manages a network of 15 Catholic grade schools through a central office location which provides support to all the schools. Our mission is to provide sustainable, affordable, high-quality Catholic education to nearly 5,000 children of all faiths in underserved urban neighborhoods through a new model of governance, funding, and accountability for the member schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$2,910,604$5,176,978▲ $2,266,374
Cash and Non-Interest-Bearing Accounts$2,770,661$4,142,829▲ $1,372,168
Land, Buildings, and Equipment, Net$1,635,937$1,805,176▲ $169,239
Accounts Receivable$106,994$304,014▲ $197,020
Investments in Publicly Traded Securities$26,362$17,424▼ $8,938
Total Assets$7,512,388$11,448,333▲ $3,935,945
Other Assets Total$61,830$1,912▼ $59,918
Liabilities
Accounts Payable and Accrued Expenses$1,789,505$2,164,494▲ $374,989
Mortgage Notes Payable Secured by Investment Property$1,054,750$966,250▼ $88,500
Total Liabilities$2,844,255$3,130,744▲ $286,489
Net Assets / Fund Balance
Temporarily Rstr Net Assets$2,984,566$5,998,813▲ $3,014,247
Unrestricted Net Assets$1,683,567$2,318,776▲ $635,209
Total Net Assets Fund Balance$4,668,133$8,317,589▲ $3,649,456
Total Liabilities and Net Assets / Fund Balance$7,512,388$11,448,333▲ $3,935,945

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,301,564-$1,301,564
Leasehold Improvements$238,060$21,411$259,471
Land$199,891-$199,891
Other Land Buildings$25,267$45,127$70,394
Equipment$40,394$24,637$65,031
Other Assets Org$1,912--
Compensation and Service Providers
Top Officer Pay46th percentile

Employees

NameTitleBaseOtherTotal
Bishop Michael FitzgeraldBoard Member$210,000$18,039$228,039
Aldo Cavalli-$210,000$18,039$228,039
Michael JacksonBoard Member$145,000$7,840$152,840
Anne Mcgoldrick-$145,000$7,840$152,840

Board Members and Trustees

NameTitle
Brian McelweeChairman
Aldo CavalliPast President
Anne McgoldrickPresident
Brother Richard KestlerBoard Member
Bruce PeacockBoard Member
Daniel PickensBoard Member
Dr Mary McdonaldBoard Member
Gerard SweeneyBoard Member
James BroussardBoard Member
John DonnellyBoard Member
John FiggeBoard Member
Joseph StapletonBoard Member
Ken PhelanBoard Member
Linda DejureBoard Member
Marc RichmanBoard Member
Michael KrancerBoard Member
Michael RashidBoard Member
Michael YoungBoard Member
Richard NourieBoard Member
William CurtisBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$14,400,340
Program Service Revenue
$11,308,490
Investment Income
$7,588
Other Revenue
$166,961
All Other Contributions
$14,400,340
Change in Net Assets
$3,649,456

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeReported AmountValuation Method
Books and Publications$514,119market value
Total Noncash Contributions$514,119-

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,883,379
Revenue Not Reported on Form 990
$-672,333
Total Revenue per Audited Statements
$25,211,046
Total Revenue per Form 990
$25,883,379
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$16,358,153
Other Expenses$5,203,437
Total Fundraising Expense$959,465
Grants and Similar Amounts Paid$672,333
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,692,169$967,985$280,819$12,940,973
Other Employee Benefits$1,532,915$126,909$36,817$1,696,641
Occupancy$820,190$434,408$103,866$1,358,464
Payroll Taxes$810,395$67,092$19,464$896,951
Grants to Domestic Individuals$672,333--$672,333
Office Expenses$371,147$196,576$47,001$614,724
Fees for Service Investment Mgmnt Fees$334,264$177,041$42,330$553,635
Other Expenses$514,119$0$0$514,119
Current Officers, Directors, Trustees, and Key Employees$273,249$160,000$43,077$476,326
Pension Plan Contributions$313,751$25,975$7,536$347,262
Insurance$208,516$110,439$26,406$345,361
All Other Expenses$297,614$85$3,656$301,355
Travel$81,675$43,259$10,343$135,277
Depreciation Depletion$33,692$17,845$4,267$55,804
Information Technology$47,679$0$0$47,679
Fees for Services Accounting$0$33,500$0$33,500
Advertising$0$0$31,840$31,840
Fees for Services Legal$0$23,854$0$23,854
Total Functional Expenses$18,889,490$2,384,968$959,465$22,233,923

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$22,233,923
Expenses per Audited Statements$21,561,590
Total Expenses per Audited Statements$21,561,590
Expenses Not Reported on Financial Statements$672,333
Other Expense Adjustments$672,333
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$382,884
Fundraising Direct Expenses$215,923
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Dr Mary McdonaldBoard MemberInsuranceNo$21,838
-Board MemberAcademic ConsultingNo$18,000
-Board MemberRentNo$6,785
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
Yes
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
Filing and Contact Details

Filer

Filer Name
Philadelphia Independent Mission Schools
EIN
45-4720688
Phone
6102005100
Address
500 North Gulph Road, King Of Prussia, PA 19406

Signing Officer

Name
Anne Mcgoldrick
Title
President
Phone
6102005100
Signed
2016-05-11
Discuss with paid preparer
Yes

Organization Details

Formed
2012
Legal Domicile
Pa
Voting Board Members
20
Independent Board Members
20
Employees
638
Volunteers
100

Preparer

Firm
O'Connell & Company LLC
Address
Ste 1100 165 Township Line Road, Jenkintown, PA 19046
Preparer
GEORGE R O'CONNELL
Phone
2158874425
Supplemental Narrative

Additional Explanations

Pt VI, Line 2

“Certain directors of IMS have business relationships among themselves in matters entirely unnrelated to IMS.”

Pt VI, Line 11B

“The finance committee reviews and approves the 990, and the recommends acceptance to the full board. A draft of the 990 is provided to all board members prior to filing.”

Pt VI, Line 12C

“Requiring annual disclosure of conflicts and review of new vendors and providers with existing disclosures.”

Pt VI, Line 15A

“The President was hired through a search firm which provided review and input on initial compensation at the date of hire. During the current fiscal year, the Board reviewed and approved compensation adjustments for the President and Chief Financial Officer.”

Other

“Changes from prior year's presentation have been made due to audit.”

Pt VI, Line 4

“Changes have been made to the bylaws regarding the Board of Directors in Article III, the meetings of the Directors in Article IV, the Officers in Article V, and the conflit of interest policy in Article VII. See attached.”

Form 990, Part IX, Line 24F

“Nds/lunch expenses 266. 161. 85. 20. Public relations 3636. 3636. Busing 42193. 42193. Instructional materials 255260. 255260.”

Financial Statement Notes

Pt XI, Line 2D

“Financial aid of $672,333 is reported as an expense on the 990, but net of tuition income on the audit report.”

Pt X, Line 2

“IMS adopted the accounting standard related to the recognition and measurement of uncertain tax positions. The adoption of this standard had no financial statement effect for IMS.”

Pt XII, Line 4B

“Financial aid of $672,333 is reported as an expense on the 990, but net of tuition income on the audit report.”

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IRS990/Desc0IMS COMPLETED ITS SECOND FULL YEAR OF SCHOOL OPERATION IN JUNE 2015 WITH GREAT SUCCESS ACROSS SEVERAL KEY PROGRAM AREAS. IN SEPTEMBER 2014, IMS SCHOOLS OPENED THEIR DOORS TO MORE THAN 4,600 CHILDREN, AN INCREASE OF 20% OVER THE PRIOR YEAR. IN CONJUNCTION WITH THIS ENROLLMENT GROWTH, WE EXPANDED THE POOL OF AVAILABLE SCHOLARSHIP FUNDS BY 60% FROM $4.5 MILLION TO $7.3 MILLION TO ENABLE THE SCHOOLS TO OFFER NEW AND EXISTING FAMILIES AFFORDABLE ACCESS TO HIGH-QUALITY EDUCATION FOR THEIR CHILDREN, WHILE SUSTAINING THE SCHOOL'S INCOME TO SUPPORT A FULL SLATE OF PROGRAMMING. AS IMS EMERGES FROM OUR START-UP PHASE WE HAVE BEGUN TO BUILD A STRONG FOUNDATION THAT WILL SUPPORT OUR SCHOOL NETWORK WELL INTO THE FUTURE. THIS PLAN INCLUDES IMPLEMENTING THE EXPANSION OF ACADEMIC PROGRAMS, SUCH AS THE SETON BLENDED LEARNING PROGRAM AT THE DEPAUL CATHOLIC SCHOOL UP TO GRADE 5, ROLLING OUT A GROUNDBREAKING SUMMER LEARNING PROGRAM ACROSS SIX SCHOOLS WITH SPRINGBOARD COLLABORATIVE, AND A STRATEGIC INTERVENTION PLAN DURING THE SCHOOL YEAR TO HELP STUDENTS CATCH UP TO GRADE LEVEL BENCHMARKS. IMS CONTINUES TO INFUSE EACH SCHOOL WITH INNOVATIVE PROGRAMMING CHOSEN TO MEET THE UNIQURE NEEDS OF THE STUDENT POPULATION AND SET THEM ON THE PATH TO FUTURE SUCCESS.
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IRS990/OtherExpensesGrp/Desc2Partnership Fees
IRS990/OtherExpensesGrp/Desc3Textbooks
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,448,333
Liabilities
$3,130,744
Net assets
$8,317,589
Revenue
$25,883,379
Expenses
$22,233,923
Net income
$3,649,456
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$57.6$4.94$52.6$36.5$33.8$2.76
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$52.2$4.65$47.6$34.1$34.7$0.60
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$51.6$5.33$46.3$46.9$33.0$13.9
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$39.2$7.43$31.8$38.2$31.7$6.45
2021Detailed filing. Detailed filing data is available for this year.$31.8$5.81$26.0$31.3$27.8$3.51
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.4$7.74$21.7$29.1$26.9$2.20
2019Detailed filing. Detailed filing data is available for this year.$23.9$4.76$19.2$36.0$32.3$3.76
2018Detailed filing. Detailed filing data is available for this year.$19.3$4.11$15.2$30.8$32.5$1.63
2017Detailed filing. Detailed filing data is available for this year.$21.1$4.25$16.8$34.9$30.7$4.18
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.2$2.54$12.6$30.4$27.0$3.42
2015Detailed filing. Detailed filing data is available for this year.$11.4$3.13$8.32$25.9$22.2$3.65
2014Detailed filing. Detailed filing data is available for this year.$7.51$2.84$4.67$23.3$19.7$3.66
2013Summary only. Only limited summary data is available for this year.$1.07$0.06$1.01$1.49$0.67$0.82
2012Summary only. Only limited summary data is available for this year.$0.19$0.00$0.19$0.23$0.04$0.19