Civic Intelligence

Ingenuity Prep

990 • Fiscal year 2018 • EIN 45-5054392

Jul 01, 2017 to Jun 30, 2018 • Filed on May 08, 2019

4600 Livingston Road SEWashington, DC 20032

(202) 562-0391

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.14x

Higher debt load relative to assets than 42% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

16th percentile

0.05x

Higher debt load relative to revenue than 16% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

61st percentile

6.5%

Higher net margin than 61% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2018

Asset Growth

86th percentile

22%

Faster asset growth than 86% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

87th percentile

40%

Faster revenue growth than 87% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Assets

Up

$3,878,053

Up $686,365 (+22%) from 2017

Net Assets

Up

$3,326,980

Up $719,243 (+28%) from 2017

Liabilities

Down

$551,073

Down $32,878 (-5.6%) from 2017

Revenue

Up

$11,055,746

Up $3,163,091 (+40%) from 2017

Expenses

Up

$10,336,503

Up $2,389,096 (+30%) from 2017

Net Income

Up

$719,243

Up $773,995 (+1414%) from 2017

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2014: $824,529Liabilities 2014: $202,433Net Assets 2014: $622,0962014Assets 2015: $1,437,029Liabilities 2015: $175,842Net Assets 2015: $1,261,1872015Assets 2016: $2,906,422Liabilities 2016: $243,933Net Assets 2016: $2,662,4892016Assets 2017: $3,191,688Liabilities 2017: $583,951Net Assets 2017: $2,607,7372017Assets 2018: $3,878,053Liabilities 2018: $551,073Net Assets 2018: $3,326,9802018Assets 2019: $5,066,447Liabilities 2019: $1,417,479Net Assets 2019: $3,648,9682019Assets 2020: $4,665,111Liabilities 2020: $795,447Net Assets 2020: $3,869,6642020Assets 2021: $6,189,682Liabilities 2021: $1,180,326Net Assets 2021: $5,009,3562021Assets 2022: $7,016,769Liabilities 2022: $1,420,909Net Assets 2022: $5,595,8602022Assets 2023: $10,482,925Liabilities 2023: $1,543,064Net Assets 2023: $8,939,8612023Assets 2024: $32,399,395Liabilities 2024: $21,422,410Net Assets 2024: $10,976,9852024

Highlighted filing

2018

Assets$3,878,053
Liabilities$551,073
Net Assets$3,326,980

Operations Trend

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

$30M$20M$10M$0-$10MRevenue 2014: $2,944,515Expenses 2014: $2,484,010Net Income 2014: $460,5052014Revenue 2015: $4,663,485Expenses 2015: $4,024,394Net Income 2015: $639,0912015Revenue 2016: $7,282,885Expenses 2016: $5,881,583Net Income 2016: $1,401,3022016Revenue 2017: $7,892,655Expenses 2017: $7,947,407Net Income 2017: -$54,7522017Revenue 2018: $11,055,746Expenses 2018: $10,336,503Net Income 2018: $719,2432018Revenue 2019: $13,156,346Expenses 2019: $12,834,358Net Income 2019: $321,9882019Revenue 2020: $15,385,205Expenses 2020: $15,164,509Net Income 2020: $220,6962020Revenue 2021: $17,892,639Expenses 2021: $16,752,947Net Income 2021: $1,139,6922021Revenue 2022: $21,090,575Expenses 2022: $20,504,071Net Income 2022: $586,5042022Revenue 2023: $25,128,237Expenses 2023: $21,784,236Net Income 2023: $3,344,0012023Revenue 2024: $26,459,798Expenses 2024: $24,422,674Net Income 2024: $2,037,1242024

Highlighted filing

2018

Revenue$11,055,746
Expenses$10,336,503
Net Income$719,243
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 8, 2019
Return Version
2017v2.3
Gross Receipts
$11,058,110
Mission and Program Overview

Mission

Ingenuity prep public charter school prepares its students to succeed in college and beyond as impactful civic leaders.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$1,505,667$2,413,620▲ $907,953
Land, Buildings, and Equipment, Net$967,236$1,034,935▲ $67,699
Prepaid Expenses and Deferred Charges$75,673$109,247▲ $33,574
Accounts Receivable$40,349$106,727▲ $66,378
Pledges and Grants Receivable$61,668$96,265▲ $34,597
Cash and Non-Interest-Bearing Accounts$480,983$56,827▼ $424,156
Total Assets$3,191,688$3,878,053▲ $686,365
Other Assets Total$60,112$60,432▲ $320
Liabilities
Accounts Payable and Accrued Expenses$564,505$550,530▼ $13,975
Deferred Revenue$19,446--
Other Liabilities-$543-
Total Liabilities$583,951$551,073▼ $32,878
Net Assets / Fund Balance
Unrestricted Net Assets$2,607,737$3,326,980▲ $719,243
Total Net Assets Fund Balance$2,607,737$3,326,980▲ $719,243
Total Liabilities and Net Assets / Fund Balance$3,191,688$3,878,053▲ $686,365

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$495,967$441,463$937,430
Leasehold Improvements$538,968$104,011$642,979
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Aaron CunyHead of SchoFT$142,714$10,407$153,121
Aaron CunyHead of School-$142,714$10,407$153,121
William StoetzerChief OperatFT$125,653$9,872$135,525
Anna HickmanPrincipalFT$106,601$9,243$115,844

Board Members and Trustees

NameTitle
Peter WinikChair
Derrick MashoreVice Chair
Cecilia KangBoard Member
Cheryl Booker - Out GoingBoard Member
Josh RalesBoard Member
Lisa MalloryBoard Member
Marc BattleBoard Member
Marliz Rodriguez - Out Going 52218Board Member
Maura MarinoBoard Member
Nicole Johnson-douglasBoard Member
Lydia CarlisSecretary
Debra SantosTreasurer
Jimmy Henderson - Out Going 5118Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Revolution Foods INCFood ServicesPO BOX 742759, Los Angeles, CA 90074$333,235
Urban TeachersEmployment1800 WASHINGTON BLVD, Baltimore, MD 21230$275,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,077,210
Program Service Revenue
$9,979,492
Investment Income
$-956
Other Revenue
$0
All Other Contributions
$156,887
Change in Net Assets
$719,243

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,055,746
Revenue Not Reported on Form 990
$203,363
Total Revenue per Audited Statements
$11,259,109
Total Revenue per Form 990
$11,055,746
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,225,915
Other Expenses$4,110,588
Total Fundraising Expense$129,815
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,717,619$232,131$64,902$5,014,652
Occupancy$1,336,874$77,764$21,307$1,435,945
Fees for Services Other$712,674$43,209$1,673$757,556
Other Employee Benefits$411,199$21,652$5,900$438,751
Payroll Taxes$388,658$22,608$6,194$417,460
Current Officers, Directors, Trustees, and Key Employees$218,511$57,644$14,535$290,690
Office Expenses$236,415$13,753$3,768$253,936
Depreciation Depletion$170,908$9,941$2,724$183,573
Other Expenses$131,993$7,678$2,104$141,775
Fees for Services Accounting$115,734$2,234$612$118,580
All Other Expenses$79,180$20,195$12$99,387
Information Technology$65,004$3,781$1,036$69,821
Pension Plan Contributions$60,379$3,130$853$64,362
Travel$35,369$2,057$564$37,990
Advertising$33,117--$33,117
Insurance$24,674$1,436$393$26,503
Fees for Services Legal$6,248$121$33$6,402
Total Functional Expenses$9,675,656$531,032$129,815$10,336,503

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$10,539,866
Expenses per Audited Statements$10,336,503
Total Expenses per Form 990$10,336,503
Expenses Not Reported on Form 990$203,363
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
State Taxes$163
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, Page 6, Part VI, Line 11B

The board treasurer of ingenuity prep along with its outsourced bookkeeping firm review the draft form 990 information tax return, as prepared by the accountants/auditors and recommends it to the full board of directors for acceptance, including possible revisions. Once accepted, the 990 tax return is executed by the chief operating officer.

Form 990, Page 6, Part VI, Line 12C

The conflict of interest policy is constantly monitored by administration personnel and the board of directors through review and approval procedures. Annually board members and staff complete a conflict of interest disclosure form identifying any relationships or circumstances which the board or staff member believes could contribute to a conflict of interest. Procedures: a.prior to board action on a contract or other transaction involving a conflict of interest, a board member having a conflict of interest shall disclose all facts material to the conflict of interest. Such disclosure shall be reflected in the minutes of the meeting. B.a person who has a conflict of interest shall not participate in the decision except to disclose material facts and to respond to questions. C.the person having a conflict of interest may not vote on the contract or transaction. D.staff members who have a conflict of interest with respect to a contract or transaction that is not the subject of board action shall disclose to the board chair any such conflict of interest. That staff member shall refrain from any action that may affect ingenuity prep's participation in such contract or transaction. In the event it is not entirely clear that a conflict of interest exists, the individual with potential conflict shall disclose the circumstances to the board chair.

Form 990, Page 6, Part VI, Line 15A

The head of school's compensation is determined and approved by the board through its compensation committee using written employment contracts, form 990's of other organizations and other appropriate information related to comparable positions of similar sized organizations. Other employees' compensation is determined using similar sources and approved by the head of school.

Form 990, Page 6, Part VI, Line 19

All governing documents, policies and financial statements are forwarded to the district of columbia public charter school board which provides oversight and distribution of relevant information to the public. The form 990 is made available upon request. In addition, the 990 information tax return is available for public inspection on guidestar.

Filing and Contact Details

Filer

Filer Name
Ingenuity Prep
EIN
45-5054392
Phone
2025620391
Address
4600 LIVINGSTON ROAD SE, WASHINGTON, DC 20032

Signing Officer

Name
William Stoetzer
Title
Chief Operating Ofcr
Phone
2025620391
Signed
2019-05-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Stoetzer
Formed
2012
Legal Domicile
Dc
Voting Board Members
11
Independent Board Members
10
Employees
99
Volunteers
13

Preparer

Firm
Kendall Prebola and Jones LLC
Address
PO BOX 259, BEDFORD, PA 15522-0259
Preparer
Richard M Jones CPA
Phone
8146231880
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4A

Ingenuity prep, each classroom is supported by between 2-3 highly-qualified teachers -- from prek through elementary school. Within each classroom at ingenuity prep, the use of multiple teachers and digital learning platforms creates opportunities for lots of small group instruction targeted at students' different learning needs. Ingenuity prep's teachers are specialized (i.e. They teach a more focused set of content than a traditional teacher). They engage in extensive coaching and professional development on this specialized set of content, allowing them to develop a deeper foundation of content knowledge than their "more generalized" teacher peers around the city. Ingenuity prep's teachers engage in over 300 hours a year of training -- led by some of the best instructional leaders in the city. In a january '18 survey, 95% of staff agreed, "i meet regularly with my manager,- and, "my manager cares about me." 89% of teachers shared, "when i get feedback after an observation, i receive support to implement those changes," (vs 55% for the dc charter sector). Ingenuity prep has had average annual teacher retention between 85-90% for the past three years, far exceeding comparable national and local averages. Ingenuity prep's has an innovative teacher career ladder that 1) leverages an apprenticeship model to scaffold and support the growth of new teachers, and 2) provides highly-effective teachers the opportunity to earn highly- competitive levels of compensation and mentor newer teachers.

Financial Statement Notes

Schedule D, Page 3, Part X

Accounting principles generally accepted in the united states of america provide consistent guidance for the accounting for uncertainty in income taxes recognized in the charter school's financial statements and prescribe a threshold of "more likely than not" for recognition of tax positions taken or expected to be taken in a tax return. The ingenuity prep public charter school performed an evaluation of uncertain tax positions for the year ended june 30, 2018 and determined that there were no matters that would require recognition in the financial statements or that may have any effect on its tax-exempt status. As of june 30, 2018, the statute of limitations for tax years 2014 through 2016 remains open with the u.s. Federal jurisdiction or the various states and local jurisdictions in which the charter school files tax returns. It is the charter school's policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense. As of june 30, 2018, the charter school had no accruals for interest and/or penalties.

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IRS990/Desc0INGENUITY PREP PUBLIC CHARTER SCHOOL PREPARES STUDENTS TO SUCCEED IN COLLEGE AND BEYOND AS IMPACTFUL CIVIC LEADERS. WITH THIS AIM, THE CHARTER SCHOOL OPENED IN WASHINGTON, DC, IN AUGUST OF 2013 AND INTENDS ON EXPANDING TO SERVE OVER 800 STUDENTS IN PRESCHOOL THROUGH 8TH GRADE. THE CHARTER SCHOOL OFFERS AN EXTENDED-DAY (8 A.M. - 4:00 P.M.) AND EXTENDED-YEAR (190 DAYS + 20 DAYS FOR STUDENTS BELOW GRADE-LEVEL) SCHEDULE, PROVIDING INCREASED OPPORTUNITIES TO DELIVER RIGOROUS INSTRUCTION, ENRICHMENT AND REMEDIATION FOR A WIDE-RANGE OF CONTENT. WITH A TEACHER-STUDENT RATIO UNPARALLELED BY MOST OTHER SCHOOLS, AT INGENUITY PREP, EACH CLASSROOM IS SUPPORTED BY BETWEEN 2-3 HIGHLY-QUALIFIED TEACHERS -- FROM PREK THROUGH ELEMENTARY SCHOOL. WITHIN EACH CLASSROOM AT INGENUITY PREP, THE USE OF MULTIPLE TEACHERS AND DIGITAL LEARNING PLATFORMS CREATES OPPORTUNITIES FOR LOTS OF SMALL GROUP INSTRUCTION TARGETED AT STUDENTS' DIFFERENT LEARNING NEEDS. INGENUITY PREP'S TEACHERS ARE SPECIALIZED (I.E. THEY TEACH A MORE FOCUSED SET OF CONTENT THAN A TRADITIONAL TEACHER). THEY ENGAGE IN EXTENSIVE COACHING AND PROFESSIONAL DEVELOPMENT ON THIS SPECIALIZED SET OF CONTENT, ALLOWING THEM TO DEVELOP A DEEPER FOUNDATION OF CONTENT KNOWLEDGE THAN THEIR "MORE GENERALIZED" TEACHER PEERS AROUND THE CITY. INGENUITY PREP'S TEACHERS ENGAGE IN OVER 300 HOURS A YEAR OF TRAINING -- LED BY SOME OF THE BEST INSTRUCTIONAL LEADERS IN THE CITY. IN A JANUARY '18 SURVEY, 95% OF STAFF AGREED, "I MEET REGULARLY WITH MY MANAGER,- AND, "MY MANAGER CARES ABOUT ME." 89% OF TEACHERS SHARED, "WHEN I GET FEEDBACK AFTER AN OBSERVATION, I RECEIVE SUPPORT TO IMPLEMENT THOSE CHANGES," (VS 55% FOR THE DC CHARTER SECTOR). INGENUITY PREP HAS HAD AVERAGE ANNUAL TEACHER RETENTION BETWEEN 85-90% FOR THE PAST THREE YEARS, FAR EXCEEDING COMPARABLE NATIONAL AND LOCAL AVERAGES. INGENUITY PREP'S HAS AN INNOVATIVE TEACHER CAREER LADDER THAT 1) LEVERAGES AN APPRENTICESHIP MODEL TO SCAFFOLD AND SUPPORT THE GROWTH OF NEW TEACHERS, AND 2) PROVIDES HIGHLY-EFFECTIVE TEACHERS THE OPPORTUNITY TO EARN HIGHLY- COMPETITIVE LEVELS OF COMPENSATION AND MENTOR NEWER TEACHERS.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA PROVIDE CONSISTENT GUIDANCE FOR THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE CHARTER SCHOOL'S FINANCIAL STATEMENTS AND PRESCRIBE A THRESHOLD OF "MORE LIKELY THAN NOT" FOR RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE INGENUITY PREP PUBLIC CHARTER SCHOOL PERFORMED AN EVALUATION OF UNCERTAIN TAX POSITIONS FOR THE YEAR ENDED JUNE 30, 2018 AND DETERMINED THAT THERE WERE NO MATTERS THAT WOULD REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS OR THAT MAY HAVE ANY EFFECT ON ITS TAX-EXEMPT STATUS. AS OF JUNE 30, 2018, THE STATUTE OF LIMITATIONS FOR TAX YEARS 2014 THROUGH 2016 REMAINS OPEN WITH THE U.S. FEDERAL JURISDICTION OR THE VARIOUS STATES AND LOCAL JURISDICTIONS IN WHICH THE CHARTER SCHOOL FILES TAX RETURNS. IT IS THE CHARTER SCHOOL'S POLICY TO RECOGNIZE INTEREST AND/OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS, IF ANY, IN INCOME TAX EXPENSE. AS OF JUNE 30, 2018, THE CHARTER SCHOOL HAD NO ACCRUALS FOR INTEREST AND/OR PENALTIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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