Civic Intelligence

Ingenuity Prep

990 • Fiscal year 2022 • EIN 45-5054392

Jul 01, 2021 to Jun 30, 2022 • Filed on May 10, 2023

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

53rd percentile

0.20x

Higher debt load relative to assets than 53% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

23rd percentile

0.07x

Higher debt load relative to revenue than 23% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

40th percentile

2.8%

Higher net margin than 40% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

51st percentile

$179,483

Higher top officer pay than 51% of similar nonprofits.

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

75th percentile

13%

Faster asset growth than 75% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

70th percentile

18%

Faster revenue growth than 70% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Up

$7,016,769

Up $827,087 (+13%) from 2021

Net Assets

Up

$5,595,860

Up $586,504 (+12%) from 2021

Liabilities

Up

$1,420,909

Up $240,583 (+20%) from 2021

Revenue

Up

$21,090,575

Up $3,197,936 (+18%) from 2021

Expenses

Up

$20,504,071

Up $3,751,124 (+22%) from 2021

Net Income

Down

$586,504

Down $553,188 (-49%) from 2021

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

2022

Assets$7,016,769
Liabilities$1,420,909
Net Assets$5,595,860

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

2022

Revenue$21,090,575
Expenses$20,504,071
Net Income$586,504
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 10, 2023
Return Version
2021v4.0
Gross Receipts
$21,090,575
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
Land, Buildings, and Equipment, Net$2,163,165$3,113,067▲ $949,902
Cash and Non-Interest-Bearing Accounts$1,531,010$1,473,497▼ $57,513
Savings and Temporary Cash Investments$1,689,797$1,400,353▼ $289,444
Pledges and Grants Receivable$484,016$688,545▲ $204,529
Accounts Receivable$152,154$124,601▼ $27,553
Prepaid Expenses and Deferred Charges$67,711$106,040▲ $38,329
Total Assets$6,189,682$7,016,769▲ $827,087
Other Assets Total$101,829$110,666▲ $8,837
Liabilities
Accounts Payable and Accrued Expenses$1,165,705$1,410,786▲ $245,081
Mortgage Notes Payable Secured by Investment Property$14,621$10,123▼ $4,498
Total Liabilities$1,180,326$1,420,909▲ $240,583
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,009,356$5,595,860▲ $586,504
Total Net Assets Fund Balance$5,009,356$5,595,860▲ $586,504
Total Liabilities and Net Assets / Fund Balance$6,189,682$7,016,769▲ $827,087

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,301,166$1,513,789$2,814,955
Leasehold Improvements$1,811,901$448,597$2,260,498
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William Stoetzer - ChiefExecutive ofFT$163,156$16,327$179,483
William Stoetzer - ChiefExecutive Officer-$159,156$20,327$179,483
Ashanti Herndon - Chief Financial& OperationsFT$156,044$9,719$165,763
Ashanti Herndon - Chief Financial& Operations Officer-$152,294$13,469$165,763
Tracie Dow - Early Childhood AcademPrincipalFT$120,413$17,132$137,545
Benjamin Johnson - Dean ofCurriculumFT$119,212$10,222$129,434
Roger Michael - Middle SchoolAcademy PrinFT$115,091$6,662$121,753
KATHERINE O'CONNERVice PrincipFT$106,026$9,849$115,875

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Revolution Foods INCFood ServicesPO BOX 742759, Los Angeles, CA 90074$329,217
Lavinia Group LLCLiteracy Consul1 MAIN STREET 5D, Brooklyn, NY 11201$266,644
Sterling Speech Associates LLCSped Services4402 1ST PL NE SUITE 33, Washington, DC 20011$116,680
Ellis Therapeutic Consultants INCEducation Consu530 2ND STREET, Brooklyn, NY 11215$116,074
-Therapeutic641 S STREET NW 3RD FLOOR, Washington, DC 20001$105,225
Revenue and Support

Revenue Composition

Contributions and Grants
$3,932,015
Program Service Revenue
$17,147,403
Investment Income
$899
Other Revenue
$10,258
All Other Contributions
$68,876
Change in Net Assets
$586,504

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,090,575
Revenue Not Reported on Form 990
$64,349
Total Revenue per Audited Statements
$21,154,924
Total Revenue per Form 990
$21,090,575
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,339,856
Other Expenses$7,121,615
Total Fundraising Expense$148,414
Professional Fundraising Fees$42,600
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,410,155$372,065$44,080$10,826,300
Occupancy$2,517,522$107,359$12,438$2,637,319
Other Employee Benefits$1,030,787$42,210$7,342$1,080,339
Payroll Taxes$924,423$37,854$6,585$968,862
Office Expenses$937,938$17,128$33$955,099
Fees for Services Other$820,794$112,241-$933,035
Depreciation Depletion$490,902$20,934-$511,836
Current Officers, Directors, Trustees, and Key Employees$249,111$64,427$31,845$345,383
Fees for Services Accounting-$197,505-$197,505
Information Technology$185,270$7,901-$193,171
All Other Expenses$161,936$1,249-$163,185
Other Expenses$145,516$13,250$719$159,485
Pension Plan Contributions$113,515$4,648$809$118,972
Advertising$72,492$3,091$358$75,941
Insurance$43,261$1,845-$45,106
Fees for Services Professional Fundraising--$42,600$42,600
Fees for Services Legal$17,750$20,959-$38,709
Travel$26,123$1,114$129$27,366
Interest$603$26-$629
Total Functional Expenses$19,291,775$1,063,882$148,414$20,504,071

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$20,568,420
Expenses per Audited Statements$20,504,071
Total Expenses per Form 990$20,504,071
Expenses Not Reported on Form 990$64,349
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$42,600
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
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 35% controlled entity
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
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 and it is posted on the website of the dc public charter school board. 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 - Chief
Title
Executive Officer
Phone
2025620391
Signed
2023-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Stoetzer - Chief
Formed
2012
Legal Domicile
Dc
Voting Board Members
7
Independent Board Members
7
Employees
201
Volunteers
10

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 1, Part I, Line 6

Volunteers consist of board members.

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

Ingenuity 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 has expanded to now serve over 800 students in preschool through 8th grade and has a staff of more than 150. Ingenuity prep is organized into three academies: early childhood (serving grades preschool through kindergarten), elementary school academy (serving grades 1 through 4), and middle school academy (serving grades 5 through 8). We prepare our students for success in college and in life. We set high standards and strive to cultivate a love of learning in every student. We are a place where students can learn, establish deep relationships and prepare to become impactful civic leaders. The cornerstones of ingenuity prep's program are: rigorous content and individualized instruction - we start by setting high academic standards for our students, and creating the circumstances for them to achieve academic excellence. We believe that the best way to do this is by leveraging a robust curriculum and consistently delivering well-planned, high-quality lessons. We are able to accomplish our goals by being responsive to student data, maintaining low teacher-to-student ratios so that students are always getting personalized and small group learning, enabling teacher content specialization as early as kindergarten so that our teachers are true experts in the subjects they teach, and intentionally leveraging technology to even further personalize and accelerate student learning. Civic leadership - we believe that academic excellence - while very important - is not sufficient to prepare students for the demands of 21st century leadership. Building civic leaders is core to our mission. We want to equip students to pursue their passions and be empowered to think, speak, and act positively on behalf of themselves, their community, the country, and the world. Beginning in pre-k, civic leadership class time and activities are intentionally built into our schedule. In our early grades, we focus on social-emotional instruction so that students build skills in empathy, resilience, and self-advocacy. As our students get older, we continue to build on social-emotional skills while also having students engage with specific social justice issues and providing them with opportunities to engage with those issues in their community. For example, when our 4th graders learned about our food desert in ward 8, they planned a food drive and delivered the proceeds to local food banks. Enrichment - we provide daily opportunities for students to pursue interest areas outside of traditional academics. Our enrichment programs start in pre-k with art and physical education and build throughout the course of elementary school where we add music and expanded science and social studies classes. When students reach middle school, they are introduced to enrichment in an elective format through classes like journalism and debate where they can begin to draw explicit connections between these activities and the academic skills related to them. Enrichments are opportunities for students to build knowledge in areas of passion, which in turn fuel motivation and foster growth mindset. We believe strong enrichment supports student growth and motivation across all parts of the school experience. In addition to the core components of our day-to-day program, themes of community, relationships, and equity of access run through every part of our school. These principles are core to our school's identity: community and relationships - community and relationships are integral parts of academic and personal development. Our teachers take time to build meaningful connections with students, working intentionally to get to know them as people. We also hold up families as critical members of our school community. We believe in cultivating them as partners and providing them with tools and re

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 schools 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, 2022, 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, 2022, the statute of limitations for tax years 2018 through 2020 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 schools policy to recognize interest and/or penalties related to uncertain tax positions, if any, in income tax expense. As of june 30, 2022, the charter school had no accruals for interest and/or penalties.

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