Civic Intelligence

Ingenuity Prep

990 • Fiscal year 2023 • EIN 45-5054392

Jul 01, 2022 to Jun 30, 2023 • Filed on May 11, 2024

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

41st percentile

0.15x

Higher debt load relative to assets than 41% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

16th percentile

0.06x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

70th percentile

13%

Higher net margin than 70% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

34th percentile

$198,689

Higher top officer pay than 34% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

91st percentile

49%

Faster asset growth than 91% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

73rd percentile

19%

Faster revenue growth than 73% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$10,482,925

Up $3,466,156 (+49%) from 2022

Net Assets

Up

$8,939,861

Up $3,344,001 (+60%) from 2022

Liabilities

Up

$1,543,064

Up $122,155 (+8.6%) from 2022

Revenue

Up

$25,128,237

Up $4,037,662 (+19%) from 2022

Expenses

Up

$21,784,236

Up $1,280,165 (+6.2%) from 2022

Net Income

Up

$3,344,001

Up $2,757,497 (+470%) from 2022

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

2023

Assets$10,482,925
Liabilities$1,543,064
Net Assets$8,939,861

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

2023

Revenue$25,128,237
Expenses$21,784,236
Net Income$3,344,001
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 11, 2024
Return Version
2022v5.0
Gross Receipts
$25,128,237
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
Accounts Receivable$124,601$3,079,194▲ $2,954,593
Land, Buildings, and Equipment, Net$3,113,067$2,793,557▼ $319,510
Cash and Non-Interest-Bearing Accounts$1,473,497$1,734,145▲ $260,648
Savings and Temporary Cash Investments$1,400,353$1,551,768▲ $151,415
Pledges and Grants Receivable$688,545$1,025,895▲ $337,350
Prepaid Expenses and Deferred Charges$106,040$175,902▲ $69,862
Total Assets$7,016,769$10,482,925▲ $3,466,156
Other Assets Total$110,666$122,464▲ $11,798
Liabilities
Accounts Payable and Accrued Expenses$1,410,786$1,507,476▲ $96,690
Other Liabilities-$35,588-
Mortgage Notes Payable Secured by Investment Property$10,123--
Total Liabilities$1,420,909$1,543,064▲ $122,155
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,595,860$8,939,861▲ $3,344,001
Total Net Assets Fund Balance$5,595,860$8,939,861▲ $3,344,001
Total Liabilities and Net Assets / Fund Balance$7,016,769$10,482,925▲ $3,466,156

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,046,156$1,927,868$2,974,024
Leasehold Improvements$1,747,401$623,640$2,371,041
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
William Stoetzer - ChiefExecutive ofFT$180,690$17,999$198,689
William Stoetzer - ChiefExecutive Officer-$180,690$21,749$198,689
Ashanti Herndon - Chief Financial& OperationsFT$150,564$11,405$161,969
Ashanti Herndon - Chief Financial& Operations Officer-$146,814$15,155$161,969
Lashawndra Thornton - ChiefTalent OfficFT$140,520$17,449$157,969
Lashawndra Thornton - ChiefTalent Officer-$136,770$17,449$157,969
Benjamin Johnson - ChiefAcademic OffFT$143,396$9,585$152,981
Benjamin Johnson - ChiefAcademic Officer-$143,396$9,585$152,981
KATHERINE O'CONNER - ELEMENTARYSchool PrincFT$114,931$9,655$124,586
Jason Mcneil - Middle SchoolVice PrincipFT$116,204$7,977$124,181
Erica MitchellKindergartenFT$108,308$7,134$115,442

Board Members and Trustees

NameTitle
Derrick MashoreChair
Frankie BrownVice Chair
Christopher Riddick - OutgoingBoard Member
Jennipher Coleman - OutgoingBoard Member
Kendra BarlowBoard Member
Michael BernBoard Member
Patricia RichardsonBoard Member
Peter Wink - OutgoingBoard Member
Tracy London - OutgoingBoard Member
Vance GraggBoard Member
Yesim SayinBoard Member
Keleigh MontgomerySecretary
Evelyn LeeTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitsons Food Service Bronx CorpFood Services3923 23RD STREET, Long Island City, NY 11101$526,220
Swing Education INCTeachersDEPT LA 24916, Pasadena, CA 91185$325,956
Dc Public Charter School BoardAuthorizer Fee100 M STREET SE SUITE 600, Washington, DC 20003$266,187
EdopsAccounting1611 CONNECTICUT AVE NW STE 200, Washington, DC 20009$232,350
Dynamic Network SolutionsInformation Tec3919 NATIONAL DR STE 100, Burtonsville, MD 20866$151,366
Revenue and Support

Revenue Composition

Contributions and Grants
$6,542,136
Program Service Revenue
$18,444,211
Investment Income
$130,209
Other Revenue
$11,681
All Other Contributions
$64,470
Change in Net Assets
$3,344,001

Audited Revenue Reconciliation

Revenue per Audited Statements
$25,128,237
Revenue Not Reported on Form 990
$130,665
Total Revenue per Audited Statements
$25,258,902
Total Revenue per Form 990
$25,128,237
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$14,305,732
Other Expenses$7,469,904
Total Fundraising Expense$150,124
Professional Fundraising Fees$8,600
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$11,033,862$562,307$71,665$11,667,834
Occupancy$2,572,115$135,901$12,170$2,720,186
Other Employee Benefits$1,051,474$58,867$9,875$1,120,216
Fees for Services Other$790,946$177,532-$968,478
Payroll Taxes$908,661$50,872$8,534$968,067
Office Expenses$842,888$36,326$1,103$880,317
Depreciation Depletion$576,401$30,454-$606,855
Current Officers, Directors, Trustees, and Key Employees$269,527$70,514$34,497$374,538
Fees for Services Accounting-$317,176-$317,176
Information Technology$235,571$12,447-$248,018
Other Expenses$189,219$3,709$1,541$192,928
All Other Expenses$162,595$28,693-$191,288
Pension Plan Contributions$164,334$9,200$1,543$175,077
Advertising$78,484$4,147$371$83,002
Insurance$49,358$2,608-$51,966
Travel$47,469$2,508$225$50,202
Fees for Services Legal$20,855$3,555-$24,410
Fees for Services Professional Fundraising--$8,600$8,600
Interest$379$20-$399
Total Functional Expenses$20,110,063$1,524,049$150,124$21,784,236

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$21,914,901
Expenses per Audited Statements$21,784,236
Total Expenses per Form 990$21,784,236
Expenses Not Reported on Form 990$130,665
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$8,600
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liabilities$30,193
Financing Lease Liabilities$5,395
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
2024-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William Stoetzer
Formed
2012
Legal Domicile
Dc
Voting Board Members
9
Independent Board Members
9
Employees
220
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 1, Part I, Line 6

Volunteers consist of board members.

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

Ingenuity prep public charter school is a supportive community dedicated to academic rigor and civic leadership, preparing students for the path to the colleges and careers of their choosing. 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 academy (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 and middle school where we add music and expanded science and social studies classes. 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 resources to support students to meet their goals and realize their dreams. Further, we work intentionally to support students to build their own community a

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, 2023, 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, 2023, the statute of limitations for tax years 2019 through 2021 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, 2023, the charter school had no accruals for interest and/or penalties.

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IRS990/Desc0INGENUITY PREP PUBLIC CHARTER SCHOOL IS A SUPPORTIVE COMMUNITY DEDICATED TO ACADEMIC RIGOR AND CIVIC LEADERSHIP, PREPARING STUDENTS FOR THE PATH TO THE COLLEGES AND CAREERS OF THEIR CHOOSING. 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 ACADEMY (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 AND MIDDLE SCHOOL WHERE WE ADD MUSIC AND EXPANDED SCIENCE AND SOCIAL STUDIES CLASSES. 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 RESOURCES TO SUPPORT STUDENTS TO MEET THEIR GOALS AND REALIZE THEIR DREAMS. FURTHER, WE WORK INTENTIONALLY TO SUPPORT STUDENTS TO BUILD THEIR OWN COMMUNITY A
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