Civic Intelligence

Somerset Academy Foundation Inc.

990 • Fiscal year 2018 • EIN 46-4129017

Jul 01, 2017 to Jun 30, 2018 • Filed on May 10, 2019

Organization ProfileN/A
20805 Johnson StPembroke Pines, FL 33029

(305) 669-2906

Siviq Scores

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

Liabilities / Assets

90th percentile

0.96x

Higher debt load relative to assets than 90% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

15.56x

Higher debt load relative to revenue than 98% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

93rd percentile

60%

Higher net margin than 93% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

57th percentile

3.6%

Faster asset growth than 57% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

73rd percentile

17%

Faster revenue growth than 73% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$7,573,755

Up $259,822 (+3.6%) from 2017

Net Assets

Up

$309,208

Up $279,752 (+950%) from 2017

Liabilities

Down

$7,264,547

Down $19,930 (-0.3%) from 2017

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin93rd percentile

Revenue

Up

$466,933

Up $67,487 (+17%) from 2017

Expenses

Down

$187,181

Down $185,147 (-50%) from 2017

Net Income

Up

$279,752

Up $252,634 (+932%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth57th percentile

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

$40M$30M$20M$10M$0Assets 2014: $306Liabilities 2014: $5612014Assets 2015: $306Liabilities 2015: $5612015Assets 2016: $17,100Liabilities 2016: $14,762Net Assets 2016: $2,3382016Assets 2017: $7,313,933Liabilities 2017: $7,284,477Net Assets 2017: $29,4562017Assets 2018: $7,573,755Liabilities 2018: $7,264,547Net Assets 2018: $309,2082018Assets 2019: $17,717,921Liabilities 2019: $17,559,108Net Assets 2019: $158,8132019Assets 2020: $17,789,167Liabilities 2020: $17,269,815Net Assets 2020: $519,3522020Assets 2021: $17,885,809Liabilities 2021: $17,024,065Net Assets 2021: $861,7442021Assets 2022: $29,085,662Liabilities 2022: $27,934,719Net Assets 2022: $1,150,9432022Assets 2023: $31,810,445Liabilities 2023: $28,975,533Net Assets 2023: $2,834,9122023Assets 2024: $34,110,451Liabilities 2024: $30,547,674Net Assets 2024: $3,562,7772024

Highlighted filing

2018

Assets$7,573,755
Liabilities$7,264,547
Net Assets$309,208
Open 2018 Filing

Operations Trend

Revenue Growth73rd percentile

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2014: $238Expenses 2014: $493Net Income 2014: -$2552014Revenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $5,000Expenses 2016: $2,407Net Income 2016: $2,5932016Revenue 2017: $399,446Expenses 2017: $372,328Net Income 2017: $27,1182017Revenue 2018: $466,933Expenses 2018: $187,181Net Income 2018: $279,7522018Revenue 2019: $1,111,991Expenses 2019: $1,262,386Net Income 2019: -$150,3952019Revenue 2020: $1,389,607Expenses 2020: $1,029,068Net Income 2020: $360,5392020Revenue 2021: $1,359,200Expenses 2021: $1,016,808Net Income 2021: $342,3922021Revenue 2022: $1,771,098Expenses 2022: $1,454,136Net Income 2022: $316,9622022Revenue 2023: $3,493,383Expenses 2023: $1,809,414Net Income 2023: $1,683,9692023Revenue 2024: $3,156,461Expenses 2024: $2,428,596Net Income 2024: $727,8652024

Highlighted filing

2018

Revenue$466,933
Expenses$187,181
Net Income$279,752
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 10, 2019
Return Version
2017v2.3
Gross Receipts
$466,933
Mission and Program Overview

Mission

Somerset academy foundation, inc. Serves as a type 1 supporting organization for somerset academy, inc., a section 501(c)(3) tax-exempt organization that operates charter schools in miami-dade county, florida.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,727,731$5,608,196▼ $119,535
Cash and Non-Interest-Bearing Accounts$372,563$786,350▲ $413,787
Rtn Earn Endowment Incm Other Fnds$29,456$309,208▲ $279,752
Intangible Assets$115,679$87,916▼ $27,763
Accounts Receivable$6,667--
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$7,313,933$7,573,755▲ $259,822
Other Assets Total$1,091,293$1,091,293→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,284,215$7,257,545▼ $26,670
Other Liabilities$262$6,442▲ $6,180
Accounts Payable and Accrued Expenses-$560-
Total Liabilities$7,284,477$7,264,547▼ $19,930
Net Assets / Fund Balance
Total Net Assets Fund Balance$29,456$309,208▲ $279,752
Total Liabilities and Net Assets / Fund Balance$7,313,933$7,573,755▲ $259,822

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,442,727$219,148$4,661,875
Land$1,165,469-$1,165,469
Other Assets Org$1,091,293--
Compensation and Service Providers
Top Officer Pay20th percentile

Board Members and Trustees

NameTitle
Suzette RuizPresident,chairman, Direct
Bernie MonteroVice President, Director
Todd GermanDirector
David ConcepcionDirector, Secretary
Tony MoralesTreasurer, Director
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$464,800
Investment Income
$2,133
Other Revenue
$0
Change in Net Assets
$279,752
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$187,181
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$147,298--$147,298
Interest$32,521--$32,521
Fees for Services Accounting-$4,500-$4,500
Other Expenses-$221-$221
All Other Expenses-$123-$123
Total Functional Expenses$179,819$7,362$0$187,181
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
Due to Somerset Academy, Inc$6,442
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The organization reviews the contents of the form 990 before submitting it to the internal revenue service.”

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

“The organization requires that all officers and/or directors disclose any activity that may be a conflict of interest.”

Form 990, Part VI, Section B, Line 15

“During the determination of compensation of officers and key employees, the organization reviews the officer's contract, budget, and performance.”

Form 990, Part VI, Section C, Line 18

“This information is available on www.guidestar.org.”

Form 990, Part VI, Section C, Line 19

“This information is available upon request.”

Filing and Contact Details

Filer

Filer Name
Somerset Academy Foundation Inc
EIN
46-4129017
Phone
3056692906
Address
20805 JOHNSON ST, PEMBROKE PINES, FL 33029

Signing Officer

Name
Suzette Ruiz
Title
Chairman
Phone
3056692906
Signed
2019-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Suzette Ruiz
Formed
2013
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
Hlb Gravier Llp
Address
396 ALHAMBRA CIRCLE SUITE 900, CORAL GABLES, FL 33134-5095
Preparer
Leonardo D Gravier
Phone
3054463022
Supplemental Narrative

Additional Explanations

Section 1.263(A)-1(F) De Minimis Safe Habor Election

“Somerset academy foundation inc 20805 johnson st pembroke pines, fl 33029 ein:46-4129017 for the year ending june 30, 2018 somerset academy foundation inc is making the minimis safe habor election under reg.sec.1.263(a)-1(f).”

Section 1.263(A)-1(N) Election

“Somerset academy foundation inc 20805 johnson st pembroke pines, fl 33029 ein:46-4129017 for the year ending june 30, 2018 somerset academy foundation inc is electing to capitalize repairs and maintenance costs under reg.sec.1.263(a)-1(n).”

Raw XML Appendix395 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1PRESIDENT,CHAIRMAN, DIRECT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION REVIEWS THE CONTENTS OF THE FORM 990 BEFORE SUBMITTING IT TO THE INTERNAL REVENUE SERVICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION REQUIRES THAT ALL OFFICERS AND/OR DIRECTORS DISCLOSE ANY ACTIVITY THAT MAY BE A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DURING THE DETERMINATION OF COMPENSATION OF OFFICERS AND KEY EMPLOYEES, THE ORGANIZATION REVIEWS THE OFFICER'S CONTRACT, BUDGET, AND PERFORMANCE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THIS INFORMATION IS AVAILABLE ON WWW.GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THIS INFORMATION IS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5SOMERSET ACADEMY FOUNDATION INC 20805 JOHNSON ST PEMBROKE PINES, FL 33029 EIN:46-4129017 FOR THE YEAR ENDING JUNE 30, 2018 SOMERSET ACADEMY FOUNDATION INC IS MAKING THE MINIMIS SAFE HABOR ELECTION UNDER REG.SEC.1.263(A)-1(F).
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6SOMERSET ACADEMY FOUNDATION INC 20805 JOHNSON ST PEMBROKE PINES, FL 33029 EIN:46-4129017 FOR THE YEAR ENDING JUNE 30, 2018 SOMERSET ACADEMY FOUNDATION INC IS ELECTING TO CAPITALIZE REPAIRS AND MAINTENANCE COSTS UNDER REG.SEC.1.263(A)-1(N).
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5SECTION 1.263(A)-1(F) DE MINIMIS SAFE HABOR ELECTION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6SECTION 1.263(A)-1(N) ELECTION
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IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0179819
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IRS990/TotalLiabilitiesBOYAmt07284477
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IRS990/WhistleblowerPolicyInd01
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ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm009:50:32
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0204946415
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HLB GRAVIER LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0396 ALHAMBRA CIRCLE SUITE 900
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CORAL GABLES
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ReturnHeader/PreparerPersonGrp/PhoneNum03054463022
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0LEONARDO D GRAVIER
ReturnHeader/ReturnTs02019-05-10T08:50:49-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,573,755
Liabilities
$7,264,547
Net assets
$309,208
Revenue
$466,933
Expenses
$187,181
Net income
$279,752
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$34.1$30.5$3.56$3.16$2.43$0.73
2023Detailed filing. Detailed filing data is available for this year.$31.8$29.0$2.83$3.49$1.81$1.68
2022Detailed filing. Detailed filing data is available for this year.$29.1$27.9$1.15$1.77$1.45$0.32
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.9$17.0$0.86$1.36$1.02$0.34
2020Detailed filing. Detailed filing data is available for this year.$17.8$17.3$0.52$1.39$1.03$0.36
2019Detailed filing. Detailed filing data is available for this year.$17.7$17.6$0.16$1.11$1.26$0.15
2018Detailed filing. Detailed filing data is available for this year.$7.57$7.26$0.31$0.47$0.19$0.28
2017Detailed filing. Detailed filing data is available for this year.$7.31$7.28$0.03$0.40$0.37$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.02$0.01$0.00$0.01$0.00$0.00
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00