Civic Intelligence

Somerset Academy Foundation Inc.

990 • Fiscal year 2020 • EIN 46-4129017

Jul 01, 2019 to Jun 30, 2020 • Filed on Feb 24, 2021

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

92nd percentile

0.97x

Higher debt load relative to assets than 92% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

12.43x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

81st percentile

26%

Higher net margin than 81% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

29th percentile

0.4%

Faster asset growth than 29% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

81st percentile

25%

Faster revenue growth than 81% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$17,789,167

Up $71,246 (+0.4%) from 2019

Net Assets

Up

$519,352

Up $360,539 (+227%) from 2019

Liabilities

Down

$17,269,815

Down $289,293 (-1.6%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin81st percentile

Revenue

Up

$1,389,607

Up $277,616 (+25%) from 2019

Expenses

Down

$1,029,068

Down $233,318 (-18%) from 2019

Net Income

Up

$360,539

Up $510,934 (+340%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth29th 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

2020

Assets$17,789,167
Liabilities$17,269,815
Net Assets$519,352
Open 2020 Filing

Operations Trend

Revenue Growth81st 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

2020

Revenue$1,389,607
Expenses$1,029,068
Net Income$360,539
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Feb 24, 2021
Return Version
2019v5.2
Gross Receipts
$1,389,607
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$16,103,271$15,776,044▼ $327,227
Cash and Non-Interest-Bearing Accounts$727,361$1,249,420▲ $522,059
Rtn Earn Endowment Incm Other Fnds$158,813$519,352▲ $360,539
Intangible Assets$315,996$277,610▼ $38,386
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$17,717,921$17,789,167▲ $71,246
Other Assets Total$571,293$486,093▼ $85,200
Liabilities
Tax Exempt Bond Liabilities-$8,192,453-
Mortgage Notes Payable Secured by Investment Property$15,564,507$7,082,761▼ $8,481,746
Other Liabilities$1,961,232$1,961,232→ $0
Accounts Payable and Accrued Expenses$33,369$33,369→ $0
Total Liabilities$17,559,108$17,269,815▼ $289,293
Net Assets / Fund Balance
Total Net Assets Fund Balance$158,813$519,352▲ $360,539
Total Liabilities and Net Assets / Fund Balance$17,717,921$17,789,167▲ $71,246

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,910,575$851,300$12,761,875
Land$3,865,469-$3,865,469
Compensation and Service Providers
Top Officer Pay14th 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
$1,385,448
Investment Income
$4,159
Other Revenue
$0
Change in Net Assets
$360,539
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,029,068
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
Interest$646,659--$646,659
Depreciation Depletion$365,613--$365,613
Other Expenses$1,311$15,485-$16,796
Total Functional Expenses$1,013,583$15,485$0$1,029,068
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$1,961,232

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACapital Trust Agency2018-08-07$8,560,000Fund capital improvements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,560,000---

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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 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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
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
President
Phone
3056692906
Signed
2021-02-24
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
1

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, 2020 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, 2020 somerset academy foundation inc is electing to capitalize repairs and maintenance costs under reg.sec.1.263(a)-1(n).”

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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, 2020 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, 2020 SOMERSET ACADEMY FOUNDATION INC IS ELECTING TO CAPITALIZE REPAIRS AND MAINTENANCE COSTS UNDER REG.SEC.1.263(A)-1(N).
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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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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0396 ALHAMBRA CIRCLE SUITE 900

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$17,789,167
Liabilities
$17,269,815
Net assets
$519,352
Revenue
$1,389,607
Expenses
$1,029,068
Net income
$360,539
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