Civic Intelligence

Kipp Boston Fund Inc.

990 • Fiscal year 2019 • EIN 46-4900958

Jul 01, 2018 to Jun 30, 2019 • Filed on Mar 13, 2020

90 High Rock StreetLynn, MA 01902

(781) 598-1609

Siviq Scores

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

Liabilities / Assets

91st percentile

0.96x

Higher debt load relative to assets than 91% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

99th percentile

31.34x

Higher debt load relative to revenue than 99% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

9th percentile

-26%

Higher net margin than 9% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

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

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

15th percentile

-4.8%

Faster asset growth than 15% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

28th percentile

-4.0%

Faster revenue growth than 28% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Down

$23,719,198

Down $1,208,563 (-4.8%) from 2018

Net Assets

Down

$841,675

Down $923,400 (-52%) from 2018

Liabilities

Down

$22,877,523

Down $285,163 (-1.2%) from 2018

Revenue

Down

$730,005

Down $30,614 (-4.0%) from 2018

Expenses

Up

$922,378

Up $547 (+0.1%) from 2018

Net Income

Down

-$192,373

Down $31,161 (-19%) from 2018

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2014: $435,000Liabilities 2014: $0Net Assets 2014: $435,0002014Assets 2015: $7,403,425Liabilities 2015: $5,898,435Net Assets 2015: $1,504,9902015Assets 2016: $22,099,013Liabilities 2016: $20,367,452Net Assets 2016: $1,731,5612016Assets 2017: $25,209,065Liabilities 2017: $23,935,286Net Assets 2017: $1,273,7792017Assets 2018: $24,927,761Liabilities 2018: $23,162,686Net Assets 2018: $1,765,0752018Assets 2019: $23,719,198Liabilities 2019: $22,877,523Net Assets 2019: $841,6752019Assets 2020: $44,610,103Liabilities 2020: $43,949,081Net Assets 2020: $661,0222020Assets 2021: $40,807,905Liabilities 2021: $39,693,449Net Assets 2021: $1,114,4562021Assets 2022: $38,490,724Liabilities 2022: $33,151,177Net Assets 2022: $5,339,5472022Assets 2023: $37,629,733Liabilities 2023: $32,279,518Net Assets 2023: $5,350,2152023Assets 2024: $36,927,858Liabilities 2024: $31,478,634Net Assets 2024: $5,449,2242024

Highlighted filing

2019

Assets$23,719,198
Liabilities$22,877,523
Net Assets$841,675

Operations Trend

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

$2.0M$1.0M$0-$1.0MRevenue 2014: $310,000Expenses 2014: $0Net Income 2014: $310,0002014Revenue 2015: $1,871,558Expenses 2015: $801,568Net Income 2015: $1,069,9902015Revenue 2016: $230,032Expenses 2016: $3,461Net Income 2016: $226,5712016Revenue 2017: $669,118Expenses 2017: $504,576Net Income 2017: $164,5422017Revenue 2018: $760,619Expenses 2018: $921,831Net Income 2018: -$161,2122018Revenue 2019: $730,005Expenses 2019: $922,378Net Income 2019: -$192,3732019Revenue 2020: $1,932,969Expenses 2020: $1,419,498Net Income 2020: $513,4712020Revenue 2021: $1,916,828Expenses 2021: $1,438,701Net Income 2021: $478,1272021Revenue 2022: $1,750,364Expenses 2022: $1,473,039Net Income 2022: $277,3252022Revenue 2023: $1,209,162Expenses 2023: $1,198,494Net Income 2023: $10,6682023Revenue 2024: $1,287,368Expenses 2024: $1,188,359Net Income 2024: $99,0092024

Highlighted filing

2019

Revenue$730,005
Expenses$922,378
Net Income-$192,373
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Mar 13, 2020
Return Version
2018v3.1
Gross Receipts
$730,005
Mission and Program Overview

Mission

To promote the financial well-being of kipp academy boston public charter school and kipp massachusetts, inc. By soliciting, receiving and administering funds for construction, operation and maintenance of the school, and to support the continued education of alumni of the school.

Support kipp academy boston charter school and kipp massachusetts, inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$21,425,917$20,525,874▼ $900,043
Cash and Non-Interest-Bearing Accounts$2,634,435$2,386,421▼ $248,014
Savings and Temporary Cash Investments$805,291$806,903▲ $1,612
Total Assets$24,927,761$23,719,198▼ $1,208,563
Other Assets Total$62,118--
Liabilities
Tax Exempt Bond Liabilities$18,427,184$17,980,142▼ $447,042
Mortgage Notes Payable Secured by Investment Property$2,493,756$2,454,437▼ $39,319
Other Liabilities$2,241,404$2,349,043▲ $107,639
Accounts Payable and Accrued Expenses$342$93,901▲ $93,559
Total Liabilities$23,162,686$22,877,523▼ $285,163
Net Assets / Fund Balance
Unrestricted Net Assets$1,765,075$841,675▼ $923,400
Total Net Assets Fund Balance$1,765,075$841,675▼ $923,400
Total Liabilities and Net Assets / Fund Balance$24,927,761$23,719,198▼ $1,208,563
Compensation and Service Providers

Board Members and Trustees

NameTitle
Ron HutterPresident
David ParmeleVICE PRESIDENT; TREASURER
Natasha Megie-maddreyClerk- Left June 30, 2019
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$730,005
Other Revenue
$0
Change in Net Assets
$-192,373
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$922,378
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$920,600--$920,600
Other Expenses-$1,778-$1,778
Total Functional Expenses$920,600$1,778$0$922,378
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
Note Payable and Accrued Interest$1,648,200
Interest Rate Swap Liability$700,843

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMdfa Revenue Bonds Series 2015a2015-04-24$18,500,000TO FUND CAPITAL PROJECTS

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$18,500,000-$519,858$50,000

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
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
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
No
Other officer compensation reviewed
No
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 A, Line 6

Kipp massachusetts, inc. (see schedule r) is the sole member of the organization.

Form 990, Part VI, Section A, Line 7A

The sole member of the organization elects the organization's trustees. The organization and its member share a common board.

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

All members of the board of trustees receive a copy of the 990 and review it before it is submitted.

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

Each trustee provides the board with annual written disclosure of any conflicts of interest. These disclosures are reviewed and monitored by the board president.

Form 990, Part VI, Section B, Line 15

The organization does not currently have or compensate any employees.

Form 990, Part VI, Section C, Line 19

These items are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Kipp Boston Fund Inc
EIN
46-4900958
Phone
7815981609
Address
90 HIGH ROCK STREET, LYNN, MA 01902

Signing Officer

Name
Stephen Pizzimenti
Title
CFO
Phone
7815988013
Signed
2020-03-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Pizzimenti
Formed
2014
Legal Domicile
Ma
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Aafcpas Inc
Address
50 WASHINGTON STREET, WESTBOROUGH, MA 01581
Preparer
John Buckley CPA
Phone
5083669100
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Losses on interest rate swap agreement -731,027.

FORM 990, PART XII, LINE 2C:

The board of trustees assumes oversight for the audit. This process has not changed since the prior year.

Raw XML AppendixShowing 400 of 406 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0KIPP MASSACHUSETTS, INC. (SEE SCHEDULE R) IS THE SOLE MEMBER OF THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE SOLE MEMBER OF THE ORGANIZATION ELECTS THE ORGANIZATION'S TRUSTEES. THE ORGANIZATION AND ITS MEMBER SHARE A COMMON BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL MEMBERS OF THE BOARD OF TRUSTEES RECEIVE A COPY OF THE 990 AND REVIEW IT BEFORE IT IS SUBMITTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH TRUSTEE PROVIDES THE BOARD WITH ANNUAL WRITTEN DISCLOSURE OF ANY CONFLICTS OF INTEREST. THESE DISCLOSURES ARE REVIEWED AND MONITORED BY THE BOARD PRESIDENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION DOES NOT CURRENTLY HAVE OR COMPENSATE ANY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THESE ITEMS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6LOSSES ON INTEREST RATE SWAP AGREEMENT -731,027.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE BOARD OF TRUSTEES ASSUMES OVERSIGHT FOR THE AUDIT. THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd1N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0KIPP MASSACHUSETTS INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1KIPP LYNN FUND INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0464881350
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN1743153091
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt1501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SUPPORT KIPP ACADEMY LYNN AND BOSTON CHARTER SCHOOLS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt1SUPPORT KIPP ACADEMY LYNN CHARTER SCHOOLS AND KIPP MASSACHUSETTS, INC.
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt090 HIGH ROCK STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt190 HIGH ROCK STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0LYNN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1LYNN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd1MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd001902
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd101902
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt01648200
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0INTERCOMPANY NOTE PAYABLE AND ACC
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0KIPP LYNN FUND INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0E
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt018427184
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt017980142
IRS990/TaxExemptBondsInd01
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt024927761
IRS990/TotalAssetsEOYAmt023719198
IRS990/TotalAssetsGrp/BOYAmt024927761
IRS990/TotalAssetsGrp/EOYAmt023719198
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01778
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0920600
IRS990/TotalFunctionalExpensesGrp/TotalAmt0922378
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt023162686
IRS990/TotalLiabilitiesEOYAmt022877523
IRS990/TotalLiabilitiesGrp/BOYAmt023162686
IRS990/TotalLiabilitiesGrp/EOYAmt022877523
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt01765075
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0841675
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0920600
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0730005
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0730005
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt024927761
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt023719198
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt01765075
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0841675
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt090 HIGH ROCK STREET
IRS990/USAddress/CityNm0LYNN
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001902
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02020-09-23 17:36:50Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0STEPHEN PIZZIMENTI
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CFO
ReturnHeader/BusinessOfficerGrp/PhoneNum07815988013
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-03-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0KIPP BOSTON FUND INC
ReturnHeader/Filer/BusinessNameControlTxt0KIPP
ReturnHeader/Filer/EIN0464900958
ReturnHeader/Filer/PhoneNum07815981609
ReturnHeader/Filer/USAddress/AddressLine1Txt090 HIGH ROCK STREET
ReturnHeader/Filer/USAddress/CityNm0LYNN
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MA
ReturnHeader/Filer/USAddress/ZIPCd001902
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DD03C4814E1591290079663C75865963068A1C48
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId02A9010E3A6A0BB3B06F86C59D67A72AD6F64F0F5
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt040.70.31.102
ReturnHeader/FilingSecurityInformation/IPDt02020-03-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm014:38:55
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0042571780
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0AAFCPAS INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt050 WASHINGTON STREET
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WESTBOROUGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd001581
ReturnHeader/PreparerPersonGrp/PhoneNum05083669100
ReturnHeader/PreparerPersonGrp/PreparationDt02020-03-13

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