Civic Intelligence

The Quad Preparatory School

990 • Fiscal year 2020 • EIN 46-5652622

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

Organization Profilewww.quadprep.org
25 Pine Street 4th FloorNew York, NY 10005

(646) 649-3913

Siviq Scores

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

Liabilities / Assets

96th percentile

1.29x

Higher debt load relative to assets than 96% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

79th percentile

1.26x

Higher debt load relative to revenue than 79% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

12th percentile

-17%

Higher net margin than 12% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

86th percentile

$306,410

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

80th percentile

32%

Faster asset growth than 80% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

89th percentile

43%

Faster revenue growth than 89% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets96th percentile

Assets

Flat

$14,249,626

Flat from 2020

Net Assets

Flat

-$4,076,507

Flat from 2020

Liabilities

Flat

$18,326,133

Flat from 2020

Revenue And Expenses
Liabilities / Revenue79th percentileNet Margin12th percentile

Revenue

Flat

$14,531,822

Flat from 2020

Expenses

Flat

$16,946,253

Flat from 2020

Net Income

Flat

-$2,414,431

Flat from 2020

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

$60M$40M$20M$0-$20MAssets 2015: $92,411Liabilities 2015: $43,766Net Assets 2015: $48,6452015Assets 2016: $1,219,589Liabilities 2016: $1,070,291Net Assets 2016: $149,2982016Assets 2017: $1,881,855Liabilities 2017: $1,810,964Net Assets 2017: $70,8912017Assets 2018: $8,948,619Liabilities 2018: $10,498,539Net Assets 2018: -$1,549,9202018Assets 2019: $10,819,961Liabilities 2019: $12,482,037Net Assets 2019: -$1,662,0762019Assets 2020: $14,249,626Liabilities 2020: $18,326,133Net Assets 2020: -$4,076,5072020Assets 2020: $14,249,626Liabilities 2020: $18,326,133Net Assets 2020: -$4,076,5072020Assets 2021: $14,717,917Liabilities 2021: $17,653,839Net Assets 2021: -$2,935,9222021Assets 2022: $16,429,663Liabilities 2022: $20,372,516Net Assets 2022: -$3,942,8532022Assets 2023: $49,630,062Liabilities 2023: $55,077,663Net Assets 2023: -$5,447,6012023

Highlighted filing

2020

Assets$14,249,626
Liabilities$18,326,133
Net Assets-$4,076,507
Open 2020 Filing

Operations Trend

Revenue Growth89th percentile

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

$30M$20M$10M$0-$10MRevenue 2015: $671,485Expenses 2015: $622,840Net Income 2015: $48,6452015Revenue 2016: $1,623,262Expenses 2016: $1,522,609Net Income 2016: $100,6532016Revenue 2017: $4,061,559Expenses 2017: $4,122,417Net Income 2017: -$60,8582017Revenue 2018: $6,684,759Expenses 2018: $7,625,737Net Income 2018: -$940,9782018Revenue 2019: $10,194,347Expenses 2019: $10,306,503Net Income 2019: -$112,1562019Revenue 2020: $14,531,822Expenses 2020: $16,946,253Net Income 2020: -$2,414,4312020Revenue 2020: $14,531,822Expenses 2020: $16,946,253Net Income 2020: -$2,414,4312020Revenue 2021: $18,563,667Expenses 2021: $17,423,082Net Income 2021: $1,140,5852021Revenue 2022: $21,975,785Expenses 2022: $22,839,494Net Income 2022: -$863,7092022Revenue 2023: $24,173,186Expenses 2023: $25,677,934Net Income 2023: -$1,504,7482023

Highlighted filing

2020

Revenue$14,531,822
Expenses$16,946,253
Net Income-$2,414,431
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 30, 2021
Return Version
2019v5.0
Gross Receipts
$14,531,822
Mission and Program Overview

Mission

The organization is an alternative college preparatory school dedicated to the education of twice exceptional students with social learning differences. Their vision is to allow students to experience education as the transformative experience every child deserves.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,488,132$7,202,589▲ $714,457
Cash and Non-Interest-Bearing Accounts$570,968$3,191,291▲ $2,620,323
Accounts Receivable$1,692,010$2,265,869▲ $573,859
Prepaid Expenses and Deferred Charges$643,916$163,009▼ $480,907
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$10,819,961$14,249,626▲ $3,429,665
Other Assets Total$1,424,935$1,426,868▲ $1,933
Liabilities
Unsecured Notes Loans Payable$6,709,680$8,086,225▲ $1,376,545
Deferred Revenue$5,350,607$7,042,695▲ $1,692,088
Other Liabilities$60,129$2,740,496▲ $2,680,367
Accounts Payable and Accrued Expenses$361,621$456,717▲ $95,096
Total Liabilities$12,482,037$18,326,133▲ $5,844,096
Net Assets / Fund Balance
Net Assets With Donor Restrictions$357,566$934,364▲ $576,798
Net Assets Without Donor Restrictions$-2,019,642$-5,010,871▼ $2,991,229
Total Net Assets Fund Balance$-1,662,076$-4,076,507▼ $2,414,431
Total Liabilities and Net Assets / Fund Balance$10,819,961$14,249,626▲ $3,429,665

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$274,273$106,491-
Equipment$290,335$67,563-
Leasehold Improvements$6,637,981$1,364,113-
Other Assets Org$1,426,868--
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kimberly BusiEx-OfficioFT$301,284$5,126$306,410
Anna ChristodoulouDirector Admin. & Out.FT$117,652$26$117,678
Rebecca BenghiatCOOFT$103,140$2,563$105,703

Board Members and Trustees

NameTitle
Mark McFaddenPresident
Adam Falk joined mid-yearDirector
Alan CarrDirector
Guy Kearsley joined mid-yearDirector
Jason Gerstein resign mid-yrDirector
Jennifer CarpenterDirector
Joe MasiDirector
Rachel GersteinDirector
Stephanie HodorDirector
Marilyn KlineSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Dain Construction IncConstruction352 7th Ave 11th Floor, New York, NY 10001$179,887
SpotsTherapy Services611 Broadway 908, New York, NY 10012$110,532
Revenue and Support

Revenue Composition

Contributions and Grants
$1,328,870
Program Service Revenue
$13,088,453
Investment Income
$0
Other Revenue
$114,499
All Other Contributions
$1,328,870
Change in Net Assets
$-2,414,431

Audited Revenue Reconciliation

Revenue per Audited Statements
$14,531,822
Revenue Not Reported on Form 990
$141,717
Total Revenue per Audited Statements
$14,673,539
Total Revenue per Form 990
$14,531,822
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$10,317,887
Other Expenses$6,628,366
Total Fundraising Expense$172,001
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,357,028$238,352$61,746$8,657,126
Occupancy$3,984,549$199,331$44,897$4,228,777
Payroll Taxes$723,475$36,194$8,152$767,821
Other Employee Benefits$521,567$23,363$5,384$550,314
Fees for Services Other$228,768$318,280-$547,048
Depreciation Depletion$463,844$23,205$5,226$492,275
Interest$333,220$16,669$3,755$353,644
Office Expenses$327,366$16,379$3,688$347,433
Current Officers, Directors, Trustees, and Key Employees$119,919$188,444$34,263$342,626
Fees for Services Accounting-$151,558-$151,558
Fees for Services Legal-$85,238-$85,238
Information Technology$52,108$2,607$587$55,302
Insurance$31,712$1,587$357$33,656
All Other Expenses$25,145$700$158$26,003
Other Expenses$26,665$25,450$300$25,450
Advertising-$22,875-$22,875
Travel$20,130$1,009$226$21,365
Conferences and Meetings$8,866--$8,866
Total Functional Expenses$15,224,362$1,549,890$172,001$16,946,253

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$17,087,970
Expenses per Audited Statements$16,946,253
Total Expenses per Form 990$16,946,253
Expenses Not Reported on Form 990$141,717
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
The Quad ManhattanFounder/EDRentalNo$64,326

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Rent$2,485,696
Capital Lease Obligation$254,800
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
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
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, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Adam Falk (Board Director) is Marilyn Kline's (Board Secretary) brother-in-law.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the IRS.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Each member of the board of directors is required to review and sign our conflicts disclosure policy annually.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Available upon request.”

Filing and Contact Details

Filer

Filer Name
The Quad Preparatory School
EIN
46-5652622
Phone
6466493913
Address
25 Pine Street 4th Floor, New York, NY 10005

Signing Officer

Name
Kimberly Busi
Title
Founder & ED
Signed
2021-04-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kimberly Busi
Formed
2014
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
195
Volunteers
250

Preparer

Firm
Schall & Ashenfarb Cpas
Address
307 5th Ave 15th Floor, NEW YORK, NY 10016
Preparer
Michael Schall
Phone
2122682800
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending June 30, 2017 and later are subject to examination by applicable taxing authorities.”

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IRS990/MissionDesc0The Quad Preparatory School transforms the lives of twice-exceptional people those who are gifted and learn differently by redefining the experience of school. Our personalized model fully integrates social and emotional learning with challenging academics, empowering our students to rise to the level of their extraordinary talents. Through our innovative programs we are leading a larger movement in service of both twice-exceptional people and society at large.
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$14,249,626
Liabilities
$18,326,133
Net assets
-$4,076,507
Revenue
$14,531,822
Expenses
$16,946,253
Net income
-$2,414,431
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$49.6$55.1$5.45$24.2$25.7$1.50
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$16.4$20.4$3.94$22.0$22.8$0.86
2021Summary only. Only limited summary data is available for this year.$14.7$17.7$2.94$18.6$17.4$1.14
2020Detailed filing. Detailed filing data is available for this year.$14.2$18.3$4.08$14.5$16.9$2.41
2020Summary only. Only limited summary data is available for this year.$14.2$18.3$4.08$14.5$16.9$2.41
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.8$12.5$1.66$10.2$10.3$0.11
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$8.95$10.5$1.55$6.68$7.63$0.94
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.88$1.81$0.07$4.06$4.12$0.06
2016Summary only. Only limited summary data is available for this year.$1.22$1.07$0.15$1.62$1.52$0.10
2015Detailed filing. Detailed filing data is available for this year.$0.09$0.04$0.05$0.67$0.62$0.05