Civic Intelligence

Cresthaven Academy Foundation Inc.

990 • Fiscal year 2024 • EIN 47-1405920

Jul 01, 2023 to Jun 30, 2024 • Filed on Oct 07, 2024

Organization ProfileN/A
16 MT Bethel Road Pmb 367Warren, NJ 07059

(908) 642-7933

Siviq Scores

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

Liabilities / Assets

75th percentile

0.67x

Higher debt load relative to assets than 75% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

5.36x

Higher debt load relative to revenue than 94% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Net Margin

78th percentile

22%

Higher net margin than 78% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

27th percentile

$0

Higher top officer pay than 27% of similar nonprofits.

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

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Asset Growth

38th percentile

0.6%

Faster asset growth than 38% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

7th percentile

-46%

Faster revenue growth than 7% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets75th percentile

Assets

Up

$5,324,333

Up $32,167 (+0.6%) from 2023

Net Assets

Up

$1,741,666

Up $144,191 (+9.0%) from 2023

Liabilities

Down

$3,582,667

Down $112,024 (-3.0%) from 2023

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin78th percentile

Revenue

Down

$668,662

Down $570,253 (-46%) from 2023

Expenses

Down

$524,471

Down $375,262 (-42%) from 2023

Net Income

Down

$144,191

Down $194,991 (-57%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth38th percentile

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

$6.0M$4.0M$2.0M$0Assets 2014: $52,701Net Assets 2014: $52,7012014Assets 2015: $64,861Liabilities 2015: $0Net Assets 2015: $64,8612015Assets 2016: $357,496Liabilities 2016: $17,641Net Assets 2016: $339,8552016Assets 2017: $1,553,893Liabilities 2017: $1,177,420Net Assets 2017: $376,4732017Assets 2018: $5,511,664Liabilities 2018: $4,852,013Net Assets 2018: $659,6512018Assets 2019: $5,401,261Liabilities 2019: $4,650,289Net Assets 2019: $750,9722019Assets 2020: $5,339,361Liabilities 2020: $4,546,488Net Assets 2020: $792,8732020Assets 2021: $5,406,820Liabilities 2021: $4,323,221Net Assets 2021: $1,083,5992021Assets 2022: $5,194,111Liabilities 2022: $3,935,818Net Assets 2022: $1,258,2932022Assets 2023: $5,292,166Liabilities 2023: $3,694,691Net Assets 2023: $1,597,4752023Assets 2024: $5,324,333Liabilities 2024: $3,582,667Net Assets 2024: $1,741,6662024Assets 2025: $5,406,808Liabilities 2025: $3,543,278Net Assets 2025: $1,863,5302025

Highlighted filing

2024

Assets$5,324,333
Liabilities$3,582,667
Net Assets$1,741,666
Open 2024 Filing

Operations Trend

Revenue Growth7th percentile

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

$2.0M$1.5M$1.0M$500K$0Revenue 2014: $60,000Expenses 2014: $7,299Net Income 2014: $52,7012014Revenue 2015: $219,300Expenses 2015: $207,140Net Income 2015: $12,1602015Revenue 2016: $962,154Expenses 2016: $687,160Net Income 2016: $274,9942016Revenue 2017: $468,461Expenses 2017: $449,484Net Income 2017: $18,9772017Revenue 2018: $1,803,411Expenses 2018: $1,439,050Net Income 2018: $364,3612018Revenue 2019: $1,483,297Expenses 2019: $1,391,976Net Income 2019: $91,3212019Revenue 2020: $1,084,579Expenses 2020: $1,042,678Net Income 2020: $41,9012020Revenue 2021: $1,076,223Expenses 2021: $785,497Net Income 2021: $290,7262021Revenue 2022: $1,988,513Expenses 2022: $1,813,819Net Income 2022: $174,6942022Revenue 2023: $1,238,915Expenses 2023: $899,733Net Income 2023: $339,1822023Revenue 2024: $668,662Expenses 2024: $524,471Net Income 2024: $144,1912024Revenue 2025: $738,234Expenses 2025: $616,370Net Income 2025: $121,8642025

Highlighted filing

2024

Revenue$668,662
Expenses$524,471
Net Income$144,191
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Oct 7, 2024
Return Version
2023v5.1
Gross Receipts
$668,662
Mission and Program Overview

Mission

To help the cresthaven academy advance their mission and improve the quality of education for children in plainfield, new jersey and surrounding communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,777,421$4,610,727▼ $166,694
Cash and Non-Interest-Bearing Accounts$514,745$713,606▲ $198,861
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$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-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$5,292,166$5,324,333▲ $32,167
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,680,442$3,567,817▼ $112,625
Accounts Payable and Accrued Expenses$14,249$14,850▲ $601
Total Liabilities$3,694,691$3,582,667▼ $112,024
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,597,475$1,741,666▲ $144,191
Total Net Assets Fund Balance$1,597,475$1,741,666▲ $144,191
Total Liabilities and Net Assets / Fund Balance$5,292,166$5,324,333▲ $32,167

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,384,598$833,603$5,218,201
Equipment$56,791$203,445$260,236
Leasehold Improvements$169,338$66,203$235,541
Compensation and Service Providers
Top Officer Pay27th percentile

Board Members and Trustees

NameTitle
Steven ColsonChairman
John LeitchTrustee
Nick San FilippoTrustee
Will BeckfordTrustee
Brendan MurrayTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$208,150
Program Service Revenue
$0
Investment Income
$10,512
Other Revenue
$450,000
All Other Contributions
$208,150
Change in Net Assets
$144,191

Audited Revenue Reconciliation

Revenue per Audited Statements
$668,662
Total Revenue per Audited Statements
$668,662
Total Revenue per Form 990
$668,662
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$524,471
Total Fundraising Expense$495
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$285,396--$285,396
Depreciation Depletion$141,690$25,004-$166,694
Fees for Services Other$23,200$16,953-$40,153
Insurance-$16,748-$16,748
Information Technology$5,974$1,054-$7,028
Other Expenses$1,022$1,259-$1,022
Office Expenses$745$149$99$993
All Other Expenses--$396$396
Total Functional Expenses$462,809$61,167$495$524,471

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$524,471
Total Expenses per Audited Statements$524,471
Total Expenses per Form 990$524,471
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

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
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, Section B, Line 11B

“The form 990 is reviewed by an officer prior to filing”

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

“Periodic meetings are held and reports are submitted to monitor possible conflicts.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Cresthaven Academy Foundation Inc
EIN
47-1405920
Address
16 MT BETHEL ROAD PMB 367, WARREN, NJ 07059

Signing Officer

Name
Brendan Murray
Title
Treasurer
Signed
2024-10-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steven Colson
Formed
2014
Legal Domicile
Nj
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Cullari Carrico LLC
Address
55 LANE ROAD SUITE 300, FAIRFIELD, NJ 07004
Preparer
Michael Swantic
Phone
9734063955
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The organization adheres to fasb asc topic 740, income taxes, which provides guidance and clarification on accounting for uncertainty in income taxes recognized in the organizations financial statements. The guidance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, and also provides guidance on de-recognition, classification, interest and penalties, disclosure and transition. For the year ended june 30, 2024, the organization has no material uncertain tax positions to be accounted for in the financial statements. Annually, the organization files an informational return with the united states internal revenue service. The organization also files an annual charitable registration with the state of new jersey, division of consumer affairs. All required tax returns have been filed and all taxes have been paid. The organization is generally subject to tax examinations for three years after its latest filings.”

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0619046
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IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt0811279
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt016000
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IRS990ScheduleA/PublicSupportPY170Pct00.14230
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0625723
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0619046
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt03064087
IRS990ScheduleA/TotalSupportAmt06530084
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0833603
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05218201
IRS990ScheduleD/EquipmentGrp/BookValueAmt056791
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0203445
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0260236
IRS990ScheduleD/ExpensesSubtotalAmt0524471
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt066203
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0235541
IRS990ScheduleD/RevenueSubtotalAmt0668662
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION ADHERES TO FASB ASC TOPIC 740, INCOME TAXES, WHICH PROVIDES GUIDANCE AND CLARIFICATION ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE ORGANIZATIONS FINANCIAL STATEMENTS. THE GUIDANCE PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, AND ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, DISCLOSURE AND TRANSITION. FOR THE YEAR ENDED JUNE 30, 2024, THE ORGANIZATION HAS NO MATERIAL UNCERTAIN TAX POSITIONS TO BE ACCOUNTED FOR IN THE FINANCIAL STATEMENTS. ANNUALLY, THE ORGANIZATION FILES AN INFORMATIONAL RETURN WITH THE UNITED STATES INTERNAL REVENUE SERVICE. THE ORGANIZATION ALSO FILES AN ANNUAL CHARITABLE REGISTRATION WITH THE STATE OF NEW JERSEY, DIVISION OF CONSUMER AFFAIRS. ALL REQUIRED TAX RETURNS HAVE BEEN FILED AND ALL TAXES HAVE BEEN PAID. THE ORGANIZATION IS GENERALLY SUBJECT TO TAX EXAMINATIONS FOR THREE YEARS AFTER ITS LATEST FILINGS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt0524471
IRS990ScheduleD/TotalRevenuePerForm990Amt0668662
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0668662
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0524471
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FORM 990 IS REVIEWED BY AN OFFICER PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PERIODIC MEETINGS ARE HELD AND REPORTS ARE SUBMITTED TO MONITOR POSSIBLE CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 12c
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalEmployeeCnt00
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IRS990/TotalLiabilitiesEOYAmt03582667
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IRS990/TotalProgramServiceRevenueAmt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt05292166
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt05324333
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IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
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IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0BRENDAN MURRAY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-10-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CRESTHAVEN ACADEMY FOUNDATION INC
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CULLARI CARRICO LLC
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0FAIRFIELD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NJ
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd007004
ReturnHeader/PreparerPersonGrp/PhoneNum09734063955
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL SWANTIC

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$5,324,333
Liabilities
$3,582,667
Net assets
$1,741,666
Revenue
$668,662
Expenses
$524,471
Net income
$144,191
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$5.41$3.54$1.86$0.74$0.62$0.12
2024Detailed filing. Detailed filing data is available for this year.$5.32$3.58$1.74$0.67$0.52$0.14
2023Detailed filing. Detailed filing data is available for this year.$5.29$3.69$1.60$1.24$0.90$0.34
2022Detailed filing. Detailed filing data is available for this year.$5.19$3.94$1.26$1.99$1.81$0.17
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.41$4.32$1.08$1.08$0.79$0.29
2020Detailed filing. Detailed filing data is available for this year.$5.34$4.55$0.79$1.08$1.04$0.04
2019Detailed filing. Detailed filing data is available for this year.$5.40$4.65$0.75$1.48$1.39$0.09
2018Detailed filing. Detailed filing data is available for this year.$5.51$4.85$0.66$1.80$1.44$0.36
2017Summary only. Only limited summary data is available for this year.$1.55$1.18$0.38$0.47$0.45$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.36$0.02$0.34$0.96$0.69$0.27
2015Detailed filing. Detailed filing data is available for this year.$0.06$0.00$0.06$0.22$0.21$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.05$0.05$0.06$0.01$0.05