Civic Intelligence

Explore Academy Foundation

990 • Fiscal year 2019 • EIN 47-1720796

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

Organization ProfileWWW.EXPLORE.ACADEMY/ABQ
5100 Masthead St NEAlbuquerque, NM 87109

(505) 305-5300

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.16x

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

2019 filings • NTEE B • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

23.60x

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

2019 filings • NTEE B • $5M-$10M nonprofits • Source year 2019

Net Margin

3rd percentile

-75%

Higher net margin than 3% of similar nonprofits.

2019 filings • NTEE B • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

41st percentile

$111,426

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 26.7% of source-year revenue.

2019 filings • NTEE B • $5M-$10M nonprofits • Source year 2019

Asset Growth

29th percentile

-1.8%

Faster asset growth than 29% of similar nonprofits.

2019 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$8,483,284

Down $151,995 (-1.8%) from 2018

Net Assets

Down

-$1,351,172

Down $314,350 (-30%) from 2018

Liabilities

Up

$9,834,456

Up $162,355 (+1.7%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin3rd percentile

Revenue

Up

$416,683

Up $416,683 from 2018

Expenses

Down

$731,033

Down $305,789 (-29%) from 2018

Net Income

Up

-$314,350

Up $722,472 (+70%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

$40M$20M$0-$20MAssets 2018: $8,635,279Liabilities 2018: $9,672,101Net Assets 2018: -$1,036,8222018Assets 2019: $8,483,284Liabilities 2019: $9,834,456Net Assets 2019: -$1,351,1722019Assets 2020: $21,756,662Liabilities 2020: $23,696,456Net Assets 2020: -$1,939,7942020Assets 2021: $21,307,061Liabilities 2021: $24,071,949Net Assets 2021: -$2,764,8882021Assets 2022: $34,734,818Liabilities 2022: $38,879,278Net Assets 2022: -$4,144,4602022Assets 2023: $34,428,362Liabilities 2023: $39,044,800Net Assets 2023: -$4,616,4382023

Highlighted filing

2019

Assets$8,483,284
Liabilities$9,834,456
Net Assets-$1,351,172
Open 2019 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0MRevenue 2018: $0Expenses 2018: $1,036,822Net Income 2018: -$1,036,8222018Revenue 2019: $416,683Expenses 2019: $731,033Net Income 2019: -$314,3502019Revenue 2020: $827,299Expenses 2020: $1,415,921Net Income 2020: -$588,6222020Revenue 2021: $1,181,763Expenses 2021: $2,006,857Net Income 2021: -$825,0942021Revenue 2022: $1,867,493Expenses 2022: $3,247,065Net Income 2022: -$1,379,5722022Revenue 2023: $2,554,020Expenses 2023: $3,025,998Net Income 2023: -$471,9782023

Highlighted filing

2019

Revenue$416,683
Expenses$731,033
Net Income-$314,350
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jun 30, 2020
Return Version
2018v3.2
Gross Receipts
$416,683
Mission and Program Overview

Mission

To support the mission and activities of explore academy charter school, a new mexico governmental authorized charter school.

Provide facilities and other support to explore academy charter school, a new mexico governmental authorized charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,738,099$7,178,556▲ $2,440,457
Cash and Non-Interest-Bearing Accounts$3,693,000$1,304,728▼ $2,388,272
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-1,036,822$-1,351,172▼ $314,350
Total Assets$8,635,279$8,483,284▼ $151,995
Other Assets Total$204,180$0▼ $204,180
Liabilities
Tax Exempt Bond Liabilities$9,035,000$9,035,000→ $0
Mortgage Notes Payable Secured by Investment Property$555,000$555,000→ $0
Other Liabilities$82,101$244,456▲ $162,355
Total Liabilities$9,672,101$9,834,456▲ $162,355
Net Assets / Fund Balance
Total Net Assets Fund Balance$-1,036,822$-1,351,172▼ $314,350
Total Liabilities and Net Assets / Fund Balance$8,635,279$8,483,284▼ $151,995

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,499,725$155,453$5,655,178
Land$1,678,831-$1,678,831
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleOtherTotal
Justin BaiardoPresident/chair$111,426$111,426
Melanie AvgerakisSecretary/treasurer$56,363$56,363
Daniele KneeDirector$33,496$33,496
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$416,683
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-314,350
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$731,033
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$587,708--$587,708
Depreciation Depletion$138,362--$138,362
Other Expenses$4,963--$4,963
Total Functional Expenses$731,033$0$0$731,033
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
Interest Payable$244,456

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2018-05-10$9,035,000Educational facility revenue bonds (explore academy project) series 2018a

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,035,000$150,000-$179,423

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
No
Audit committee
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“THERE ARE NO COMMITTEES.”

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

“The president/board chair reviews the form 990 prior to filing as does the foundation's legal council. For this return, bond council also reviewed the schedule k. Once these reviews are completed, the other board members receive a complete copy of the form 990 prior to filing.”

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

“All members are required to disclose any conflicts they might have during board meetings. Disclosed conflicts are then subjected to the procedures for addressing conflicts of interest as contained in the foundation's conflict of interest policy.”

Form 990, Part VI, Section C, Line 19

“The foundation is considered a component unit of the governmental charter school and is included in the consolidated financial statements of the nm public education department. As such, the financial statements are available to the public. In addition, the organization makes its governing documents and conflict of interest policy available upon request.”

Filing and Contact Details

Filer

Filer Name
Explore Academy Foundation
EIN
47-1720796
Phone
5053055300
Address
5100 MASTHEAD ST NE, ALBUQUERQUE, NM 87109

Signing Officer

Name
Justin Baiardo
Title
President
Phone
5053055300
Signed
2020-06-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Justin Baiardo
Formed
2014
Legal Domicile
Nm
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Cliftonlarsonallen Llp
Address
6501 AMERICAS PARKWAY NE SUITE 500, ALBUQUERQUE, NM 87110
Preparer
Stephen Livingston
Phone
5058428290
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2B

“The foundation, as a component unit of the explore academy charter school, a governmental authorized charter school, is included in the consolidated financial statements for the nm public education department.”

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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/ExplanationTxt0THERE ARE NO COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE PRESIDENT/BOARD CHAIR REVIEWS THE FORM 990 PRIOR TO FILING AS DOES THE FOUNDATION'S LEGAL COUNCIL. FOR THIS RETURN, BOND COUNCIL ALSO REVIEWED THE SCHEDULE K. ONCE THESE REVIEWS ARE COMPLETED, THE OTHER BOARD MEMBERS RECEIVE A COMPLETE COPY OF THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS THEY MIGHT HAVE DURING BOARD MEETINGS. DISCLOSED CONFLICTS ARE THEN SUBJECTED TO THE PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST AS CONTAINED IN THE FOUNDATION'S CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION IS CONSIDERED A COMPONENT UNIT OF THE GOVERNMENTAL CHARTER SCHOOL AND IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE NM PUBLIC EDUCATION DEPARTMENT. AS SUCH, THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC. IN ADDITION, THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION, AS A COMPONENT UNIT OF THE EXPLORE ACADEMY CHARTER SCHOOL, A GOVERNMENTAL AUTHORIZED CHARTER SCHOOL, IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE NM PUBLIC EDUCATION DEPARTMENT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2B
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ReturnHeader/BuildTS02020-04-17 16:48:07Z
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,483,284
Liabilities
$9,834,456
Net assets
-$1,351,172
Revenue
$416,683
Expenses
$731,033
Net income
-$314,350
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$34.4$39.0$4.62$2.55$3.03$0.47
2022Detailed filing. Detailed filing data is available for this year.$34.7$38.9$4.14$1.87$3.25$1.38
2021Detailed filing. Detailed filing data is available for this year.$21.3$24.1$2.76$1.18$2.01$0.83
2020Detailed filing. Detailed filing data is available for this year.$21.8$23.7$1.94$0.83$1.42$0.59
2019Detailed filing. Detailed filing data is available for this year.$8.48$9.83$1.35$0.42$0.73$0.31
2018Detailed filing. Detailed filing data is available for this year.$8.64$9.67$1.04$0.00$1.04$1.04