Civic Intelligence

Explore Academy Foundation

990 • Fiscal year 2021 • EIN 47-1720796

Jul 01, 2020 to Jun 30, 2021 • Filed on May 04, 2022

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

96th percentile

1.13x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

20.37x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

3rd percentile

-70%

Higher net margin than 3% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

17th percentile

-2.1%

Faster asset growth than 17% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

77th percentile

43%

Faster revenue growth than 77% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$21,307,061

Down $449,601 (-2.1%) from 2020

Net Assets

Down

-$2,764,888

Down $825,094 (-43%) from 2020

Liabilities

Up

$24,071,949

Up $375,493 (+1.6%) from 2020

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin3rd percentile

Revenue

Up

$1,181,763

Up $354,464 (+43%) from 2020

Expenses

Up

$2,006,857

Up $590,936 (+42%) from 2020

Net Income

Down

-$825,094

Down $236,472 (-40%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2021

Assets$21,307,061
Liabilities$24,071,949
Net Assets-$2,764,888
Open 2021 Filing

Operations Trend

Revenue Growth77th percentile

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

2021

Revenue$1,181,763
Expenses$2,006,857
Net Income-$825,094
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 4, 2022
Return Version
2020v4.2
Gross Receipts
$1,181,763
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$12,298,322$17,578,304▲ $5,279,982
Savings and Temporary Cash Investments-$3,722,056-
Cash and Non-Interest-Bearing Accounts$9,458,340$6,701▼ $9,451,639
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-1,939,794$-2,764,888▼ $825,094
Total Assets$21,756,662$21,307,061▼ $449,601
Liabilities
Tax Exempt Bond Liabilities$22,550,000$22,550,000→ $0
Mortgage Notes Payable Secured by Investment Property$905,000$780,000▼ $125,000
Other Liabilities$241,456$589,203▲ $347,747
Accounts Payable and Accrued Expenses-$152,746-
Total Liabilities$23,696,456$24,071,949▲ $375,493
Net Assets / Fund Balance
Total Net Assets Fund Balance$-1,939,794$-2,764,888▼ $825,094
Total Liabilities and Net Assets / Fund Balance$21,756,662$21,307,061▼ $449,601

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,737,002$642,200$11,379,202
Land$5,143,779-$5,143,779
Other Land Buildings$1,697,523-$1,697,523
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleOtherTotal
Justin BaiardoPresident/chair$140,177$140,177

Board Members and Trustees

NameTitle
Melanie AvgerakisSecretary
Daniele KneeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,181,763
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-825,094
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,006,857
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$1,460,393--$1,460,393
Depreciation Depletion$297,395--$297,395
Other Expenses$46,356$202,713-$46,356
Total Functional Expenses$1,804,144$202,713$0$2,006,857
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
Accrued Interest$589,203

Bond Issues

BondIssuerIssuedIssue PricePurpose
BPublic Finance Authority2020-06-18$13,515,000Educational facility revenue bonds (explore academy project) series 2020a
APublic Finance Authority2018-05-10$9,035,000Educational facility revenue bonds (explore academy project) series 2018a

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$13,515,000--$270,299
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 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
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. 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
2022-05-04
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
2

Preparer

Firm
Cliftonlarsonallen Llp
Address
6501 AMERICAS PARKWAY NE SUITE 500, ALBUQUERQUE, NM 87110
Preparer
Stephen Livingston
Phone
5058428290
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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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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12020-06-18
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1273866124
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt09035000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt113515000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0PUBLIC FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1PUBLIC FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0EDUCATIONAL FACILITY REVENUE BONDS (EXPLORE ACADEMY PROJECT) SERIES 2018A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1EDUCATIONAL FACILITY REVENUE BONDS (EXPLORE ACADEMY PROJECT) SERIES 2020A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd01
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd11
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt111479122
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt0401210
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt1755028
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt0667368
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt11010551
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0179423
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt1270299
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt0150000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02018
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr12020
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt09035000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt113515000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/WorkingCapitalExpendituresAmt0451500
IRS990/ScheduleORequiredInd01
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. 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/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
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0EXPLORE ACADEMY CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0463775591
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0115
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0GOVERNMENTAL CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt05100 MASTHEAD ST NE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0ALBUQUERQUE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NM
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransferFromOtherOrgInd01
IRS990ScheduleR/TransferToOtherOrgInd01
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt022550000
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt022550000
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt021756662
IRS990/TotalAssetsEOYAmt021307061
IRS990/TotalAssetsGrp/BOYAmt021756662
IRS990/TotalAssetsGrp/EOYAmt021307061
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0202713
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01804144
IRS990/TotalFunctionalExpensesGrp/TotalAmt02006857
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt023696456
IRS990/TotalLiabilitiesEOYAmt024071949
IRS990/TotalLiabilitiesGrp/BOYAmt023696456
IRS990/TotalLiabilitiesGrp/EOYAmt024071949
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-1939794
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-2764888
IRS990/TotalOtherCompensationAmt031631
IRS990/TotalProgramServiceExpensesAmt01804144
IRS990/TotalProgramServiceRevenueAmt01181763
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01181763
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt02
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt021756662
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt021307061
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$21,307,061
Liabilities
$24,071,949
Net assets
-$2,764,888
Revenue
$1,181,763
Expenses
$2,006,857
Net income
-$825,094
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