Civic Intelligence

Vision Academy Charter School

990 • Fiscal year 2019 • EIN 47-2256408

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

41 E Baltimore AvenueLansdowne, PA 19050

(484) 466-2124

Siviq Scores

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

Liabilities / Assets

65th percentile

0.21x

Higher debt load relative to assets than 65% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

53rd percentile

0.10x

Higher debt load relative to revenue than 53% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

62nd percentile

8.1%

Higher net margin than 62% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

55th percentile

$73,195

Higher top officer pay than 55% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

85th percentile

28%

Faster asset growth than 85% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

77th percentile

23%

Faster revenue growth than 77% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Flat

$2,334,911

Flat from 2019

Net Assets

Flat

$1,852,965

Flat from 2019

Liabilities

Flat

$481,946

Flat from 2019

Revenue

Flat

$4,756,999

Flat from 2019

Expenses

Flat

$4,370,138

Flat from 2019

Net Income

Flat

$386,861

Flat from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2016: $829,197Liabilities 2016: $247,782Net Assets 2016: $581,4152016Assets 2017: $1,453,747Liabilities 2017: $169,032Net Assets 2017: $1,284,7152017Assets 2018: $1,822,282Liabilities 2018: $356,178Net Assets 2018: $1,466,1042018Assets 2019: $2,334,911Liabilities 2019: $481,946Net Assets 2019: $1,852,9652019Assets 2019: $2,334,911Liabilities 2019: $481,946Net Assets 2019: $1,852,9652019Assets 2020: $3,317,162Liabilities 2020: $468,963Net Assets 2020: $2,848,1992020Assets 2021: $4,329,657Liabilities 2021: $362,622Net Assets 2021: $3,967,0352021Assets 2022: $10,685,647Liabilities 2022: $3,851,995Net Assets 2022: $6,833,6522022Assets 2023: $11,369,429Liabilities 2023: $4,769,957Net Assets 2023: $6,599,4722023

Highlighted filing

2019

Assets$2,334,911
Liabilities$481,946
Net Assets$1,852,965

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2016: $2,539,164Expenses 2016: $1,918,843Net Income 2016: $620,3212016Revenue 2017: $3,468,704Expenses 2017: $2,765,404Net Income 2017: $703,3002017Revenue 2018: $3,852,235Expenses 2018: $3,670,846Net Income 2018: $181,3892018Revenue 2019: $4,756,999Expenses 2019: $4,370,138Net Income 2019: $386,8612019Revenue 2019: $4,756,999Expenses 2019: $4,370,138Net Income 2019: $386,8612019Revenue 2020: $5,876,740Expenses 2020: $4,881,506Net Income 2020: $995,2342020Revenue 2021: $6,419,505Expenses 2021: $5,300,669Net Income 2021: $1,118,8362021Revenue 2022: $10,210,372Expenses 2022: $7,343,755Net Income 2022: $2,866,6172022Revenue 2023: $8,341,757Expenses 2023: $8,575,938Net Income 2023: -$234,1812023

Highlighted filing

2019

Revenue$4,756,999
Expenses$4,370,138
Net Income$386,861
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Mar 30, 2020
Return Version
2018v3.1
Gross Receipts
$4,756,999
Mission and Program Overview

Mission

The mission of vision academy charter school is to prepare students in kindergarten through 8th grade to become responsible and articulate students and citizens by using a comprehensive curriculum designed to foster academic success and current technology to build self-reliance.

The mission of Vision Academy Charter School is to prepare students in kindergarten through eighth grade to become responsible and articulate students and citizens by using comprehensive curriculum designed to foster academic success and current technology to build self-reliance.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$778,354$1,189,206▲ $410,852
Accounts Receivable$19,027$240,072▲ $221,045
Land, Buildings, and Equipment, Net$186,866$176,774▼ $10,092
Pledges and Grants Receivable$273,563$92,095▼ $181,468
Prepaid Expenses and Deferred Charges$26,991$64,254▲ $37,263
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$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$1,822,282$2,334,911▲ $512,629
Other Assets Total$537,481$572,510▲ $35,029
Liabilities
Accounts Payable and Accrued Expenses$356,178$481,946▲ $125,768
Total Liabilities$356,178$481,946▲ $125,768
Net Assets / Fund Balance
Unrestricted Net Assets$1,466,104$1,852,965▲ $386,861
Total Net Assets Fund Balance$1,466,104$1,852,965▲ $386,861
Total Liabilities and Net Assets / Fund Balance$1,822,282$2,334,911▲ $512,629

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$85,368$83,683$169,051
Other Land Buildings$44,885$37,384$82,269
Leasehold Improvements$46,521$3,980$50,501
Other Assets Org$10,000--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ky AdderlyCEOFT$58,000$15,195$73,195
Izik DurmusCEOFT$55,697$10,587$66,284

Board Members and Trustees

NameTitle
Adam OksuzPresident
Ann a AdamsBoard Member
Erion PeshkepiaBoard Member
Kakageldi HommadovBoard Member
Anthony MooringSecretary
Gokhan SekerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$413,884
Program Service Revenue
$4,343,115
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,726
Change in Net Assets
$386,861

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,756,999
Total Revenue per Audited Statements
$4,756,999
Total Revenue per Form 990
$4,756,999
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,781,964
Other Expenses$1,588,174
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,592,480$482,475-$2,074,955
All Other Expenses$279,131$21,069-$300,200
Other Employee Benefits$284,952$2,961-$287,913
Occupancy$197,126$84,483-$281,609
Payroll Taxes$138,163$54,534-$192,697
Current Officers, Directors, Trustees, and Key Employees-$126,287-$126,287
Fees for Services Legal-$120,145-$120,145
Other Expenses$111,143--$111,143
Pension Plan Contributions$49,548$50,564-$100,112
Depreciation Depletion$56,786--$56,786
Fees for Services Accounting-$51,373-$51,373
Insurance$29,276$12,547-$41,823
Information Technology-$17,336-$17,336
Advertising-$3,211-$3,211
Travel-$1,343-$1,343
Office Expenses-$614-$614
Total Functional Expenses$3,341,196$1,028,942$0$4,370,138

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,370,138
Total Expenses per Audited Statements$4,370,138
Total Expenses per Form 990$4,370,138
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 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
Yes
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 11B: Form 990 Review Process

Board of trustees will review prior to filing.

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

Monitored through regular board meetings.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The board determines compensation for the ceo and all employees using comparable data from other charter schools.

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

Governing documents, conflict of interest policies and financial statements are made available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Vision Academy Charter School
EIN
47-2256408
Phone
4844662124
Address
41 E BALTIMORE AVENUE, LANSDOWNE, PA 19050

Signing Officer

Name
Ky Adderley
Title
CEO
Signed
2020-03-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ky Adderly
Formed
2014
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
5
Employees
66
Volunteers
10

Preparer

Firm
Sd Associates Pc
Address
300 Yorktown Plaza, Elkins Park, PA 19027
Preparer
Keith J Drobnes
Phone
2155175600
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

The School is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Service Code. The School adopted the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. Management evaluated the School's tax positions and concluded that the School had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The School files a Return of Organizations Exempt from Income Tax annually. The School's returns for 2016, 2017, and 2018 are subject to examination by the IRS, generally for three years after they were filed.

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IRS990/OtherRevenueTotalAmt00
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01592480
IRS990/OtherSalariesAndWagesGrp/TotalAmt02074955
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
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IRS990/PaymentsToAffiliatesGrp/TotalAmt00
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt054534
IRS990/PayrollTaxesGrp/ProgramServicesAmt0138163
IRS990/PayrollTaxesGrp/TotalAmt0192697
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt050564
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt049548
IRS990/PensionPlanContributionsGrp/TotalAmt0100112
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0273563
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt064254
IRS990/PrincipalOfficerNm0KY ADDERLY
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IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0AFTER CARE
IRS990/ProgramServiceRevenueGrp/Desc1OTHER
IRS990/ProgramServiceRevenueGrp/Desc2TUITION
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt022565
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt15665
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt24314885
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt022565
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt15665
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt24314885
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt0407099
IRS990/PYExcessBenefitTransInd0false
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt01341537
IRS990/PYProgramServiceRevenueAmt03353130
IRS990/PYRevenuesLessExpensesAmt089383
IRS990/PYSalariesCompEmpBnftPaidAmt02329309
IRS990/PYTotalExpensesAmt03670846
IRS990/PYTotalRevenueAmt03760229
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0386861
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IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0false
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt083683
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IRS990ScheduleD/ExpensesSubtotalAmt04370138
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03980
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt050501
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0562510
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt110000
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CIP - IMPROVEMENTS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1SECURITY DEPOSIT
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt037384
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt082269
IRS990ScheduleD/RevenueSubtotalAmt04756999
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The School is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Service Code. The School adopted the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. Management evaluated the School's tax positions and concluded that the School had taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. The School files a Return of Organizations Exempt from Income Tax annually. The School's returns for 2016, 2017, and 2018 are subject to examination by the IRS, generally for three years after they were filed.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0176774
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0572510
IRS990ScheduleD/TotalExpensesPerForm990Amt04370138
IRS990ScheduleD/TotalRevenuePerForm990Amt04756999
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0false
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0CHARTER SCHOOL LAW PROHIBITS DISCRIMINATION
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
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IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
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IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990ScheduleJ/RebuttablePresumptionProcInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt010587
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0IZIK DURMUS
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt066284
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD OF TRUSTEES WILL REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MONITORED THROUGH REGULAR BOARD MEETINGS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD DETERMINES COMPENSATION FOR THE CEO AND ALL EMPLOYEES USING COMPARABLE DATA FROM OTHER CHARTER SCHOOLS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/SubjectToProxyTaxInd0false
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01822282
IRS990/TotalAssetsEOYAmt02334911
IRS990/TotalAssetsGrp/BOYAmt01822282
IRS990/TotalAssetsGrp/EOYAmt02334911

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