Civic Intelligence

Scholarship Prep

990 • Fiscal year 2021 • EIN 47-3943780

Jul 01, 2020 to Jun 30, 2021 • Filed on May 11, 2022

1010 W 17th StreetSanta Ana, CA 92706

(714) 795-3498

Siviq Scores

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

Liabilities / Assets

86th percentile

0.75x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

80th percentile

1.06x

Higher debt load relative to revenue than 80% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Net Margin

70th percentile

24%

Higher net margin than 70% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

57th percentile

$276,780

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2021

Asset Growth

99th percentile

423%

Faster asset growth than 99% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

69th percentile

29%

Faster revenue growth than 69% of similar nonprofits.

2021 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$27,254,087

Up $22,045,358 (+423%) from 2020

Net Assets

Up

$6,819,249

Up $4,676,586 (+218%) from 2020

Liabilities

Up

$20,434,838

Up $17,368,772 (+566%) from 2020

Revenue

Up

$19,294,773

Up $4,330,813 (+29%) from 2020

Expenses

Down

$14,618,187

Down $807,339 (-5.2%) from 2020

Net Income

Up

$4,676,586

Up $5,138,152 (+1113%) from 2020

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2017: $1,436,535Liabilities 2017: $588,250Net Assets 2017: $848,2852017Assets 2018: $2,696,776Liabilities 2018: $764,168Net Assets 2018: $1,932,6082018Assets 2019: $3,494,683Liabilities 2019: $890,454Net Assets 2019: $2,604,2292019Assets 2020: $5,208,729Liabilities 2020: $3,066,066Net Assets 2020: $2,142,6632020Assets 2021: $27,254,087Liabilities 2021: $20,434,838Net Assets 2021: $6,819,2492021Assets 2022: $31,495,275Liabilities 2022: $22,804,716Net Assets 2022: $8,690,5592022Assets 2023: $63,059,972Liabilities 2023: $52,596,844Net Assets 2023: $10,463,1282023Assets 2024: $62,743,534Liabilities 2024: $50,599,329Net Assets 2024: $12,144,2052024

Highlighted filing

2021

Assets$27,254,087
Liabilities$20,434,838
Net Assets$6,819,249

Operations Trend

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

$40M$30M$20M$10M$0-$10MRevenue 2017: $4,264,994Expenses 2017: $3,440,197Net Income 2017: $824,7972017Revenue 2018: $7,490,316Expenses 2018: $6,405,993Net Income 2018: $1,084,3232018Revenue 2019: $9,260,458Expenses 2019: $8,588,837Net Income 2019: $671,6212019Revenue 2020: $14,963,960Expenses 2020: $15,425,526Net Income 2020: -$461,5662020Revenue 2021: $19,294,773Expenses 2021: $14,618,187Net Income 2021: $4,676,5862021Revenue 2022: $21,948,648Expenses 2022: $20,077,338Net Income 2022: $1,871,3102022Revenue 2023: $31,429,654Expenses 2023: $29,657,085Net Income 2023: $1,772,5692023Revenue 2024: $36,138,803Expenses 2024: $34,457,726Net Income 2024: $1,681,0772024

Highlighted filing

2021

Revenue$19,294,773
Expenses$14,618,187
Net Income$4,676,586
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 11, 2022
Return Version
2020v4.2
Gross Receipts
$19,294,773
Mission and Program Overview

Mission

To provide a university-inspired pathway of success while closing the achievement gap for all students, including foster youth and those undeserved.

To provide a university-inspired pathway of success for all students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$241,786$13,868,738▲ $13,626,952
Land, Buildings, and Equipment, Net$986,054$5,358,929▲ $4,372,875
Accounts Receivable$2,045,340$5,271,400▲ $3,226,060
Cash and Non-Interest-Bearing Accounts$1,518,245$2,130,745▲ $612,500
Prepaid Expenses and Deferred Charges$417,304$624,275▲ $206,971
Total Assets$5,208,729$27,254,087▲ $22,045,358
Liabilities
Tax Exempt Bond Liabilities$0$16,967,906▲ $16,967,906
Accounts Payable and Accrued Expenses$667,244$972,259▲ $305,015
Deferred Revenue$181,556$825,563▲ $644,007
Other Liabilities$0$773,278▲ $773,278
Mortgage Notes Payable Secured by Investment Property-$575,000-
Unsecured Notes Loans Payable$2,217,266$320,832▼ $1,896,434
Total Liabilities$3,066,066$20,434,838▲ $17,368,772
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,131,897$6,777,077▲ $4,645,180
Net Assets With Donor Restrictions$10,766$42,172▲ $31,406
Total Net Assets Fund Balance$2,142,663$6,819,249▲ $4,676,586
Total Liabilities and Net Assets / Fund Balance$5,208,729$27,254,087▲ $22,045,358

Asset Categories

AssetBook ValueDepreciationBasis
Land$3,500,000-$3,500,000
Other Land Buildings$1,011,251-$1,011,251
Buildings$617,579$203,486$821,065
Equipment$230,099$344,773$574,872
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Senator Gloria RomeroCo-founder and Executive DFT$234,375$42,405$276,780
Jason WattsCo-founder and Chief OperaFT$203,125$65,712$268,837
Andrew CroweChief Academic OfficerFT$182,292$42,048$224,340
Valerie DouglassPrincipalFT$119,792$25,654$145,446
Harris LuuPrincipalFT$109,210$31,530$140,740
Eric BeamLead PsychologistFT$106,400$33,556$139,956
Marisa a QuintanarChief Growth OfficerFT$111,721$22,584$134,305

Board Members and Trustees

NameTitle
Dr Charles FriedrichsPresident
Leandro OteroVice President
Carrie BirchlerBoard Member
Crystal MadauleBoard Member
Jason WeatherallBoard Member
Taryn BurgessSecretary
John IngTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Procopio Cory Hargreaves & Savitch LLCLegal ServicesPO BOX 515137, Los Angeles, CA 90051$169,302
-Food Services1655 BROADWAY UNIT 12, Chula Vista, CA 91911$169,267
Revenue and Support

Revenue Composition

Contributions and Grants
$19,203,179
Program Service Revenue
$0
Investment Income
$12,628
Other Revenue
$78,966
All Other Contributions
$48,685
Change in Net Assets
$4,676,586

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,294,773
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$19,294,773
Total Revenue per Form 990
$19,294,773
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,509,812
Other Expenses$5,108,375
Total Fundraising Expense$592
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,310,018$1,632,053-$6,942,071
Occupancy$1,223,129$385,963-$1,609,092
Pension Plan Contributions$883,379$234,650-$1,118,029
Fees for Services Other$593,978$172,984-$766,962
Other Employee Benefits$590,585$155,820-$746,405
Office Expenses$511,933$214,233-$726,166
Current Officers, Directors, Trustees, and Key Employees$388,697$97,174-$485,871
Other Expenses$414,622$36,981$592$452,195
Fees for Services Management-$287,843-$287,843
Interest-$271,362-$271,362
Payroll Taxes$166,697$50,739-$217,436
Depreciation Depletion$158,512$48,866-$207,378
Information Technology$83,858$25,529-$109,387
Insurance$62,816$19,122-$81,938
Fees for Services Legal-$57,305-$57,305
Fees for Services Accounting-$32,005-$32,005
Advertising-$21,331-$21,331
Travel-$8,517-$8,517
Total Functional Expenses$10,865,118$3,752,477$592$14,618,187

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$14,618,187
Total Expenses per Audited Statements$14,618,187
Total Expenses per Form 990$14,618,187
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Factored Receivables Liability$513,771
Line of Credit Liability$259,507

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACalifornia School Finance Authority2020-12-23$17,745,000Acquisition, construction, and furnishing of school facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$17,745,000--$353,948

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Other officer compensation reviewed
Yes
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 that have the authority to act on behalf of the board.

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

The form 990 is prepared by the organization's outside public accounting firm based on information provided by management. Once a draft of the return is available, it is reviewed by management with any changes or revisions incorporated into the filing. The revised return is then submitted to the board of directors for their review and approval prior to submitting to the irs.

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

Monitoring is performed regularly by the officers to identify potential conflicts of interest. Any question of a conflict is addressed with the interested person, who is required to disclose the existence of any financial interest and be afforded the opportunity to disclose all material facts to the board and executive director. If a conflict of interest is identified, the appropriate action is taken, including limitations to the individual's influence on related business matters.

Form 990, Part VI, Section B, Line 15

The executive director's pay is determined based on data provided by external charter management organizations and through comparison studies of other charter schools. The board must vote to approve the executive director's compensation as a direct action. The officers and key employees' pay is determined based on data provided by external charter management organizations and through comparison studies of other charter schools. The board must vote to approve the officers and key employees' compensation as a direct action. The discussion and compensation decision is documented contemporaneously.

Form 990, Part VI, Section C, Line 19

We ensure our board is not engaged in any conflicts of interest through the board selection process and ongoing monitoring. This occurs through frequent communication with the board and careful analysis of contracts and vendors.

Filing and Contact Details

Filer

Filer Name
Scholarship Prep
EIN
47-3943780
Phone
7147953498
Address
1010 W 17TH STREET, SANTA ANA, CA 92706

Signing Officer

Name
Jason Watts
Title
Executive Director
Phone
7147953498
Signed
2022-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jason Watts
Formed
2015
Legal Domicile
CA
Voting Board Members
7
Independent Board Members
7
Employees
203
Volunteers
49

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Derrick Debruyne
Phone
6268577300
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

The school is a non-profit entity exempt from the payment of income taxes under internal revenue code section 501(c)(3) and california revenue and taxation code section 23701d. Accordingly, no provision has been made for income taxes. Management has determined that all income tax positions are more likely than not of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required. The school files an exempt return and applicable unrelated business income tax return in the u.s. Federal jurisdiction and with the california franchise tax board.

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt2CHIEF ACADEMIC OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt3PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt4PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt5LEAD PSYCHOLOGIST
IRS990/Form990PartVIISectionAGrp/TitleTxt6CHIEF GROWTH OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt8VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt9SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt10TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
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IRS990/FormationYr02015
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IRS990/MinutesOfCommitteesInd00
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IRS990/MissionDesc0TO PROVIDE A UNIVERSITY-INSPIRED PATHWAY OF SUCCESS WHILE CLOSING THE ACHIEVEMENT GAP FOR ALL STUDENTS, INCLUDING FOSTER YOUTH AND THOSE UNDESERVED.
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IRS990/OtherExpensesGrp/Desc0INSTRUCTIONAL MATERIALS
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
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IRS990/PoliticalCampaignActyInd00
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IRS990/ProhibitedTaxShelterTransInd00
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IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0513771
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1259507
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FACTORED RECEIVABLES LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1LINE OF CREDIT LIABILITY
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt019294773
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS A NON-PROFIT ENTITY EXEMPT FROM THE PAYMENT OF INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND CALIFORNIA REVENUE AND TAXATION CODE SECTION 23701D. ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES. MANAGEMENT HAS DETERMINED THAT ALL INCOME TAX POSITIONS ARE MORE LIKELY THAN NOT OF BEING SUSTAINED UPON POTENTIAL AUDIT OR EXAMINATION; THEREFORE, NO DISCLOSURES OF UNCERTAIN INCOME TAX POSITIONS ARE REQUIRED. THE SCHOOL FILES AN EXEMPT RETURN AND APPLICABLE UNRELATED BUSINESS INCOME TAX RETURN IN THE U.S. FEDERAL JURISDICTION AND WITH THE CALIFORNIA FRANCHISE TAX BOARD.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt014618187
IRS990ScheduleD/TotalLiabilityAmt0773278
IRS990ScheduleD/TotalRevenuePerForm990Amt019294773
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IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd00
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IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0WE HAVE A STATEMENT ON OUR WEBSITE IN THE SCHOOL'S ENROLLMENT PAGE.

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