Civic Intelligence

Legacy Charter School Support Corporation C/O Dentons

990 • Fiscal year 2017 • EIN 47-4535955

Jul 01, 2016 to Jun 30, 2017 • Filed on Mar 10, 2018

Organization ProfileN/A
3318 West Ogden AvenueChicago, IL 60623

(773) 542-1640

Siviq Scores

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

Liabilities / Assets

87th percentile

0.83x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

36.32x

Higher debt load relative to revenue than 99% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Net Margin

96th percentile

71%

Higher net margin than 96% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

8th percentile

$50,110

Higher top officer pay than 8% of similar nonprofits.

Top officer pay equals 8.1% of source-year revenue.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2017

Asset Growth

58th percentile

6.9%

Faster asset growth than 58% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

2nd percentile

-66%

Faster revenue growth than 2% of similar nonprofits.

2017 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$27,047,553

Up $1,747,443 (+6.9%) from 2016

Net Assets

Up

$4,569,953

Up $1,119,843 (+32%) from 2016

Liabilities

Up

$22,477,600

Up $627,600 (+2.9%) from 2016

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin96th percentile

Revenue

Down

$618,941

Down $1,225,008 (-66%) from 2016

Expenses

Up

$176,980

Up $100,221 (+131%) from 2016

Net Income

Down

$441,961

Down $1,325,229 (-75%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$30M$20M$10M$0-$10MAssets 2015: $1Liabilities 2015: $02015Assets 2016: $25,300,110Liabilities 2016: $21,850,000Net Assets 2016: $3,450,1102016Assets 2017: $27,047,553Liabilities 2017: $22,477,600Net Assets 2017: $4,569,9532017Assets 2018: $24,503,041Liabilities 2018: $21,348,608Net Assets 2018: $3,154,4332018Assets 2019: $23,493,703Liabilities 2019: $21,460,470Net Assets 2019: $2,033,2332019Assets 2020: $22,587,844Liabilities 2020: $21,572,334Net Assets 2020: $1,015,5102020Assets 2021: $21,678,069Liabilities 2021: $21,684,197Net Assets 2021: -$6,1282021Assets 2022: $20,852,745Liabilities 2022: $21,796,060Net Assets 2022: -$943,3152022Assets 2023: $381,762Liabilities 2023: $381,762Net Assets 2023: $02023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2017

Assets$27,047,553
Liabilities$22,477,600
Net Assets$4,569,953
Open 2017 Filing

Operations Trend

Revenue Growth2nd percentile

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

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $1,843,949Expenses 2016: $76,759Net Income 2016: $1,767,1902016Revenue 2017: $618,941Expenses 2017: $176,980Net Income 2017: $441,9612017Revenue 2018: $722,145Expenses 2018: $2,137,665Net Income 2018: -$1,415,5202018Revenue 2019: $423,035Expenses 2019: $1,544,235Net Income 2019: -$1,121,2002019Revenue 2020: $424,843Expenses 2020: $1,442,566Net Income 2020: -$1,017,7232020Revenue 2021: $423,905Expenses 2021: $1,445,543Net Income 2021: -$1,021,6382021Revenue 2022: $509,366Expenses 2022: $1,446,553Net Income 2022: -$937,1872022Revenue 2023: $405,448Expenses 2023: $1,010,246Net Income 2023: -$604,7982023Revenue 2024: $0Expenses 2024: $0Net Income 2024: $02024

Highlighted filing

2017

Revenue$618,941
Expenses$176,980
Net Income$441,961
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Mar 10, 2018
Return Version
2016v3.0
Gross Receipts
$618,941
Mission and Program Overview

Mission

Legacy charter school support corporation is a supporting organization of legacy charter school (the "school') and its sole purpose is to construct and lease a new school building to the school.

To support legacy charter school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,408,801$22,884,730▲ $15,475,929
Savings and Temporary Cash Investments$16,823,778--
Accounts Receivable$6,947$58,726▲ $51,779
Cash and Non-Interest-Bearing Accounts$2,043$10,117▲ $8,074
Total Assets$25,300,110$27,047,553▲ $1,747,443
Other Assets Total$1,058,541$4,093,980▲ $3,035,439
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,850,000$21,236,745▼ $613,255
Accounts Payable and Accrued Expenses-$1,240,855-
Total Liabilities$21,850,000$22,477,600▲ $627,600
Net Assets / Fund Balance
Unrestricted Net Assets$3,450,110$4,569,953▲ $1,119,843
Total Net Assets Fund Balance$3,450,110$4,569,953▲ $1,119,843
Total Liabilities and Net Assets / Fund Balance$25,300,110$27,047,553▲ $1,747,443

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$20,836,680-$20,836,680
Land$2,048,050-$2,048,050
Other Assets Org$3,833,481--
Compensation and Service Providers
Top Officer Pay8th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Andrew TobinTreasurerPT$50,110$50,110

Board Members and Trustees

NameTitle
Errol StoneChairman
Carolyn VesselVice Chairman
Susan LucasSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$453,645
Program Service Revenue
$155,000
Investment Income
$10,296
Other Revenue
$0
Change in Net Assets
$441,961
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$176,980
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
Fees for Services Other-$176,950-$176,950
Other Expenses-$30-$30
Total Functional Expenses$0$176,980$0$176,980
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
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

“The organization does not have any committees with the authority to act on behalf of the governing body.”

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

“A draft copy of form 990 is reviewed by the treasurer. An electronic version of form 990 is provided to board members for review prior to filing.”

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

“the conflict of interest policy is given to board members yearly and a conflict of interest policy is also included in the personnel handbook given out at the start of each school year.”

Form 990, Part VI, Section C, line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Legacy Charter School Support
EIN
47-4535955
Phone
7735421640
Address
3318 WEST OGDEN AVENUE, CHICAGO, IL 60623

Signing Officer

Name
Andrew G Tobin
Title
Treasurer
Phone
7735421640
Signed
2018-03-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Errol L Stone
Formed
2015
Legal Domicile
Il
Voting Board Members
4
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Ostrow Reisin Berk & Abrams Ltd
Address
455 N Cityfront Plaza Dr Suite 1500, Chicago, IL 60611
Preparer
James G Quaid
Phone
3126707444
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

“Service fees: Program service expenses 0. Management and general expenses 176,950. Fundraising expenses 0. Total expenses 176,950.”

Form 990, Part XI, line 9:

“Capitalized contributed services 677,882.”

Financial Statement Notes

Part X, Line 2:

“Legacy charter school support corporation ("support corp") is a tax-exempt organization as described in section 501(c)(3) of the code and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. Support corp is a type i supporting organization within the meaning of the code. Legacy charter school has adopted the requirements for accounting for uncertain tax positions and management has determined that support corp was not required to record a liability related to uncertain tax positions as of june 30, 2017 and 2016.”

Raw XML Appendix379 raw XML fields

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/MissionDesc0LEGACY CHARTER SCHOOL SUPPORT CORPORATION IS A SUPPORTING ORGANIZATION OF LEGACY CHARTER SCHOOL (THE "SCHOOL') AND ITS SOLE PURPOSE IS TO CONSTRUCT AND LEASE A NEW SCHOOL BUILDING TO THE SCHOOL.
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Due from Legacy Charter School
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LEGACY CHARTER SCHOOL SUPPORT CORPORATION ("SUPPORT CORP") IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE CODE AND IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME PURSUANT TO SECTION 501(A) OF THE CODE. SUPPORT CORP IS A TYPE I SUPPORTING ORGANIZATION WITHIN THE MEANING OF THE CODE. LEGACY CHARTER SCHOOL HAS ADOPTED THE REQUIREMENTS FOR ACCOUNTING FOR UNCERTAIN TAX POSITIONS AND MANAGEMENT HAS DETERMINED THAT SUPPORT CORP WAS NOT REQUIRED TO RECORD A LIABILITY RELATED TO UNCERTAIN TAX POSITIONS AS OF JUNE 30, 2017 AND 2016.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A draft copy of form 990 is reviewed by the treasurer. An electronic version of form 990 is provided to board members for review prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2the conflict of interest policy is given to board members yearly and a conflict of interest policy is also included in the personnel handbook given out at the start of each school year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Service fees: Program service expenses 0. Management and general expenses 176,950. Fundraising expenses 0. Total expenses 176,950.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CAPITALIZED CONTRIBUTED SERVICES 677,882.
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 IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XI, line 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0LEGACY CHARTER SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0201946624
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0233 SOUTH WACKER DRIVE SUITE 5900
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0CHICAGO
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd060606
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0IL
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt025300110
IRS990/TotalAssetsEOYAmt027047553
IRS990/TotalAssetsGrp/BOYAmt025300110
IRS990/TotalAssetsGrp/EOYAmt027047553
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0453645
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0176980
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt00
IRS990/TotalFunctionalExpensesGrp/TotalAmt0176980
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt021850000
IRS990/TotalLiabilitiesEOYAmt022477600
IRS990/TotalLiabilitiesGrp/BOYAmt021850000
IRS990/TotalLiabilitiesGrp/EOYAmt022477600
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03450110
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04569953
IRS990/TotalOtherCompensationAmt06563
IRS990/TotalProgramServiceRevenueAmt0155000
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt010296
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0155000
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0618941
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt025300110
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt027047553
IRS990/TotReportableCompRltdOrgAmt043547
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt03450110
IRS990/UnrestrictedNetAssetsGrp/EOYAmt04569953
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03318 WEST OGDEN AVENUE
IRS990/USAddress/CityNm0CHICAGO
IRS990/USAddress/StateAbbreviationCd0IL
IRS990/USAddress/ZIPCd060623
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ANDREW G TOBIN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Treasurer
ReturnHeader/BusinessOfficerGrp/PhoneNum07735421640
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-03-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LEGACY CHARTER SCHOOL SUPPORT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LEGA
ReturnHeader/Filer/EIN0474535955
ReturnHeader/Filer/PhoneNum07735421640
ReturnHeader/Filer/USAddress/AddressLine1Txt03318 WEST OGDEN AVENUE
ReturnHeader/Filer/USAddress/CityNm0CHICAGO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0IL
ReturnHeader/Filer/USAddress/ZIPCd060623
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0DA39A3EE5E6B4B0D3255BFEF95601890AFD80709
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0344CFA6393D20FDAD73D1836B83BCAAADBA391EC
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt038.106.147.10
ReturnHeader/FilingSecurityInformation/IPDt02018-03-10
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm015:21:23
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0362938874
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Ostrow Reisin Berk & Abrams Ltd
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0455 N Cityfront Plaza Dr Suite 1500
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Chicago
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060611
ReturnHeader/PreparerPersonGrp/PhoneNum03126707444
ReturnHeader/PreparerPersonGrp/PreparationDt02018-03-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0James G Quaid
ReturnHeader/ReturnTs02018-03-16T19:20:06-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$27,047,553
Liabilities
$22,477,600
Net assets
$4,569,953
Revenue
$618,941
Expenses
$176,980
Net income
$441,961
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2023Detailed filing. Detailed filing data is available for this year.$0.38$0.38$0.00$0.41$1.01$0.60
2022Detailed filing. Detailed filing data is available for this year.$20.9$21.8$0.94$0.51$1.45$0.94
2021Detailed filing. Detailed filing data is available for this year.$21.7$21.7$0.01$0.42$1.45$1.02
2020Detailed filing. Detailed filing data is available for this year.$22.6$21.6$1.02$0.42$1.44$1.02
2019Detailed filing. Detailed filing data is available for this year.$23.5$21.5$2.03$0.42$1.54$1.12
2018Detailed filing. Detailed filing data is available for this year.$24.5$21.3$3.15$0.72$2.14$1.42
2017Detailed filing. Detailed filing data is available for this year.$27.0$22.5$4.57$0.62$0.18$0.44
2016Detailed filing. Detailed filing data is available for this year.$25.3$21.9$3.45$1.84$0.08$1.77
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00