Civic Intelligence

Legacy Charter School Support Corporation C/O Dentons

990 • Fiscal year 2018 • EIN 47-4535955

Jul 01, 2017 to Jun 30, 2018 • Filed on Jan 22, 2019

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

88th percentile

0.87x

Higher debt load relative to assets than 88% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

99th percentile

29.56x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

2nd percentile

-196%

Higher net margin than 2% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

14th percentile

$54,316

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 7.5% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

10th percentile

-9.4%

Faster asset growth than 10% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

74th percentile

17%

Faster revenue growth than 74% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets88th percentile

Assets

Down

$24,503,041

Down $2,544,512 (-9.4%) from 2017

Net Assets

Down

$3,154,433

Down $1,415,520 (-31%) from 2017

Liabilities

Down

$21,348,608

Down $1,128,992 (-5.0%) from 2017

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin2nd percentile

Revenue

Up

$722,145

Up $103,204 (+17%) from 2017

Expenses

Up

$2,137,665

Up $1,960,685 (+1108%) from 2017

Net Income

Down

-$1,415,520

Down $1,857,481 (-420%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth10th 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

2018

Assets$24,503,041
Liabilities$21,348,608
Net Assets$3,154,433
Open 2018 Filing

Operations Trend

Revenue Growth74th 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

2018

Revenue$722,145
Expenses$2,137,665
Net Income-$1,415,520
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jan 22, 2019
Return Version
2017v2.3
Gross Receipts
$722,145
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$22,884,730$23,329,432▲ $444,702
Cash and Non-Interest-Bearing Accounts$10,117$142,346▲ $132,229
Accounts Receivable$58,726$0▼ $58,726
Total Assets$27,047,553$24,503,041▼ $2,544,512
Other Assets Total$4,093,980$1,031,263▼ $3,062,717
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,236,745$21,348,608▲ $111,863
Accounts Payable and Accrued Expenses$1,240,855$0▼ $1,240,855
Total Liabilities$22,477,600$21,348,608▼ $1,128,992
Net Assets / Fund Balance
Unrestricted Net Assets$4,569,953$3,154,433▼ $1,415,520
Total Net Assets Fund Balance$4,569,953$3,154,433▼ $1,415,520
Total Liabilities and Net Assets / Fund Balance$27,047,553$24,503,041▼ $2,544,512

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,487,549$347,247$20,834,796
Land$2,559,493-$2,559,493
Equipment$195,852$21,761$217,613
Other Land Buildings$86,538$9,615$96,153
Compensation and Service Providers
Top Officer Pay14th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Andrew TobinTreasurerPT$54,316$54,316

Board Members and Trustees

NameTitle
Errol StoneChairman
Carolyn VesselVice Chairman
Susan LucasSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$276,567
Program Service Revenue
$443,734
Investment Income
$1,844
Other Revenue
$0
Change in Net Assets
$-1,415,520
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,071,527
Grants and Similar Amounts Paid$1,066,138
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,066,138--$1,066,138
Depreciation Depletion-$916,865-$916,865
Fees for Services Other-$134,951-$134,951
Office Expenses-$9,069-$9,069
Other Expenses-$8,377-$8,377
Fees for Services Accounting-$2,265-$2,265
Total Functional Expenses$1,066,138$1,071,527$0$2,137,665
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Legacy Charter SchoolChicago, IL501(c)(3)To Build Schools$1,066,138
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
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
2019-01-22
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

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, 2018 and 2017.”

Raw XML Appendix387 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/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, 2018 AND 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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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/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
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IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
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IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
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ReturnHeader/BusinessOfficerGrp/SignatureDt02019-01-22
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ReturnHeader/FilingSecurityInformation/IPTm014:04:02
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
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ReturnHeader/PreparerPersonGrp/PhoneNum03126707444
ReturnHeader/PreparerPersonGrp/PreparationDt02019-01-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES G QUAID
ReturnHeader/ReturnTs02019-02-11T17:09:07-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-07-01
ReturnHeader/TaxPeriodEndDt02018-06-30
ReturnHeader/TaxYr02017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,503,041
Liabilities
$21,348,608
Net assets
$3,154,433
Revenue
$722,145
Expenses
$2,137,665
Net income
-$1,415,520
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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $10M-$25M nonprofits