Civic Intelligence

Covenant Academies Foundation

990 • Fiscal year 2017 • EIN 47-5613722

Jul 01, 2016 to Jun 30, 2017 • Filed on Feb 16, 2018

Organization ProfileCOVENANTACADEMIESFOUNDATION.ORG
125 Catherine AvenueMuskegon, MI 49444

(231) 720-3100

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$1,465,852

Up $1,429,242 (+3904%) from 2016

Net Assets

$599,071

No earlier filing loaded for comparison.

Liabilities

Up

$866,781

Up $816,781 (+1634%) from 2016

Revenue And Expenses

Revenue

Up

$896,417

Up $896,417 from 2016

Expenses

Up

$283,956

Up $270,566 (+2021%) from 2016

Net Income

Up

$612,461

Up $625,851 (+4674%) from 2016

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2016: $36,610Liabilities 2016: $50,0002016Assets 2017: $1,465,852Liabilities 2017: $866,781Net Assets 2017: $599,0712017Assets 2018: $2,527,261Liabilities 2018: $1,484,333Net Assets 2018: $1,042,9282018Assets 2019: $2,607,722Liabilities 2019: $1,613,629Net Assets 2019: $994,0932019Assets 2020: $2,452,444Liabilities 2020: $1,329,395Net Assets 2020: $1,123,0492020Assets 2021: $2,790,053Liabilities 2021: $1,243,871Net Assets 2021: $1,546,1822021Assets 2022: $2,847,877Liabilities 2022: $1,007,831Net Assets 2022: $1,840,0462022Assets 2023: $3,152,315Liabilities 2023: $963,072Net Assets 2023: $2,189,2432023Assets 2024: $3,494,021Liabilities 2024: $929,278Net Assets 2024: $2,564,7432024

Highlighted filing

2017

Assets$1,465,852
Liabilities$866,781
Net Assets$599,071
Open 2017 Filing

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2016: $0Expenses 2016: $13,390Net Income 2016: -$13,3902016Revenue 2017: $896,417Expenses 2017: $283,956Net Income 2017: $612,4612017Revenue 2018: $1,086,428Expenses 2018: $642,571Net Income 2018: $443,8572018Revenue 2019: $1,148,868Expenses 2019: $1,197,703Net Income 2019: -$48,8352019Revenue 2020: $1,281,862Expenses 2020: $1,152,906Net Income 2020: $128,9562020Revenue 2021: $1,341,997Expenses 2021: $918,864Net Income 2021: $423,1332021Revenue 2022: $1,154,910Expenses 2022: $861,046Net Income 2022: $293,8642022Revenue 2023: $1,128,682Expenses 2023: $788,314Net Income 2023: $340,3682023Revenue 2024: $1,404,523Expenses 2024: $1,029,023Net Income 2024: $375,5002024

Highlighted filing

2017

Revenue$896,417
Expenses$283,956
Net Income$612,461
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Feb 16, 2018
Return Version
2016v3.1
Gross Receipts
$896,417
Mission and Program Overview

Mission

Covenant academies foundation provides support for the operation of charter schools.

Covenant academies foundation provides support services for the operation of charter schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$813,020-
Other Notes and Loans Receivable, Net-$291,666-
Savings and Temporary Cash Investments-$260,334-
Cash and Non-Interest-Bearing Accounts$35,604$50,832▲ $15,228
Accounts Receivable$1,006$50,000▲ $48,994
Total Assets$36,610$1,465,852▲ $1,429,242
Liabilities
Accounts Payable and Accrued Expenses$50,000$493,615▲ $443,615
Unsecured Notes Loans Payable-$341,666-
Deferred Revenue-$31,500-
Total Liabilities$50,000$866,781▲ $816,781
Net Assets / Fund Balance
Unrestricted Net Assets$-13,390$338,737▲ $352,127
Temporarily Rstr Net Assets-$260,334-
Total Net Assets Fund Balance$-13,390$599,071▲ $612,461
Total Liabilities and Net Assets / Fund Balance$36,610$1,465,852▲ $1,429,242

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$747,520-$747,520
Land$65,500-$65,500
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sam JosephFounderFT$49,000$2,414$51,414
Gretchen LahaieChief Oper OFT$35,500$6,029$41,529
Jon FelskeChief Exec OFT$12,703$112$12,815

Board Members and Trustees

NameTitle
Edd SnyderPresident
Gregory PittmanDirector
Sam BealsDirector
Jim WolohanSecretary
Jim HeathTreasurer
Joe KaplanVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$597,367
Program Service Revenue
$298,000
Investment Income
$1,015
Other Revenue
$35
All Other Contributions
$597,367
Change in Net Assets
$612,461

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Other2$200,000Fair Market Value
Total Noncash Contributions2$200,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$896,417
Total Revenue per Audited Statements
$896,417
Total Revenue per Form 990
$896,417
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$229,186
Other Expenses$54,770
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$137,483$74,030-$211,513
Fees for Services Legal$11,836$6,373-$18,209
Payroll Taxes$10,312$5,553-$15,865
Travel$12,356$2,233-$14,589
Fees for Services Other$3,496$1,883-$5,379
Occupancy$5,239--$5,239
Conferences and Meetings-$2,810-$2,810
Office Expenses$1,611$867-$2,478
Other Salaries and Wages$1,170$630-$1,800
Other Expenses$940$506-$1,446
Interest$965--$965
Fees for Services Accounting$527$283-$810
Insurance$481--$481
Other Employee Benefits$5$3-$8
Total Functional Expenses$187,958$95,998$0$283,956

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$283,956
Total Expenses per Audited Statements$283,956
Total Expenses per Form 990$283,956
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
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Management reviews form 990 prior to signing. The ceo and board chairman reviews form 990 prior to filing.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents and financial statements are available upon request. Contact information is provided on the organization's website. Additionally, the articles of nonprofit incorporation and annual reports are available from michigan dept of energy, labor & economic growth at www.dleg.state.mi.us/bcs_corp.”

Form 990, Part VII

“The organization pays axios charter hr llc for contract personnel services for jon felske as chief executive officer, sam joseph as founder and gretchen lahaie as chief operating officer. The amount paid for those services is disclosed in part vii and part ix, line 5.”

Filing and Contact Details

Filer

Filer Name
Covenant Academies Foundation
EIN
47-5613722
Phone
2317203100
Address
125 CATHERINE AVENUE, MUSKEGON, MI 49444

Signing Officer

Name
Edd Snyder
Title
President
Phone
2317203100
Signed
2018-02-16

Organization Details

Principal Officer
Edd Snyder
Formed
2015
Legal Domicile
Mi
Voting Board Members
6
Independent Board Members
6
Employees
0

Preparer

Firm
Brickley Delong Pc
Address
PO BOX 999, MUSKEGON, MI 49443-0999
Preparer
Brian M Mcfarren
Phone
2317265800
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“In the preparation of tax returns, tax positions are taken based on interpretation of federal and state income tax laws. Management periodically reviews and evaluates the status of uncertain tax positions and makes estimates of amounts, including interest and penalties, ultimately due or owed. No amounts have been identified, or recorded, as uncertain tax positions. Federal and state tax returns generally remain open for examination by the various taxing authorities for a period of three or four years.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0IN THE PREPARATION OF TAX RETURNS, TAX POSITIONS ARE TAKEN BASED ON INTERPRETATION OF FEDERAL AND STATE INCOME TAX LAWS. MANAGEMENT PERIODICALLY REVIEWS AND EVALUATES THE STATUS OF UNCERTAIN TAX POSITIONS AND MAKES ESTIMATES OF AMOUNTS, INCLUDING INTEREST AND PENALTIES, ULTIMATELY DUE OR OWED. NO AMOUNTS HAVE BEEN IDENTIFIED, OR RECORDED, AS UNCERTAIN TAX POSITIONS. FEDERAL AND STATE TAX RETURNS GENERALLY REMAIN OPEN FOR EXAMINATION BY THE VARIOUS TAXING AUTHORITIES FOR A PERIOD OF THREE OR FOUR YEARS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalRevenuePerForm990Amt0896417
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IRS990ScheduleM/RealEstateOtherGrp/MethodOfDeterminingRevenuesTxt0FAIR MARKET VALUE
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT REVIEWS FORM 990 PRIOR TO SIGNING. THE CEO AND BOARD CHAIRMAN REVIEWS FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. CONTACT INFORMATION IS PROVIDED ON THE ORGANIZATION'S WEBSITE. ADDITIONALLY, THE ARTICLES OF NONPROFIT INCORPORATION AND ANNUAL REPORTS ARE AVAILABLE FROM MICHIGAN DEPT OF ENERGY, LABOR & ECONOMIC GROWTH AT WWW.DLEG.STATE.MI.US/BCS_CORP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION PAYS AXIOS CHARTER HR LLC FOR CONTRACT PERSONNEL SERVICES FOR JON FELSKE AS CHIEF EXECUTIVE OFFICER, SAM JOSEPH AS FOUNDER AND GRETCHEN LAHAIE AS CHIEF OPERATING OFFICER. THE AMOUNT PAID FOR THOSE SERVICES IS DISCLOSED IN PART VII AND PART IX, LINE 5.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VII
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0187958
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IRS990/TotalOtherCompensationAmt08555
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IRS990/TotalProgramServiceRevenueAmt0298000
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0896417
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IRS990/TravelGrp/ProgramServicesAmt012356
IRS990/TravelGrp/TotalAmt014589
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IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0MUSKEGON
IRS990/USAddress/StateAbbreviationCd0MI
IRS990/USAddress/ZIPCd049442
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0COVENANTACADEMIESFOUNDATION.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02018-03-14 21:41:22Z
ReturnHeader/BusinessOfficerGrp/PersonNm0EDD SNYDER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02317203100
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-02-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0COVENANT ACADEMIES FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0COVE
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ReturnHeader/Filer/PhoneNum02317203100
ReturnHeader/Filer/USAddress/AddressLine1Txt0125 CATHERINE AVENUE
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId03084EDA560BB827E696727DC32DE451DE5016196
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0382088116
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BRICKLEY DELONG PC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 999
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MUSKEGON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0494430999
ReturnHeader/PreparerPersonGrp/PhoneNum02317265800
ReturnHeader/PreparerPersonGrp/PreparationDt02018-02-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRIAN M MCFARREN
ReturnHeader/ReturnTs02018-02-27T10:28:04-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$1,465,852
Liabilities
$866,781
Net assets
$599,071
Revenue
$896,417
Expenses
$283,956
Net income
$612,461
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.49$0.93$2.56$1.40$1.03$0.38
2023Detailed filing. Detailed filing data is available for this year.$3.15$0.96$2.19$1.13$0.79$0.34
2022Detailed filing. Detailed filing data is available for this year.$2.85$1.01$1.84$1.15$0.86$0.29
2021Detailed filing. Detailed filing data is available for this year.$2.79$1.24$1.55$1.34$0.92$0.42
2020Detailed filing. Detailed filing data is available for this year.$2.45$1.33$1.12$1.28$1.15$0.13
2019Detailed filing. Detailed filing data is available for this year.$2.61$1.61$0.99$1.15$1.20$0.05
2018Detailed filing. Detailed filing data is available for this year.$2.53$1.48$1.04$1.09$0.64$0.44
2017Detailed filing. Detailed filing data is available for this year.$1.47$0.87$0.60$0.90$0.28$0.61
2016Summary only. Only limited summary data is available for this year.$0.04$0.05$0.00$0.01$0.01