Civic Intelligence

Covenant Academies Foundation

990 • Fiscal year 2018 • EIN 47-5613722

Jul 01, 2017 to Jun 30, 2018 • Filed on Jan 04, 2019

Organization ProfileCOVENANTACADEMIESFOUNDATION.ORG
125 Catherine AvenueMuskegon, MI 49442

(231) 720-3100

Siviq Scores

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

Liabilities / Assets

84th percentile

0.59x

Higher debt load relative to assets than 84% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

88th percentile

1.37x

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

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

88th percentile

41%

Higher net margin than 88% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

65th percentile

$92,820

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 8.5% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

94th percentile

72%

Faster asset growth than 94% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

76th percentile

21%

Faster revenue growth than 76% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets84th percentile

Assets

Up

$2,527,261

Up $1,061,409 (+72%) from 2017

Net Assets

Up

$1,042,928

Up $443,857 (+74%) from 2017

Liabilities

Up

$1,484,333

Up $617,552 (+71%) from 2017

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin88th percentile

Revenue

Up

$1,086,428

Up $190,011 (+21%) from 2017

Expenses

Up

$642,571

Up $358,615 (+126%) from 2017

Net Income

Down

$443,857

Down $168,604 (-28%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

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

2018

Assets$2,527,261
Liabilities$1,484,333
Net Assets$1,042,928
Open 2018 Filing

Operations Trend

Revenue Growth76th percentile

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

2018

Revenue$1,086,428
Expenses$642,571
Net Income$443,857
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Jan 4, 2019
Return Version
2017v2.3
Gross Receipts
$1,086,428
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$813,020$1,320,654▲ $507,634
Cash and Non-Interest-Bearing Accounts$50,832$862,330▲ $811,498
Savings and Temporary Cash Investments$260,334--
Other Notes and Loans Receivable, Net$291,666$241,662▼ $50,004
Accounts Receivable$50,000$102,615▲ $52,615
Total Assets$1,465,852$2,527,261▲ $1,061,409
Liabilities
Unsecured Notes Loans Payable$341,666$1,413,723▲ $1,072,057
Accounts Payable and Accrued Expenses$493,615$39,110▼ $454,505
Deferred Revenue$31,500$31,500→ $0
Total Liabilities$866,781$1,484,333▲ $617,552
Net Assets / Fund Balance
Unrestricted Net Assets$338,737$532,594▲ $193,857
Temporarily Rstr Net Assets$260,334$510,334▲ $250,000
Total Net Assets Fund Balance$599,071$1,042,928▲ $443,857
Total Liabilities and Net Assets / Fund Balance$1,465,852$2,527,261▲ $1,061,409

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,255,154$13,519$1,268,673
Land$65,500-$65,500
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sam JosephFounderFT$87,800$5,020$92,820
Gretchen LahaieChief Oper OFT$69,221$12,569$81,790
Jon FelskeChief Exec OFT$62,195$489$62,684

Board Members and Trustees

NameTitle
Asaline ScottPresident
Jim TylerDirector
Donna Secor-penningtonSecretary
Jim FisherTreasurer
Dave SipkaVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$674,406
Program Service Revenue
$403,000
Investment Income
$6,012
Other Revenue
$3,010
All Other Contributions
$447,577
Change in Net Assets
$443,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,086,428
Total Revenue per Audited Statements
$1,086,428
Total Revenue per Form 990
$1,086,428
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$394,452
Other Expenses$248,119
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$222,033$27,461-$249,494
Other Salaries and Wages$96,421$12,258-$108,679
Occupancy$40,081--$40,081
Payroll Taxes$28,055$2,300-$30,355
Travel$23,123--$23,123
Interest$18,075--$18,075
Fees for Services Other$13,385$4,099-$17,484
Fees for Services Legal-$14,984-$14,984
Depreciation Depletion$13,519--$13,519
Fees for Services Accounting-$12,150-$12,150
Conferences and Meetings-$10,475-$10,475
Other Employee Benefits$5,278$646-$5,924
Other Expenses$1,338$573-$1,911
Total Functional Expenses$557,210$85,361$0$642,571

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$642,571
Total Expenses per Audited Statements$642,571
Total Expenses per Form 990$642,571
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 49442

Signing Officer

Name
Asaline Scott
Title
President
Phone
2317203100
Signed
2019-01-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Asaline Scott
Formed
2015
Legal Domicile
Mi
Voting Board Members
5
Independent Board Members
5
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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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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$2,527,261
Liabilities
$1,484,333
Net assets
$1,042,928
Revenue
$1,086,428
Expenses
$642,571
Net income
$443,857
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