Civic Intelligence

Monument Academy Foundation

990 • Fiscal year 2022 • EIN 51-0506848

Jul 01, 2021 to Jun 30, 2022 • Filed on May 13, 2023

Organization ProfileWWW.MONUMENTACADEMY.NET
1150 Village Ridge PointMonument, CO 80132

(719) 481-1950

Siviq Scores

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

Liabilities / Assets

97th percentile

1.24x

Higher debt load relative to assets than 97% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

39.74x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

2nd percentile

-174%

Higher net margin than 2% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

31st percentile

-5.1%

Faster asset growth than 31% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

100th percentile

14503%

Faster revenue growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$23,372,961

Down $1,266,478 (-5.1%) from 2021

Net Assets

Down

-$5,577,039

Down $1,266,478 (-29%) from 2021

Liabilities

Flat

$28,950,000

Flat from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin2nd percentile

Revenue

Up

$728,565

Up $723,576 (+14503%) from 2021

Expenses

Down

$1,995,043

Down $560,182 (-22%) from 2021

Net Income

Up

-$1,266,478

Up $1,283,758 (+50%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

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

$40M$30M$20M$10M$0-$10MAssets 2012: $7,645Liabilities 2012: $02012Assets 2013: $7,768Liabilities 2013: $02013Assets 2014: $7,765Liabilities 2014: $02014Assets 2015: $1,767Liabilities 2015: $02015Assets 2016: $1,770Liabilities 2016: $02016Assets 2017: $1,772Liabilities 2017: $02017Assets 2018: $1,773Liabilities 2018: $02018Assets 2019: $118,574Liabilities 2019: $116,816Net Assets 2019: $1,7582019Assets 2020: $29,477,598Liabilities 2020: $31,237,923Net Assets 2020: -$1,760,3252020Assets 2021: $24,639,439Liabilities 2021: $28,950,000Net Assets 2021: -$4,310,5612021Assets 2022: $23,372,961Liabilities 2022: $28,950,000Net Assets 2022: -$5,577,0392022Assets 2023: $22,781,364Liabilities 2023: $28,689,042Net Assets 2023: -$5,907,6782023Assets 2024: $22,252,981Liabilities 2024: $28,282,354Net Assets 2024: -$6,029,3732024

Highlighted filing

2022

Assets$23,372,961
Liabilities$28,950,000
Net Assets-$5,577,039
Open 2022 Filing

Operations Trend

Revenue Growth100th percentile

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2012: $0Expenses 2012: $1,100Net Income 2012: -$1,1002012Revenue 2013: $398Expenses 2013: $275Net Income 2013: $1232013Revenue 2014: $7Expenses 2014: $10Net Income 2014: -$32014Revenue 2015: $2Expenses 2015: $6,000Net Income 2015: -$5,9982015Revenue 2016: $3Expenses 2016: $0Net Income 2016: $32016Revenue 2017: $2Expenses 2017: $0Net Income 2017: $22017Revenue 2018: $2Expenses 2018: $2Net Income 2018: $02018Expenses 2019: $152019Revenue 2020: $333,833Expenses 2020: $2,095,916Net Income 2020: -$1,762,0832020Revenue 2021: $4,989Expenses 2021: $2,555,225Net Income 2021: -$2,550,2362021Revenue 2022: $728,565Expenses 2022: $1,995,043Net Income 2022: -$1,266,4782022Revenue 2023: $1,888,855Expenses 2023: $2,219,494Net Income 2023: -$330,6392023Revenue 2024: $1,912,792Expenses 2024: $2,034,487Net Income 2024: -$121,6952024

Highlighted filing

2022

Revenue$728,565
Expenses$1,995,043
Net Income-$1,266,478
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 13, 2023
Return Version
2021v4.2
Gross Receipts
$728,565
Mission and Program Overview

Mission

See Schedule OThe Corporation is organized and shall be operated exclusively for educational and charitable purposes within the meaning of section 501 (c)(3) of the Internal Revenue Service Code, and specifically for the purpose of leasing or holding title to real and/or personal property.

Provide financial support for the day to day operations of monument academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$22,735,578$22,192,273▼ $543,305
Savings and Temporary Cash Investments$1,902,101$1,178,937▼ $723,164
Rtn Earn Endowment Incm Other Fnds$1,895,616$1,172,438▼ $723,178
Pd in Cap Srpls Land Bldg Eqp Fund$6,485$6,499▲ $14
Cash and Non-Interest-Bearing Accounts$1,760$1,751▼ $9
Cap Stk Tr Prin Current Funds$-6,212,662$-6,755,976▼ $543,314
Total Assets$24,639,439$23,372,961▼ $1,266,478
Liabilities
Tax Exempt Bond Liabilities$28,950,000$28,950,000→ $0
Total Liabilities$28,950,000$28,950,000→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$-4,310,561$-5,577,039▼ $1,266,478
Total Liabilities and Net Assets / Fund Balance$24,639,439$23,372,961▼ $1,266,478

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$20,645,613$1,086,611$21,732,224
Land$1,546,660-$1,546,660
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Chris DolePresident
Joe BuczkowskiDirector
Melanie StropDirector
Marc McwilliamsSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$725,131
Investment Income
$3,434
Other Revenue
$0
Change in Net Assets
$-1,266,478

Audited Revenue Reconciliation

Revenue per Audited Statements
$728,565
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$728,565
Total Revenue per Form 990
$728,565
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,995,043
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
Interest$1,451,725--$1,451,725
Depreciation Depletion$543,305--$543,305
Fees for Service Investment Mgmnt Fees$13--$13
Total Functional Expenses$1,995,043$0$0$1,995,043

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,995,043
Expenses per Audited Statements$1,451,738
Total Expenses per Audited Statements$1,451,738
Expenses Not Reported on Financial Statements$543,305
Other Expense Adjustments$543,305
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2019-07-09$28,725,000Construction of high school

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$28,725,000--$570,140

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
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 had no committees with authority to act on behalf of the governing body.”

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

“The form 990 is prepared by the organization's public accounting firm based on information provided by the management. Once a draft of the filing is available, copies of form 990 are distributed to all board members for review via email, prior to filing.”

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

“The bylaws state that any responsible person shall immediately inform the board of any potential conflicts of interest. The board then has the right to approve or deny the transaction. If the conflict of interest involved a board member the finance team and board of directors at monument academy, a supported organization, shall support the building corporation with financial oversight. Potential conflicts of interest are discussed at the board meetings and documented in the meeting minutes.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Monument Academy Foundation
EIN
51-0506848
Phone
7194811950
Address
1150 VILLAGE RIDGE POINT, MONUMENT, CO 80132

Signing Officer

Name
Kimberly Mcclelland
Title
Interim COO/executive Director
Phone
7194811950
Signed
2023-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Glenn Gustafson
Formed
2004
Legal Domicile
Co
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
50

Preparer

Firm
Cliftonlarsonallen Llp
Address
8390 EAST CRESCENT PARKWAY SUITE, 300, GREENWOOD VILLAGE, CO 80111
Preparer
Becky Dettmann CPA
Phone
3037795710
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 1:

“The school follows a modified accrual method of accounting as prescribed by the colorado department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

FORM 990, PART XII, LINE 2C:

“The process for oversight and selection of an independent accountant has not changed.”

Financial Statement Notes

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Depreciation expense 543,305.”

Raw XML AppendixShowing 400 of 429 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAD NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON INFORMATION PROVIDED BY THE MANAGEMENT. ONCE A DRAFT OF THE FILING IS AVAILABLE, COPIES OF FORM 990 ARE DISTRIBUTED TO ALL BOARD MEMBERS FOR REVIEW VIA EMAIL, PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BYLAWS STATE THAT ANY RESPONSIBLE PERSON SHALL IMMEDIATELY INFORM THE BOARD OF ANY POTENTIAL CONFLICTS OF INTEREST. THE BOARD THEN HAS THE RIGHT TO APPROVE OR DENY THE TRANSACTION. IF THE CONFLICT OF INTEREST INVOLVED A BOARD MEMBER THE FINANCE TEAM AND BOARD OF DIRECTORS AT MONUMENT ACADEMY, A SUPPORTED ORGANIZATION, SHALL SUPPORT THE BUILDING CORPORATION WITH FINANCIAL OVERSIGHT. POTENTIAL CONFLICTS OF INTEREST ARE DISCUSSED AT THE BOARD MEETINGS AND DOCUMENTED IN THE MEETING MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC THROUGH ITS WEBSITE AND UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE SCHOOL FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE COLORADO DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELIGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED.
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 XII, LINE 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1LINE 12B, II
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt11150 VILLAGE RIDGE POINT
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IRS990ScheduleR/PerformOfServicesForOthOrgInd01
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,372,961
Liabilities
$28,950,000
Net assets
-$5,577,039
Revenue
$728,565
Expenses
$1,995,043
Net income
-$1,266,478
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$22.3$28.3$6.03$1.91$2.03$0.12
2023Detailed filing. Detailed filing data is available for this year.$22.8$28.7$5.91$1.89$2.22$0.33
2022Detailed filing. Detailed filing data is available for this year.$23.4$29.0$5.58$0.73$2.00$1.27
2021Detailed filing. Detailed filing data is available for this year.$24.6$29.0$4.31$0.00$2.56$2.55
2020Detailed filing. Detailed filing data is available for this year.$29.5$31.2$1.76$0.33$2.10$1.76
2019Detailed filing. Detailed filing data is available for this year.$0.12$0.12$0.00$0.00
2018Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2016Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.01$0.01
2014Summary only. Only limited summary data is available for this year.$0.01$0.00$0.00$0.00$0.00
2013Summary only. Only limited summary data is available for this year.$0.01$0.00$0.00$0.00$0.00
2012Summary only. Only limited summary data is available for this year.$0.01$0.00$0.00$0.00$0.00