Civic Intelligence

Legacy Preparatory Academy

990 • Fiscal year 2021 • EIN 59-3810621

Jul 01, 2020 to Jun 30, 2021 • Filed on Mar 15, 2022

Organization ProfileWWW.LEGACYPREP.ORG

View Organization Page

2214 South 1250 WestWoods Cross, UT 84087

(801) 936-0555

Siviq Scores

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

Liabilities / Assets

86th percentile

0.75x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.76x

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

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

56th percentile

15%

Higher net margin than 56% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

32nd percentile

$124,801

Higher top officer pay than 32% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Asset Growth

20th percentile

-0.9%

Faster asset growth than 20% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

34th percentile

2.6%

Faster revenue growth than 34% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$20,917,956

Down $193,198 (-0.9%) from 2020

Net Assets

Up

$5,219,573

Up $1,337,985 (+34%) from 2020

Liabilities

Down

$15,698,383

Down $1,531,183 (-8.9%) from 2020

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin56th percentile

Revenue

Up

$8,923,520

Up $229,338 (+2.6%) from 2020

Expenses

Up

$7,585,535

Up $22,717 (+0.3%) from 2020

Net Income

Up

$1,337,985

Up $206,621 (+18%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth20th percentile

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

$40M$30M$20M$10M$0-$10MAssets 2010: $13,420,258Liabilities 2010: $13,835,544Net Assets 2010: -$415,2862010Assets 2011: $13,326,308Liabilities 2011: $13,815,031Net Assets 2011: -$488,7232011Assets 2012: $13,470,059Liabilities 2012: $13,770,845Net Assets 2012: -$300,7862012Assets 2013: $13,878,167Liabilities 2013: $13,795,704Net Assets 2013: $82,4632013Assets 2014: $13,819,787Liabilities 2014: $13,593,718Net Assets 2014: $226,0692014Assets 2015: $18,198,739Liabilities 2015: $18,226,705Net Assets 2015: -$27,9662015Assets 2016: $18,412,949Liabilities 2016: $18,263,298Net Assets 2016: $149,6512016Assets 2017: $18,835,496Liabilities 2017: $18,039,193Net Assets 2017: $796,3032017Assets 2018: $19,563,220Liabilities 2018: $17,917,258Net Assets 2018: $1,645,9622018Assets 2019: $19,699,339Liabilities 2019: $16,949,115Net Assets 2019: $2,750,2242019Assets 2020: $21,111,154Liabilities 2020: $17,229,566Net Assets 2020: $3,881,5882020Assets 2021: $20,917,956Liabilities 2021: $15,698,383Net Assets 2021: $5,219,5732021Assets 2022: $32,366,265Liabilities 2022: $26,290,617Net Assets 2022: $6,075,6482022Assets 2023: $31,998,007Liabilities 2023: $25,736,051Net Assets 2023: $6,261,9562023Assets 2024: $31,927,273Liabilities 2024: $25,000,374Net Assets 2024: $6,926,8992024

Highlighted filing

2021

Assets$20,917,956
Liabilities$15,698,383
Net Assets$5,219,573
Open 2021 Filing

Operations Trend

Revenue Growth34th percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2010: $4,877,6772010Revenue 2011: $5,071,206Expenses 2011: $5,144,643Net Income 2011: -$73,4372011Expenses 2012: $5,745,6782012Revenue 2013: $6,884,514Expenses 2013: $6,558,402Net Income 2013: $326,1122013Revenue 2014: $6,615,291Expenses 2014: $6,471,685Net Income 2014: $143,6062014Revenue 2015: $6,464,527Expenses 2015: $6,360,491Net Income 2015: $104,0362015Revenue 2016: $6,694,846Expenses 2016: $6,517,229Net Income 2016: $177,6172016Revenue 2017: $7,473,222Expenses 2017: $6,826,570Net Income 2017: $646,6522017Revenue 2018: $7,786,940Expenses 2018: $6,937,281Net Income 2018: $849,6592018Revenue 2019: $8,286,740Expenses 2019: $7,182,478Net Income 2019: $1,104,2622019Revenue 2020: $8,694,182Expenses 2020: $7,562,818Net Income 2020: $1,131,3642020Revenue 2021: $8,923,520Expenses 2021: $7,585,535Net Income 2021: $1,337,9852021Revenue 2022: $9,927,655Expenses 2022: $9,071,580Net Income 2022: $856,0752022Revenue 2023: $9,360,799Expenses 2023: $9,174,491Net Income 2023: $186,3082023Revenue 2024: $11,161,628Expenses 2024: $10,496,685Net Income 2024: $664,9432024

Highlighted filing

2021

Revenue$8,923,520
Expenses$7,585,535
Net Income$1,337,985
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Mar 15, 2022
Return Version
2020v4.0
Gross Receipts
$8,923,520
Mission and Program Overview

Mission

To provide classical education and fine arts within a public charter school setting by building the foundation of knowledge and critical thinking skills necessary for children to become independent.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,197,586$12,812,569▼ $385,017
Savings and Temporary Cash Investments$4,690,772$6,250,840▲ $1,560,068
Cash and Non-Interest-Bearing Accounts$2,230,851$1,628,633▼ $602,218
Intangible Assets$917,283$0▼ $917,283
Pledges and Grants Receivable$25,749$127,763▲ $102,014
Prepaid Expenses and Deferred Charges$46,967$95,409▲ $48,442
Inventories for Sale or Use-$2,739-
Accounts Receivable$1,944$0▼ $1,944
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Total Assets$21,111,154$20,917,956▼ $193,198
Other Assets Total$2$3▲ $1
Liabilities
Tax Exempt Bond Liabilities$14,475,000$14,080,000▼ $395,000
Accounts Payable and Accrued Expenses$798,452$874,030▲ $75,578
Other Liabilities$1,097,479$678,586▼ $418,893
Mortgage Notes Payable Secured by Investment Property$75,279$54,337▼ $20,942
Deferred Revenue$783,356$11,430▼ $771,926
Total Liabilities$17,229,566$15,698,383▼ $1,531,183
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,881,588$5,219,573▲ $1,337,985
Total Net Assets Fund Balance$3,881,588$5,219,573▲ $1,337,985
Total Liabilities and Net Assets / Fund Balance$21,111,154$20,917,956▼ $193,198

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,097,316$3,629,281$13,726,597
Land$2,065,795-$2,065,795
Leasehold Improvements$419,987$168,408$588,395
Equipment$144,503$245,734$390,237
Other Land Buildings$84,968$221,947$306,915
Compensation and Service Providers
Top Officer Pay32nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Nyman BrooksExecutive DirectorFT$100,964$23,837$124,801

Board Members and Trustees

NameTitle
Brandie EvansPresident
Andrew LavinVice President
Al PrannoMember
Anna MarkMember
Jim CollingsMember
Lee PetersonMember
David RaySecretary
Alisha JohnsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$8,814,653
Program Service Revenue
$83,349
Investment Income
$25,126
Other Revenue
$392
All Other Contributions
$46,363
Change in Net Assets
$1,337,985

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,923,520
Total Revenue per Audited Statements
$8,923,520
Total Revenue per Form 990
$8,923,520
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,558,179
Other Expenses$2,027,356
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,338,768$87,481-$4,426,249
Other Employee Benefits$858,173$33,485-$891,658
Interest$591,347$53,130-$644,477
Depreciation Depletion$413,350$37,137-$450,487
Fees for Services Other$290,762$55,451-$346,213
Pension Plan Contributions$127,136$12,172-$139,308
Current Officers, Directors, Trustees, and Key Employees$100,964--$100,964
Other Expenses$-268,503$7,624-$-260,879
Total Functional Expenses$7,231,265$354,270$0$7,585,535

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,585,535
Total Expenses per Audited Statements$7,585,535
Total Expenses per Form 990$7,585,535
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Unamortized Bond Premium$678,586

Bond Issues

BondIssuerIssuedIssue PricePurpose
AUtah Charter Finance Auth2014-09-29$16,900,000TO REFINANCE OUTSTANDING

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$17,799,331$253,500-$319,346

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“A draft copy is provided to the board for review prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Board members annually sign conflict of interest statements.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Board reviews and determines annually.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Board reviews and determines annually.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Governing documents are available upon request just as forms 990.”

Filing and Contact Details

Filer

Filer Name
Legacy Preparatory Academy
EIN
59-3810621
Phone
8019360555
Address
2214 SOUTH 1250 WEST, WOODS CROSS, UT 84087

Signing Officer

Name
Nyman Brooks
Title
Executive Director
Signed
2022-03-15
Discuss with paid preparer
Yes

Organization Details

Formed
2005
Legal Domicile
Ut
Voting Board Members
10
Independent Board Members
10
Employees
168
Volunteers
295

Preparer

Firm
Gilbert & Stewart
Address
190 West 800 North Suite 100, Provo, UT 84601
Preparer
James a Gilbert CPA
Phone
8013775300
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01337985
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
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IRS990/RentalIncomeOrLossGrp/RealAmt0392
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt06250840
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IRS990/ScheduleBRequiredInd0false
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IRS990ScheduleD/RevenueSubtotalAmt08923520
IRS990ScheduleD/TotalBookValueLandBuildingsAmt012812569
IRS990ScheduleD/TotalExpensesPerForm990Amt07585535
IRS990ScheduleD/TotalLiabilityAmt0678586
IRS990ScheduleD/TotalRevenuePerForm990Amt08923520
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt08923520
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07585535
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0The School is excused from formal compliance with Rec Proc 75-50 as long as its charter agreement with the state of Utah remains in effect.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeTerminatedInd0false
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd0false
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0UTAH CHARTER FINANCE AUTH
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/EngageBondCounselContractsInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0false
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0true

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$20,917,956
Liabilities
$15,698,383
Net assets
$5,219,573
Revenue
$8,923,520
Expenses
$7,585,535
Net income
$1,337,985
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$31.9$25.0$6.93$11.2$10.5$0.66
2023Detailed filing. Detailed filing data is available for this year.$32.0$25.7$6.26$9.36$9.17$0.19
2022Detailed filing. Detailed filing data is available for this year.$32.4$26.3$6.08$9.93$9.07$0.86
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.9$15.7$5.22$8.92$7.59$1.34
2020Detailed filing. Detailed filing data is available for this year.$21.1$17.2$3.88$8.69$7.56$1.13
2019Detailed filing. Detailed filing data is available for this year.$19.7$16.9$2.75$8.29$7.18$1.10
2018Detailed filing. Detailed filing data is available for this year.$19.6$17.9$1.65$7.79$6.94$0.85
2017Detailed filing. Detailed filing data is available for this year.$18.8$18.0$0.80$7.47$6.83$0.65
2016Summary only. Only limited summary data is available for this year.$18.4$18.3$0.15$6.69$6.52$0.18
2015Summary only. Only limited summary data is available for this year.$18.2$18.2$0.03$6.46$6.36$0.10
2014Summary only. Only limited summary data is available for this year.$13.8$13.6$0.23$6.62$6.47$0.14
2013Summary only. Only limited summary data is available for this year.$13.9$13.8$0.08$6.88$6.56$0.33
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.5$13.8$0.30$5.75
2011Summary only. Only limited summary data is available for this year.$13.3$13.8$0.49$5.07$5.14$0.07
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.4$13.8$0.42$4.88