Civic Intelligence

Great Valley Academy Inc

990 • Fiscal year 2021 • EIN 61-1506412

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 08, 2022

Organization Profilewww.greatvalleyacademy.com

Refreshing map…

3200 Tully RoadModesto, CA 95350

(209) 576-2283

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.30x

Higher debt load relative to assets than 63% of similar nonprofits.

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

Liabilities / Revenue

61st percentile

0.34x

Higher debt load relative to revenue than 61% of similar nonprofits.

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

Net Margin

38th percentile

6.7%

Higher net margin than 38% of similar nonprofits.

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

Top Officer Pay

51st percentile

$175,470

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

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

Asset Growth

32nd percentile

3.4%

Faster asset growth than 32% of similar nonprofits.

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

Revenue Growth

40th percentile

5.9%

Faster revenue growth than 40% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$22,853,553

Up $751,565 (+3.4%) from 2020

Net Assets

Up

$15,944,717

Up $1,353,948 (+9.3%) from 2020

Liabilities

Down

$6,908,836

Down $602,383 (-8.0%) from 2020

Revenue And Expenses
Liabilities / Revenue61st percentileNet Margin38th percentile

Revenue

Up

$20,199,217

Up $1,123,550 (+5.9%) from 2020

Expenses

Up

$18,845,269

Up $815,584 (+4.5%) from 2020

Net Income

Up

$1,353,948

Up $307,966 (+29%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

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

$30M$20M$10M$0Assets 2011: $5,297,753Liabilities 2011: $3,334,829Net Assets 2011: $1,962,9242011Assets 2012: $6,613,587Liabilities 2012: $3,575,211Net Assets 2012: $3,038,3762012Assets 2013: $9,104,508Liabilities 2013: $4,576,789Net Assets 2013: $4,527,7192013Assets 2014: $9,359,367Liabilities 2014: $3,131,362Net Assets 2014: $6,228,0052014Assets 2015: $10,749,897Liabilities 2015: $2,759,734Net Assets 2015: $7,990,1632015Assets 2016: $17,321,768Liabilities 2016: $7,855,384Net Assets 2016: $9,466,3842016Assets 2017: $17,671,542Liabilities 2017: $7,408,642Net Assets 2017: $10,262,9002017Assets 2018: $18,933,382Liabilities 2018: $7,423,570Net Assets 2018: $11,509,8122018Assets 2019: $20,889,895Liabilities 2019: $7,345,108Net Assets 2019: $13,544,7872019Assets 2020: $22,101,988Liabilities 2020: $7,511,219Net Assets 2020: $14,590,7692020Assets 2021: $22,853,553Liabilities 2021: $6,908,836Net Assets 2021: $15,944,7172021Assets 2022: $24,077,962Liabilities 2022: $7,970,954Net Assets 2022: $16,107,0082022Assets 2023: $29,875,548Liabilities 2023: $8,071,122Net Assets 2023: $21,804,4262023

Highlighted filing

2021

Assets$22,853,553
Liabilities$6,908,836
Net Assets$15,944,717
Open 2021 Filing

Operations Trend

Revenue Growth40th percentile

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

$30M$20M$10M$0Revenue 2011: $4,576,920Expenses 2011: $3,719,880Net Income 2011: $857,0402011Revenue 2012: $7,366,674Expenses 2012: $6,291,222Net Income 2012: $1,075,4522012Revenue 2013: $9,043,428Expenses 2013: $7,417,564Net Income 2013: $1,625,8642013Revenue 2014: $10,382,238Expenses 2014: $8,681,952Net Income 2014: $1,700,2862014Revenue 2015: $12,151,988Expenses 2015: $10,389,830Net Income 2015: $1,762,1582015Revenue 2016: $15,136,996Expenses 2016: $13,660,775Net Income 2016: $1,476,2212016Revenue 2017: $15,120,026Expenses 2017: $14,305,778Net Income 2017: $814,2482017Revenue 2018: $16,614,823Expenses 2018: $15,367,911Net Income 2018: $1,246,9122018Revenue 2019: $18,846,407Expenses 2019: $16,811,432Net Income 2019: $2,034,9752019Revenue 2020: $19,075,667Expenses 2020: $18,029,685Net Income 2020: $1,045,9822020Revenue 2021: $20,199,217Expenses 2021: $18,845,269Net Income 2021: $1,353,9482021Revenue 2022: $19,349,620Expenses 2022: $19,187,329Net Income 2022: $162,2912022Revenue 2023: $26,922,048Expenses 2023: $21,224,630Net Income 2023: $5,697,4182023

Highlighted filing

2021

Revenue$20,199,217
Expenses$18,845,269
Net Income$1,353,948
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 8, 2022
Return Version
2020v4.0
Gross Receipts
$20,199,217
Mission and Program Overview

Mission

The organization's mission is to add quality to life through learning. The organization strives to inspire students to learn and to grow to their potential by providing a quality education through a positive learning experience, working in partnership with the home and community to meet the individual needs of students and developing the learning and social skills necessary for maximizing lifelong learning potential.

Great valley academies create a safe, loved, learning environment where all students develop foundational thinking skills and positive character traits to achieve their greatest potential.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,436,863$11,894,010▼ $542,853
Cash and Non-Interest-Bearing Accounts$5,716,848$6,255,781▲ $538,933
Accounts Receivable$2,590,872$3,504,124▲ $913,252
Savings and Temporary Cash Investments$1,279,569$1,032,907▼ $246,662
Prepaid Expenses and Deferred Charges$42,069$102,108▲ $60,039
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$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-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$22,101,988$22,853,553▲ $751,565
Other Assets Total$35,767$64,623▲ $28,856
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,063,982$5,805,569▼ $258,413
Accounts Payable and Accrued Expenses$955,794$520,868▼ $434,926
Other Liabilities$479,222$517,644▲ $38,422
Deferred Revenue$12,221$64,755▲ $52,534
Total Liabilities$7,511,219$6,908,836▼ $602,383
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$14,383,971$15,420,861▲ $1,036,890
Net Assets With Donor Restrictions$206,798$523,856▲ $317,058
Total Net Assets Fund Balance$14,590,769$15,944,717▲ $1,353,948
Total Liabilities and Net Assets / Fund Balance$22,101,988$22,853,553▲ $751,565

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,172,216$1,277,888$6,450,104
Leasehold Improvements$4,420,691$1,698,673$6,119,364
Land$2,070,000-$2,070,000
Equipment$231,103$250,815$481,918
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Leah Silvestre FranklinCEOFT$157,879$17,591$175,470
Dr Eldon RosenowFounderFT$158,065$8,156$166,221
Russel HowellPrincipalFT$115,241$32,562$147,803
Michael RuehlePrincipalFT$111,054$31,602$142,656
Christine FrostPrincipalFT$98,351$32,682$131,033
Marisa Jacobson-meeksCOOFT$97,224$11,935$109,159

Board Members and Trustees

NameTitle
Steve PaynePresident
Yolanda MerazVice President
Twila ToshDesignee
Chad WolfMember
Vince JamisonMember
Susan NisanSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Jason Stevens - Cencal MechanicalRepairs1254 LONE PALM AVENUE, Modesto, CA 95351$106,496
Revenue and Support

Revenue Composition

Contributions and Grants
$20,018,493
Program Service Revenue
$172,377
Investment Income
$8,347
Other Revenue
$0
Change in Net Assets
$1,353,948

Audited Revenue Reconciliation

Revenue per Audited Statements
$20,199,217
Total Revenue per Audited Statements
$20,199,217
Total Revenue per Form 990
$20,199,217
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,362,128
Other Expenses$5,483,141
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$9,190,264$822,645-$10,012,909
Fees for Services Other$1,131,638$208,206-$1,339,844
Pension Plan Contributions$1,256,907$20,436-$1,277,343
Other Employee Benefits$1,061,213$210,618-$1,271,831
Depreciation Depletion$645,221$4,747-$649,968
Current Officers, Directors, Trustees, and Key Employees-$450,850-$450,850
All Other Expenses$102,273$310,707-$412,980
Payroll Taxes$264,368$84,827-$349,195
Interest-$312,088-$312,088
Insurance-$266,226-$266,226
Other Expenses$553,759$223,482-$223,482
Occupancy$4,500$67,830-$72,330
Travel$45,208$15,175-$60,383
Fees for Services Accounting-$34,885-$34,885
Advertising-$20,715-$20,715
Fees for Services Legal-$10,939-$10,939
Total Functional Expenses$15,654,061$3,191,208$0$18,845,269

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$18,845,269
Total Expenses per Audited Statements$18,845,269
Total Expenses per Form 990$18,845,269
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
Net Deferred Pay$263,411
Accrued Payroll & Benefits$254,233
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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
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 cpa firm will prepare the tax return for the organization and send a draft copy to leah silvestre franklin, ceo, who will forward the draft copy to the school board for approval prior to filing. Once approved, the ceo will notify the firm to finalize and prepare the return for mailing.”

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

“All members of the governing board and key employees are required to submit annual statements disclosing any reportable investments, interests in real property and business positions held.”

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

“Executive compensation is reviewed and approved by the school board. It is determined by annual industry review of comparable positions, average compensation, performance and school budget.”

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

“Other officers compensation is reviewed and approved by the school board. Compensation is based on industry average, performance and school budget.”

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

“Requests for public records shall be made to the ceo of the organization. The ceo or designee may determine the most appropriate school employee to assist in assembling any public records for production. Any person may request a copy of any school record open to the public and not exempt from disclosure. Public access shall not be given to records listed as exempt from public disclosure in the california public records act or other statutes.”

Filing and Contact Details

Filer

Filer Name
Great Valley Academy Inc
EIN
61-1506412
Phone
2095762283
Address
3200 TULLY ROAD, MODESTO, CA 95350

Signing Officer

Name
Steve Payne
Title
President
Signed
2022-02-08
Discuss with paid preparer
Yes

Organization Details

Formed
2008
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
281

Preparer

Firm
Nigro & Nigro Pc
Address
25220 Hancock Ave Ste 400, MURRIETA, CA 92562
Preparer
Jeff Nigro CPA
Phone
9516988783
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Charter is a non-profit entity exempt from the payment of income taxes under Internal Revenue Code Section 501(c)(3) and California Revenue and Taxation Code Section 23701d. Accordingly, no provision has been made for income taxes for its primary activity. However, the Charter also conducts unrelated consulting activities for which unrelated business income is generated. As a result, this income is taxable, however, management believes that no material income tax liability will arise for this fiscal year, and therefore, no provision has been made for income taxes. Management has determined that all income tax positions are more likely than not of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Charter is a non-profit entity exempt from the payment of income taxes under Internal Revenue Code Section 501(c)(3) and California Revenue and Taxation Code Section 23701d. Accordingly, no provision has been made for income taxes for its primary activity. However, the Charter also conducts unrelated consulting activities for which unrelated business income is generated. As a result, this income is taxable, however, management believes that no material income tax liability will arise for this fiscal year, and therefore, no provision has been made for income taxes. Management has determined that all income tax positions are more likely than not of being sustained upon potential audit or examination; therefore, no disclosures of uncertain income tax positions are required.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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Document Assets

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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
$22,853,553
Liabilities
$6,908,836
Net assets
$15,944,717
Revenue
$20,199,217
Expenses
$18,845,269
Net income
$1,353,948
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$29.9$8.07$21.8$26.9$21.2$5.70
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$24.1$7.97$16.1$19.3$19.2$0.16
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.9$6.91$15.9$20.2$18.8$1.35
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.1$7.51$14.6$19.1$18.0$1.05
2019Summary only. Only limited summary data is available for this year.$20.9$7.35$13.5$18.8$16.8$2.03
2018Summary only. Only limited summary data is available for this year.$18.9$7.42$11.5$16.6$15.4$1.25
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$17.7$7.41$10.3$15.1$14.3$0.81
2016Detailed filing. Detailed filing data is available for this year.$17.3$7.86$9.47$15.1$13.7$1.48
2015Detailed filing. Detailed filing data is available for this year.$10.7$2.76$7.99$12.2$10.4$1.76
2014Detailed filing. Detailed filing data is available for this year.$9.36$3.13$6.23$10.4$8.68$1.70
2013Summary only. Only limited summary data is available for this year.$9.10$4.58$4.53$9.04$7.42$1.63
2012Summary only. Only limited summary data is available for this year.$6.61$3.58$3.04$7.37$6.29$1.08
2011Summary only. Only limited summary data is available for this year.$5.30$3.33$1.96$4.58$3.72$0.86