Civic Intelligence

Kaizen Educational Foundation

990 • Fiscal year 2023 • EIN 80-0197489

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileKAIZENFOUNDATION.ORG
6150 NORTH 16th STREET SUITE APhoenix, AZ 85016

(602) 953-2933

Siviq Scores

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

Liabilities / Assets

86th percentile

0.80x

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

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

74th percentile

1.02x

Higher debt load relative to revenue than 74% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

64th percentile

8.1%

Higher net margin than 64% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

11th percentile

$136,080

Higher top officer pay than 11% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

84th percentile

25%

Faster asset growth than 84% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

73rd percentile

15%

Faster revenue growth than 73% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$66,866,401

Up $13,179,084 (+25%) from 2022

Net Assets

Up

$13,351,490

Up $4,235,794 (+46%) from 2022

Liabilities

Up

$53,514,911

Up $8,943,290 (+20%) from 2022

Revenue And Expenses
Liabilities / Revenue74th percentileNet Margin64th percentile

Revenue

Up

$52,643,597

Up $7,041,618 (+15%) from 2022

Expenses

Up

$48,391,005

Up $5,860,206 (+14%) from 2022

Net Income

Up

$4,252,592

Up $1,181,412 (+38%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth84th percentile

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

$80M$60M$40M$20M$0Assets 2012: $2,516,496Liabilities 2012: $2,334,640Net Assets 2012: $181,8562012Assets 2013: $3,871,680Liabilities 2013: $3,058,773Net Assets 2013: $812,9072013Assets 2014: $5,126,698Liabilities 2014: $2,444,637Net Assets 2014: $2,682,0612014Assets 2015: $7,351,191Liabilities 2015: $3,413,134Net Assets 2015: $3,938,0572015Assets 2016: $8,072,098Liabilities 2016: $3,112,965Net Assets 2016: $4,959,1332016Assets 2017: $38,642,260Liabilities 2017: $33,638,406Net Assets 2017: $5,003,8542017Assets 2018: $38,628,656Liabilities 2018: $34,297,880Net Assets 2018: $4,330,7762018Assets 2019: $50,293,518Liabilities 2019: $45,908,011Net Assets 2019: $4,385,5072019Assets 2020: $50,081,839Liabilities 2020: $45,216,574Net Assets 2020: $4,865,2652020Assets 2021: $50,687,935Liabilities 2021: $44,643,419Net Assets 2021: $6,044,5162021Assets 2022: $53,687,317Liabilities 2022: $44,571,621Net Assets 2022: $9,115,6962022Assets 2023: $66,866,401Liabilities 2023: $53,514,911Net Assets 2023: $13,351,4902023Assets 2024: $67,421,479Liabilities 2024: $51,224,357Net Assets 2024: $16,197,1222024

Highlighted filing

2023

Assets$66,866,401
Liabilities$53,514,911
Net Assets$13,351,490
Open 2023 Filing

Operations Trend

Revenue Growth73rd percentile

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

$60M$40M$20M$0-$20MRevenue 2012: $12,773,025Expenses 2012: $9,760,728Net Income 2012: $3,012,2972012Revenue 2013: $26,280,746Expenses 2013: $25,649,695Net Income 2013: $631,0512013Revenue 2014: $30,608,213Expenses 2014: $28,739,059Net Income 2014: $1,869,1542014Revenue 2015: $28,698,825Expenses 2015: $27,442,829Net Income 2015: $1,255,9962015Revenue 2016: $28,594,272Expenses 2016: $27,573,196Net Income 2016: $1,021,0762016Revenue 2017: $30,116,083Expenses 2017: $30,071,362Net Income 2017: $44,7212017Revenue 2018: $30,068,877Expenses 2018: $30,741,955Net Income 2018: -$673,0782018Revenue 2019: $33,892,575Expenses 2019: $33,837,844Net Income 2019: $54,7312019Revenue 2020: $35,502,146Expenses 2020: $35,150,108Net Income 2020: $352,0382020Revenue 2021: $37,068,402Expenses 2021: $35,889,151Net Income 2021: $1,179,2512021Revenue 2022: $45,601,979Expenses 2022: $42,530,799Net Income 2022: $3,071,1802022Revenue 2023: $52,643,597Expenses 2023: $48,391,005Net Income 2023: $4,252,5922023Revenue 2024: $53,873,972Expenses 2024: $51,028,340Net Income 2024: $2,845,6322024

Highlighted filing

2023

Revenue$52,643,597
Expenses$48,391,005
Net Income$4,252,592
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$52,643,597
Mission and Program Overview

Mission

Improve the public school system by creating a more competitive environment, providing parents and students with the freedom of choice and striving for a higher academic standard.

Improve the public school system by creating a more competitive environment,providing parents and students with the freedom of choice and striving for a higher academic standard

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$36,753,712$36,515,581▼ $238,131
Cash and Non-Interest-Bearing Accounts$8,754,267$11,255,521▲ $2,501,254
Accounts Receivable$2,862,175$4,114,931▲ $1,252,756
Investments in Publicly Traded Securities$2,011,279$1,939,730▼ $71,549
Prepaid Expenses and Deferred Charges$801$229,708▲ $228,907
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$53,687,317$66,866,401▲ $13,179,084
Other Assets Total$3,305,083$12,810,930▲ $9,505,847
Liabilities
Tax Exempt Bond Liabilities$40,159,626$39,536,857▼ $622,769
Other Liabilities$0$5,959,124▲ $5,959,124
Accounts Payable and Accrued Expenses$3,043,875$4,342,407▲ $1,298,532
Unsecured Notes Loans Payable$286,397$2,581,588▲ $2,295,191
Deferred Revenue$1,081,723$1,094,935▲ $13,212
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$44,571,621$53,514,911▲ $8,943,290
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$9,115,696$13,351,490▲ $4,235,794
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$9,115,696$13,351,490▲ $4,235,794
Total Liabilities and Net Assets / Fund Balance$53,687,317$66,866,401▲ $13,179,084

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$28,821,053$4,771,786-
Land$6,029,094--
Equipment$1,310,933$6,719,661-
Leasehold Improvements$354,501$1,817,125-
Other Assets Org$3,203,427--
Compensation and Service Providers
Top Officer Pay11th percentile

Employees

NameTitleOtherTotal
Theodore FrederickPresident/executive Director$136,080$136,080

Board Members and Trustees

NameTitle
Benjamin BuchananDirector
Janna WisemanDirector
Jessica BrownDirector
Gary BaeSecretary - Nonvoting
Dr Gina ConflittiTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Leona Arizona Employment Group LLCContracted Services6150 NORTH 16th STREET SUITE A, Phoenix, AZ 85016$23,931,488
Leona Arizona Management LLCManagement Services6150 NORTH 16th STREET SUITE A, Phoenix, AZ 85016$6,276,854
Nutrition One LLCCatering9299 W OLIVE AVE STE 205, Peoria, AZ 85345$1,255,635
Mariposa Therapy ServicesTherapy Services1 W ELLIOT ROAD SUITE 109, Tempe, AZ 85284$394,721
Bluum Of Texas LLCTECHNOLOGY solutions4675 E COTTON CENTER BLVD STE 155, Phoenix, AZ 85040$348,588
Revenue and Support

Revenue Composition

Contributions and Grants
$52,651,552
Program Service Revenue
$0
Investment Income
$63,595
Other Revenue
$-71,550
All Other Contributions
$1,072,338
Change in Net Assets
$4,252,592

Audited Revenue Reconciliation

Revenue per Audited Statements
$52,643,597
Total Revenue per Audited Statements
$52,643,597
Total Revenue per Form 990
$52,643,597
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$48,391,005
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
Other Expenses$2,366,499$174,668-$2,541,167
Interest$2,351,762--$2,351,762
Occupancy$1,742,990$161,817-$1,904,807
Information Technology$1,125,604$200,952-$1,326,556
Depreciation Depletion$1,266,425--$1,266,425
Total Functional Expenses$38,154,915$10,236,090$0$48,391,005

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$48,391,005
Total Expenses per Audited Statements$48,391,005
Total Expenses per Form 990$48,391,005
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$5,959,124

Bond Issues

BondIssuerIssuedIssue PricePurpose
AArizona Industrial Development Authority2016-12-21$30,908,004EDUCATION
BArizona Industrial Development Authority2019-04-18$12,656,436EDUCATION

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$30,908,004$0$0$1,066,854
B$12,656,436$0$0$434,674

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Corrective action procedures
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Governing Body and Management - Part VI Section A Lines 8A and 8B

“The foundation documents all board meetings and does not have any committees.”

Policies - Part VI Section B Line 12C

“Each year the board members declare any relationships that might result in conflicts of interest. The president of the foundation monitors this to ensure that board members with possible conflicts of interest do not vote or make motions regarding areas of possible conflict.”

Governing Body and Management - Part VI Section B Line 11A

“The governing board reviews a draft copy of the form 990 before it is finalized.”

Governing Body and Management - Part VI Section A Line 3

“The foundation entered into a management agreement with leona arizona management, llc to provide essentially all the educational and operational services, management and employees necessary for the daily operation of the schools.”

Disclosure - Part VI Section C Line 19

“The governing documents, conflict of interest policy, and financial information are available upon request. Financial information for the schools is available at the arizona department of eduction website.”

Filing and Contact Details

Filer

Filer Name
Kaizen Education Foundation
EIN
80-0197489
In Care Of
% THEODORE FREDERICK
Phone
6029532933
Address
6150 NORTH 16th STREET SUITE A, PHOENIX, AZ 85016

Signing Officer

Name
Theodore Frederick
Title
President
Phone
6022411200
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Theodore Frederick
Formed
2008
Legal Domicile
Az
Voting Board Members
6
Independent Board Members
5
Employees
0

Preparer

Firm
Sarvas Coleman & Tobin Pc
Address
5050 NORTH 40TH STREET SUITE 310, PHOENIX, AZ 85018
Preparer
Terry B Sarvas CPA
Phone
6022411200
Supplemental Narrative

Financial Statement Notes

FIN48 Footnote

“The Foundation and the Schools are exempt from federal and state income taxes under Section 501(c)(3) of the Internal Revenue Code and Section 43-1201(4) of the Arizona Revised Statues. However, the Organization remains subject to income taxes on any net income that is derived from a trade or business, regularly carried on and not in furtherance of the purpose for which it was granted exemption. The Organization has adopted the provisions of FASB ASC 740-10 (formerly FIN 48, "Accounting for Uncertainty in Income Taxes"), which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Organization's federal income tax returns are subject to examination by the Internal Revenue Service, generally for a period of three years after they were filed. In the event the Organization is assessed interest or penalties by major tax jurisdictions, it will be included in the provision for income taxes in the combined financial statements.”

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IRS990/MissionDesc0IMPROVE THE PUBLIC SCHOOL SYSTEM BY CREATING A MORE COMPETITIVE ENVIRONMENT, PROVIDING PARENTS AND STUDENTS WITH THE FREEDOM OF CHOICE AND STRIVING FOR A HIGHER ACADEMIC STANDARD.
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03305083
IRS990/OtherAssetsTotalGrp/EOYAmt012810930
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IRS990/OtherExpensesGrp/Desc1PERSONNEL
IRS990/OtherExpensesGrp/Desc2MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc3SUPPLIES & MATERIALS
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03742172
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt15705089
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2251392
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3174668
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IRS990/OtherExpensesGrp/ProgramServicesAmt120368790
IRS990/OtherExpensesGrp/ProgramServicesAmt2397319
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IRS990/OtherExpensesGrp/TotalAmt2648711
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0801
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0229708
IRS990/PrincipalOfficerNm0THEODORE FREDERICK
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IRS990/ProhibitedTaxShelterTransInd0false
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IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt13589752
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt25895953
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt33203427
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0REFUNDABLE DEPOSITS

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$66,866,401
Liabilities
$53,514,911
Net assets
$13,351,490
Revenue
$52,643,597
Expenses
$48,391,005
Net income
$4,252,592
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$67.4$51.2$16.2$53.9$51.0$2.85
2023Detailed filing. Detailed filing data is available for this year.$66.9$53.5$13.4$52.6$48.4$4.25
2022Detailed filing. Detailed filing data is available for this year.$53.7$44.6$9.12$45.6$42.5$3.07
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.7$44.6$6.04$37.1$35.9$1.18
2020Detailed filing. Detailed filing data is available for this year.$50.1$45.2$4.87$35.5$35.2$0.35
2019Summary only. Only limited summary data is available for this year.$50.3$45.9$4.39$33.9$33.8$0.05
2018Summary only. Only limited summary data is available for this year.$38.6$34.3$4.33$30.1$30.7$0.67
2017Summary only. Only limited summary data is available for this year.$38.6$33.6$5.00$30.1$30.1$0.04
2016Summary only. Only limited summary data is available for this year.$8.07$3.11$4.96$28.6$27.6$1.02
2015Summary only. Only limited summary data is available for this year.$7.35$3.41$3.94$28.7$27.4$1.26
2014Summary only. Only limited summary data is available for this year.$5.13$2.44$2.68$30.6$28.7$1.87
2013Summary only. Only limited summary data is available for this year.$3.87$3.06$0.81$26.3$25.6$0.63
2012Summary only. Only limited summary data is available for this year.$2.52$2.33$0.18$12.8$9.76$3.01