Civic Intelligence

The Academy Charter School

990 • Fiscal year 2016 • EIN 80-0353508

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

117 North Franklin StreetHempstead, NY 11550

(516) 408-2200

Siviq Scores

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

Liabilities / Assets

96th percentile

0.97x

Higher debt load relative to assets than 96% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

81st percentile

1.73x

Higher debt load relative to revenue than 81% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Net Margin

38th percentile

1.1%

Higher net margin than 38% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

41st percentile

$197,657

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Asset Growth

25th percentile

-3.4%

Faster asset growth than 25% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

76th percentile

16%

Faster revenue growth than 76% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2015 to 2016

Assets

Down

$27,536,260

Down $975,478 (-3.4%) from 2015

Net Assets

Up

$717,180

Up $168,369 (+31%) from 2015

Liabilities

Down

$26,819,080

Down $1,143,847 (-4.1%) from 2015

Revenue

Up

$15,481,332

Up $2,186,025 (+16%) from 2015

Expenses

Up

$15,312,963

Up $1,294,980 (+9.2%) from 2015

Net Income

Up

$168,369

Up $891,045 (+123%) from 2015

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2010: $803,023Liabilities 2010: $298,480Net Assets 2010: $504,5432010Assets 2011: $12,249,088Liabilities 2011: $11,259,577Net Assets 2011: $989,5112011Assets 2012: $12,015,795Liabilities 2012: $11,410,621Net Assets 2012: $605,1742012Assets 2013: $12,385,841Liabilities 2013: $11,504,370Net Assets 2013: $881,4712013Assets 2014: $26,798,539Liabilities 2014: $25,525,238Net Assets 2014: $1,273,3012014Assets 2015: $28,511,738Liabilities 2015: $27,962,927Net Assets 2015: $548,8112015Assets 2016: $27,536,260Liabilities 2016: $26,819,080Net Assets 2016: $717,1802016Assets 2017: $29,542,118Liabilities 2017: $27,287,269Net Assets 2017: $2,254,8492017Assets 2018: $91,782,706Liabilities 2018: $89,887,686Net Assets 2018: $1,895,0202018Assets 2019: $95,762,158Liabilities 2019: $91,981,248Net Assets 2019: $3,780,9102019Assets 2020: $99,731,465Liabilities 2020: $95,109,243Net Assets 2020: $4,622,2222020Assets 2021: $181,369,373Liabilities 2021: $173,359,771Net Assets 2021: $8,009,6022021Assets 2022: $181,210,235Liabilities 2022: $174,076,894Net Assets 2022: $7,133,3412022Assets 2023: $193,310,411Liabilities 2023: $180,823,378Net Assets 2023: $12,487,0332023Assets 2024: $191,257,616Liabilities 2024: $177,491,447Net Assets 2024: $13,766,1692024

Highlighted filing

2016

Assets$27,536,260
Liabilities$26,819,080
Net Assets$717,180

Operations Trend

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

$100M$50M$0-$50MExpenses 2010: $3,042,9322010Revenue 2011: $4,654,047Expenses 2011: $4,169,079Net Income 2011: $484,9682011Expenses 2012: $6,885,7852012Revenue 2013: $7,869,262Expenses 2013: $7,592,965Net Income 2013: $276,2972013Revenue 2014: $9,431,527Expenses 2014: $9,039,697Net Income 2014: $391,8302014Revenue 2015: $13,295,307Expenses 2015: $14,017,983Net Income 2015: -$722,6762015Revenue 2016: $15,481,332Expenses 2016: $15,312,963Net Income 2016: $168,3692016Revenue 2017: $18,980,682Expenses 2017: $17,443,013Net Income 2017: $1,537,6692017Revenue 2018: $21,637,638Expenses 2018: $21,997,467Net Income 2018: -$359,8292018Revenue 2019: $34,222,367Expenses 2019: $32,336,477Net Income 2019: $1,885,8902019Revenue 2020: $42,238,674Expenses 2020: $41,397,362Net Income 2020: $841,3122020Revenue 2021: $54,353,660Expenses 2021: $50,966,280Net Income 2021: $3,387,3802021Revenue 2022: $67,589,131Expenses 2022: $68,465,392Net Income 2022: -$876,2612022Revenue 2023: $83,623,145Expenses 2023: $78,269,453Net Income 2023: $5,353,6922023Revenue 2024: $87,814,282Expenses 2024: $86,535,146Net Income 2024: $1,279,1362024

Highlighted filing

2016

Revenue$15,481,332
Expenses$15,312,963
Net Income$168,369
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$15,481,332
Mission and Program Overview

Mission

Create world class competitive scholars who will LEARN today, LEAD tomorrow, and SERVE in the future.To graduate students with the content mastery and life skills needed to move into the top five percent of their middle and high school classes.To accomplish this, The Academy Charter School offers an exceptional interdisciplinary curriculum in a technology-rich environment that challenges students to explore connections across subjects and use experiential learning to bridge the gaps between theory and practice.Our Philosophy:Core Mastery, Character Development, and Community AwarenessOur school will improve student academic achievement by focusing on three important areas of our childrens growth that will enable them to be empowered adults: mastery of academic subjects, an intensive focus on character development, and fostering a lifelong behavior of giving back to their community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$22,643,108$21,919,966▼ $723,142
Savings and Temporary Cash Investments$3,414,963$2,928,038▼ $486,925
Intangible Assets$1,517,887$1,462,159▼ $55,728
Cash and Non-Interest-Bearing Accounts$143,031$617,591▲ $474,560
Accounts Receivable$417,760$464,660▲ $46,900
Pledges and Grants Receivable$299,026$111,426▼ $187,600
Prepaid Expenses and Deferred Charges$43,543$0▼ $43,543
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-
Inventories for Sale or Use-$0-
Total Assets$28,511,738$27,536,260▼ $975,478
Other Assets Total$32,420$32,420→ $0
Liabilities
Tax Exempt Bond Liabilities$23,905,000$23,640,000▼ $265,000
Other Liabilities$2,215,118$1,685,132▼ $529,986
Accounts Payable and Accrued Expenses$1,842,809$1,493,948▼ $348,861
Total Liabilities$27,962,927$26,819,080▼ $1,143,847
Net Assets / Fund Balance
Unrestricted Net Assets$471,274$639,212▲ $167,938
Temporarily Rstr Net Assets$77,537$77,968▲ $431
Total Net Assets Fund Balance$548,811$717,180▲ $168,369
Total Liabilities and Net Assets / Fund Balance$28,511,738$27,536,260▼ $975,478

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,270,889$1,236,527$17,507,416
Leasehold Improvements$3,470,457$438,112$3,908,569
Other Land Buildings$1,113,126$717,939$1,831,065
Equipment$275,494$1,063,343$1,338,837
Land$790,000-$790,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Wayne HaughtonExecutive DirecFT$173,399$24,258$197,657
Clarence WilliamsPrincipalFT$146,999$15,299$162,298
Donna DouglasDirector OperationsFT$127,536$10,551$138,087

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Victory Education PartnersFinancial Services132 WEST 31ST STREET STE 1524, New York, NY 10001$560,000
TroinetRepairs1412 RICHMOND ROAD, Staten Island, NY 10304$161,234
Revenue and Support

Revenue Composition

Contributions and Grants
$376,504
Program Service Revenue
$15,050,854
Investment Income
$960
Other Revenue
$53,014
All Other Contributions
$12,763
Change in Net Assets
$168,369

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,481,332
Total Revenue per Audited Statements
$15,481,332
Total Revenue per Form 990
$15,481,332
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,203,928
Other Expenses$6,109,035
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,886,298$1,018,162-$6,904,460
Interest$1,681,040$296,655-$1,977,695
Depreciation Depletion$921,678$159,794-$1,081,472
Other Employee Benefits$886,951$153,626-$1,040,577
All Other Expenses$612,241$111,524-$723,765
Payroll Taxes$501,145$86,802-$587,947
Fees for Services Management$305,000$255,000-$560,000
Current Officers, Directors, Trustees, and Key Employees$423,336$74,706-$498,042
Insurance$177,005$36,739-$213,744
Other Expenses$151,891$31,526-$183,417
Pension Plan Contributions$147,376$25,526-$172,902
Fees for Services Other$123,637$25,662-$149,299
Fees for Services Legal-$51,796-$51,796
Fees for Services Accounting-$31,000-$31,000
Total Functional Expenses$12,822,159$2,490,804$0$15,312,963

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$15,312,963
Total Expenses per Audited Statements$15,312,963
Total Expenses per Form 990$15,312,963
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
Obligations Under Capital Lease$896,228
accrued interest payable$787,029
loan pyable$1,875

Bond Issues

BondIssuerIssuedIssue PricePurpose
BTown of Hempser2013a Ed2013-12-23$13,515,000ACQ./CONST. SCHOOL BLDG
ATown of Hempser2011aed2011-03-23$10,740,000ACQ./CONST. SCHOOL BLDG

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$12,742,947$58,365$140,000$547,420
A$10,076,025$229,445$475,000$244,263

Bond Financing Compliance

Form 8038-T filed
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
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
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
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

Description of management arrangementvictory education partners manages the operations of the school under a management agreement entered into by the school and victory. The agreement was executed on june 30, 2009. Per the terms of agreement, victory assumes responsiblility for tasks and functions associated with the educational services to be provided to the children enrolled as students at the school in accordance with the terms of the charter and the charter schools act, subject to the appropriate oversight from the school's board of trustees. Victory is responsible for designing the curriculum, acquiring educational materials, hiring all staff, and providing all financial and accounting functions.in providing the above services, victory is paid a managment fee in the amount equal to the product of the total full-time equivalent enrollment of students in the school as defined under section 119.1 of new york state commissioner of education regulations, multiplied by $2,096 (per pupil fee). The per pupil fee shall be increased or decreased each year by the percentage increase or decrease in the final adjusted expense per pupil for charter schools in the new york city school district as calculated by the new york state education.

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

The draft 990 is first reviewed by the controller of the management company, the draft is then circulated to board members for their review and comments prior to filing the 990.

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

Description of process to monitor transactions for conflicts of interest.a. Each covered person shall annually sign a statement that affirms that such person: 1. Has received a copy of the policy. 2. Has read and understands the policy. 3. Has agreed to comply with the policy, and 4. Understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption and the trust of the public it must diligently avoid conflicts of interest or the appearance of any conflict and engage primarily in activities that accomplish one or more of its tax-exempt purposes.b. This policy shall be reviewed annually for the information and guidance of covered persons, and any new covered person shall be advised of the policy upon becoming a covered person and shall file an annual statement with the corporation.c. To further the purpose of the disclosure provisions of this policy.

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

The salary budget is prepared at the recommendation of the principal and board finance committe. Other teacher salary scales, including the doe are taken into account when determining salaries.

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

All the public documents are available upon request. Also, the organization timely filed its initial nys char 500 annual report with the office of the ny state attorney general and its status as an exempt school is pending approval.

Filing and Contact Details

Filer

Filer Name
The Academy Charter School
EIN
80-0353508
Phone
5164082200
Address
117 NORTH FRANKLIN STREET, HEMPSTEAD, NY 11550

Signing Officer

Name
Barrington Goldson
Title
Board Chair
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Barrington Goldson
Formed
2009
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
166

Preparer

Firm
Koch Group & Co LLP
Address
333 Seventh Avenue Floor 8, New York, NY 10001-5118
Preparer
Miaoling Lin
Phone
2126310700
Supplemental Narrative

Additional Explanations

Organizational History - Elementary Schools

Prior to the inception of the Academy, academic performance statistics of children in our community were reviewed and they did not paint a promising picture. However, based on our prior involvement with our community, we knew that the performance as depicted by the statistics was not an accurate indication of these students abilities. We knew that they could succeed if given an optimal environment and it became clear that the children in Hempstead needed an opportunity to improve their academic skills. We also knew that if we could maximize their educational experience, we would alter the trajectory of their life. Standing on the sidelines was not an option, so we decided to take ownership and become involved in the educational decisions that affected our community and the underserved youth who live in it. It was out of that concern and desire to act that the Academy Charter School was founded.About the Elementary SchoolIn 2008, a core group of 11 parents and community leaders in Hempstead, NY concerned with the educational outcomes in the Hempstead School District, came together to form The Academy Charter School (The Academy). The Academy was incorporated on February 23, 2009 and opened its doors to 164 students, in grades K-2 on September 9, 2009 and by the 2015-2016 year, had a total enrollment of 791 students in grades K-8.The school initially operated in a leased building located at 94 Fulton Avenue, Hempstead, NY. As time passed it was clear that the 10,000 square foot space could not accommodate the magnitude of our schools growth and, as a result, we sought to undergo an expansion. As part of the first expansion plan and commitment to invest in the infrastructure of the community, we acquired a piece of land and an existing 34,540 square foot two-story building located at 117 North Franklin Street, Hempstead, NY which became the official site of The Academy elementary school in 2011.

Organiztional History - Middle School

In 2013, we embarked upon our second expansion plan which included the acquisition of an approximately 1.13 acre parcel of land which included a 39,004 square foot four-story building at 159 North Franklin Street, Hempstead, NY. This site serves as the middle school location which hosts grades 5 8 and has a current enrollment of 289 students for the 2015-16 school year.Since its inception, The Academy has offered an exceptional interdisciplinary curriculum in a technology rich environment that challenges students to explore connections across subjects and use experiential learning to bridge the gaps between theory and practice. In addition to core subjects, our students benefit from high expectations in physical education and the arts. Our focus on character development and community service cultivates a student body poised to be active, engaged and responsible members of the community. We employ a committed staff whose teaching and high academic and behavioral expectations promote the excellence our communitys children can achieve.The Academy has made a tremendous impact on the community in which it is located. We have instilled a standard of excellence in all of our students. Our students will graduate from the Academy with the content mastery and life skills needed to move into the top five percent of their classes. They will not only graduate at the top of their class but will serve as leaders in their communities. As our motto states, our scholars will LEARN today, LEAD tomorrow and SERVE in the future.The Academy School Network, which currently consists of The Academy elementary school and The Academy middle school, is scheduled to open its doors to The Academy High School for the 2016 -2017 school year

Financial Statement Notes

Part X : FIN48 Footnote

Tax StatusIN December 2010 The Academy Charter School FILED AND received APPROVAL OF its APPLICATION FOR tax exempt status from the Internal Revenue Service under Section 501(c)(3) of the Internal Revenue Code and has been classified as a publicly supported organization as described in INTERNAL REVENUE Code Sec. 509(a)(1) and 170(b)(1)(A)(II).Management has determined that the School had no uncertain tax positions that would require financial statement recognition. The School is no longer subject to income tax examination by federal, state or local tax authorities for years before June 30, 2013, which is the standard statute of limitations look-back period.

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IRS990/Desc0REGULAR EDUCATIONACADEMIC PROGRAMS ELELMENTARY SCHOOL AND MIDDLE SCHOOL:The Academy Charter School has a rich, rigorous curriculum that provides students with the necessary skills and learning experiences needed for sustained academic achievement. The curriculum is responsible to the New York State Education Departments guidelines and is fully aligned with the national Common Core State Standards for English Language Arts and Literacy in History/Social Studies, Science, and Technical Subjects. These standards are K-12 and provide grade-level expectations for achievement. The CCSS are the culmination of an extended, broad-based effort to fulfill the charge issued by the states to create the next generation of K12 standards in order to help ensure that all students are college and career ready in literacy no later than the end of high school.The Common Core State Standards are: 1. research and evidence based2. aligned with college and work expectations3. rigorous4. internationally benchmarked. A particular standard was included in the overall selection of Common Core State Standards only when the best available evidence indicated that its mastery was essential for college and career readiness in a twenty-first century, globally competitive society. The Standards are intended to be a living work: as new and better evidence emerges, the Standards will be revised accordingly.The Standards set requirements not only for English language arts (ELA) but also for literacy in history/social studies, science, and technical subjects. Just as students must learn to read, write, speak, listen, and use language effectively in a variety of content areas, so too must the Standards specify the literacy skills and understandings required for college and career readiness in multiple disciplines. Students who meet the Standards develop the skills in reading, writing, speaking, and listening that are the foundation for any creative and purposeful expression in language.
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IRS990/MissionDesc0Create world class competitive scholars who will LEARN today, LEAD tomorrow, and SERVE in the future.To graduate students with the content mastery and life skills needed to move into the top five percent of their middle and high school classes.To accomplish this, The Academy Charter School offers an exceptional interdisciplinary curriculum in a technology-rich environment that challenges students to explore connections across subjects and use experiential learning to bridge the gaps between theory and practice.Our Philosophy:Core Mastery, Character Development, and Community AwarenessOur school will improve student academic achievement by focusing on three important areas of our childrens growth that will enable them to be empowered adults: mastery of academic subjects, an intensive focus on character development, and fostering a lifelong behavior of giving back to their community.To graduate students with the content mastery and life skills needed to move into the top five percent of
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$177$13.8$87.8$86.5$1.28
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$193$181$12.5$83.6$78.3$5.35
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$181$174$7.13$67.6$68.5$0.88
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$181$173$8.01$54.4$51.0$3.39
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$99.7$95.1$4.62$42.2$41.4$0.84
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$95.8$92.0$3.78$34.2$32.3$1.89
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$91.8$89.9$1.90$21.6$22.0$0.36
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.5$27.3$2.25$19.0$17.4$1.54
2016Detailed filing. Detailed filing data is available for this year.$27.5$26.8$0.72$15.5$15.3$0.17
2015Detailed filing. Detailed filing data is available for this year.$28.5$28.0$0.55$13.3$14.0$0.72
2014Detailed filing. Detailed filing data is available for this year.$26.8$25.5$1.27$9.43$9.04$0.39
2013Summary only. Only limited summary data is available for this year.$12.4$11.5$0.88$7.87$7.59$0.28
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.0$11.4$0.61$6.89
2011Summary only. Only limited summary data is available for this year.$12.2$11.3$0.99$4.65$4.17$0.48
2010XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.80$0.30$0.50$3.04