Civic Intelligence

Futuro Academy Incorporated

990 • Fiscal year 2018 • EIN 81-0731066

Jul 01, 2017 to Jun 30, 2018 • Filed on May 14, 2019

PO Box 33007Las Vegas, NV 89133

(702) 331-5515

Siviq Scores

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

Liabilities / Assets

76th percentile

0.38x

Higher debt load relative to assets than 76% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

55th percentile

0.12x

Higher debt load relative to revenue than 55% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Net Margin

10th percentile

-30%

Higher net margin than 10% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

42nd percentile

$42,452

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 3.1% of source-year revenue.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2018

Asset Growth

3rd percentile

-38%

Faster asset growth than 3% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

90th percentile

64%

Faster revenue growth than 90% of similar nonprofits.

2018 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Assets

Down

$421,654

Down $255,629 (-38%) from 2017

Net Assets

Down

$260,948

Down $411,873 (-61%) from 2017

Liabilities

Up

$160,706

Up $156,244 (+3502%) from 2017

Revenue

Up

$1,355,087

Up $528,995 (+64%) from 2017

Expenses

Up

$1,766,960

Up $1,613,689 (+1053%) from 2017

Net Income

Down

-$411,873

Down $1,084,694 (-161%) from 2017

Historical Trend

Balance Sheet Trend

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

$20M$10M$0-$10MAssets 2017: $677,283Liabilities 2017: $4,462Net Assets 2017: $672,8212017Assets 2018: $421,654Liabilities 2018: $160,706Net Assets 2018: $260,9482018Assets 2019: $1,370,017Liabilities 2019: $1,379,601Net Assets 2019: -$9,5842019Assets 2020: $2,324,828Liabilities 2020: $2,338,364Net Assets 2020: -$13,5362020Assets 2021: $2,952,279Liabilities 2021: $2,735,275Net Assets 2021: $217,0042021Assets 2022: $10,578,691Liabilities 2022: $10,355,075Net Assets 2022: $223,6162022Assets 2023: $10,684,774Liabilities 2023: $11,353,187Net Assets 2023: -$668,4132023Assets 2024: $9,924,340Liabilities 2024: $11,174,155Net Assets 2024: -$1,249,8152024Assets 2025: $16,171,630Liabilities 2025: $18,246,312Net Assets 2025: -$2,074,6822025

Highlighted filing

2018

Assets$421,654
Liabilities$160,706
Net Assets$260,948

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2017: $826,092Expenses 2017: $153,271Net Income 2017: $672,8212017Revenue 2018: $1,355,087Expenses 2018: $1,766,960Net Income 2018: -$411,8732018Revenue 2019: $2,515,708Expenses 2019: $2,786,240Net Income 2019: -$270,5322019Revenue 2020: $3,223,865Expenses 2020: $3,227,817Net Income 2020: -$3,9522020Revenue 2021: $4,245,726Expenses 2021: $4,015,186Net Income 2021: $230,5402021Revenue 2022: $5,415,455Expenses 2022: $5,408,843Net Income 2022: $6,6122022Revenue 2023: $5,360,916Expenses 2023: $6,252,945Net Income 2023: -$892,0292023Revenue 2024: $6,889,569Expenses 2024: $7,470,971Net Income 2024: -$581,4022024Revenue 2025: $7,118,071Expenses 2025: $7,942,938Net Income 2025: -$824,8672025

Highlighted filing

2018

Revenue$1,355,087
Expenses$1,766,960
Net Income-$411,873
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 14, 2019
Return Version
2017v2.3
Gross Receipts
$1,355,087
Mission and Program Overview

Mission

Through rigorous academics and personal excellence, Futuro Academy educates all K-5 scholars to excel through middle school into high school, and to the university of their choice.

To educate all scolars to excel through grade school, and into the university of their choice.

Balance Sheet Detail
LineBeginningEndChange
Assets
Prepaid Expenses and Deferred Charges-$157,397-
Cash and Non-Interest-Bearing Accounts$672,491$129,571▼ $542,920
Accounts Receivable$4,792$72,501▲ $67,709
Land, Buildings, and Equipment, Net$0$62,185▲ $62,185
Total Assets$677,283$421,654▼ $255,629
Liabilities
Other Liabilities$193$77,559▲ $77,366
Unsecured Notes Loans Payable-$58,000-
Accounts Payable and Accrued Expenses$4,269$25,147▲ $20,878
Total Liabilities$4,462$160,706▲ $156,244
Net Assets / Fund Balance
Unrestricted Net Assets$672,821$260,948▼ $411,873
Total Net Assets Fund Balance$672,821$260,948▼ $411,873
Total Liabilities and Net Assets / Fund Balance$677,283$421,654▼ $255,629

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$33,031$2,359$35,390
Buildings$19,593$1,589$21,182
Leasehold Improvements$9,561$478$10,039
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Ignacio PradoExecutive DirectorFT$37,050$5,402$42,452

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,327,198
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$27,889
All Other Contributions
$5,947
Change in Net Assets
$-411,873

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,355,087
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,355,087
Total Revenue per Form 990
$1,355,087
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,219,573
Salaries, Compensation, and Employee Benefits$547,387
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$527,847--$527,847
Other Salaries and Wages$398,016--$398,016
Fees for Services Other$168,095--$168,095
Information Technology$121,039--$121,039
Office Expenses$90,046--$90,046
Current Officers, Directors, Trustees, and Key Employees$88,188--$88,188
Other Employee Benefits$39,218--$39,218
Payroll Taxes$21,965--$21,965
Insurance$14,630--$14,630
Advertising-$12,856-$12,856
Other Expenses$9,603--$9,603
Interest-$5,346-$5,346
Depreciation Depletion$4,426--$4,426
Total Functional Expenses$1,748,758$18,202$0$1,766,960

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,766,960
Total Expenses per Audited Statements$1,766,960
Total Expenses per Form 990$1,766,960
Expenses Not Reported on Financial Statements$0
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

Other Reported Liabilities

LiabilityAmount
Factored Receivable Liability$77,559
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
No
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, Section B, Line 11B

The tax return is presentented, reviewed, and approved by the board before filing.

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

All procurement was done through a multi-tier bidding rules system which included vendor background components.

Form 990, Part VI, Section B, Line 15A

The executive director compensation was determined as a result of an ad-hoc committee of two board members creating a wage study provided to the board prior to ratifying a contract, and the board received the documentation and agreed to set executive director compensation below market for the initial year of the school's founding due to budget constraints and small school size due to slow growth model of enrollment (fiscal year 2018, i.e. July 1, 2017-june 30, 2018). The contract was ratified at a full board meeting comprising a quorum on june 28, 2017.

Form 990, Part VI, Section C, Line 19

The organizations governing documents, conflict of interest policy, and financial statements are availiable to the public upon request.

Filing and Contact Details

Filer

Filer Name
Futuro Academy
EIN
81-0731066
Phone
7023315515
Address
PO BOX 33007, LAS VEGAS, NV 89133

Signing Officer

Name
Ignacio Prado
Title
Executive Director
Phone
7023315515
Signed
2019-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ignacio Prado
Formed
2015
Legal Domicile
Nv
Voting Board Members
9
Independent Board Members
9
Employees
12
Volunteers
20

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Derrick Debruyne CPA
Phone
6268577300
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

The organization has a finance committee who is responsible for the oversight of the audit and the selection of the independent accountant. This is a new process as this was the first year the organization was audited.

Financial Statement Notes

PART X, LINE 2:

The school is a non-profit entity exempt from the payment of income taxes under revenue code section 501(c)(3). Accordingly, no provision has been made for income taxes.

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IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt027889
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt019593
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01589
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt021182
IRS990ScheduleD/EquipmentGrp/BookValueAmt033031
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02359
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt035390
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01766960
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt09561
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0478
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt010039
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt077559
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0FACTORED RECEIVABLE LIABILITY
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01355087
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS A NON-PROFIT ENTITY EXEMPT FROM THE PAYMENT OF INCOME TAXES UNDER REVENUE CODE SECTION 501(C)(3). ACCORDINGLY, NO PROVISION HAS BEEN MADE FOR INCOME TAXES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt062185
IRS990ScheduleD/TotalExpensesPerForm990Amt01766960
IRS990ScheduleD/TotalLiabilityAmt077559
IRS990ScheduleD/TotalRevenuePerForm990Amt01355087
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01355087
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01766960
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd00
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd00
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0STATUTORY RULES OF NOTICE DUE TO APPLICATION WINDOW IN NEVADA PROVIDES FOR THESE NOTICES, AND ENROLLMENT MATERIALS ARE REVIEWED BY CHARTER AUTHORIZER PRIOR TO RELEASE TO GENERAL PUBLIC.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1FUTURO ACADEMY IS A NON-PROFIT PUBLIC CHARTER SCHOOL AND DOES NOT CHARGE TUITION OR FEES, AND AS SUCH HAS NO SCHOLARHIP PROGRAMS OR FINANCIAL ASSISTANCE PROGRAMS FOR WHICH TO MAINTAIN RECORDS OF.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2AS A PUBLIC CHARTER SCHOOL, THE ORGANIZATION RECEIVES STATE AND FEDERAL FUNDING.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE TAX RETURN IS PRESENTENTED, REVIEWED, AND APPROVED BY THE BOARD BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL PROCUREMENT WAS DONE THROUGH A MULTI-TIER BIDDING RULES SYSTEM WHICH INCLUDED VENDOR BACKGROUND COMPONENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE DIRECTOR COMPENSATION WAS DETERMINED AS A RESULT OF AN AD-HOC COMMITTEE OF TWO BOARD MEMBERS CREATING A WAGE STUDY PROVIDED TO THE BOARD PRIOR TO RATIFYING A CONTRACT, AND THE BOARD RECEIVED THE DOCUMENTATION AND AGREED TO SET EXECUTIVE DIRECTOR COMPENSATION BELOW MARKET FOR THE INITIAL YEAR OF THE SCHOOL'S FOUNDING DUE TO BUDGET CONSTRAINTS AND SMALL SCHOOL SIZE DUE TO SLOW GROWTH MODEL OF ENROLLMENT (FISCAL YEAR 2018, I.E. JULY 1, 2017-JUNE 30, 2018). THE CONTRACT WAS RATIFIED AT A FULL BOARD MEETING COMPRISING A QUORUM ON JUNE 28, 2017.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATIONS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILIABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION HAS A FINANCE COMMITTEE WHO IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AND THE SELECTION OF THE INDEPENDENT ACCOUNTANT. THIS IS A NEW PROCESS AS THIS WAS THE FIRST YEAR THE ORGANIZATION WAS AUDITED.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0677283
IRS990/TotalAssetsEOYAmt0421654
IRS990/TotalAssetsGrp/BOYAmt0677283
IRS990/TotalAssetsGrp/EOYAmt0421654
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01327198
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt018202
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01748758
IRS990/TotalFunctionalExpensesGrp/TotalAmt01766960
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt04462
IRS990/TotalLiabilitiesEOYAmt0160706
IRS990/TotalLiabilitiesGrp/BOYAmt04462
IRS990/TotalLiabilitiesGrp/EOYAmt0160706
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0672821
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0260948
IRS990/TotalOtherCompensationAmt05402
IRS990/TotalProgramServiceExpensesAmt01748758
IRS990/TotalReportableCompFromOrgAmt037050
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt027889
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01355087
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt020
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0677283
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0421654
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0672821
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0260948
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt058000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0920 N LAMB BOULEVARD
IRS990/USAddress/CityNm0LAS VEGAS
IRS990/USAddress/StateAbbreviationCd0NV
IRS990/USAddress/ZIPCd089110
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0HTTP://FUTUROACADEMYLV.ORG/
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02019-02-21 02:37:17Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0IGNACIO PRADO
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07023315515
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-14
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FUTURO ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0FUTU
ReturnHeader/Filer/EIN0810731066
ReturnHeader/Filer/PhoneNum07023315515
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 33007
ReturnHeader/Filer/USAddress/CityNm0LAS VEGAS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NV
ReturnHeader/Filer/USAddress/ZIPCd089133

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