Civic Intelligence

Kaleidoscope School of Memphis

990 • Fiscal year 2019 • EIN 81-1493076

Jul 01, 2018 to Jun 30, 2019 • Filed on Jul 15, 2020

Organization ProfileKSMEMPHIS.ORG
110 N Court AvenueMemphis, TN 38103

(901) 623-1888

Siviq Scores

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

Liabilities / Assets

87th percentile

0.57x

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

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

72nd percentile

0.15x

Higher debt load relative to revenue than 72% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Net Margin

28th percentile

-4.4%

Higher net margin than 28% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

89th percentile

$105,917

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 11.2% of source-year revenue.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2019

Asset Growth

81st percentile

26%

Faster asset growth than 81% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

82nd percentile

36%

Faster revenue growth than 82% of similar nonprofits.

2019 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$244,796

Up $51,013 (+26%) from 2018

Net Assets

Down

$106,383

Down $41,998 (-28%) from 2018

Liabilities

Up

$138,413

Up $93,011 (+205%) from 2018

Revenue And Expenses
Liabilities / Revenue72nd percentileNet Margin28th percentile

Revenue

Up

$949,734

Up $251,076 (+36%) from 2018

Expenses

Down

$991,732

Down $2,205 (-0.2%) from 2018

Net Income

Up

-$41,998

Up $253,281 (+86%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

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

$600K$400K$200K$0-$200KAssets 2016: $1Liabilities 2016: $02016Assets 2017: $446,552Liabilities 2017: $2,892Net Assets 2017: $443,6602017Assets 2018: $193,783Liabilities 2018: $45,402Net Assets 2018: $148,3812018Assets 2019: $244,796Liabilities 2019: $138,413Net Assets 2019: $106,3832019Assets 2020: $269,490Liabilities 2020: $284,941Net Assets 2020: -$15,4512020Assets 2021: $0Liabilities 2021: $179,358Net Assets 2021: -$179,3582021

Highlighted filing

2019

Assets$244,796
Liabilities$138,413
Net Assets$106,383
Open 2019 Filing

Operations Trend

Revenue Growth82nd percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2016: $0Expenses 2016: $0Net Income 2016: $02016Revenue 2017: $423,348Expenses 2017: $179,689Net Income 2017: $243,6592017Revenue 2018: $698,658Expenses 2018: $993,937Net Income 2018: -$295,2792018Revenue 2019: $949,734Expenses 2019: $991,732Net Income 2019: -$41,9982019Revenue 2020: $887,362Expenses 2020: $1,009,196Net Income 2020: -$121,8342020Revenue 2021: $902,128Expenses 2021: $1,066,035Net Income 2021: -$163,9072021

Highlighted filing

2019

Revenue$949,734
Expenses$991,732
Net Income-$41,998
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Jul 15, 2020
Return Version
2018v3.2
Gross Receipts
$949,734
Mission and Program Overview

Mission

By infusing and integrating the visual and performing arts into the core curriculum, kaleidoscope school of memphis provides students with a supportive and rigorous academic program that will assist them in developing the knowledge, skills, and habits of mind necessary for excellence in academics and in life.

Equip students with wisdom and knowledge necessary to succeed in college

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$49,502$103,284▲ $53,782
Cash and Non-Interest-Bearing Accounts$104,906$52,173▼ $52,733
Prepaid Expenses and Deferred Charges$19,375$31,582▲ $12,207
Investments Program Related-$4,328-
Total Assets$193,783$244,796▲ $51,013
Other Assets Total$20,000$53,429▲ $33,429
Liabilities
Accounts Payable and Accrued Expenses$45,402$117,690▲ $72,288
Other Liabilities$0$20,723▲ $20,723
Total Liabilities$45,402$138,413▲ $93,011
Net Assets / Fund Balance
Unrestricted Net Assets$129,006$87,008▼ $41,998
Temporarily Rstr Net Assets$19,375$19,375→ $0
Total Net Assets Fund Balance$148,381$106,383▼ $41,998
Total Liabilities and Net Assets / Fund Balance$193,783$244,796▲ $51,013

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$33,429--
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Alice HenryFounder/principalFT$105,917$105,917
James AlexanderChief Academic OfficerFT$85,500$85,500

Board Members and Trustees

NameTitle
Tosah DowneyBoard Chair
Ladonna YoungChairman
Mayank TandonChairman
Regina WalkerChairman
Taylor DemagisttisChairman
Zipporah HightowerChairman
Revenue and Support

Revenue Composition

Contributions and Grants
$949,535
Program Service Revenue
$0
Investment Income
$199
Other Revenue
$0
All Other Contributions
$993
Change in Net Assets
$-41,998

Audited Revenue Reconciliation

Revenue per Audited Statements
$949,734
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$949,734
Total Revenue per Form 990
$949,734
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$575,485
Other Expenses$416,247
Total Fundraising Expense$9,207
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$273,713--$273,713
Current Officers, Directors, Trustees, and Key Employees$193,175$44,167-$237,342
Occupancy$185,049--$185,049
Payroll Taxes$42,388$4,243-$46,631
Fees for Services Accounting$16,856$25,285-$42,141
Office Expenses$25,926--$25,926
Other Employee Benefits$16,268$1,531-$17,799
Information Technology$16,185--$16,185
Insurance-$12,665-$12,665
Advertising--$9,207$9,207
Other Expenses$6,263--$6,263
All Other Expenses$3,490--$3,490
Travel$439--$439
Total Functional Expenses$894,634$87,891$9,207$991,732

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$991,732
Total Expenses per Audited Statements$991,732
Total Expenses per Form 990$991,732
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
Deferred Inflows of Resources$20,723
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
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
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“The preparer provided a copy of the final version of form 990 to the board of directors before it was filed. Additionally, the board of directors reviewed and approved the return before it was filed.”

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

“Annual conflict of interest statements to identify potential conflicts with vendors, employees, clients, and other potential conflicts are completed by all board members. Periodic reviews are also conducted and when conflicts arise, a resolution is determined by the board of directors.”

Form 990, Part VI, Section C, Line 19

“Kaleidoscope school of memphis has available for public inspection all required documents in a separate binder marked "open for public inspection and will provide the information for review by anyone upon request.”

Filing and Contact Details

Filer

Filer Name
Kaleidoscope School of Memphis
EIN
81-1493076
Phone
9016231888
Address
110 N COURT AVENUE, MEMPHIS, TN 38103

Signing Officer

Name
Alice Henry
Title
Founder/principal
Phone
9016231888
Signed
2020-07-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alice Henry
Formed
2016
Legal Domicile
Tn
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Henderson Hutcherson & Mccullough Pllc
Address
1755 KIRBY PARKWAY SUITE 200, MEMPHIS, TN 38120
Preparer
Jason Martin
Phone
9016834234
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The organization has not changed the oversight process for the audited financial statements or the selection process of the independent auditors from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“Accounting principles generally accepted in the united states of america requires management of the school to evaluate tax positions taken by the school and recognize a tax liability (or asset) if the school has taken an uncertain position that more likely than not would not be sustained upon examination by the irs. The school has analyzed the tax positions taken by the school and has concluded that as of june 30, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The school is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any tax periods. The school remains subject to income tax examinations for all years since inception.”

Raw XML Appendix399 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES MANAGEMENT OF THE SCHOOL TO EVALUATE TAX POSITIONS TAKEN BY THE SCHOOL AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE SCHOOL HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS. THE SCHOOL HAS ANALYZED THE TAX POSITIONS TAKEN BY THE SCHOOL AND HAS CONCLUDED THAT AS OF JUNE 30, 2019, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS IN PROGRESS FOR ANY TAX PERIODS. THE SCHOOL REMAINS SUBJECT TO INCOME TAX EXAMINATIONS FOR ALL YEARS SINCE INCEPTION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0ALL MATERIALS RELATED TO SOLICITATION FOR STUDENTS CLEARLY DESCRIBES THE SCHOOL'S NON-DESCRIMINATION POLICIES IN AN ATTEMPT TO INFORM THE ENTIRE COMMUNITY OF IT NON-DISCRIMINATORY POLICIES.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1RECEIVED GRANTS FROM U.S. DEPARTMENT OF EDUCATION OF $322,450 AND TENNESSEE DEPARTMENT OF EDUCATION OF THE SHELBY COUNTY SCHOOLS BASIC EDUCATION PROGRAM OF $626,092.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE PREPARER PROVIDED A COPY OF THE FINAL VERSION OF FORM 990 TO THE BOARD OF DIRECTORS BEFORE IT WAS FILED. ADDITIONALLY, THE BOARD OF DIRECTORS REVIEWED AND APPROVED THE RETURN BEFORE IT WAS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUAL CONFLICT OF INTEREST STATEMENTS TO IDENTIFY POTENTIAL CONFLICTS WITH VENDORS, EMPLOYEES, CLIENTS, AND OTHER POTENTIAL CONFLICTS ARE COMPLETED BY ALL BOARD MEMBERS. PERIODIC REVIEWS ARE ALSO CONDUCTED AND WHEN CONFLICTS ARISE, A RESOLUTION IS DETERMINED BY THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2KALEIDOSCOPE SCHOOL OF MEMPHIS HAS AVAILABLE FOR PUBLIC INSPECTION ALL REQUIRED DOCUMENTS IN A SEPARATE BINDER MARKED "OPEN FOR PUBLIC INSPECTION AND WILL PROVIDE THE INFORMATION FOR REVIEW BY ANYONE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION HAS NOT CHANGED THE OVERSIGHT PROCESS FOR THE AUDITED FINANCIAL STATEMENTS OR THE SELECTION PROCESS OF THE INDEPENDENT AUDITORS FROM THE PRIOR YEAR.
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 C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C
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ReturnHeader/FilingSecurityInformation/IPTm014:35:51
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0621114363
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0HENDERSON HUTCHERSON & MCCULLOUGH PLLC
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ReturnHeader/PreparerPersonGrp/PreparationDt02020-07-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JASON MARTIN
ReturnHeader/ReturnTs02020-07-15T14:36:17-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$244,796
Liabilities
$138,413
Net assets
$106,383
Revenue
$949,734
Expenses
$991,732
Net income
-$41,998
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2021Detailed filing. Detailed filing data is available for this year.$0.00$0.18$0.18$0.90$1.07$0.16
2020Detailed filing. Detailed filing data is available for this year.$0.27$0.28$0.02$0.89$1.01$0.12
2019Detailed filing. Detailed filing data is available for this year.$0.24$0.14$0.11$0.95$0.99$0.04
2018Summary only. Only limited summary data is available for this year.$0.19$0.05$0.15$0.70$0.99$0.30
2017Summary only. Only limited summary data is available for this year.$0.45$0.00$0.44$0.42$0.18$0.24
2016Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00