Civic Intelligence

Virtual Properties

990 • Fiscal year 2023 • EIN 81-2781882

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

Organization Profilecva.k12.mn.us
3810 E 56th StreetMinneapolis, MN 55417

(651) 523-7170

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$7,034,719

Up $333,865 (+5.0%) from 2022

Net Assets

Up

-$352,409

Up $316,453 (+47%) from 2022

Liabilities

Up

$7,387,128

Up $17,412 (+0.2%) from 2022

Revenue And Expenses

Revenue

Up

$521,635

Up $521,635 from 2022

Expenses

Down

$205,182

Down $461,580 (-69%) from 2022

Net Income

Up

$316,453

Up $983,215 (+147%) from 2022

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2017: $150Liabilities 2017: $2,250Net Assets 2017: -$2,1002017Assets 2018: $150Liabilities 2018: $2,250Net Assets 2018: -$2,1002018Assets 2019: $150Liabilities 2019: $2,250Net Assets 2019: -$2,1002019Assets 2020: $150Liabilities 2020: $2,250Net Assets 2020: -$2,1002020Assets 2021: $150Liabilities 2021: $2,250Net Assets 2021: -$2,1002021Assets 2022: $6,700,854Liabilities 2022: $7,369,716Net Assets 2022: -$668,8622022Assets 2023: $7,034,719Liabilities 2023: $7,387,128Net Assets 2023: -$352,4092023Assets 2024: $6,996,775Liabilities 2024: $7,387,490Net Assets 2024: -$390,7152024

Highlighted filing

2023

Assets$7,034,719
Liabilities$7,387,128
Net Assets-$352,409
Open 2023 Filing

Operations Trend

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

$1.0M$500K$0-$500K-$1.0MRevenue 2017: $0Expenses 2017: $2,100Net Income 2017: -$2,1002017Revenue 2018: $0Expenses 2018: $0Net Income 2018: $02018Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $0Expenses 2022: $666,762Net Income 2022: -$666,7622022Revenue 2023: $521,635Expenses 2023: $205,182Net Income 2023: $316,4532023Revenue 2024: $524,510Expenses 2024: $562,816Net Income 2024: -$38,3062024

Highlighted filing

2023

Revenue$521,635
Expenses$205,182
Net Income$316,453
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
$521,635
Mission and Program Overview

Mission

The entity is looking to provide facility space for the related organization Cyber Village Academy.

To provide an educational facility for a tax exempt charter school to rent or lease.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,849,107$6,138,476▲ $1,289,369
Savings and Temporary Cash Investments$1,851,747$896,243▼ $955,504
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$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
Investments in Publicly Traded Securities$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$-3,000$-34,034▼ $31,034
Rtn Earn Endowment Incm Other Fnds$-665,862$-318,375▲ $347,487
Total Assets$6,700,854$7,034,719▲ $333,865
Other Assets Total$0$0→ $0
Liabilities
Tax Exempt Bond Liabilities$7,350,000$7,320,000▼ $30,000
Accounts Payable and Accrued Expenses$19,716$67,128▲ $47,412
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0--
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$7,369,716$7,387,128▲ $17,412
Net Assets / Fund Balance
Total Net Assets Fund Balance$-668,862$-352,409▲ $316,453
Total Liabilities and Net Assets / Fund Balance$6,700,854$7,034,719▲ $333,865

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,155,963$84,816$4,240,779
Leasehold Improvements$1,417,962$15,843$1,433,805
Land$564,551-$564,551
Other Land Buildings$0$0$0
Equipment$0$0$0
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Nick RiceSecretary$99,899$13,223$113,122

Board Members and Trustees

NameTitle
Beth SamyChair
Phyllis KapetanakisDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$489,445
Program Service Revenue
$0
Investment Income
$32,190
Other Revenue
$0
All Other Contributions
$489,445
Change in Net Assets
$316,453

Audited Revenue Reconciliation

Revenue per Audited Statements
$521,635
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$521,635
Total Revenue per Form 990
$521,635
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$205,182
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
Interest$399,645--$399,645
Depreciation Depletion$99,766--$99,766
Fees for Services Management$14,500--$14,500
Fees for Services Other$-308,729--$-308,729
Total Functional Expenses$205,182$0$0$205,182

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$205,182
Total Expenses per Audited Statements$205,182
Total Expenses per Form 990$205,182
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$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
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Minneapolis2022-06-15$7,350,000Building Purchase/Renovation

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$7,350,000$452,806$0$195,447

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
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
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“There are no committees with the authority to act on behalf of the governing body.”

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

“The return is reviewed and signed by the Chair prior to filing.”

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

“The Board receives training and information from MDE and Dieci School Finance, LLC about required policies and procedures. Every year the board completes conflict of interest questionnaires and files them with Dieci School Finance, LLC.”

Form 990, Part VI, Section C, Line 19

“The organization makes its 990 information, governing documents, conflict of interest policy, and financial statements available upon request.”

Filing and Contact Details

Filer

Filer Name
Virtual Properties
EIN
81-2781882
Phone
6515237170
Address
3810 E 56th Street, Minneapolis, MN 55417

Signing Officer

Name
Beth Samy
Title
Chair
Phone
6515237170
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nicole Rasmussen
Formed
2016
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Robert Reese Procaccini CPA
Address
2489 Rice Street, Suite 202, Roseville, MN 55113
Preparer
Robert Procaccini
Phone
6513092233
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“- Description of Organization Mission: educational purposes.”

Form 990, Part XI, Line 2

“Reviewed and approved by the board of directors before being issued.”

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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/EquipmentGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0205182
IRS990ScheduleD/InvestmentExpensesNotIncld2Amt00
IRS990ScheduleD/InvestmentExpensesNotIncldAmt00
IRS990ScheduleD/LandGrp/BookValueAmt0564551
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0564551
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01417962
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt015843
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01433805
IRS990ScheduleD/LossesReportedAmt00
IRS990ScheduleD/NetUnrealizedGainsInvstAmt00
IRS990ScheduleD/OtherExpensesIncludedAmt00
IRS990ScheduleD/OtherExpensesNotIncludedAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt00
IRS990ScheduleD/OtherRevenueAmt00
IRS990ScheduleD/OtherRevenuesNotIncludedAmt00
IRS990ScheduleD/PriorYearAdjustmentsAmt00
IRS990ScheduleD/RecoveriesPriorYearGrantsAmt00
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0521635
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06138476
IRS990ScheduleD/TotalExpensesPerForm990Amt0205182
IRS990ScheduleD/TotalRevenuePerForm990Amt0521635
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0521635
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0205182
IRS990/ScheduleJRequiredInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02022-06-15
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt07350000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0City of Minneapolis
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Building Purchase/Renovation
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd01
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondDefeasedAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt04850000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalizedInterestAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CreditEnhancementAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt0896243
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0195447
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt0452806
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingEscrowAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RetiredAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02022
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt07350000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/WorkingCapitalExpendituresAmt00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0- Description of Organization Mission: educational purposes.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1There are no committees with the authority to act on behalf of the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The return is reviewed and signed by the Chair prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Board receives training and information from MDE and Dieci School Finance, LLC about required policies and procedures. Every year the board completes conflict of interest questionnaires and files them with Dieci School Finance, LLC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The organization makes its 990 information, governing documents, conflict of interest policy, and financial statements available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Reviewed and approved by the board of directors before being issued.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part I, Line 1
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section A, Line 8b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XI, Line 2
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Cyber Village Academy
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0411890992
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Public Charter School
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03810 E 56th Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Minneapolis
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055417
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$7,034,719
Liabilities
$7,387,128
Net assets
-$352,409
Revenue
$521,635
Expenses
$205,182
Net income
$316,453
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.00$7.39$0.39$0.52$0.56$0.04
2023Detailed filing. Detailed filing data is available for this year.$7.03$7.39$0.35$0.52$0.21$0.32
2022Detailed filing. Detailed filing data is available for this year.$6.70$7.37$0.67$0.00$0.67$0.67
2021Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2020Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2018Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00