Civic Intelligence

Texas School Venture Fund

990 • Fiscal year 2019 • EIN 81-3674046

Jan 01, 2019 to Dec 31, 2019 • Filed on May 18, 2020

Organization ProfileTXSVF.ORG
3900 Essex Lane No 1200Houston, TX 77027

(713) 202-0549

Siviq Scores

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

Liabilities / Assets

67th percentile

0.02x

Higher debt load relative to assets than 67% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

68th percentile

0.01x

Higher debt load relative to revenue than 68% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Net Margin

61st percentile

8.6%

Higher net margin than 61% of similar nonprofits.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2019 filings • 501(c)3 • <$500k nonprofits • Source year 2019

Asset Growth

41st percentile

-1.7%

Faster asset growth than 41% of similar nonprofits.

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

Revenue Growth

64th percentile

11%

Faster revenue growth than 64% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets67th percentile

Assets

Down

$292,001

Down $5,046 (-1.7%) from 2018

Net Assets

Up

$286,781

Up $30,734 (+12%) from 2018

Liabilities

Down

$5,220

Down $35,780 (-87%) from 2018

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin61st percentile

Revenue

Up

$357,157

Up $36,500 (+11%) from 2018

Expenses

Up

$326,423

Up $261,813 (+405%) from 2018

Net Income

Down

$30,734

Down $225,313 (-88%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth41st percentile

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

$800K$600K$400K$200K$0Assets 2018: $297,047Liabilities 2018: $41,000Net Assets 2018: $256,0472018Assets 2019: $292,001Liabilities 2019: $5,220Net Assets 2019: $286,7812019Assets 2020: $448,857Liabilities 2020: $150,413Net Assets 2020: $298,4442020Assets 2021: $654,986Liabilities 2021: $173,038Net Assets 2021: $481,9482021Assets 2022: $623,755Liabilities 2022: $151,256Net Assets 2022: $472,4992022Assets 2023: $605,523Liabilities 2023: $121,885Net Assets 2023: $483,6382023Assets 2024: $393,520Liabilities 2024: $93,275Net Assets 2024: $300,2452024

Highlighted filing

2019

Assets$292,001
Liabilities$5,220
Net Assets$286,781
Open 2019 Filing

Operations Trend

Revenue Growth64th percentile

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

$600K$400K$200K$0-$200KRevenue 2018: $320,657Expenses 2018: $64,610Net Income 2018: $256,0472018Revenue 2019: $357,157Expenses 2019: $326,423Net Income 2019: $30,7342019Revenue 2020: $296,944Expenses 2020: $285,281Net Income 2020: $11,6632020Revenue 2021: $493,731Expenses 2021: $310,248Net Income 2021: $183,4832021Revenue 2022: $452,488Expenses 2022: $461,938Net Income 2022: -$9,4502022Revenue 2023: $269,368Expenses 2023: $256,104Net Income 2023: $13,2642023Revenue 2024: $212,826Expenses 2024: $359,878Net Income 2024: -$147,0522024

Highlighted filing

2019

Revenue$357,157
Expenses$326,423
Net Income$30,734
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 18, 2020
Return Version
2019v5.1
Gross Receipts
$357,157
Mission and Program Overview

Mission

The Texas School Venture Fund's mission is to increase the supply and diversity of great schools in communities where families want more options, thereby getting to the day when there is enough quality and diversity in school options.

Help start new schools and help grow great school options in the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$256,047$286,781▲ $30,734
Cash and Non-Interest-Bearing Accounts$297,047$272,001▼ $25,046
Other Notes and Loans Receivable, Net$0$20,000▲ $20,000
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$297,047$292,001▼ $5,046
Liabilities
Accounts Payable and Accrued Expenses$41,000$5,220▼ $35,780
Total Liabilities$41,000$5,220▼ $35,780
Net Assets / Fund Balance
Total Net Assets Fund Balance$256,047$286,781▲ $30,734
Total Liabilities and Net Assets / Fund Balance$297,047$292,001▼ $5,046
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Leo Linbeck IiiChair
Chris BarbicDirector
Howard FullerDirector
Karol MusherDirector
Mike FeinbergTreasurer and Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Third Frontier LLCManagement Services3900 ESSEX AVE SUITE 1200, Houston, TX 77027$194,000
Revenue and Support

Revenue Composition

Contributions and Grants
$222,563
Program Service Revenue
$130,931
Investment Income
$3,663
Other Revenue
$0
All Other Contributions
$222,563
Change in Net Assets
$30,734
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$326,423
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
Fees for Services Management$200,563$2,187-$202,750
Fees for Services Other$84,750$21,250-$106,000
Fees for Services Accounting-$7,595-$7,595
Information Technology-$4,478-$4,478
Travel-$3,233-$3,233
Conferences and Meetings$802--$802
Fees for Services Legal-$738-$738
Other Expenses-$557-$557
Advertising-$270-$270
Total Functional Expenses$286,115$40,308$0$326,423
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Leo Linbeck IiiChairManagement Services for the Organization Are Provided by Third Frontier Llc. Mr. Linbeck Is a Principal With That Organization. the Amount Shown Is the Total Amount Paid to Third Frontier Llc.No$194,000
Mike FeinbergTreasurer and SecretaryManagement Services for the Organization Are Provided by Third Frontier Llc. Mr. Feinberg Is a Principal With That Organization. the Amount Shown Is the Total Amount Paid to Third Frontier Llc.No$194,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Mike feinberg is a president of third frontier, llc, a wholly owned subsidiary of aquinas corporation, owned by the family of leo linbeck iii.”

Form 990, Part VI, Section A, Line 3

“Third frontier, llc was approved with unanimous board consent (linbeck and feinberg not voting due to conflict of interest) to provide management services to texas school venture fund. Feinberg is president of third frontier, llc.”

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

“There were no committees given authority to act on behalf of the governing body.”

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

“The business office management team reviews the form 990 and distributes the form with explanatory memorandum to the executive board soliciting questions prior to filing.”

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

“Board members sign a conflict of interest statement each year and in the event of a conflict,a board member must disclose the existence of his or her financial interests and must be given the opportunity to disclose all material facts. The board member will recuse themselves and the remaining board will decide if a conflict of interest exists and whether the contract or transaction under discussion is in the best interests of the fund. There are periodic reviews of existing contracts and service providers to ascertain whether any conflicts exist.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Texas School Venture Fund
EIN
81-3674046
Phone
7132020549
Address
3900 ESSEX LANE NO 1200, HOUSTON, TX 77027

Signing Officer

Name
Mike Feinberg
Title
Treasurer & Secretary
Phone
7132020549
Signed
2020-05-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leo Linbeck Iii
Formed
2017
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
6

Preparer

Firm
Cliftonlarsonallen Llp
Address
220 SOUTH SIXTH STREET SUITE 300, MINNEAPOLIS, MN 55402
Preparer
Michaela J Cromar CPA
Phone
6123764500
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Fund advisor: program service expenses 63,750. Management and general expenses 21,250. Fundraising expenses 0. Total expenses 85,000. Program consultant: program service expenses 21,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 21,000.”

Raw XML Appendix356 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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IRS990/MissionDesc0THE TEXAS SCHOOL VENTURE FUND'S MISSION IS TO INCREASE THE SUPPLY AND DIVERSITY OF GREAT SCHOOLS IN COMMUNITIES WHERE FAMILIES WANT MORE OPTIONS, THEREBY GETTING TO THE DAY WHEN THERE IS ENOUGH QUALITY AND DIVERSITY IN SCHOOL OPTIONS SO THAT COMMUNITIES TRULY CAN BOAST AN EFFECTIVE SYSTEM OF SCHOOLS FOR ALL CHILDREN.
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1TREASURER AND SECRETARY
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0MANAGEMENT SERVICES FOR THE ORGANIZATION ARE PROVIDED BY THIRD FRONTIER LLC. MR. LINBECK IS A PRINCIPAL WITH THAT ORGANIZATION. THE AMOUNT SHOWN IS THE TOTAL AMOUNT PAID TO THIRD FRONTIER LLC.
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1MANAGEMENT SERVICES FOR THE ORGANIZATION ARE PROVIDED BY THIRD FRONTIER LLC. MR. FEINBERG IS A PRINCIPAL WITH THAT ORGANIZATION. THE AMOUNT SHOWN IS THE TOTAL AMOUNT PAID TO THIRD FRONTIER LLC.
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MIKE FEINBERG IS A PRESIDENT OF THIRD FRONTIER, LLC, A WHOLLY OWNED SUBSIDIARY OF AQUINAS CORPORATION, OWNED BY THE FAMILY OF LEO LINBECK III.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THIRD FRONTIER, LLC WAS APPROVED WITH UNANIMOUS BOARD CONSENT (LINBECK AND FEINBERG NOT VOTING DUE TO CONFLICT OF INTEREST) TO PROVIDE MANAGEMENT SERVICES TO TEXAS SCHOOL VENTURE FUND. FEINBERG IS PRESIDENT OF THIRD FRONTIER, LLC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THERE WERE NO COMMITTEES GIVEN AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BUSINESS OFFICE MANAGEMENT TEAM REVIEWS THE FORM 990 AND DISTRIBUTES THE FORM WITH EXPLANATORY MEMORANDUM TO THE EXECUTIVE BOARD SOLICITING QUESTIONS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT EACH YEAR AND IN THE EVENT OF A CONFLICT,A BOARD MEMBER MUST DISCLOSE THE EXISTENCE OF HIS OR HER FINANCIAL INTERESTS AND MUST BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS. THE BOARD MEMBER WILL RECUSE THEMSELVES AND THE REMAINING BOARD WILL DECIDE IF A CONFLICT OF INTEREST EXISTS AND WHETHER THE CONTRACT OR TRANSACTION UNDER DISCUSSION IS IN THE BEST INTERESTS OF THE FUND. THERE ARE PERIODIC REVIEWS OF EXISTING CONTRACTS AND SERVICE PROVIDERS TO ASCERTAIN WHETHER ANY CONFLICTS EXIST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6FUND ADVISOR: PROGRAM SERVICE EXPENSES 63,750. MANAGEMENT AND GENERAL EXPENSES 21,250. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 85,000. PROGRAM CONSULTANT: PROGRAM SERVICE EXPENSES 21,000. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,000.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0297047
IRS990/TotalAssetsEOYAmt0292001
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IRS990/TotalAssetsGrp/EOYAmt0292001
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0222563
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt040308
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0286115
IRS990/TotalFunctionalExpensesGrp/TotalAmt0326423
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt041000
IRS990/TotalLiabilitiesEOYAmt05220
IRS990/TotalLiabilitiesGrp/BOYAmt041000
IRS990/TotalLiabilitiesGrp/EOYAmt05220
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0256047
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0286781
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0286115
IRS990/TotalProgramServiceRevenueAmt0130931
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt03663
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0130931
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0357157
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0297047
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0292001
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt03233
IRS990/TravelGrp/TotalAmt03233
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
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IRS990/USAddress/CityNm0HOUSTON
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd077027
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IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0TXSVF.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MIKE FEINBERG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER & SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum07132020549
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TEXAS SCHOOL VENTURE FUND
ReturnHeader/Filer/BusinessNameControlTxt0TEXA
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt067.137.57.251
ReturnHeader/FilingSecurityInformation/IPDt02020-05-18
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm007:56:49
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0410746749
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0220 SOUTH SIXTH STREET SUITE 300
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MINNEAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055402
ReturnHeader/PreparerPersonGrp/PhoneNum06123764500
ReturnHeader/PreparerPersonGrp/PreparationDt02020-05-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAELA J CROMAR CPA
ReturnHeader/ReturnTs02020-07-14T10:49:33-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

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
$292,001
Liabilities
$5,220
Net assets
$286,781
Revenue
$357,157
Expenses
$326,423
Net income
$30,734
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$3.94$0.93$3.00$2.13$3.60$1.47
2023Detailed filing. Detailed filing data is available for this year.$6.06$1.22$4.84$2.69$2.56$0.13
2022Detailed filing. Detailed filing data is available for this year.$6.24$1.51$4.72$4.52$4.62$0.09
2021Detailed filing. Detailed filing data is available for this year.$6.55$1.73$4.82$4.94$3.10$1.83
2020Detailed filing. Detailed filing data is available for this year.$4.49$1.50$2.98$2.97$2.85$0.12
2019Detailed filing. Detailed filing data is available for this year.$2.92$0.05$2.87$3.57$3.26$0.31
2018Detailed filing. Detailed filing data is available for this year.$2.97$0.41$2.56$3.21$0.65$2.56