Civic Intelligence

Texas School Venture Fund

990 • Fiscal year 2020 • EIN 81-3674046

Jan 01, 2020 to Dec 31, 2020 • Filed on Aug 16, 2021

Organization ProfileWWW.TXSVF.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

85th percentile

0.34x

Higher debt load relative to assets than 85% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

0.51x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Net Margin

48th percentile

3.9%

Higher net margin than 48% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Top Officer Pay

76th percentile

$0

Higher top officer pay than 76% of similar nonprofits.

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

2020 filings • 501(c)3 • <$500k nonprofits • Source year 2020

Asset Growth

81st percentile

54%

Faster asset growth than 81% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Revenue Growth

47th percentile

-17%

Faster revenue growth than 47% of similar nonprofits.

2020 filings • 501(c)3 • <$500k nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$448,857

Up $156,856 (+54%) from 2019

Net Assets

Up

$298,444

Up $11,663 (+4.1%) from 2019

Liabilities

Up

$150,413

Up $145,193 (+2781%) from 2019

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin48th percentile

Revenue

Down

$296,944

Down $60,213 (-17%) from 2019

Expenses

Down

$285,281

Down $41,142 (-13%) from 2019

Net Income

Down

$11,663

Down $19,071 (-62%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth81st 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

2020

Assets$448,857
Liabilities$150,413
Net Assets$298,444
Open 2020 Filing

Operations Trend

Revenue Growth47th 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

2020

Revenue$296,944
Expenses$285,281
Net Income$11,663
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Aug 16, 2021
Return Version
2020v4.1
Gross Receipts
$296,944
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$286,781$298,444▲ $11,663
Cash and Non-Interest-Bearing Accounts$272,001$295,107▲ $23,106
Other Notes and Loans Receivable, Net$20,000$150,000▲ $130,000
Prepaid Expenses and Deferred Charges$0$3,750▲ $3,750
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$292,001$448,857▲ $156,856
Liabilities
Unsecured Notes Loans Payable$0$149,900▲ $149,900
Accounts Payable and Accrued Expenses$5,220$513▼ $4,707
Total Liabilities$5,220$150,413▲ $145,193
Net Assets / Fund Balance
Total Net Assets Fund Balance$286,781$298,444▲ $11,663
Total Liabilities and Net Assets / Fund Balance$292,001$448,857▲ $156,856
Compensation and Service Providers
Top Officer Pay76th percentile

Board Members and Trustees

NameTitle
Leo Linbeck IiiChair
Mike FeinbergPresident
Chris BarbicDirector
Howard FullerDirector
Karol MusherDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Third Frontier LLCManagement Services3900 ESSEX AVE SUITE 1200, Houston, TX 77027$212,000
Revenue and Support

Revenue Composition

Contributions and Grants
$177,518
Program Service Revenue
$117,622
Investment Income
$1,804
Other Revenue
$0
All Other Contributions
$177,518
Change in Net Assets
$11,663
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$235,281
Grants and Similar Amounts Paid$50,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Management$188,000$24,000-$212,000
Grants to Domestic Orgs$50,000--$50,000
Fees for Services Accounting-$10,467-$10,467
Fees for Services Other$4,432--$4,432
Information Technology-$3,383-$3,383
Office Expenses-$1,013-$1,013
Other Expenses-$236-$236
Total Functional Expenses$242,432$42,849$0$285,281
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Neighborhood Schools IncHouston, TX501(c)(3)Support Start-up Costs$50,000
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$212,000
Mike FeinbergPresidentManagement 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$212,000
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 form 990 is prepared by an independent public accounting firm using information provided by the organization. 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
President
Phone
7132020549
Signed
2021-08-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Leo Linbeck Iii
Formed
2017
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
3
Employees
0
Volunteers
13

Preparer

Firm
Cliftonlarsonallen Llp
Address
220 SOUTH SIXTH STREET SUITE 300, MINNEAPOLIS, MN 55402
Preparer
Michaela J Cromar CPA
Phone
6123764500
Raw XML Appendix365 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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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 FORM 990 IS PREPARED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM USING INFORMATION PROVIDED BY THE ORGANIZATION. 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.
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/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
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0292001
IRS990/TotalAssetsEOYAmt0448857
IRS990/TotalAssetsGrp/BOYAmt0292001
IRS990/TotalAssetsGrp/EOYAmt0448857
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0177518
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt042849
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0242432
IRS990/TotalFunctionalExpensesGrp/TotalAmt0285281
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05220
IRS990/TotalLiabilitiesEOYAmt0150413
IRS990/TotalLiabilitiesGrp/BOYAmt05220
IRS990/TotalLiabilitiesGrp/EOYAmt0150413
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0286781
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0298444
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0242432
IRS990/TotalProgramServiceRevenueAmt0117622
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt01804
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0117622
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0296944
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt013
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0292001
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0448857
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0149900
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03900 ESSEX LANE NO 1200
IRS990/USAddress/CityNm0HOUSTON
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd077027
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0WWW.TXSVF.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MIKE FEINBERG
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07132020549
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-08-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TEXAS SCHOOL VENTURE FUND
ReturnHeader/Filer/BusinessNameControlTxt0TEXA
ReturnHeader/Filer/EIN0813674046
ReturnHeader/Filer/PhoneNum07132020549
ReturnHeader/Filer/USAddress/AddressLine1Txt03900 ESSEX LANE NO 1200
ReturnHeader/Filer/USAddress/CityNm0HOUSTON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd077027
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/PreparationDt02021-08-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAELA J CROMAR CPA
ReturnHeader/ReturnTs02021-08-23T06:23:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MIKE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0FEINBERG
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$448,857
Liabilities
$150,413
Net assets
$298,444
Revenue
$296,944
Expenses
$285,281
Net income
$11,663
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