Civic Intelligence

Equity Now

990 • Fiscal year 2023 • EIN 82-2008232

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

9700 Philadelphia CourtLanham, MD 20706

(716) 791-9139

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.97x

Higher debt load relative to assets than 93% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

86th percentile

2.00x

Higher debt load relative to revenue than 86% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

74th percentile

17%

Higher net margin than 74% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$188,550

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

58th percentile

9.3%

Faster asset growth than 58% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

84th percentile

35%

Faster revenue growth than 84% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$27,204,741

Up $2,309,587 (+9.3%) from 2022

Net Assets

Up

$887,846

Up $2,221,838 (+167%) from 2022

Liabilities

Up

$26,316,895

Up $87,749 (+0.3%) from 2022

Revenue

Up

$13,138,001

Up $3,424,889 (+35%) from 2022

Expenses

Up

$10,935,301

Up $826,189 (+8.2%) from 2022

Net Income

Up

$2,202,700

Up $2,598,700 (+656%) from 2022

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0-$10MAssets 2018: $2,373Liabilities 2018: $0Net Assets 2018: $2,3732018Assets 2019: $160,921Liabilities 2019: $178,402Net Assets 2019: -$17,4812019Assets 2020: $28,248,477Liabilities 2020: $28,650,862Net Assets 2020: -$402,3852020Assets 2022: $24,895,154Liabilities 2022: $26,229,146Net Assets 2022: -$1,333,9922022Assets 2023: $27,204,741Liabilities 2023: $26,316,895Net Assets 2023: $887,8462023Assets 2024: $30,225,264Liabilities 2024: $27,765,716Net Assets 2024: $2,459,5482024

Highlighted filing

2023

Assets$27,204,741
Liabilities$26,316,895
Net Assets$887,846

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $7,764Expenses 2018: $5,391Net Income 2018: $2,3732018Revenue 2019: $231,082Expenses 2019: $250,023Net Income 2019: -$18,9412019Revenue 2020: $336,740Expenses 2020: $721,644Net Income 2020: -$384,9042020Revenue 2022: $9,713,112Expenses 2022: $10,109,112Net Income 2022: -$396,0002022Revenue 2023: $13,138,001Expenses 2023: $10,935,301Net Income 2023: $2,202,7002023Revenue 2024: $14,564,991Expenses 2024: $12,985,586Net Income 2024: $1,579,4052024

Highlighted filing

2023

Revenue$13,138,001
Expenses$10,935,301
Net Income$2,202,700
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$13,165,985
Mission and Program Overview

Mission

Equity now founded legends charter school on the belief that all students can learn and deserve the opportunity to receive high-quality education, regardless of their socio-economic background. Equity now works to provide any and all resources that facilitate student success in the classroom and beyond.

Equity now's mission is to discover, plan and implement innovative solutions for pathways of building equity. Focusing on financial education, improving k-12 education, social-emotional learning & academic development, and agriculture & sustainability education. Legends charter school was founded to create a partnership with students, parents and the prince georges county community. Legends charter school provides an advanced liberal arts college preparatory education, incorporating financial education that is supplemented with blended learning to personalize scholars learning experience and establish robust financial portfolios.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$19,722,792$19,777,183▲ $54,391
Cash and Non-Interest-Bearing Accounts$1,902,608$3,571,785▲ $1,669,177
Accounts Receivable$1,351,202$1,279,405▼ $71,797
Intangible Assets$285,519$289,240▲ $3,721
Prepaid Expenses and Deferred Charges$30,303$89,542▲ $59,239
Total Assets$24,895,154$27,204,741▲ $2,309,587
Other Assets Total$1,602,730$2,197,586▲ $594,856
Liabilities
Tax Exempt Bond Liabilities$24,361,082$24,380,691▲ $19,609
Accounts Payable and Accrued Expenses$986,505$910,102▼ $76,403
Mortgage Notes Payable Secured by Investment Property$830,293$867,320▲ $37,027
Deferred Revenue-$96,752-
Other Liabilities$51,266$62,030▲ $10,764
Total Liabilities$26,229,146$26,316,895▲ $87,749
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-1,378,992$819,568▲ $2,198,560
Net Assets With Donor Restrictions$45,000$68,278▲ $23,278
Total Net Assets Fund Balance$-1,333,992$887,846▲ $2,221,838
Total Liabilities and Net Assets / Fund Balance$24,895,154$27,204,741▲ $2,309,587

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$15,004,400$1,186,733$16,191,133
Land$3,720,000-$3,720,000
Equipment$1,052,783$579,722$1,632,505
Other Assets Org$23,364--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Atasha JamesCEO - LcsFT$187,117$1,433$188,550
Shomari a JamesCEO - EquityFT$186,142$767$186,909
Shomari a JamesCEO - Equity Now-$186,142$767$186,909
Aminah WilliamsLcs Board SeFT$156,580$5,510$162,090
Aminah WilliamsLcs Board Secretary-$156,580$5,510$162,090
Antoine WilliamsEx. Director MarFT$141,885$9,461$151,346
Antoine WilliamsEx. Director Marketing-$141,885$9,461$151,346
Justin DevoseDirector FinanciFT$101,346$13,816$115,162

Board Members and Trustees

NameTitle
Charlette ButlerLcs Board Ch
Adia JordanLcs Board Me
Kalif GallegoLcs Board Me
Rasheid ScarletteLcs Board Me
Revenue and Support

Revenue Composition

Contributions and Grants
$1,943,867
Program Service Revenue
$11,143,730
Investment Income
$39,704
Other Revenue
$10,700
All Other Contributions
$535,625
Change in Net Assets
$2,202,700

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$471,000Fair Market Value
Total Noncash Contributions1$471,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,138,001
Revenue Not Reported on Form 990
$23,844
Total Revenue per Audited Statements
$13,161,845
Total Revenue per Form 990
$13,138,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,121,588
Other Expenses$4,780,256
Professional Fundraising Fees$33,457
Total Fundraising Expense$33,457
Grants and Similar Amounts Paid$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,072,239--$5,072,239
Interest$1,812,500$3,031-$1,815,531
Depreciation Depletion$784,242--$784,242
Current Officers, Directors, Trustees, and Key Employees$670,724--$670,724
Payroll Taxes$378,625--$378,625
Fees for Services Other$136,026$120,122-$256,148
Office Expenses$8,678$142,782-$151,460
Fees for Services Accounting-$118,577-$118,577
Insurance-$81,122-$81,122
All Other Expenses$70,169--$70,169
Other Expenses$56,661--$56,661
Fees for Services Legal-$39,329-$39,329
Fees for Services Professional Fundraising--$33,457$33,457
Total Functional Expenses$10,396,881$504,963$33,457$10,935,301

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$10,963,286
Expenses per Audited Statements$10,935,301
Total Expenses per Form 990$10,935,301
Expenses Not Reported on Form 990$27,985
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$33,457
Fundraising Direct Expenses$27,984
Fundraising Gross Income$23,843

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$33,843$23,843$8,362$15,481
Total Events$33,843$23,843$27,984$-4,141
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$62,030

Bond Issues

BondIssuerIssuedIssue PricePurpose
AMhhefa (series A)2020-03-10$25,000,000To finance purchase, construction, and renovation of school, and fund debt svc fund, issuance costs,

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$25,000,000$446,688-$63,811

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
Yes
Other officer compensation reviewed
Yes
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, Page 6, Part VI, Line 2

Shomari james atasha james ceo ceo spouse

Form 990, Page 6, Part VI, Line 7A

Equity now is committed to maintaining highly effective and highly qualified board of trustees with the proper experience, skill set and commitment to impact education. As natural transition and attrition occurs it will be the responsibility of the governance committee under the direction of the board chairman to recruit and onboard new members. Our recruitment process will initially screen potential board members, based on their answers to the interested board member checklist. Once potential candidates are approved from the initial screening, they will be thoroughly evaluated in accordance with the operating agreement to matriculate through the interview and engagement process and assure they are a good fit for equity now's mission. All appointments to the board shall be for a term of four (4) years. No person shall serve more than four (4) consecutive terms unless a majority of the board, during the course of a board meeting at which a quorum is present, votes to appoint a board member to two (2) additional years. No person shall serve more than twenty (20) consecutive years. After serving the maximum total number of consecutive years on the board, a member may be eligible for reconsideration as a board member after two (2) years have passed since the conclusion of such board member's service.

Form 990, Page 6, Part VI, Line 11B

The 990 is reviewed by the finance manager, who then submits for review by the ceo.

Form 990, Page 6, Part VI, Line 12C

Members of the governing board meet annually and disclose any conflicts of interest. These disclosures are kept by the executive officer.

Form 990, Page 6, Part VI, Line 15A

An independent contractor suggested compensation through a comparative analysis of similar roles in companies within the education industry. This analysis was submitted to the officers, and a vote determined final salaries.

Form 990, Page 6, Part VI, Line 15B

An independent contractor suggested officer compensation through a comparative analysis of similar roles in companies within the education industry. This analysis was submitted to the officers, and a vote determined final salaries. .

Form 990, Page 6, Part VI, Line 19

Upon request, documents are available to the public.

Filing and Contact Details

Filer

Filer Name
Equity Now Inc
EIN
82-2008232
Phone
7167919139
Address
9700 PHILADELPHIA COURT, LANHAM, MD 20706
Doing Business As
Legends Charter School

Signing Officer

Name
Shomari a James
Title
CEO - Equity Now
Phone
7168129139
Signed
2024-05-15

Organization Details

Principal Officer
Aminah Williams
Formed
2017
Legal Domicile
Md
Voting Board Members
11
Independent Board Members
11
Employees
48
Volunteers
20

Preparer

Firm
Jbs & Co LLC
Address
101 LOG CANOE CIR STE I, STEVENSVILLE, MD 21666-2106
Preparer
J Brian Stitcher CPA
Phone
4109566902
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Equity now's mission is to discover, plan and implement innovative solutions for pathways of building equity. Focusing on financial education, improving k-12 education, social-emotional learning & academic development, and agriculture & sustainability education. Legends charter school was founded to create a partnership with students, parents and the prince georges county community. Legends charter school provides an advanced liberal arts college preparatory education, incorporating financial education that is supplemented with blended learning to personalize scholars learning experience and establish robust financial portfolios.

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 2D

Event expenses- netted against revenue on return 27,985

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IRS990/MissionDesc0EQUITY NOW'S MISSION IS TO DISCOVER, PLAN AND IMPLEMENT INNOVATIVE SOLUTIONS FOR PATHWAYS OF BUILDING EQUITY. FOCUSING ON FINANCIAL EDUCATION, IMPROVING K-12 EDUCATION, SOCIAL-EMOTIONAL LEARNING & ACADEMIC DEVELOPMENT, AND AGRICULTURE & SUSTAINABILITY EDUCATION. LEGENDS CHARTER SCHOOL WAS FOUNDED TO CREATE A PARTNERSHIP WITH STUDENTS, PARENTS AND THE PRINCE GEORGES COUNTY COMMUNITY. LEGENDS CHARTER SCHOOL PROVIDES AN ADVANCED LIBERAL ARTS COLLEGE PREPARATORY EDUCATION, INCORPORATING FINANCIAL EDUCATION THAT IS SUPPLEMENTED WITH BLENDED LEARNING TO PERSONALIZE SCHOLARS LEARNING EXPERIENCE AND ESTABLISH ROBUST FINANCIAL PORTFOLIOS.
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IRS990/OtherExpensesGrp/Desc0UTILITIES
IRS990/OtherExpensesGrp/Desc1STUDENT EXPENSES
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IRS990/ProgramServiceRevenueGrp/Desc1BEFORE CARE AFTER CARE FEES
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1413898
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990ScheduleD/BuildingsGrp/BookValueAmt015004400
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01186733
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt016191133
IRS990ScheduleD/EquipmentGrp/BookValueAmt01052783
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0579722
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt01632505
IRS990ScheduleD/ExpensesNotReportedAmt027985
IRS990ScheduleD/ExpensesSubtotalAmt010935301
IRS990ScheduleD/LandGrp/BookValueAmt03720000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt03720000
IRS990ScheduleD/NetUnrealizedGainsInvstAmt019138
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01644943
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1529279
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt223364
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DEPOSITS
IRS990ScheduleD/OtherExpensesIncludedAmt027985
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt062030
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE LIABILITY
IRS990ScheduleD/RecoveriesPriorYearGrantsAmt04706
IRS990ScheduleD/RevenueNotReportedAmt023844
IRS990ScheduleD/RevenueSubtotalAmt013138001
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0EVENT EXPENSES- NETTED AGAINST REVENUE ON RETURN 27,985
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XII, LINE 2D
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
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IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PUBLICATION HAS BEEN MADE THROUGH EQUITY NOW'S LEGEND CHARTER SCHOOL. ALSO, THE NONDISCRIMINATORY POLICY CAN BE FOUND AT THE EQUITY NOW OFFICE OF HUMAN CAPITAL'S SHAREPOINT SITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1MARYLAND DEPARTMENT OF EDUCATION AWARDED EQUITY NOW A GRANT FOR THE DEVELOPMENT AND OPENING OF THE LEGENDS CHARTER SCHOOL.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990ScheduleG/AgrmtProfFundraisingActyInd0true
IRS990ScheduleG/AllStatesCd0All States
IRS990ScheduleG/EmailSolicitationsInd0X
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IRS990ScheduleG/PhoneSolicitationsInd0X
IRS990ScheduleG/SolicitationOfGovtGrantsInd0X
IRS990ScheduleG/SolicitationOfNonGovtGrantsInd0X
IRS990ScheduleG/SpecialFundraisingEventsInd0X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ATASHA JAMES

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