Civic Intelligence

Persistence Preparatory Academy Charter School

990 • Fiscal year 2019 • EIN 82-2169421

Jul 01, 2018 to Jun 30, 2019 • Filed on Apr 27, 2020

883 Michigan AvenueBuffalo, NY 14203

(716) 235-1520

Siviq Scores

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

Liabilities / Assets

64th percentile

0.19x

Higher debt load relative to assets than 64% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

51st percentile

0.09x

Higher debt load relative to revenue than 51% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

59th percentile

6.7%

Higher net margin than 59% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

69th percentile

$101,670

Higher top officer pay than 69% of similar nonprofits.

Top officer pay equals 5.4% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

86th percentile

30%

Faster asset growth than 86% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

94th percentile

118%

Faster revenue growth than 94% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Assets

Up

$926,201

Up $215,878 (+30%) from 2018

Net Assets

Up

$749,951

Up $125,757 (+20%) from 2018

Liabilities

Up

$176,250

Up $90,121 (+105%) from 2018

Revenue

Up

$1,884,962

Up $1,018,860 (+118%) from 2018

Expenses

Up

$1,759,205

Up $1,517,297 (+627%) from 2018

Net Income

Down

$125,757

Down $498,437 (-80%) from 2018

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2018: $710,323Liabilities 2018: $86,129Net Assets 2018: $624,1942018Assets 2019: $926,201Liabilities 2019: $176,250Net Assets 2019: $749,9512019Assets 2021: $8,558,196Liabilities 2021: $6,153,331Net Assets 2021: $2,404,8652021Assets 2022: $10,402,847Liabilities 2022: $7,695,611Net Assets 2022: $2,707,2362022Assets 2025: $12,828,091Liabilities 2025: $7,757,733Net Assets 2025: $5,070,3582025

Highlighted filing

2019

Assets$926,201
Liabilities$176,250
Net Assets$749,951

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0Revenue 2018: $866,102Expenses 2018: $241,908Net Income 2018: $624,1942018Revenue 2019: $1,884,962Expenses 2019: $1,759,205Net Income 2019: $125,7572019Revenue 2021: $4,014,423Expenses 2021: $2,875,739Net Income 2021: $1,138,6842021Revenue 2022: $4,364,402Expenses 2022: $4,062,031Net Income 2022: $302,3712022Revenue 2025: $7,979,953Expenses 2025: $7,303,307Net Income 2025: $676,6462025

Highlighted filing

2019

Revenue$1,884,962
Expenses$1,759,205
Net Income$125,757
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Apr 27, 2020
Return Version
2018v3.1
Gross Receipts
$1,884,962
Mission and Program Overview

Mission

Through rigorous academics, high-quality instruction and leadership development, persistence preparatory academy charter school ensures that all k - 8 scholars are firmly on the path to succeed within a four-year college and create positive change within their communities.

Through rigorous academics, high-quality instruction and leadership development, persistence preparatory academy charter school ensures that all k through 8 scholars are firmly on the path to succeed within a four-year college and create positive change within their communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$269,489$575,584▲ $306,095
Land, Buildings, and Equipment, Net$109,093$243,707▲ $134,614
Accounts Receivable-$50,446-
Savings and Temporary Cash Investments-$25,000-
Pledges and Grants Receivable$291,777$17,199▼ $274,578
Prepaid Expenses and Deferred Charges$3,714$14,265▲ $10,551
Total Assets$710,323$926,201▲ $215,878
Other Assets Total$36,250$0▼ $36,250
Liabilities
Accounts Payable and Accrued Expenses$86,129$86,093▼ $36
Deferred Revenue-$76,194-
Mortgage Notes Payable Secured by Investment Property-$13,963-
Total Liabilities$86,129$176,250▲ $90,121
Net Assets / Fund Balance
Unrestricted Net Assets$624,194$749,951▲ $125,757
Total Net Assets Fund Balance$624,194$749,951▲ $125,757
Total Liabilities and Net Assets / Fund Balance$710,323$926,201▲ $215,878

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$134,153$95,824$229,977
Equipment$109,554$22,794$132,348
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joelle FormatoHead of SchoolFT$92,250$9,420$101,670

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$440,891
Program Service Revenue
$1,437,870
Investment Income
$0
Other Revenue
$6,201
All Other Contributions
$253,288
Change in Net Assets
$125,757

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,884,962
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$866,102
Total Revenue per Audited Statements
$2,751,064
Total Revenue per Form 990
$1,884,962
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$998,597
Other Expenses$760,608
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$659,353$56,931-$716,284
Fees for Services Other$64,775$69,191-$133,966
Occupancy$107,852$11,983-$119,835
Depreciation Depletion$101,827$16,791-$118,618
Current Officers, Directors, Trustees, and Key Employees-$106,535-$106,535
Office Expenses$67,224$24,325-$91,549
Payroll Taxes$59,517$13,961-$73,478
Other Employee Benefits$52,874$8,043-$60,917
Information Technology$60,512--$60,512
Pension Plan Contributions$37,619$3,764-$41,383
Other Expenses$31,065$36,768-$31,065
Advertising-$25,461-$25,461
Insurance-$22,761-$22,761
All Other Expenses-$9,640-$9,640
Interest-$525-$525
Total Functional Expenses$1,352,526$406,679$0$1,759,205

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$2,001,113
Expenses per Audited Statements$1,759,205
Total Expenses per Form 990$1,759,205
Expenses Not Reported on Form 990$241,908
Expenses Not Reported on Financial Statements$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
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
Yes
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 3

Chief financial officer duties, including finance/accounting operations and assistance with budget preparation, are outsourced to a local cpa firm.

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

The draft form 990 is reviewed in detail by management and the board of trustees prior to being filed.

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

The school has a written conflict of interest policy that is monitored by the board and reviewed annually. Conflict of interest statements are reviewed by a board member for propriety on an annual basis.

Form 990, Part VI, Section B, Line 15A

The board of trustees reviews and evaluates the performance of the head of school on an annual basis. Salaries for the head of school and other key employees are approved by the board.

Form 990, Part VI, Section C, Line 19

The school provides its governing documents, conflict of interest policy and financial statements to the public upon request.

Filing and Contact Details

Filer

Filer Name
Persistence Preparatory Academy Charter
EIN
82-2169421
Phone
7162351520
Address
883 MICHIGAN AVENUE, BUFFALO, NY 14203

Signing Officer

Name
Joelle Formato
Title
Head of School
Phone
7162351520
Signed
2020-04-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joelle Formato
Formed
2017
Legal Domicile
Ny
Voting Board Members
12
Independent Board Members
12
Employees
20
Volunteers
20

Preparer

Firm
Lumsden & Mccormick Llp
Address
369 FRANKLIN STREET, BUFFALO, NY 14202
Preparer
Donna M Gonser CPA
Phone
7168563300
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

The process has not changed from the prior year.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Revenue for the period 10/12/17 - 6/30/18

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expenses for the period 10/12/17 - 6/30/18

PART XI, LINE 2D AND PART XII, LINE 2D:

The audited financial statements included activity for the period october 12, 2017 (date of inception) through june 30, 2019.

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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0659353
IRS990/OtherSalariesAndWagesGrp/TotalAmt0716284
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt013961
IRS990/PayrollTaxesGrp/ProgramServicesAmt059517
IRS990/PayrollTaxesGrp/TotalAmt073478
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt03764
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt037619
IRS990/PensionPlanContributionsGrp/TotalAmt041383
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0291777
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt017199
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03714
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt014265
IRS990/PrincipalOfficerNm0JOELLE FORMATO
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/Desc0ENROLLMENT REVENUE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01437870
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01437870
IRS990/ProgSrvcAccomActy2Grp/Desc0SPECIAL EDUCATION - STUDENTS WITH SPECIAL NEEDS
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0165588
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt080671
IRS990/ProgSrvcAccomActy3Grp/Desc0OTHER PROGRAMS
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0100073
IRS990/ProgSrvcAccomActy3Grp/RevenueAmt06201
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0864865
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0101399
IRS990/PYOtherRevenueAmt01237
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0624194
IRS990/PYSalariesCompEmpBnftPaidAmt0140509
IRS990/PYTotalExpensesAmt0241908
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0866102
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0125757
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt01357199
IRS990/SavingsAndTempCashInvstGrp/EOYAmt025000
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt0109554
IRS990ScheduleD/EquipmentGrp/DepreciationAmt022794
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0132348
IRS990ScheduleD/ExpensesNotReportedAmt0241908
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01759205
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0134153
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt095824
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0229977
IRS990ScheduleD/OtherExpensesIncludedAmt0241908
IRS990ScheduleD/OtherRevenueAmt0866102
IRS990ScheduleD/RevenueNotReportedAmt0866102
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01884962
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0REVENUE FOR THE PERIOD 10/12/17 - 6/30/18
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1EXPENSES FOR THE PERIOD 10/12/17 - 6/30/18
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2THE AUDITED FINANCIAL STATEMENTS INCLUDED ACTIVITY FOR THE PERIOD OCTOBER 12, 2017 (DATE OF INCEPTION) THROUGH JUNE 30, 2019.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XI, LINE 2D AND PART XII, LINE 2D:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0243707
IRS990ScheduleD/TotalExpensesPerForm990Amt01759205
IRS990ScheduleD/TotalRevenuePerForm990Amt01884962
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02751064
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02001113
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd00
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0SOLICITATIONS ARE WRITTEN, AND THE POLICY IS INCLUDED ON ALL WRITTEN DOCUMENTATION.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL DOES NOT AWARD SCHOLARSHIPS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL IS THE RECIPIENT OF AWARDS AND REIMBURSEMENTS FROM VARIOUS FEDERAL, STATE, AND LOCAL SOURCES. THE AWARDS AND REIMBURSEMENTS ARE SUBJECT TO VARIOUS COMPLIANCE AND FINANCIAL AUDITS BY THE FUNDING SOURCE.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CHIEF FINANCIAL OFFICER DUTIES, INCLUDING FINANCE/ACCOUNTING OPERATIONS AND ASSISTANCE WITH BUDGET PREPARATION, ARE OUTSOURCED TO A LOCAL CPA FIRM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE DRAFT FORM 990 IS REVIEWED IN DETAIL BY MANAGEMENT AND THE BOARD OF TRUSTEES PRIOR TO BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL HAS A WRITTEN CONFLICT OF INTEREST POLICY THAT IS MONITORED BY THE BOARD AND REVIEWED ANNUALLY. CONFLICT OF INTEREST STATEMENTS ARE REVIEWED BY A BOARD MEMBER FOR PROPRIETY ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF TRUSTEES REVIEWS AND EVALUATES THE PERFORMANCE OF THE HEAD OF SCHOOL ON AN ANNUAL BASIS. SALARIES FOR THE HEAD OF SCHOOL AND OTHER KEY EMPLOYEES ARE APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE SCHOOL PROVIDES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0710323
IRS990/TotalAssetsEOYAmt0926201
IRS990/TotalAssetsGrp/BOYAmt0710323
IRS990/TotalAssetsGrp/EOYAmt0926201
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0440891
IRS990/TotalEmployeeCnt020
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00

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