Civic Intelligence

Bloom Academy Inc.

990 • Fiscal year 2020 • EIN 82-3153661

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 11, 2020

Organization ProfileWWW.BLOOMACADEMY.ORG
3129 Southmore BlvdHouston, TX 77004

(346) 333-1320

Siviq Scores

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

Liabilities / Assets

79th percentile

0.37x

Higher debt load relative to assets than 79% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

63rd percentile

0.14x

Higher debt load relative to revenue than 63% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

36th percentile

-0.8%

Higher net margin than 36% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

88th percentile

$103,869

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 11.4% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

83rd percentile

52%

Faster asset growth than 83% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

94th percentile

131%

Faster revenue growth than 94% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$346,557

Up $118,106 (+52%) from 2019

Net Assets

Down

$217,973

Down $7,243 (-3.2%) from 2019

Liabilities

Up

$128,584

Up $125,349 (+3875%) from 2019

Revenue And Expenses
Liabilities / Revenue63rd percentileNet Margin36th percentile

Revenue

Up

$910,963

Up $515,931 (+131%) from 2019

Expenses

Up

$918,206

Up $748,390 (+441%) from 2019

Net Income

Down

-$7,243

Down $232,459 (-103%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth83rd percentile

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

$10M$5.0M$0Assets 2019: $228,451Liabilities 2019: $3,235Net Assets 2019: $225,2162019Assets 2020: $346,557Liabilities 2020: $128,584Net Assets 2020: $217,9732020Assets 2021: $730,623Liabilities 2021: $145,045Net Assets 2021: $585,5782021Assets 2022: $1,007,625Liabilities 2022: $367,211Net Assets 2022: $640,4142022Assets 2023: $9,388,165Liabilities 2023: $8,791,301Net Assets 2023: $596,8642023Assets 2024: $8,059,793Liabilities 2024: $7,822,628Net Assets 2024: $237,1652024

Highlighted filing

2020

Assets$346,557
Liabilities$128,584
Net Assets$217,973
Open 2020 Filing

Operations Trend

Revenue Growth94th percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $395,032Expenses 2019: $169,816Net Income 2019: $225,2162019Revenue 2020: $910,963Expenses 2020: $918,206Net Income 2020: -$7,2432020Revenue 2021: $1,794,725Expenses 2021: $1,427,120Net Income 2021: $367,6052021Revenue 2022: $3,511,351Expenses 2022: $3,456,515Net Income 2022: $54,8362022Revenue 2023: $5,051,265Expenses 2023: $4,864,199Net Income 2023: $187,0662023Revenue 2024: $6,505,842Expenses 2024: $6,865,541Net Income 2024: -$359,6992024

Highlighted filing

2020

Revenue$910,963
Expenses$918,206
Net Income-$7,243
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 11, 2020
Return Version
2019v5.0
Gross Receipts
$910,963
Mission and Program Overview

Mission

Through rigor, joy, and character development, bloom academy charter school prepares all kindergarten through fifth grade scholars for success in middle school, high school, and college, and to lead lives of positive impact in their communities.

Public school education, kindergarten through 5th grade.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$177,273$174,353▼ $2,920
Accounts Receivable$8,169$104,939▲ $96,770
Land, Buildings, and Equipment, Net-$55,105-
Pledges and Grants Receivable$43,009--
Total Assets$228,451$346,557▲ $118,106
Other Assets Total-$12,160-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$50,000-
Deferred Revenue-$42,024-
Accounts Payable and Accrued Expenses$3,235$29,179▲ $25,944
Other Liabilities-$7,381-
Total Liabilities$3,235$128,584▲ $125,349
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$175,003-
Net Assets Without Donor Restrictions$225,216$42,970▼ $182,246
Total Net Assets Fund Balance$225,216$217,973▼ $7,243
Total Liabilities and Net Assets / Fund Balance$228,451$346,557▲ $118,106

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$51,079$3,649$54,728
Equipment$4,026$1,006$5,032
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Courtney SalesHead of SchoFT$103,869$103,869

Board Members and Trustees

NameTitle
Betsy BlanksBoard Member
Edith RahimanBoard Member
Kristen GuiseppiBoard Member
Sharon StewartBoard Member
Sarah IbrahimBoard Secret
Rebecca LeeBoard Treasu
Homer BrittonBoard Vice C
Alison HaroldSecretary
Layi Ali-ajibodeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$907,944
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$3,019
Change in Net Assets
$-7,243

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 Amount
Other Non Cash Contri Table1$907,944
Total Noncash Contributions1$907,944

Audited Revenue Reconciliation

Revenue per Audited Statements
$910,963
Total Revenue per Audited Statements
$910,963
Total Revenue per Form 990
$910,963
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$574,497
Salaries, Compensation, and Employee Benefits$343,709
Total Fundraising Expense$1,415
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$256,922$45,251-$302,173
Fees for Services Other$103,535$49,617-$153,152
Occupancy-$129,885-$129,885
Fees for Services Legal-$38,989-$38,989
Other Employee Benefits$25,964$4,290-$30,254
Payroll Taxes$10,626$656-$11,282
Other Expenses$24,271$10,197$1,415$10,197
All Other Expenses-$8,257-$8,257
Insurance-$6,727-$6,727
Depreciation Depletion$4,655--$4,655
Travel$325$398-$723
Interest-$258-$258
Total Functional Expenses$567,473$349,318$1,415$918,206

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$918,206
Total Expenses per Audited Statements$918,206
Total Expenses per Form 990$918,206
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Economic Injury Disaster Loan$5,000
Other Liabilities$2,381
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Backup withholding compliance
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Form 990 is reviewed by members of management prior to the filing of the information return with the internal revenue service. The form 990 is made available to the board of directors for review at a regular scheduled meeting.”

Form 990, Page 6, Part VI, Line 19

“Documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Bloom Academy Inc
EIN
82-3153661
Phone
3463331320
Address
3129 SOUTHMORE BLVD, HOUSTON, TX 77004

Signing Officer

Name
Homer Britton
Title
Board Vice Chair
Phone
3463331320
Signed
2020-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Homer Britton
Formed
2017
Legal Domicile
TX
Voting Board Members
9
Independent Board Members
9
Employees
10

Preparer

Firm
Paul J Christensen & Associates LLC
Address
2110 AUSTIN AVE, WACO, TX 76701
Preparer
Paul J Christensen CPA
Phone
2547523436
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Through rigor, joy, and character development, bloom academy charter school prepares all kindergarten through fifth grade scholars for success in middle school, high school, and college, and to lead lives of positive impact in their communities.”

Form 990, Part IX, Line 11G

“Misc. Contracted services 103,535 49,617 0”

Financial Statement Notes

Schedule D, Page 3, Part X

“Part x - fin 48 footnote part x - uncertain tax positions under asc 740 footnote: bloom academy, inc. Is exempt from federal income tax under section 501(c) (3) of the internal revenue code, except to the extent it has unrelated business income for the year ended june 30, 2020. Accounting principles generally accepted in the united states of america requires the recognition in the school's financial statements the financial effects of a tax position, if that position is more likely than not of being sustained upon examination, including resolution of any appeals or litigation processes, based upon the technical merits of the tax position. Accounting principles generally accepted in the united states of america also provides guidance on measurement, classification, interest and penalties, and disclosure. Tax positions taken related to bloom academy, inc.'s tax exempt status, unrelated business activities taxable income and deductibility of expenses and other miscellaneous tax positions have been reviewed, and management is of the opinion that material positions taken would more likely than not be sustained by examination. Accordingly, bloom academy, inc. Has not recorded an income tax liability for uncertain tax benefits. For the tax year ended june 30, 2020, there were no interest or penalties related to income taxes recorded or included in the financial statements. As of june 30, 2020, the tax years 2017 through 2019 remain subject to examination.”

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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt03649
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt05000
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ECONOMIC INJURY DISASTER LOAN
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OTHER LIABILITIES
IRS990ScheduleD/RevenueSubtotalAmt0910963
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PART X - FIN 48 FOOTNOTE PART X - UNCERTAIN TAX POSITIONS UNDER ASC 740 FOOTNOTE: BLOOM ACADEMY, INC. IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C) (3) OF THE INTERNAL REVENUE CODE, EXCEPT TO THE EXTENT IT HAS UNRELATED BUSINESS INCOME FOR THE YEAR ENDED JUNE 30, 2020. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE RECOGNITION IN THE SCHOOL'S FINANCIAL STATEMENTS THE FINANCIAL EFFECTS OF A TAX POSITION, IF THAT POSITION IS MORE LIKELY THAN NOT OF BEING SUSTAINED UPON EXAMINATION, INCLUDING RESOLUTION OF ANY APPEALS OR LITIGATION PROCESSES, BASED UPON THE TECHNICAL MERITS OF THE TAX POSITION. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA ALSO PROVIDES GUIDANCE ON MEASUREMENT, CLASSIFICATION, INTEREST AND PENALTIES, AND DISCLOSURE. TAX POSITIONS TAKEN RELATED TO BLOOM ACADEMY, INC.'S TAX EXEMPT STATUS, UNRELATED BUSINESS ACTIVITIES TAXABLE INCOME AND DEDUCTIBILITY OF EXPENSES AND OTHER MISCELLANEOUS TAX POSITIONS HAVE BEEN REVIEWED, AND MANAGEMENT IS OF THE OPINION THAT MATERIAL POSITIONS TAKEN WOULD MORE LIKELY THAN NOT BE SUSTAINED BY EXAMINATION. ACCORDINGLY, BLOOM ACADEMY, INC. HAS NOT RECORDED AN INCOME TAX LIABILITY FOR UNCERTAIN TAX BENEFITS. FOR THE TAX YEAR ENDED JUNE 30, 2020, THERE WERE NO INTEREST OR PENALTIES RELATED TO INCOME TAXES RECORDED OR INCLUDED IN THE FINANCIAL STATEMENTS. AS OF JUNE 30, 2020, THE TAX YEARS 2017 THROUGH 2019 REMAIN SUBJECT TO EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
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IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
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IRS990ScheduleM/OtherNonCashContriTableGrp/NonCashCheckboxInd0X
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IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THROUGH RIGOR, JOY, AND CHARACTER DEVELOPMENT, BLOOM ACADEMY CHARTER SCHOOL PREPARES ALL KINDERGARTEN THROUGH FIFTH GRADE SCHOLARS FOR SUCCESS IN MIDDLE SCHOOL, HIGH SCHOOL, AND COLLEGE, AND TO LEAD LIVES OF POSITIVE IMPACT IN THEIR COMMUNITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY MEMBERS OF MANAGEMENT PRIOR TO THE FILING OF THE INFORMATION RETURN WITH THE INTERNAL REVENUE SERVICE. THE FORM 990 IS MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR REVIEW AT A REGULAR SCHEDULED MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3MISC. CONTRACTED SERVICES 103,535 49,617 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART IX, LINE 11G
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/USAddress/CityNm0HOUSTON
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd077004
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.BLOOMACADEMY.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0HOMER BRITTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD VICE CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum03463331320
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0BLOOM ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0BLOO
ReturnHeader/Filer/EIN0823153661
ReturnHeader/Filer/PhoneNum03463331320
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ReturnHeader/Filer/USAddress/ZIPCd077004
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0815081933
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PAUL J CHRISTENSEN & ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02110 AUSTIN AVE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0WACO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd076701
ReturnHeader/PreparerPersonGrp/PhoneNum02547523436
ReturnHeader/PreparerPersonGrp/PreparationDt02021-05-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0PAUL J CHRISTENSEN CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02021-05-17T18:12:23-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-07-01
ReturnHeader/TaxPeriodEndDt02020-06-30

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
$346,557
Liabilities
$128,584
Net assets
$217,973
Revenue
$910,963
Expenses
$918,206
Net income
-$7,243
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.06$7.82$0.24$6.51$6.87$0.36
2023Detailed filing. Detailed filing data is available for this year.$9.39$8.79$0.60$5.05$4.86$0.19
2022Detailed filing. Detailed filing data is available for this year.$1.01$0.37$0.64$3.51$3.46$0.05
2021Detailed filing. Detailed filing data is available for this year.$0.73$0.15$0.59$1.79$1.43$0.37
2020Detailed filing. Detailed filing data is available for this year.$0.35$0.13$0.22$0.91$0.92$0.01
2019Summary only. Only limited summary data is available for this year.$0.23$0.00$0.23$0.40$0.17$0.23