Civic Intelligence

The Learning Loft Foundation Inc

990 • Fiscal year 2023 • EIN 83-1015208

Jul 01, 2022 to Jun 30, 2023 • Filed on Sep 18, 2023

Organization ProfileN/A
13 South 6th StNew Hyde Park, NY 11040

(516) 775-3820

Siviq Scores

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

Liabilities / Assets

97th percentile

2.35x

Higher debt load relative to assets than 97% of similar nonprofits.

2023 filings • NTEE B • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

94th percentile

0.83x

Higher debt load relative to revenue than 94% of similar nonprofits.

2023 filings • NTEE B • $500k-$1M nonprofits • Source year 2023

Net Margin

11th percentile

-37%

Higher net margin than 11% of similar nonprofits.

2023 filings • NTEE B • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

91st percentile

$110,000

Higher top officer pay than 91% of similar nonprofits.

Top officer pay equals 16.1% of source-year revenue.

2023 filings • NTEE B • $500k-$1M nonprofits • Source year 2023

Asset Growth

3rd percentile

-49%

Faster asset growth than 3% of similar nonprofits.

2023 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

13th percentile

-33%

Faster revenue growth than 13% of similar nonprofits.

2023 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$240,657

Down $233,570 (-49%) from 2022

Net Assets

Down

-$324,343

Down $287,680 (-785%) from 2022

Liabilities

Up

$565,000

Up $54,110 (+11%) from 2022

Revenue And Expenses
Liabilities / Revenue94th percentileNet Margin11th percentile

Revenue

Down

$682,474

Down $329,030 (-33%) from 2022

Expenses

Up

$936,387

Up $87,001 (+10%) from 2022

Net Income

Down

-$253,913

Down $416,031 (-257%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$1.0M$500K$0-$500KAssets 2018: $17,400Liabilities 2018: $10,0002018Assets 2019: $30,486Liabilities 2019: $65,000Net Assets 2019: -$34,5142019Assets 2020: $90,450Liabilities 2020: $142,161Net Assets 2020: -$51,7112020Assets 2021: $163,342Liabilities 2021: $305,021Net Assets 2021: -$141,6792021Assets 2022: $474,227Liabilities 2022: $510,890Net Assets 2022: -$36,6632022Assets 2023: $240,657Liabilities 2023: $565,000Net Assets 2023: -$324,3432023Assets 2024: $104,208Liabilities 2024: $556,709Net Assets 2024: -$452,5012024Assets 2025: $187,805Liabilities 2025: $545,506Net Assets 2025: -$357,7012025

Highlighted filing

2023

Assets$240,657
Liabilities$565,000
Net Assets-$324,343
Open 2023 Filing

Operations Trend

Revenue Growth13th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2018: $17,400Expenses 2018: $10,000Net Income 2018: $7,4002018Revenue 2019: $591,380Expenses 2019: $633,294Net Income 2019: -$41,9142019Revenue 2020: $658,791Expenses 2020: $675,988Net Income 2020: -$17,1972020Revenue 2021: $661,889Expenses 2021: $751,857Net Income 2021: -$89,9682021Revenue 2022: $1,011,504Expenses 2022: $849,386Net Income 2022: $162,1182022Revenue 2023: $682,474Expenses 2023: $936,387Net Income 2023: -$253,9132023Revenue 2024: $958,824Expenses 2024: $1,086,982Net Income 2024: -$128,1582024Revenue 2025: $1,000,637Expenses 2025: $905,837Net Income 2025: $94,8002025

Highlighted filing

2023

Revenue$682,474
Expenses$936,387
Net Income-$253,913
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Sep 18, 2023
Return Version
2022v5.0
Gross Receipts
$682,474
Mission and Program Overview

Mission

The learning loft foundation is a pre-school/daycare center that provides a loving and nurturing environment for children 18 months to 5 years old. The goal of the organization is to provide excellent early childhood education & child care for parents who need to work to get by in today's economic environment.

Loving and nurturing pre-school/daycare center for working parents

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$445,890$219,656▼ $226,234
Loans From Officers Directors$65,000$65,000→ $0
Land, Buildings, and Equipment, Net$18,337$11,001▼ $7,336
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$474,227$240,657▼ $233,570
Other Assets Total$10,000$10,000→ $0
Liabilities
Unsecured Notes Loans Payable$445,890$500,000▲ $54,110
Total Liabilities$510,890$565,000▲ $54,110
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-36,663$-324,343▼ $287,680
Total Net Assets Fund Balance$-36,663$-324,343▼ $287,680
Total Liabilities and Net Assets / Fund Balance$474,227$240,657▼ $233,570

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$6,676$13,104$19,780
Equipment$4,325$2,920$7,245
Compensation and Service Providers
Top Officer Pay91st percentile

Employees

NameTitleFull / Part TimeBaseTotal
Katherine SmithVice PresidentPT$110,000$110,000
Sheila Harrington ComponoDirectorPT$110,000$110,000
Agnes HarringtonPresidentPT$32,400$32,400

Board Members and Trustees

NameTitle
Angela GuatesllaDirector
Krista FeeneyDirector
Rachael McnamaraDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$26,550
Program Service Revenue
$655,924
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-253,913
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$658,204
Other Expenses$278,183
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$325,117--$325,117
Current Officers, Directors, Trustees, and Key Employees-$252,400-$252,400
Occupancy$101,577$13,851-$115,428
Payroll Taxes$27,601$21,686-$49,287
Other Employee Benefits$17,584$13,816-$31,400
All Other Expenses$21,200$2,676-$23,876
Insurance$18,594$2,778-$21,372
Interest$19,872--$19,872
Advertising$11,258--$11,258
Other Expenses$10,259$1,175-$10,259
Depreciation Depletion$7,336--$7,336
Fees for Services Accounting-$6,450-$6,450
Travel-$1,240-$1,240
Total Functional Expenses$620,315$316,072$0$936,387
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

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$65,000$65,000→ $0
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Agnes harrington, president, katherine smith, vice president, and sheila compono, director have a family relationship.”

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

“Form 990 is prepared by an accounting firm and is then provided to the learning loft foundation's board of directors to review and approve prior to the return being filed.”

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

“Board members and management are asked to disclose any possible conflicts of interest at least annually. If any board member should have any conflict, the board member shall recuse from any deliberation in the transaction.”

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

“The process for determining compensation for officers is determined by the board members based on information from other organizations.”

Form 990, Part VI, Section C, Line 19

“The governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
The Learning Loft Foundation Inc
EIN
83-1015208
Phone
5167753820
Address
13 SOUTH 6TH ST, NEW HYDE PARK, NY 11040

Signing Officer

Name
Agnes Harrington
Title
President
Signed
2023-09-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Agnes Harrington
Formed
2018
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
3
Employees
25

Preparer

Firm
Martin R Egre CPA & Assoc
Address
585 STEWART AVENUE SUITE 326, GARDEN CITY, NY 11530
Preparer
Martin Egre CPA
Phone
5162221890
Supplemental Narrative

Additional Explanations

FORM 990, PART I , LINE 1 DESCRIPTION OF ORGANIZATION MISSION :

“The learning loft foundation is a pre-school/daycare center that provides a loving and nurturing environment for children 18 months to 5 years old. The goal of the organization is to provide excellent early chilhood education & child care for parents who need to work to get by in today's economic enviroment.”

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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt013104
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IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/LoanToOrganizationInd0X
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/OriginalPrincipalAmt065000
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/PersonNm0KATE SMITH
IRS990ScheduleL/LoansBtwnOrgInterestedPrsnGrp/RelationshipWithOrgTxt0BOARD MEMBE
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IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0SCHEDULE L, PART II, LOANS TO AND FROM INTERESTED PERSONS:(A) NAME OF PERSON: KATE SMITH(B) RELATIONSHIP WITH ORGANIZATION: BOARD MEMBER(C) PURPOSE OF LOAN: TO SUPPORT INITIAL EXPENSES OF THE ORGANIZATION
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AGNES HARRINGTON, PRESIDENT, KATHERINE SMITH, VICE PRESIDENT, AND SHEILA COMPONO, DIRECTOR HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PREPARED BY AN ACCOUNTING FIRM AND IS THEN PROVIDED TO THE LEARNING LOFT FOUNDATION'S BOARD OF DIRECTORS TO REVIEW AND APPROVE PRIOR TO THE RETURN BEING FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS AND MANAGEMENT ARE ASKED TO DISCLOSE ANY POSSIBLE CONFLICTS OF INTEREST AT LEAST ANNUALLY. IF ANY BOARD MEMBER SHOULD HAVE ANY CONFLICT, THE BOARD MEMBER SHALL RECUSE FROM ANY DELIBERATION IN THE TRANSACTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE PROCESS FOR DETERMINING COMPENSATION FOR OFFICERS IS DETERMINED BY THE BOARD MEMBERS BASED ON INFORMATION FROM OTHER ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE LEARNING LOFT FOUNDATION IS A PRE-SCHOOL/DAYCARE CENTER THAT PROVIDES A LOVING AND NURTURING ENVIRONMENT FOR CHILDREN 18 MONTHS TO 5 YEARS OLD. THE GOAL OF THE ORGANIZATION IS TO PROVIDE EXCELLENT EARLY CHILHOOD EDUCATION & CHILD CARE FOR PARENTS WHO NEED TO WORK TO GET BY IN TODAY'S ECONOMIC ENVIROMENT.
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART I , LINE 1 DESCRIPTION OF ORGANIZATION MISSION :
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ReturnHeader/BusinessOfficerGrp/PersonNm0AGNES HARRINGTON
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$240,657
Liabilities
$565,000
Net assets
-$324,343
Revenue
$682,474
Expenses
$936,387
Net income
-$253,913
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.19$0.55$0.36$1.00$0.91$0.09
2024Detailed filing. Detailed filing data is available for this year.$0.10$0.56$0.45$0.96$1.09$0.13
2023Detailed filing. Detailed filing data is available for this year.$0.24$0.57$0.32$0.68$0.94$0.25
2022Detailed filing. Detailed filing data is available for this year.$0.47$0.51$0.04$1.01$0.85$0.16
2021Detailed filing. Detailed filing data is available for this year.$0.16$0.31$0.14$0.66$0.75$0.09
2020Detailed filing. Detailed filing data is available for this year.$0.09$0.14$0.05$0.66$0.68$0.02
2019Summary only. Only limited summary data is available for this year.$0.03$0.07$0.03$0.59$0.63$0.04
2018Summary only. Only limited summary data is available for this year.$0.02$0.01$0.02$0.01$0.01