Civic Intelligence

Aequitas Education

990 • Fiscal year 2023 • EIN 83-1080761

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 28, 2024

104 E Aztec AveGallup, NM 87301

(505) 862-9498

Siviq Scores

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

Liabilities / Assets

88th percentile

0.90x

Higher debt load relative to assets than 88% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

97th percentile

10.68x

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

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Net Margin

94th percentile

58%

Higher net margin than 94% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

24th percentile

$0

Higher top officer pay than 24% of similar nonprofits.

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

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Asset Growth

57th percentile

10%

Faster asset growth than 57% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

81st percentile

33%

Faster revenue growth than 81% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Up

$8,540,718

Up $800,560 (+10%) from 2022

Net Assets

Up

$860,545

Up $413,691 (+93%) from 2022

Liabilities

Up

$7,680,173

Up $386,869 (+5.3%) from 2022

Revenue

Up

$719,209

Up $176,468 (+33%) from 2022

Expenses

Down

$305,518

Down $367,230 (-55%) from 2022

Net Income

Up

$413,691

Up $543,698 (+418%) from 2022

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0-$5.0MAssets 2019: $886,322Liabilities 2019: $1,107,499Net Assets 2019: -$221,1772019Assets 2020: $7,993,027Liabilities 2020: $7,512,445Net Assets 2020: $480,5822020Assets 2021: $7,972,232Liabilities 2021: $7,745,371Net Assets 2021: $226,8612021Assets 2022: $7,740,158Liabilities 2022: $7,293,304Net Assets 2022: $446,8542022Assets 2023: $8,540,718Liabilities 2023: $7,680,173Net Assets 2023: $860,5452023Assets 2024: $8,502,031Liabilities 2024: $7,194,983Net Assets 2024: $1,307,0482024

Highlighted filing

2023

Assets$8,540,718
Liabilities$7,680,173
Net Assets$860,545

Operations Trend

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

$1.5M$1.0M$500K$0-$500KRevenue 2019: $470,227Expenses 2019: $419,165Net Income 2019: $51,0622019Revenue 2020: $1,397,741Expenses 2020: $695,982Net Income 2020: $701,7592020Revenue 2021: $643,296Expenses 2021: $417,588Net Income 2021: $225,7082021Revenue 2022: $542,741Expenses 2022: $672,748Net Income 2022: -$130,0072022Revenue 2023: $719,209Expenses 2023: $305,518Net Income 2023: $413,6912023Revenue 2024: $898,668Expenses 2024: $452,165Net Income 2024: $446,5032024

Highlighted filing

2023

Revenue$719,209
Expenses$305,518
Net Income$413,691
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 28, 2024
Return Version
2023v5.1
Gross Receipts
$1,420,045
Mission and Program Overview

Mission

Supporting high-quality education in the liberal arts for all people.Classical Learning: Proper education does not rely on modern tricks or gimmicks for learning, but rather on the self-discipline of students and the natural joy of learning the True, the Good, and the Beautiful.High Expectations: Proper education is one that upholds a standard of excellence and is based on the truth that students will achieve their best potential when challenged with high expectations.Moral Character: Students educated in a holistic program are more likely to develop a strong moral character and live a life of virtue.Civic Virtue: Students should be taught not only how to excel in academics, but also how to excel in their communities and how to act for the Common Good of all.

Supporting high-quality education in the liberal arts for all people with classical learning, high expectations, moral character and civic virtue.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,729,822$7,603,407▼ $126,415
Accounts Receivable-$210,579-
Cash and Non-Interest-Bearing Accounts$10,336$7,268▼ $3,068
Savings and Temporary Cash Investments-$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$7,740,158$8,540,718▲ $800,560
Other Assets Total-$719,464-
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,022,451$6,817,890▼ $204,561
Other Liabilities$168,000$815,212▲ $647,212
Accounts Payable and Accrued Expenses$102,853$47,071▼ $55,782
Total Liabilities$7,293,304$7,680,173▲ $386,869
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$446,854$860,545▲ $413,691
Total Net Assets Fund Balance$446,854$860,545▲ $413,691
Total Liabilities and Net Assets / Fund Balance$7,740,158$8,540,718▲ $800,560

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,484,443$394,152$6,878,595
Land$895,000-$895,000
Equipment$223,964$57,611$281,575
Other Assets Org$2--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Patrick T MasonPresident
Michael D ByrneVice President
Shane TerrillSecretary/Tres.
Revenue and Support

Revenue Composition

Contributions and Grants
$5,045
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$714,164
All Other Contributions
$5,045
Change in Net Assets
$413,691

Audited Revenue Reconciliation

Revenue per Audited Statements
$719,209
Revenue Not Reported on Form 990
$700,836
Total Revenue per Audited Statements
$1,420,045
Total Revenue per Form 990
$719,209
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$305,518
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$189,476--$189,476
Fees for Services Other$56,342$950-$57,292
Fees for Services Accounting-$49,698-$49,698
Information Technology$3,259--$3,259
Other Expenses$1,254$591-$591
Total Functional Expenses$250,331$55,187$0$305,518

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,006,354
Expenses Not Reported on Form 990$700,836
Expenses per Audited Statements$305,518
Total Expenses per Form 990$305,518
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
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Right-of-use liability$738,212
Grants Payable$77,000
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 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
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

Shane Terrill is Brother-In Law of Patrick Mason.

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

The organization provides a copy of this Form 990 to all members of its governing body before filing with IRS.

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

Aequitas Education has a conflict of interest policy which includes having all new board members sign an acknowledgement they have read and understood the policy. All board members are required annually and in writing to disclose all businesses or other organizations of which they receive compensation or remuneration of any sort, with which Aequitas Education competes or with which Aequitas Education has, or might reasonably in the future enter into, a relationship or a transaction. Aequitas Education also has a policy directing the Board Chair and other Board Members on how to disclose a potential conflict of interest when issues are discussed or voted on, which includes disclosure and the party removing themselves from the meeting during discussion and vote.

Form 990, Part VI, Section C, Line 19

Governing documents, policies, financial statements and the IRS Form 990 are made available to the public upon request within three working days of the date the request was made.

Filing and Contact Details

Filer

Filer Name
Aequitas Education
EIN
83-1080761
Phone
5058629498
Address
104 E Aztec Ave, Gallup, NM 87301

Signing Officer

Name
Patrick T Mason
Title
President
Signed
2024-06-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick T Mason
Formed
2017
Legal Domicile
Nm
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
15

Preparer

Firm
Janice Moen CPA
Address
12 Vista Drive, Hooksett, NH 03106
Preparer
Janice Moen CPA
Phone
5052502231
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

Aequitas Education is a not-for-profit organization that is exempt from federal and New Mexico income taxes under Section 501(c)(3) of the Internal Revenue Code. Aequitas Education is also exempt from paying gross receipt tax on the purchase of tangible personal property, real estate, and personal property taxes to the State of New Mexico.

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Rental expenses netted against revenue $700836

Part XII, Line 2D: Other expenses and losses per audited F/S

Rental expenses netted against revenue $700836

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IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus3YearsAmt0-105062
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/CurrentTaxYearMinus4YearsAmt070227
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt01582618
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct01.00000
IRS990ScheduleA/PublicSupportPY509Pct01.00000
IRS990ScheduleA/PublicSupportTotal509Amt03024492
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY509Ind0X
IRS990ScheduleA/Total509Grp/CurrentTaxYearAmt0719209
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt0542741
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0643296
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0649019
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0470227
IRS990ScheduleA/Total509Grp/TotalAmt03024492
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0719209
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt0542741
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0643296
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0649019
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0470227
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt03024492
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06484443
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0394152
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt06878595
IRS990ScheduleD/EquipmentGrp/BookValueAmt0223964
IRS990ScheduleD/EquipmentGrp/DepreciationAmt057611
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0281575
IRS990ScheduleD/ExpensesNotReportedAmt0700836
IRS990ScheduleD/ExpensesSubtotalAmt0305518
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0895000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0895000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0719462
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt12
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Right-of-use Asset
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Rounding
IRS990ScheduleD/OtherExpensesIncludedAmt0700836
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt077000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1738212
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Grants Payable
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Right-of-use liability
IRS990ScheduleD/OtherRevenueAmt0700836
IRS990ScheduleD/RevenueNotReportedAmt0700836
IRS990ScheduleD/RevenueSubtotalAmt0719209
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Aequitas Education is a not-for-profit organization that is exempt from federal and New Mexico income taxes under Section 501(c)(3) of the Internal Revenue Code. Aequitas Education is also exempt from paying gross receipt tax on the purchase of tangible personal property, real estate, and personal property taxes to the State of New Mexico.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Rental expenses netted against revenue $700836
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2Rental expenses netted against revenue $700836
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2Part XII, Line 2d: Other expenses and losses per audited F/S
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07603407
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0719464
IRS990ScheduleD/TotalExpensesPerForm990Amt0305518
IRS990ScheduleD/TotalLiabilityAmt0815212
IRS990ScheduleD/TotalRevenuePerForm990Amt0719209
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01420045
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01006354
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Shane Terrill is Brother-In Law of Patrick Mason.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The organization provides a copy of this Form 990 to all members of its governing body before filing with IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Aequitas Education has a conflict of interest policy which includes having all new board members sign an acknowledgement they have read and understood the policy. All board members are required annually and in writing to disclose all businesses or other organizations of which they receive compensation or remuneration of any sort, with which Aequitas Education competes or with which Aequitas Education has, or might reasonably in the future enter into, a relationship or a transaction. Aequitas Education also has a policy directing the Board Chair and other Board Members on how to disclose a potential conflict of interest when issues are discussed or voted on, which includes disclosure and the party removing themselves from the meeting during discussion and vote.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Governing documents, policies, financial statements and the IRS Form 990 are made available to the public upon request within three working days of the date the request was made.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
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 C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NM
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt07740158
IRS990/TotalAssetsEOYAmt08540718
IRS990/TotalAssetsGrp/BOYAmt07740158
IRS990/TotalAssetsGrp/EOYAmt08540718
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt05045
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt055187
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0250331
IRS990/TotalFunctionalExpensesGrp/TotalAmt0305518
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07293304
IRS990/TotalLiabilitiesEOYAmt07680173
IRS990/TotalLiabilitiesGrp/BOYAmt07293304
IRS990/TotalLiabilitiesGrp/EOYAmt07680173
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0446854
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0860545
IRS990/TotalProgramServiceExpensesAmt0250331
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0714164
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0719209
IRS990/TotalVolunteersCnt015
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt07740158
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08540718
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0104 E Aztec Ave
IRS990/USAddress/CityNm0Gallup
IRS990/USAddress/StateAbbreviationCd0NM
IRS990/USAddress/ZIPCd087301
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0https://aequitaseducation.org/
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Patrick T Mason
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-06-28
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Aequitas Education
ReturnHeader/Filer/BusinessNameControlTxt0AEQU
ReturnHeader/Filer/EIN0831080761
ReturnHeader/Filer/PhoneNum05058629498
ReturnHeader/Filer/USAddress/AddressLine1Txt0104 E Aztec Ave
ReturnHeader/Filer/USAddress/CityNm0Gallup
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NM
ReturnHeader/Filer/USAddress/ZIPCd087301
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0860553260
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Janice Moen CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt012 Vista Drive
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Hooksett
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd003106
ReturnHeader/PreparerPersonGrp/PhoneNum05052502231
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Janice Moen CPA

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