Civic Intelligence

Quantum Steam Academy

990 • Fiscal year 2021 • EIN 83-1605019

Jul 01, 2020 to Jun 30, 2021 • Filed on May 16, 2022

497 Humboldt AvenueSt Paul, MN 55107

(651) 615-6888

Siviq Scores

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

Liabilities / Assets

86th percentile

0.56x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

58th percentile

0.14x

Higher debt load relative to revenue than 58% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

46th percentile

11%

Higher net margin than 46% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

42nd percentile

$18,856

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

97th percentile

220%

Faster asset growth than 97% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

99th percentile

1327%

Faster revenue growth than 99% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Assets

Up

$329,401

Up $226,572 (+220%) from 2020

Net Assets

Up

$146,331

Up $135,402 (+1239%) from 2020

Liabilities

Up

$183,070

Up $91,170 (+99%) from 2020

Revenue

Up

$1,276,632

Up $1,187,167 (+1327%) from 2020

Expenses

Up

$1,141,230

Up $1,062,694 (+1353%) from 2020

Net Income

Up

$135,402

Up $124,473 (+1139%) from 2020

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2020: $102,829Liabilities 2020: $91,900Net Assets 2020: $10,9292020Assets 2021: $329,401Liabilities 2021: $183,070Net Assets 2021: $146,3312021Assets 2022: $1,536,984Liabilities 2022: $806,307Net Assets 2022: $730,6772022Assets 2023: $2,193,489Liabilities 2023: $1,355,513Net Assets 2023: $837,9762023Assets 2024: $2,684,052Liabilities 2024: $1,568,096Net Assets 2024: $1,115,9562024

Highlighted filing

2021

Assets$329,401
Liabilities$183,070
Net Assets$146,331

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2020: $89,465Expenses 2020: $78,536Net Income 2020: $10,9292020Revenue 2021: $1,276,632Expenses 2021: $1,141,230Net Income 2021: $135,4022021Revenue 2022: $2,490,641Expenses 2022: $1,906,295Net Income 2022: $584,3462022Revenue 2023: $2,917,950Expenses 2023: $2,810,651Net Income 2023: $107,2992023Revenue 2024: $3,658,958Expenses 2024: $3,380,978Net Income 2024: $277,9802024

Highlighted filing

2021

Revenue$1,276,632
Expenses$1,141,230
Net Income$135,402
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 16, 2022
Return Version
2020v4.2
Gross Receipts
$1,276,632
Mission and Program Overview

Mission

Quantum steam academy charter school accelerates learning through quality instruction, an integrated arts & sciences curriculum, and authentic collaboration that engages leadership, staff, students, families, and communities in the educational enterprise.

Provide an education and other educational services to students in grades K-8.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$89,465$257,274▲ $167,809
Cap Stk Tr Prin Current Funds$-1,862$116,935▲ $118,797
Cash and Non-Interest-Bearing Accounts$573$61,344▲ $60,771
Rtn Earn Endowment Incm Other Fnds$0$19,163▲ $19,163
Land, Buildings, and Equipment, Net$12,791$10,233▼ $2,558
Pd in Cap Srpls Land Bldg Eqp Fund$12,791$10,233▼ $2,558
Prepaid Expenses and Deferred Charges$0$550▲ $550
Total Assets$102,829$329,401▲ $226,572
Liabilities
Accounts Payable and Accrued Expenses$91,900$158,070▲ $66,170
Other Liabilities$0$25,000▲ $25,000
Total Liabilities$91,900$183,070▲ $91,170
Net Assets / Fund Balance
Total Net Assets Fund Balance$10,929$146,331▲ $135,402
Total Liabilities and Net Assets / Fund Balance$102,829$329,401▲ $226,572

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$10,233$2,558$12,791
Compensation and Service Providers

Employees

NameTitleBaseTotal
Crescence NabilMember$18,856$18,856

Board Members and Trustees

NameTitle
Khalid HaddaouiChair
Shavkat MetekovVice Chair
Ayan FarahMember
Filsan IsmailMember
Adnan KhanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,276,630
Investment Income
$2
Other Revenue
$0
Change in Net Assets
$135,402

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,276,632
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,276,632
Total Revenue per Form 990
$1,276,632
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$628,989
Other Expenses$512,241
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$366,651$136,121-$502,772
Occupancy$154,906$2,743-$157,649
Fees for Services Other$111,906$17,883-$129,789
Information Technology$58,131$14,743-$72,874
Other Employee Benefits$19,092$24,201-$43,293
Pension Plan Contributions$23,661$8,798-$32,459
Payroll Taxes$22,298$9,311-$31,609
Other Expenses$28,603--$28,603
Current Officers, Directors, Trustees, and Key Employees$18,856--$18,856
Payments to Affiliates-$10,082-$10,082
Insurance-$7,543-$7,543
Office Expenses-$2,714-$2,714
Depreciation Depletion-$2,558-$2,558
Interest-$1,650-$1,650
Payment Travel Entrtnmnt Publicly Ofcl$205$160-$365
Total Functional Expenses$902,723$238,507$0$1,141,230

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,141,230
Total Expenses per Audited Statements$1,141,230
Total Expenses per Form 990$1,141,230
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Line of credit payable$25,000
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
Yes
Other officer compensation reviewed
Yes
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 B, line 11B

The 990 is prepared by an independent accounting firm and is reviewed by the Board and Director of organization prior to filing.

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

Annually each board member completes a required form and discloses any conflicts of interests.

Form 990, Part VI, Section B, line 15

Current compensation is based on past wages with increases given during the year by the board forming the basis of future years pay.

Form 990, Part VI, Section C, line 19

Meeting minutes, agendas, and other related information is available on the organization's website or upon request.

Form 990, Part VI, Section A, Line 1B:

One member of the board is a teacher at the School. Minnesota State Statutue 124D.10 Subd. 4(g) requires the board to have at least one employed or contracted teacher.

Filing and Contact Details

Filer

Filer Name
Quantum STEAM Academy
EIN
83-1605019
Phone
6516156888
Address
497 Humboldt Avenue, St Paul, MN 55107

Signing Officer

Name
Mahrous Kandil
Title
Board Chair
Phone
6516156888
Signed
2022-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mahrous Kandil
Formed
2018
Legal Domicile
Mn
Voting Board Members
6
Independent Board Members
5
Employees
10
Volunteers
2

Preparer

Firm
Malloy Montague Karnowski Radosevich
Address
5353 Wayzata Blvd Ste 410, Minneapolis, MN 55416
Preparer
Victoria L Holinka
Phone
9525450424
Supplemental Narrative

Additional Explanations

Form 990, Part IX, line 11G

Consult. Fees / Fees For Svcs : Program service expenses 111,906. Management and general expenses 0. Fundraising expenses 0. Total expenses 111,906. Consult. Fees / Fees For Svcs : Program service expenses 0. Management and general expenses 17,883. Fundraising expenses 0. Total expenses 17,883.

Form 990, Part XI, Line 2C:

The School Board assumes responsibility for the oversight of the audit of it's financial statements and the selection of an independent auditor annually. This process has not changed from the prior year.

Related Organization Compensation

Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.

Authorizer

The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved authorizer during the fiscal year 2021 was Novation Education Opportunities.

Financial Statement Notes

Part X, Line 2:

Quantum STEAM Academy (the School) is exempt from federal and state income taxes under Internal Revenue Code 501(c)(3). The School is subject to tax on income from any unrelated business. The School is subject to the recognition requirements for uncertain income tax positions as required by the Financial Accounting Standards Board Accounting Standards Codification 740-10. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely-than-not be sustained upon examination by taxing authorities. The School has analyzed tax positions taken for filing with the Internal Revenue Service and state jurisdiction where they operate. The School believes that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on their respective financial condition, results of operation or cash flows. Accordingly, the School has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2021. The School is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods since this is an initial filing.

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IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt01276632
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Quantum STEAM Academy (the School) is exempt from federal and state income taxes under Internal Revenue Code 501(c)(3). The School is subject to tax on income from any unrelated business. The School is subject to the recognition requirements for uncertain income tax positions as required by the Financial Accounting Standards Board Accounting Standards Codification 740-10. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more likely-than-not be sustained upon examination by taxing authorities. The School has analyzed tax positions taken for filing with the Internal Revenue Service and state jurisdiction where they operate. The School believes that income tax filing positions will be sustained upon examination and do not anticipate any adjustments that would result in a material adverse effect on their respective financial condition, results of operation or cash flows. Accordingly, the School has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at June 30, 2021. The School is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods since this is an initial filing.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt010233
IRS990ScheduleD/TotalExpensesPerForm990Amt01141230
IRS990ScheduleD/TotalLiabilityAmt025000
IRS990ScheduleD/TotalRevenuePerForm990Amt01276632
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01276632
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01141230
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/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0Nondiscrimination policy is included in registration material.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1The School receives state and federal aid payments and grants to finance educational services for their students.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Part I, Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Part I, Line 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 990 is prepared by an independent accounting firm and is reviewed by the Board and Director of organization prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Annually each board member completes a required form and discloses any conflicts of interests.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Current compensation is based on past wages with increases given during the year by the board forming the basis of future years pay.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Meeting minutes, agendas, and other related information is available on the organization's website or upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Consult. Fees / Fees For Svcs : Program service expenses 111,906. Management and general expenses 0. Fundraising expenses 0. Total expenses 111,906. Consult. Fees / Fees For Svcs : Program service expenses 0. Management and general expenses 17,883. Fundraising expenses 0. Total expenses 17,883.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The School Board assumes responsibility for the oversight of the audit of it's financial statements and the selection of an independent auditor annually. This process has not changed from the prior year.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7The Academy is required to have an Authorizer to monitor its operations in order to maintain its charter. The Academy's approved authorizer during the fiscal year 2021 was Novation Education Opportunities.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8One member of the board is a teacher at the School. Minnesota State Statutue 124D.10 Subd. 4(g) requires the board to have at least one employed or contracted teacher.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, line 11g
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XI, Line 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Related Organization Compensation
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7AUTHORIZER
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part VI, Section A, Line 1B:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0102829
IRS990/TotalAssetsEOYAmt0329401
IRS990/TotalAssetsGrp/BOYAmt0102829
IRS990/TotalAssetsGrp/EOYAmt0329401
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt010
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0238507
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0902723
IRS990/TotalFunctionalExpensesGrp/TotalAmt01141230
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt091900
IRS990/TotalLiabilitiesEOYAmt0183070
IRS990/TotalLiabilitiesGrp/BOYAmt091900
IRS990/TotalLiabilitiesGrp/EOYAmt0183070
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt010929
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0146331
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0902723
IRS990/TotalProgramServiceRevenueAmt01276630
IRS990/TotalReportableCompFromOrgAmt018856
IRS990/TotalRevenueGrp/ExclusionAmt02
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01276630
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01276632
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt02
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0102829
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0329401
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0497 Humboldt Avenue
IRS990/USAddress/CityNm0St Paul
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055107
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0qsteamacademy.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Mahrous Kandil
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum06516156888
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Quantum STEAM Academy
ReturnHeader/Filer/BusinessNameControlTxt0QUAN
ReturnHeader/Filer/EIN0831605019
ReturnHeader/Filer/PhoneNum06516156888
ReturnHeader/Filer/USAddress/AddressLine1Txt0497 Humboldt Avenue
ReturnHeader/Filer/USAddress/CityNm0St Paul
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055107
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411690382
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Malloy Montague Karnowski Radosevich
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05353 Wayzata Blvd Ste 410
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Minneapolis
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055416
ReturnHeader/PreparerPersonGrp/PhoneNum09525450424
ReturnHeader/PreparerPersonGrp/PreparationDt02022-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Victoria L Holinka
ReturnHeader/ReturnTs02022-05-16T16:04:04-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Mahrous
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Kandil
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30

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