Civic Intelligence

Quantum Steam Academy

990 • Fiscal year 2023 • EIN 83-1605019

Jul 01, 2022 to Jun 30, 2023 • Filed on May 06, 2024

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

87th percentile

0.62x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

79th percentile

0.46x

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

49th percentile

3.7%

Higher net margin than 49% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

49th percentile

$56,834

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

87th percentile

43%

Faster asset growth than 87% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

64th percentile

17%

Faster revenue growth than 64% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$2,193,489

Up $656,505 (+43%) from 2022

Net Assets

Up

$837,976

Up $107,299 (+15%) from 2022

Liabilities

Up

$1,355,513

Up $549,206 (+68%) from 2022

Revenue

Up

$2,917,950

Up $427,309 (+17%) from 2022

Expenses

Up

$2,810,651

Up $904,356 (+47%) from 2022

Net Income

Down

$107,299

Down $477,047 (-82%) from 2022

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

2023

Assets$2,193,489
Liabilities$1,355,513
Net Assets$837,976

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

2023

Revenue$2,917,950
Expenses$2,810,651
Net Income$107,299
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 6, 2024
Return Version
2022v5.0
Gross Receipts
$2,917,950
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$768,767$710,340▼ $58,427
Cap Stk Tr Prin Current Funds$554,259$675,128▲ $120,869
Cash and Non-Interest-Bearing Accounts$101,526$397,411▲ $295,885
Land, Buildings, and Equipment, Net$145,216$270,975▲ $125,759
Pd in Cap Srpls Land Bldg Eqp Fund$145,216$111,640▼ $33,576
Rtn Earn Endowment Incm Other Fnds$31,202$51,208▲ $20,006
Prepaid Expenses and Deferred Charges-$10,042-
Total Assets$1,536,984$2,193,489▲ $656,505
Other Assets Total$521,475$804,721▲ $283,246
Liabilities
Other Liabilities$506,488$928,473▲ $421,985
Accounts Payable and Accrued Expenses$296,454$264,342▼ $32,112
Mortgage Notes Payable Secured by Investment Property-$159,335-
Deferred Revenue$3,365$3,363▼ $2
Total Liabilities$806,307$1,355,513▲ $549,206
Net Assets / Fund Balance
Total Net Assets Fund Balance$730,677$837,976▲ $107,299
Total Liabilities and Net Assets / Fund Balance$1,536,984$2,193,489▲ $656,505

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$148,696$148,696$297,392
Equipment$122,279$33,161$155,440
Other Assets Org$804,721--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Crescence NabilTreasurerFT$56,834$56,834
Abdulah AliuMember-$39,361$39,361

Board Members and Trustees

NameTitle
Khalid HaddaouiChair
Shavkat MetekovVice Chair
Magassa AyanaMember

Highest Paid Contractors

ContractorServicesLocationCompensation
A&K TransportationTransportation1531 124th Ave NE F, Blaine, MN 55449$192,400
Billie Bus TransportationTransportation4640 N Lyndale Ave, Minneapolis, MN 55412$119,660
Revenue and Support

Revenue Composition

Contributions and Grants
$100
Program Service Revenue
$2,917,850
Investment Income
$0
Other Revenue
$0
All Other Contributions
$100
Change in Net Assets
$107,299

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,917,950
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,917,950
Total Revenue per Form 990
$2,917,950
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,664,424
Other Expenses$1,125,482
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$862,509$290,108-$1,152,617
Fees for Services Other$180,889$64,428-$245,317
Pension Plan Contributions$231,771$10,987-$242,758
Depreciation Depletion-$171,633-$171,633
Current Officers, Directors, Trustees, and Key Employees$110,321--$110,321
Payroll Taxes$77,184$13,266-$90,450
Other Employee Benefits$32,363$35,915-$68,278
Information Technology$40,267$24,168-$64,435
Fees for Services Accounting-$62,747-$62,747
Occupancy$48,000--$48,000
Benefits to Members$20,745--$20,745
Payments to Affiliates-$18,319-$18,319
Interest-$15,243-$15,243
Office Expenses-$10,307-$10,307
Insurance-$9,729-$9,729
Fees for Services Management-$6,679-$6,679
Other Expenses$2,986--$2,986
Payment Travel Entrtnmnt Publicly Ofcl$1,210$12-$1,222
Total Functional Expenses$2,077,110$733,541$0$2,810,651

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,810,651
Total Expenses per Audited Statements$2,810,651
Total Expenses per Form 990$2,810,651
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
Net Pension Liability$925,545
Pension Plan Deferments$2,928
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
2024-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mahrous Kandil
Formed
2018
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
3
Employees
35
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 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 2023 was Novation Education Opportunities.

Financial Statement Notes

Part X, Line 2:

The Academy is exempt from federal and state income taxes under IRC 501(c)(3). The Academy is subject to tax on income from any unrelated business. The Academy 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 Academy has analyzed tax positions taken for filing with the IRS and state jurisdiction where they operate. The Academy 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 operations, or cash flows. Accordingly, the Academy has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions at year-end. The Academy is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Academy is exempt from federal and state income taxes under IRC 501(c)(3). The Academy is subject to tax on income from any unrelated business. The Academy 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 Academy has analyzed tax positions taken for filing with the IRS and state jurisdiction where they operate. The Academy 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 operations, or cash flows. Accordingly, the Academy has not recorded any reserves or related accruals for interest and penalties for uncertain income tax positions at year-end. The Academy is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
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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
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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/ExplanationTxt4The 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/ExplanationTxt5Made an effort to obtain information on compensation, if any, was paid from a related organization. No response received and no transactions noted.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6The 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 2023 was Novation Education Opportunities.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7One 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 XI, Line 2C:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Related Organization Compensation
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6AUTHORIZER
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part VI, Section A, Line 1B:
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IRS990/USAddress/AddressLine1Txt0497 Humboldt Avenue
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IRS990/VotingMembersGoverningBodyCnt05
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ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0Mahrous Kandil
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Board Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum06516156888
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Quantum STEAM Academy
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