Civic Intelligence

Wonderful Foundations

990 • Fiscal year 2020 • EIN 83-2252772

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 15, 2021

Organization ProfileWONDERFULFOUNDATIONS.ORG
2801 Hennepin Avenue No 285Minneapolis, MN 55408

(612) 986-8532

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.01x

Higher debt load relative to assets than 92% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

99th percentile

38.03x

Higher debt load relative to revenue than 99% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Net Margin

11th percentile

-20%

Higher net margin than 11% of similar nonprofits.

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

4th percentile

$0

Higher top officer pay than 4% of similar nonprofits.

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

2020 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$217,015,170

No earlier filing loaded for comparison.

Net Assets

-$1,137,339

No earlier filing loaded for comparison.

Liabilities

$218,152,509

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin11th percentile

Revenue

$5,736,620

No earlier filing loaded for comparison.

Expenses

$6,873,959

No earlier filing loaded for comparison.

Net Income

-$1,137,339

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$400M$300M$200M$100M$0-$100MAssets 2020: $217,015,170Liabilities 2020: $218,152,509Net Assets 2020: -$1,137,3392020Assets 2021: $335,018,950Liabilities 2021: $339,968,444Net Assets 2021: -$4,949,4942021Assets 2022: $322,572,289Liabilities 2022: $333,903,544Net Assets 2022: -$11,331,2552022Assets 2023: $198,401,187Liabilities 2023: $207,581,271Net Assets 2023: -$9,180,0842023Assets 2024: $226,414,350Liabilities 2024: $238,135,809Net Assets 2024: -$11,721,4592024

Highlighted filing

2020

Assets$217,015,170
Liabilities$218,152,509
Net Assets-$1,137,339
Open 2020 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$30M$20M$10M$0-$10MRevenue 2020: $5,736,620Expenses 2020: $6,873,959Net Income 2020: -$1,137,3392020Revenue 2021: $18,325,687Expenses 2021: $22,149,363Net Income 2021: -$3,823,6762021Revenue 2022: $22,902,884Expenses 2022: $28,252,254Net Income 2022: -$5,349,3702022Revenue 2023: $19,529,844Expenses 2023: $22,621,265Net Income 2023: -$3,091,4212023Revenue 2024: $14,870,529Expenses 2024: $17,808,998Net Income 2024: -$2,938,4692024

Highlighted filing

2020

Revenue$5,736,620
Expenses$6,873,959
Net Income-$1,137,339
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 15, 2021
Return Version
2020v4.1
Gross Receipts
$5,736,620
Mission and Program Overview

Mission

By meeting students exactly where they are and tailoring the educational experience to their particular needs, charter schools offer a proven path for kids from all walks of life to reach their full potential. Wonderful foundations is a charitable organization dedicated to making charter school education available to kids across the nation.

To provide essential philanthropic funding focused specifically on charter schools and their students.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$172,705,126▲ $172,705,126
Intangible Assets$0$23,853,634▲ $23,853,634
Cash and Non-Interest-Bearing Accounts$0$20,052,265▲ $20,052,265
Accounts Receivable$0$274,528▲ $274,528
Prepaid Expenses and Deferred Charges$0$129,617▲ $129,617
Total Assets$0$217,015,170▲ $217,015,170
Liabilities
Tax Exempt Bond Liabilities$0$206,110,498▲ $206,110,498
Other Liabilities$0$7,720,181▲ $7,720,181
Accounts Payable and Accrued Expenses$0$4,069,907▲ $4,069,907
Deferred Revenue$0$251,923▲ $251,923
Total Liabilities$0$218,152,509▲ $218,152,509
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$-1,137,339▼ $1,137,339
Total Net Assets Fund Balance$0$-1,137,339▼ $1,137,339
Total Liabilities and Net Assets / Fund Balance$0$217,015,170▲ $217,015,170

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$156,743,126$1,777,292$158,520,418
Land$15,962,000-$15,962,000
Compensation and Service Providers
Top Officer Pay4th percentile

Board Members and Trustees

NameTitle
Troy SnyderChair
Darlene ChambersPresident
Eric KnoxDirector
John CairnsSecretary
Art PavlenkoTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,289
Program Service Revenue
$5,732,433
Investment Income
$515
Other Revenue
$2,383
All Other Contributions
$1,289
Change in Net Assets
$-1,137,339
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,873,959
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
Interest$3,524,408--$3,524,408
Depreciation Depletion$2,420,045--$2,420,045
Occupancy$698,237--$698,237
Insurance$74,563$19,116-$93,679
Fees for Services Other-$39,484-$39,484
Fees for Services Accounting-$31,981-$31,981
Other Expenses$23,944$928-$24,872
Fees for Services Management$22,778--$22,778
Fees for Services Legal-$18,475-$18,475
Total Functional Expenses$6,763,975$109,984$0$6,873,959
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
Tenant Improvement Liabilities$4,582,523
Lease Intangible Liabilities$3,137,658

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2020-07-30$100,305,947Acquire charter school facilities
CCapital Trust Agency2020-07-30$67,934,975Acquire charter school facilities
BInfrastructure and Economic Development Bank2020-07-30$39,565,183Acquire charter school facilities

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$100,305,947--$1,762,027
C$67,938,975--$1,358,779
B$39,565,183--$691,782

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“The organization does not have any committees with authority to act on behalf of the governing body.”

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

“The form 990 is prepared by an independent public accounting firm using information provided by the organization. Once a draft is ready, the board reviews the return at a regularly scheduled board meeting.”

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

“The conflict of interest policy covers all directors, officers, and members of a committee with director-delegated powers who has a direct or indirect financial interest. The board of directors will determine whether or not a conflict of interest exists by discussing and voting on the situation based on material facts disclosed by the interested person. The interested person will not be present during such discussion and vote. The determination of a conflict of interest will be recorded in the minutes of the board meeting.”

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Wonderful Foundations
EIN
83-2252772
Phone
6129868532
Address
2801 HENNEPIN AVENUE NO 285, MINNEAPOLIS, MN 55408

Signing Officer

Name
John Cairns
Title
Secretary
Phone
6129868532
Signed
2021-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Cairns
Formed
2018
Legal Domicile
Or
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Cliftonlarsonallen Llp
Address
220 S 6TH STREET SUITE 300, MINNEAPOLIS, MN 55402
Preparer
Heidi Grinde
Phone
6123764500
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 2

“Closed first bond-offering.”

Financial Statement Notes

PART X, LINE 2:

“Wonderful foundations is a not-for-profit corporation and is exempt from tax under the provisions of internal revenue code section 501(c)(3). Wfcs holdings, llc and wfcs holdings ii, llc are single-member limited liability companies and are treated as disregarded entities for federal and state income tax purposes. Therefore, wfcs holdings, llc and wfcs holdings ii, llc are included on the tax return for wonderful foundations.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0WONDERFUL FOUNDATIONS IS A NOT-FOR-PROFIT CORPORATION AND IS EXEMPT FROM TAX UNDER THE PROVISIONS OF INTERNAL REVENUE CODE SECTION 501(C)(3). WFCS HOLDINGS, LLC AND WFCS HOLDINGS II, LLC ARE SINGLE-MEMBER LIMITED LIABILITY COMPANIES AND ARE TREATED AS DISREGARDED ENTITIES FOR FEDERAL AND STATE INCOME TAX PURPOSES. THEREFORE, WFCS HOLDINGS, LLC AND WFCS HOLDINGS II, LLC ARE INCLUDED ON THE TAX RETURN FOR WONDERFUL FOUNDATIONS.
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02020-07-30
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt22020-07-30
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd20
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt139565183
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt267934975
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0PUBLIC FINANCE AUTHORITY
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt2CAPITAL TRUST AGENCY
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd20
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0ACQUIRE CHARTER SCHOOL FACILITIES
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1ACQUIRE CHARTER SCHOOL FACILITIES
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc2ACQUIRE CHARTER SCHOOL FACILITIES
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd20
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd20
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd20
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct20.00000
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct10.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct20.00000
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct10.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct20.00000
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt089154483
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt04957625
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt11720250
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt23440775
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt267938975
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt04431812
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0CLOSED FIRST BOND-OFFERING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 IS PREPARED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM USING INFORMATION PROVIDED BY THE ORGANIZATION. ONCE A DRAFT IS READY, THE BOARD REVIEWS THE RETURN AT A REGULARLY SCHEDULED BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY COVERS ALL DIRECTORS, OFFICERS, AND MEMBERS OF A COMMITTEE WITH DIRECTOR-DELEGATED POWERS WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. THE BOARD OF DIRECTORS WILL DETERMINE WHETHER OR NOT A CONFLICT OF INTEREST EXISTS BY DISCUSSING AND VOTING ON THE SITUATION BASED ON MATERIAL FACTS DISCLOSED BY THE INTERESTED PERSON. THE INTERESTED PERSON WILL NOT BE PRESENT DURING SUCH DISCUSSION AND VOTE. THE DETERMINATION OF A CONFLICT OF INTEREST WILL BE RECORDED IN THE MINUTES OF THE BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$217,015,170
Liabilities
$218,152,509
Net assets
-$1,137,339
Revenue
$5,736,620
Expenses
$6,873,959
Net income
-$1,137,339
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$226$238$11.7$14.9$17.8$2.94
2023Detailed filing. Detailed filing data is available for this year.$198$208$9.18$19.5$22.6$3.09
2022Detailed filing. Detailed filing data is available for this year.$323$334$11.3$22.9$28.3$5.35
2021Detailed filing. Detailed filing data is available for this year.$335$340$4.95$18.3$22.1$3.82
2020Detailed filing. Detailed filing data is available for this year.$217$218$1.14$5.74$6.87$1.14