Civic Intelligence

Lamad Academy Charter School

990 • Fiscal year 2021 • EIN 83-3026763

Jul 01, 2020 to Jun 30, 2021 • Filed on May 12, 2022

Organization ProfileWWW.LAMADACADEMY.ORG
780 Schenectady AvenueBrooklyn, NY 11203

(833) 465-2623

Siviq Scores

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

Liabilities / Assets

85th percentile

0.64x

Higher debt load relative to assets than 85% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

81st percentile

0.48x

Higher debt load relative to revenue than 81% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

12th percentile

-13%

Higher net margin than 12% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

86th percentile

$193,737

Higher top officer pay than 86% of similar nonprofits.

Top officer pay equals 12.0% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

74th percentile

32%

Faster asset growth than 74% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

69th percentile

36%

Faster revenue growth than 69% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$1,205,731

Up $289,134 (+32%) from 2020

Net Assets

Down

$428,496

Down $206,196 (-32%) from 2020

Liabilities

Up

$777,235

Up $495,330 (+176%) from 2020

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin12th percentile

Revenue

Up

$1,619,677

Up $432,315 (+36%) from 2020

Expenses

Up

$1,825,873

Up $1,271,731 (+229%) from 2020

Net Income

Down

-$206,196

Down $839,416 (-133%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth74th percentile

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

$1.5M$1.0M$500K$0Assets 2019: $63,987Liabilities 2019: $58,0152019Assets 2020: $916,597Liabilities 2020: $281,905Net Assets 2020: $634,6922020Assets 2021: $1,205,731Liabilities 2021: $777,235Net Assets 2021: $428,4962021Assets 2022: $1,000,628Liabilities 2022: $855,984Net Assets 2022: $144,6442022Assets 2023: $1,449,696Liabilities 2023: $794,494Net Assets 2023: $655,2022023Assets 2024: $1,313,358Liabilities 2024: $687,849Net Assets 2024: $625,5092024

Highlighted filing

2021

Assets$1,205,731
Liabilities$777,235
Net Assets$428,496
Open 2021 Filing

Operations Trend

Revenue Growth69th percentile

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2019: $50,502Expenses 2019: $44,530Net Income 2019: $5,9722019Revenue 2020: $1,187,362Expenses 2020: $554,142Net Income 2020: $633,2202020Revenue 2021: $1,619,677Expenses 2021: $1,825,873Net Income 2021: -$206,1962021Revenue 2022: $2,390,585Expenses 2022: $2,674,437Net Income 2022: -$283,8522022Revenue 2023: $4,751,507Expenses 2023: $4,240,949Net Income 2023: $510,5582023Revenue 2024: $4,528,114Expenses 2024: $4,557,807Net Income 2024: -$29,6932024

Highlighted filing

2021

Revenue$1,619,677
Expenses$1,825,873
Net Income-$206,196
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 12, 2022
Return Version
2020v4.0
Gross Receipts
$1,619,677
Mission and Program Overview

Mission

Lamad academy charter school's mission is to prepare and inspire students to successfully and enthusiastically pursue mathematics and science educaton in their secondary and post-secondary careers. With american economic and national secuirty dependent on the development of a scientifically-trained and technically-skilled workforce, lamad academy will graduate a cadre of such future talent by immersing its students in an academically rigorous standard-based curriculum with a principal emphasis on mathematics and science.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$186,868$841,861▲ $654,993
Cash and Non-Interest-Bearing Accounts$297,738$212,282▼ $85,456
Pledges and Grants Receivable$349,034$79,851▼ $269,183
Prepaid Expenses and Deferred Charges$82,957$32,344▼ $50,613
Savings and Temporary Cash Investments-$14,392-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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-
Total Assets$916,597$1,205,731▲ $289,134
Other Assets Total-$25,001-
Liabilities
Unsecured Notes Loans Payable-$569,617-
Accounts Payable and Accrued Expenses$281,905$207,618▼ $74,287
Total Liabilities$281,905$777,235▲ $495,330
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$634,692$365,593▼ $269,099
Net Assets With Donor Restrictions-$62,903-
Total Net Assets Fund Balance$634,692$428,496▼ $206,196
Total Liabilities and Net Assets / Fund Balance$916,597$1,205,731▲ $289,134

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$572,037$40,860$612,897
Equipment$269,824$123,784$393,608
Compensation and Service Providers
Top Officer Pay86th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alfred CockfieldCEOFT$192,040$1,697$193,737
Frederick Alan UnderwoodPrincipalFT$136,030$4,297$140,327
Paschal Ogechukwuka IkejiDirector of Operat.FT$103,859$1,532$105,391

Board Members and Trustees

NameTitle
Rubain DorancyBoard Chair
Ericka KellerVice Chair
Abenaa Frepong-boaduTrustee
Baraba CockfieldTrustee
Gregorio MayersTrustee
Kwesi McdavidTrustee
Nicole TurnerTrustee
Kenneth HalperinSecretary
Adrian BrijadderTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$254,765
Program Service Revenue
$1,364,894
Investment Income
$18
Other Revenue
$0
All Other Contributions
$80,355
Change in Net Assets
$-206,196

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,619,677
Total Revenue per Audited Statements
$1,619,677
Total Revenue per Form 990
$1,619,677
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,208,635
Other Expenses$617,238
Total Fundraising Expense$2,886
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$497,215$71,714$1,850$570,779
Current Officers, Directors, Trustees, and Key Employees$419,558$62,692-$482,250
Depreciation Depletion$141,855$22,068$305$164,228
Fees for Services Other$39,301$108,104$85$147,490
Payroll Taxes$77,260$12,019$166$89,445
Information Technology$73,367$11,413$158$84,938
Other Employee Benefits$57,115$8,913$133$66,161
Office Expenses$27,684$4,006$55$31,745
Fees for Services Accounting-$27,200-$27,200
Insurance$18,194$2,830$39$21,063
Other Expenses$9,624$1,497$21$11,142
All Other Expenses$7,991$1,540$16$9,547
Total Functional Expenses$1,484,816$338,171$2,886$1,825,873

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,825,873
Total Expenses per Audited Statements$1,825,873
Total Expenses per Form 990$1,825,873
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-
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, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Alfred and barbara cockfield are brother and sister”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Outside accountants prepare a draft of the fed form 990 which is then distributed to the school's board members for approval. Any changes are then submitted to the auditors and a revised draft submitted for approval by the board members.the return is reviewed and discussed with the full board and copies are available for each board member.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“On a periodic basis the board reviews compliance with the employee handbook and all of the policies contained therein.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“COMPENSATION FOR DIRECTORS,OFFICERS and KEY EMPLOYEES ARE REVIEWED AND APPROVED BY THE BOARD MEMBERS.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“COMPENSATION FOR DIRECTORS,OFFICERS and KEY EMPLOYEES ARE REVIEWED AND APPROVED BY THE BOARD MEMBERS.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Governing documents, organizational policies, financial disclosures and tax returns will be made availble for public inspection upon request. All financial statements and tax returns will also be submitted to grant-making government agencies.”

Filing and Contact Details

Filer

Filer Name
Lamad Academy Charter School
EIN
83-3026763
Address
780 SCHENECTADY AVENUE, BROOKLYN, NY 11203

Signing Officer

Name
Alfred Cockfield
Title
CEO
Signed
2022-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alfred Cockfield
Formed
2018
Legal Domicile
Ny
Voting Board Members
9
Independent Board Members
9
Employees
19
Volunteers
9

Preparer

Firm
Ncheng Llp Certified Public Accountants
Address
40 WALL ST 32ND FL, NEW YORK, NY 10005
Preparer
Miaoling Lin
Phone
2127850100
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“LACS is tax-exempt under Section 501 (c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported organization as described in IRC sections 509(A)(1) and 170(B)(1)(A)(II).Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if LACS has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that, as of June 30, 2021, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the financial statement.LACS is subject to income tax examination by federal, state, or local tax authorities for years after June 30, 2018.”

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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0false
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IRS990/MissionDesc0LAMAD ACADEMY CHARTER SCHOOL'S MISSION IS TO PREPARE AND INSPIRE STUDENTS TO SUCCESSFULLY AND ENTHUSIASTICALLY PURSUE MATHEMATICS AND SCIENCE EDUCATON IN THEIR SECONDARY AND POST-SECONDARY CAREERS. WITH AMERICAN ECONOMIC AND NATIONAL SECUIRTY DEPENDENT ON THE DEVELOPMENT OF A SCIENTIFICALLY-TRAINED AND TECHNICALLY-SKILLED WORKFORCE, LAMAD ACADEMY WILL GRADUATE A CADRE OF SUCH FUTURE TALENT BY IMMERSING ITS STUDENTS IN AN ACADEMICALLY RIGOROUS STANDARD-BASED CURRICULUM WITH A PRINCIPAL EMPHASIS ON MATHEMATICS AND SCIENCE.
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IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt04006
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IRS990/OfficeExpensesGrp/TotalAmt031745
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt0133
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt08913
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt057115
IRS990/OtherEmployeeBenefitsGrp/TotalAmt066161
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IRS990/OtherExpensesGrp/Desc1Supplies and materials
IRS990/OtherExpensesGrp/Desc2STUDENT SERVICE
IRS990/OtherExpensesGrp/Desc3Equipment and furnishings
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IRS990/OtherExpensesGrp/FundraisingAmt121
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt04175
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IRS990/OtherExpensesGrp/TotalAmt129205
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IRS990/OtherExpensesGrp/TotalAmt311142
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IRS990/OtherSalariesAndWagesGrp/FundraisingAmt01850
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt071714
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0497215
IRS990/OtherSalariesAndWagesGrp/TotalAmt0570779
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt0166
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt012019
IRS990/PayrollTaxesGrp/ProgramServicesAmt077260
IRS990/PayrollTaxesGrp/TotalAmt089445
IRS990/PensionPlanContributionsGrp/TotalAmt00
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt082957
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt032344
IRS990/PrincipalOfficerNm0ALFRED COCKFIELD
IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/Desc0Student Enrollment
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01364894
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IRS990/PYContributionsGrantsAmt01187345
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IRS990/PYRevenuesLessExpensesAmt0633220
IRS990/PYSalariesCompEmpBnftPaidAmt0392380
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IRS990/PYTotalRevenueAmt01187362
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IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-206196
IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt014392
IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt0123784
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0393608
IRS990ScheduleD/ExpensesSubtotalAmt01825873
IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt040860
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0612897
IRS990ScheduleD/RevenueSubtotalAmt01619677
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0LACS is tax-exempt under Section 501 (c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported organization as described in IRC sections 509(A)(1) and 170(B)(1)(A)(II).Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if LACS has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that, as of June 30, 2021, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the financial statement.LACS is subject to income tax examination by federal, state, or local tax authorities for years after June 30, 2018.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt01825873
IRS990ScheduleD/TotalRevenuePerForm990Amt01619677
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01825873
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL'S APPLICATION FORMS CONTAIN CLEAR BOLD FACED DESCRIPTIVE LANGUAGE OF ITS ADMISSIONS POLICY AND PROCEDURES REGARDING DISCRIMINATION: the school DOES NOT DISCRIMINATE AGAINST ANY STUDENT, EMPLOYEE OR OTHER PERSON ON THE BASIS OF RACE, ETHNICITY, NATIONAL ORIGIN,GENDER, DISABILITY OR ANY OTHER UNLAWFUL GROUND.THE ADMISSIONS POLICY IS REPORTED AND PUBLICLY DISCLOSED ON ITS WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1SCHOOL RECEIVES VARIOUS GOVERNMENT GRANTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,205,731
Liabilities
$777,235
Net assets
$428,496
Revenue
$1,619,677
Expenses
$1,825,873
Net income
-$206,196
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.31$0.69$0.63$4.53$4.56$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.45$0.79$0.66$4.75$4.24$0.51
2022Detailed filing. Detailed filing data is available for this year.$1.00$0.86$0.14$2.39$2.67$0.28
2021Detailed filing. Detailed filing data is available for this year.$1.21$0.78$0.43$1.62$1.83$0.21
2020Detailed filing. Detailed filing data is available for this year.$0.92$0.28$0.63$1.19$0.55$0.63
2019Summary only. Only limited summary data is available for this year.$0.06$0.06$0.05$0.04$0.01