Civic Intelligence

Ffa Building Company

990 • Fiscal year 2020 • EIN 83-3432492

Jul 01, 2019 to Jun 30, 2020 • Filed on May 06, 2021

2600 E 38th StreetMinneapolis, MN 55406

(877) 829-5500

Siviq Scores

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

Liabilities / Assets

94th percentile

1.05x

Higher debt load relative to assets than 94% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

100th percentile

801.42x

Higher debt load relative to revenue than 100% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

1st percentile

-4013%

Higher net margin than 1% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

18th percentile

$77,214

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 556.3% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2019 to 2020

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2019 to 2020

Assets

Up

$10,566,703

Up $10,566,703 from 2019

Net Assets

Down

-$556,975

Down $556,975 from 2019

Liabilities

Up

$11,123,678

Up $11,123,678 from 2019

Revenue

Up

$13,880

Up $13,880 from 2019

Expenses

Up

$570,855

Up $570,855 from 2019

Net Income

Down

-$556,975

Down $556,975 from 2019

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0-$5.0MAssets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019Assets 2020: $10,566,703Liabilities 2020: $11,123,678Net Assets 2020: -$556,9752020Assets 2021: $8,163,103Liabilities 2021: $8,867,353Net Assets 2021: -$704,2502021Assets 2022: $8,082,112Liabilities 2022: $8,853,052Net Assets 2022: -$770,9402022Assets 2023: $7,977,821Liabilities 2023: $8,755,630Net Assets 2023: -$777,8092023Assets 2024: $7,832,606Liabilities 2024: $8,326,914Net Assets 2024: -$494,3082024

Highlighted filing

2020

Assets$10,566,703
Liabilities$11,123,678
Net Assets-$556,975

Operations Trend

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

$1.0M$500K$0-$500K-$1.0MRevenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $13,880Expenses 2020: $570,855Net Income 2020: -$556,9752020Revenue 2021: $446,846Expenses 2021: $594,121Net Income 2021: -$147,2752021Revenue 2022: $517,690Expenses 2022: $584,380Net Income 2022: -$66,6902022Revenue 2023: $611,417Expenses 2023: $618,286Net Income 2023: -$6,8692023Revenue 2024: $631,317Expenses 2024: $613,872Net Income 2024: $17,4452024

Highlighted filing

2020

Revenue$13,880
Expenses$570,855
Net Income-$556,975
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
May 6, 2021
Return Version
2019v5.2
Gross Receipts
$13,880
Mission and Program Overview

Mission

To provide facilities for friendship academy of the arts for the purpose of running acharter school

To support and provide school facilities to friendship academy of the arts

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$5,414,793▲ $5,414,793
Savings and Temporary Cash Investments-$5,151,910-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$-556,975▼ $556,975
Total Assets$0$10,566,703▲ $10,566,703
Liabilities
Mortgage Notes Payable Secured by Investment Property-$8,575,513-
Accounts Payable and Accrued Expenses-$2,513,440-
Other Liabilities$0$34,725▲ $34,725
Total Liabilities$0$11,123,678▲ $11,123,678
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$-556,975▼ $556,975
Total Liabilities and Net Assets / Fund Balance$0$10,566,703▲ $10,566,703

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,547,293-$4,547,293
Land$867,500-$867,500
Compensation and Service Providers

Employees

NameTitleOtherTotal
Dr B Charvez RussellAssistant Secretary$77,214$77,214
Mary Riley CraigTreasurer$29,422$29,422

Board Members and Trustees

NameTitle
Wendy HinesPresident
Ananysia JosephSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$13,880
Other Revenue
$0
Change in Net Assets
$-556,975

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,880
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$2,907,050
Total Revenue per Audited Statements
$2,920,930
Total Revenue per Form 990
$13,880
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$570,855
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
Fees for Services Other$352,158--$352,158
Interest$218,697--$218,697
Total Functional Expenses$570,855$0$0$570,855

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,069,844
Expenses Not Reported on Form 990$8,498,989
Expenses per Audited Statements$570,855
Total Expenses per Form 990$570,855
Expenses Not Reported on Financial Statements$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
Accrued Interest Payable$34,725

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACity of Minneapolis2019-12-17$8,401,371Acquisition, renovation of school, debt service reserve, pay issuance costs

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,401,371--$163,826

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
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
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 6

The member of the corporation is friendship academy of the arts.

Form 990, Part VI, Section A, Line 7A

The member shall elect 3 directors, at least two of whom shall be members of the board of directors of the school (friendship academy of the arts). The member may mill vacancies occurring in the board by appointment provided that appointment shall be a person from the same category of membership as the person being replaced. The member may remove any director from office with or without cuase; the member shall then appoint a new director as a replacement.

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

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

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

The form 990 is reviewed by the board of directors at a board meeting before it is filed.

Form 990, Part VI, Section C, Line 19

The building company makes its governing documents and financial statements available to the public. The building company does not have a conflict of interest policy.

Filing and Contact Details

Filer

Filer Name
Ffa Building Company
EIN
83-3432492
Phone
8778295500
Address
2600 E 38TH STREET, MINNEAPOLIS, MN 55406

Signing Officer

Name
Wendy Hines
Title
President
Phone
8778295500
Signed
2021-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wendy Hines
Formed
2019
Legal Domicile
Mn
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

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

Additional Explanations

Form 990, Part IX, Line 11G

Consulting services: program service expenses 352,158. Management and general expenses 0. Fundraising expenses 0. Total expenses 352,158.

FORM 990, PART XII, LINE 1: EXPLANATION OF METHOD OF ACCOUNTING

The organization follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.

FORM 990, PART XII, LINE 2C:

The process for oversight and selection of an independent accountant as not changed from the prior year.

Financial Statement Notes

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Revenue of affiliate reported on separate return 2,907,050.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Expenses of affiliate reported on a separate return 3,113,063. Capitalized expenditures 5,414,793. Amortization of bond premium 5,858. Change in accrued interest -34,725.

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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0CITY OF MINNEAPOLIS
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0ACQUISITION, RENOVATION OF SCHOOL, DEBT SERVICE RESERVE, PAY ISSUANCE COSTS
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusConcerningUBIPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/PrivateBusUseByOthersPct00.00000
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd01
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/TotalPrivateBusinessUsePct00.00000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt05414793
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt0539112
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0163826
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt08401371
IRS990ScheduleK/TaxExemptBondsProceedsGrp/UnspentAmt02447466
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MEMBER OF THE CORPORATION IS FRIENDSHIP ACADEMY OF THE ARTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE MEMBER SHALL ELECT 3 DIRECTORS, AT LEAST TWO OF WHOM SHALL BE MEMBERS OF THE BOARD OF DIRECTORS OF THE SCHOOL (FRIENDSHIP ACADEMY OF THE ARTS). THE MEMBER MAY MILL VACANCIES OCCURRING IN THE BOARD BY APPOINTMENT PROVIDED THAT APPOINTMENT SHALL BE A PERSON FROM THE SAME CATEGORY OF MEMBERSHIP AS THE PERSON BEING REPLACED. THE MEMBER MAY REMOVE ANY DIRECTOR FROM OFFICE WITH OR WITHOUT CUASE; THE MEMBER SHALL THEN APPOINT A NEW DIRECTOR AS A REPLACEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS AT A BOARD MEETING BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BUILDING COMPANY MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. THE BUILDING COMPANY DOES NOT HAVE A CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 352,158. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 352,158.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE MINNESOTA DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELIGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNTANT AS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 1: EXPLANATION OF METHOD OF ACCOUNTING
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0FRIENDSHIP ACADEMY OF THE ARTS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0311756049
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt02600 EAST 38TH STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0MINNEAPOLIS
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055406
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt00
IRS990/TotalAssetsEOYAmt010566703
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt010566703
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0570855
IRS990/TotalFunctionalExpensesGrp/TotalAmt0570855
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt011123678
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt011123678
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-556975
IRS990/TotalOtherCompensationAmt014376
IRS990/TotalProgramServiceExpensesAmt0570855
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt013880
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt013880
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010566703
IRS990/TotReportableCompRltdOrgAmt092260
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02600 E 38TH STREET
IRS990/USAddress/CityNm0MINNEAPOLIS
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055406
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0WENDY HINES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08778295500
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-05-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FFA BUILDING COMPANY
ReturnHeader/Filer/BusinessNameControlTxt0FFAB
ReturnHeader/Filer/EIN0833432492
ReturnHeader/Filer/PhoneNum08778295500
ReturnHeader/Filer/USAddress/AddressLine1Txt02600 E 38TH STREET
ReturnHeader/Filer/USAddress/CityNm0MINNEAPOLIS

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