Civic Intelligence

Ffa Building Company

990 • Fiscal year 2021 • EIN 83-3432492

Jul 01, 2020 to Jun 30, 2021 • Filed on Sep 03, 2022

Organization ProfileN/A
2600 E 38th StreetMinneapolis, MN 55406

(612) 879-6703

Siviq Scores

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

Liabilities / Assets

95th percentile

1.09x

Higher debt load relative to assets than 95% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

98th percentile

19.84x

Higher debt load relative to revenue than 98% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

7th percentile

-33%

Higher net margin than 7% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

33rd percentile

$79,726

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 17.8% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

3rd percentile

-23%

Faster asset growth than 3% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

100th percentile

3119%

Faster revenue growth than 100% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$8,163,103

Down $2,403,600 (-23%) from 2020

Net Assets

Down

-$704,250

Down $147,275 (-26%) from 2020

Liabilities

Down

$8,867,353

Down $2,256,325 (-20%) from 2020

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin7th percentile

Revenue

Up

$446,846

Up $432,966 (+3119%) from 2020

Expenses

Up

$594,121

Up $23,266 (+4.1%) from 2020

Net Income

Up

-$147,275

Up $409,700 (+74%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

2021

Assets$8,163,103
Liabilities$8,867,353
Net Assets-$704,250
Open 2021 Filing

Operations Trend

Revenue Growth100th percentile

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

2021

Revenue$446,846
Expenses$594,121
Net Income-$147,275
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Sep 3, 2022
Return Version
2020v4.2
Gross Receipts
$446,846
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$5,414,793$7,328,539▲ $1,913,746
Savings and Temporary Cash Investments$5,151,910$834,564▼ $4,317,346
Rtn Earn Endowment Incm Other Fnds$-556,975$799,594▲ $1,356,569
Pd in Cap Srpls Land Bldg Eqp Fund$0$-225,506▼ $225,506
Cap Stk Tr Prin Current Funds$0$-1,278,338▼ $1,278,338
Total Assets$10,566,703$8,163,103▼ $2,403,600
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,575,513$8,560,555▼ $14,958
Accounts Payable and Accrued Expenses$2,513,440$272,073▼ $2,241,367
Other Liabilities$34,725$34,725→ $0
Total Liabilities$11,123,678$8,867,353▼ $2,256,325
Net Assets / Fund Balance
Total Net Assets Fund Balance$-556,975$-704,250▼ $147,275
Total Liabilities and Net Assets / Fund Balance$10,566,703$8,163,103▼ $2,403,600

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,461,039$165,668$6,626,707
Land$867,500-$867,500
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleOtherTotal
Dr B Charvez RussellAssistant Secretary$79,726$79,726
Mary Riley CraigTreasurer$29,967$29,967

Board Members and Trustees

NameTitle
Wendy HinesPresident
Ananysia JosephSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$446,658
Investment Income
$188
Other Revenue
$0
Change in Net Assets
$-147,275
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$594,121
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$416,700--$416,700
Depreciation Depletion$150,710--$150,710
Fees for Services Other$26,711--$26,711
Total Functional Expenses$594,121$0$0$594,121
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
6128796703
Address
2600 E 38TH STREET, MINNEAPOLIS, MN 55406

Signing Officer

Name
Wendy Hines
Title
President
Phone
6128796703
Signed
2022-09-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wendy Hines
Formed
2019
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

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

Additional Explanations

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.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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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/ExplanationTxt5THE 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/ExplanationTxt6THE 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 XII, LINE 1: EXPLANATION OF METHOD OF ACCOUNTING
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 2C:
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CLIFTONLARSONALLEN LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0220 S 6TH STREET SUITE 300

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$8,163,103
Liabilities
$8,867,353
Net assets
-$704,250
Revenue
$446,846
Expenses
$594,121
Net income
-$147,275
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.83$8.33$0.49$0.63$0.61$0.02
2023Detailed filing. Detailed filing data is available for this year.$7.98$8.76$0.78$0.61$0.62$0.01
2022Detailed filing. Detailed filing data is available for this year.$8.08$8.85$0.77$0.52$0.58$0.07
2021Detailed filing. Detailed filing data is available for this year.$8.16$8.87$0.70$0.45$0.59$0.15
2020Detailed filing. Detailed filing data is available for this year.$10.6$11.1$0.56$0.01$0.57$0.56
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00