Civic Intelligence

Bright Minds Academy Inc.

990 • Fiscal year 2021 • EIN 83-3668216

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 15, 2022

Organization Profile
235 Pleasant AveMichigan City, IN 46360

(219) 276-5178

Siviq Scores

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

Liabilities / Assets

93rd percentile

0.88x

Higher debt load relative to assets than 93% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

85th percentile

0.23x

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

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Net Margin

60th percentile

16%

Higher net margin than 60% of similar nonprofits.

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Top Officer Pay

77th percentile

$0

Higher top officer pay than 77% of similar nonprofits.

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

2021 filings • 501(c)3 • <$500k nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

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

Source year 2021

Revenue Growth

Score unavailable

No value available

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

Source year 2021

Balance Sheet
Liabilities / Assets93rd percentile

Assets

$121,064

No earlier filing loaded for comparison.

Net Assets

$15,024

No earlier filing loaded for comparison.

Liabilities

$106,040

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin60th percentile

Revenue

$457,199

No earlier filing loaded for comparison.

Expenses

$384,024

No earlier filing loaded for comparison.

Net Income

$73,175

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.

$600K$400K$200K$0Assets 2021: $121,064Liabilities 2021: $106,040Net Assets 2021: $15,0242021Assets 2022: $193,166Liabilities 2022: $99,801Net Assets 2022: $93,3652022Assets 2023: $428,500Liabilities 2023: $0Net Assets 2023: $428,5002023Assets 2024: $454,484Liabilities 2024: $5,314Net Assets 2024: $449,1702024

Highlighted filing

2021

Assets$121,064
Liabilities$106,040
Net Assets$15,024
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$3.0M$2.0M$1.0M$0Revenue 2021: $457,199Expenses 2021: $384,024Net Income 2021: $73,1752021Revenue 2022: $1,683,294Expenses 2022: $1,357,778Net Income 2022: $325,5162022Revenue 2023: $1,946,934Expenses 2023: $574,199Net Income 2023: $1,372,7352023Revenue 2024: $2,350,950Expenses 2024: $1,452,261Net Income 2024: $898,6892024

Highlighted filing

2021

Revenue$457,199
Expenses$384,024
Net Income$73,175
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 15, 2022
Return Version
2021v4.2
Gross Receipts
$457,199
Mission and Program Overview

Mission

CHILD CARE

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$77,126-
Prepaid Expenses and Deferred Charges-$12,533-
Cash and Non-Interest-Bearing Accounts$795$2,405▲ $1,610
Total Assets$795$121,064▲ $120,269
Other Assets Total-$29,000-
Liabilities
Unsecured Notes Loans Payable$104,177$105,726▲ $1,549
Accounts Payable and Accrued Expenses$568$314▼ $254
Total Liabilities$104,745$106,040▲ $1,295
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-103,950$15,024▲ $118,974
Total Net Assets Fund Balance$-103,950$15,024▲ $118,974
Total Liabilities and Net Assets / Fund Balance$795$121,064▲ $120,269

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$74,176-$74,176
Leasehold Improvements$2,950$50$3,000
Other Assets Org$25,000--
Compensation and Service Providers
Top Officer Pay77th percentile

Board Members and Trustees

NameTitle
Shemarr TurnerPresident
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$457,066
Investment Income
$0
Other Revenue
$133
Change in Net Assets
$73,175
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$384,024
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$237,152--$237,152
All Other Expenses$46,536--$46,536
Occupancy$39,534--$39,534
Other Expenses$6,237--$6,237
Insurance$3,291--$3,291
Fees for Services Accounting$1,895--$1,895
Advertising$1,404--$1,404
Depreciation Depletion$700--$700
Travel$691--$691
Office Expenses$94--$94
Total Functional Expenses$384,024$0$0$384,024
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990 governing body review Part VI line 11

“Tax return is reviewed and discussed before submission”

Governing documents etc available to public Part VI line 19

“Documents are available upon written request.”

Filing and Contact Details

Filer

Filer Name
Bright Minds Academy Inc
EIN
83-3668216
Address
235 PLEASANT AVE, MICHIGAN CITY, IN 46360
Doing Business As
Bright Minds Academy Inc

Signing Officer

Name
Shemarr Turner
Title
President
Phone
2192765178
Signed
2022-11-15
Discuss with paid preparer
No

Organization Details

Principal Officer
Shemarr Turner
Formed
2019
Legal Domicile
In
Voting Board Members
1
Independent Board Members
1
Employees
0

Preparer

Firm
A & B Tax Services LLC
Address
1550 N ARLINGTON AVE, INDIANAPOLIS, IN 46219
Preparer
Kevin Williams
Phone
3173548650
Supplemental Narrative

Additional Explanations

Amended return information

“The company provided us with the information to prepare the financial reports and it was determined the company no longer met the form 990-n requirements.”

Explanation of other changes in net assets or fund balances Part XI line 9

“FUND BALANCE ADJUSTMENT”

List of other fees for services expenses Part IX line 11G

“CONTRACTORS - 237,152”

List of other expenses Part IX line 24E

“See attached overflow statement page 3”

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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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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
$121,064
Liabilities
$106,040
Net assets
$15,024
Revenue
$457,199
Expenses
$384,024
Net income
$73,175
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.45$0.01$0.45$2.35$1.45$0.90
2023Detailed filing. Detailed filing data is available for this year.$0.43$0.00$0.43$1.95$0.57$1.37
2022Detailed filing. Detailed filing data is available for this year.$0.19$0.10$0.09$1.68$1.36$0.33
2021Detailed filing. Detailed filing data is available for this year.$0.12$0.11$0.02$0.46$0.38$0.07