Civic Intelligence

Bright Minds Academy Inc.

990 • Fiscal year 2023 • EIN 83-3668216

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 14, 2024

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

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

17th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

95th percentile

71%

Higher net margin than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

39th percentile

$0

Higher top officer pay than 39% of similar nonprofits.

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

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

95th percentile

122%

Faster asset growth than 95% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

62nd percentile

16%

Faster revenue growth than 62% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets17th percentile

Assets

Up

$428,500

Up $235,334 (+122%) from 2022

Net Assets

Up

$428,500

Up $335,135 (+359%) from 2022

Liabilities

Down

$0

Down $99,801 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin95th percentile

Revenue

Up

$1,946,934

Up $263,640 (+16%) from 2022

Expenses

Down

$574,199

Down $783,579 (-58%) from 2022

Net Income

Up

$1,372,735

Up $1,047,219 (+322%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth95th percentile

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

2023

Assets$428,500
Liabilities$0
Net Assets$428,500
Open 2023 Filing

Operations Trend

Revenue Growth62nd percentile

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

2023

Revenue$1,946,934
Expenses$574,199
Net Income$1,372,735
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 14, 2024
Return Version
2023v5.1
Gross Receipts
$1,946,934
Mission and Program Overview

Mission

CHILD CARE

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$119,786$359,985▲ $240,199
Land, Buildings, and Equipment, Net$44,380$39,515▼ $4,865
Total Assets$193,166$428,500▲ $235,334
Other Assets Total$29,000$29,000→ $0
Liabilities
Unsecured Notes Loans Payable$99,477--
Accounts Payable and Accrued Expenses$324--
Total Liabilities$99,801$0▼ $99,801
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$93,365$428,500▲ $335,135
Total Net Assets Fund Balance$93,365$428,500▲ $335,135
Total Liabilities and Net Assets / Fund Balance$193,166$428,500▲ $235,334

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$36,615$43,506$80,121
Leasehold Improvements$2,900$100$3,000
Other Assets Org$25,000--
Compensation and Service Providers
Top Officer Pay39th percentile

Board Members and Trustees

NameTitle
Shemarr TurnerPresident
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,946,929
Investment Income
$0
Other Revenue
$5
Change in Net Assets
$1,372,735
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$439,288
Salaries, Compensation, and Employee Benefits$134,911
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$126,721--$126,721
Other Salaries and Wages$95,237--$95,237
Fees for Services Other$61,564--$61,564
Occupancy$53,913--$53,913
Payroll Taxes$33,005--$33,005
Insurance$9,555--$9,555
Travel$8,115--$8,115
Other Employee Benefits$6,669--$6,669
Interest$6,550--$6,550
Depreciation Depletion$4,865--$4,865
Fees for Services Accounting$3,980--$3,980
Advertising$3,387--$3,387
Office Expenses$1,162--$1,162
Other Expenses$159--$159
Total Functional Expenses$574,199$0$0$574,199
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
2024-11-14
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
Nicole Edwards
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”

Raw XML Appendix323 raw XML fields

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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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0INDIANAPOLIS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd046219
ReturnHeader/PreparerPersonGrp/PhoneNum03173548650
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0NICOLE EDWARDS
ReturnHeader/ReturnTs02024-11-14T13:44:12-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$428,500
Liabilities
$0
Net assets
$428,500
Revenue
$1,946,934
Expenses
$574,199
Net income
$1,372,735
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