Civic Intelligence

Denver Academy Inc.

990 • Fiscal year 2023 • EIN 84-0678685

Jul 01, 2022 to Jun 30, 2023 • Filed on Dec 20, 2023

4400 E Iliff AvenueDenver, CO 80222-6019

(303) 777-5870

Siviq Scores

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

Liabilities / Assets

40th percentile

0.17x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

62nd percentile

0.60x

Higher debt load relative to revenue than 62% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Net Margin

76th percentile

16%

Higher net margin than 76% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

49th percentile

$345,192

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2023

Asset Growth

55th percentile

7.6%

Faster asset growth than 55% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

59th percentile

8.5%

Faster revenue growth than 59% of similar nonprofits.

2023 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Flat

$63,211,290

Flat from 2023

Net Assets

Flat

$52,219,053

Flat from 2023

Liabilities

Flat

$10,992,237

Flat from 2023

Revenue

Flat

$18,258,789

Flat from 2023

Expenses

Flat

$15,390,441

Flat from 2023

Net Income

Flat

$2,868,348

Flat from 2023

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2011: $25,503,271Liabilities 2011: $9,188,086Net Assets 2011: $16,315,1852011Assets 2012: $25,866,565Liabilities 2012: $8,903,020Net Assets 2012: $16,963,5452012Assets 2013: $25,708,209Liabilities 2013: $8,020,272Net Assets 2013: $17,687,9372013Assets 2014: $27,415,977Liabilities 2014: $8,027,766Net Assets 2014: $19,388,2112014Assets 2015: $28,502,645Liabilities 2015: $8,302,218Net Assets 2015: $20,200,4272015Assets 2016: $30,106,994Liabilities 2016: $8,400,312Net Assets 2016: $21,706,6822016Assets 2017: $37,085,735Liabilities 2017: $8,018,849Net Assets 2017: $29,066,8862017Assets 2018: $47,152,468Liabilities 2018: $8,913,030Net Assets 2018: $38,239,4382018Assets 2019: $48,554,277Liabilities 2019: $8,537,058Net Assets 2019: $40,017,2192019Assets 2020: $50,382,506Liabilities 2020: $8,788,131Net Assets 2020: $41,594,3752020Assets 2021: $57,063,575Liabilities 2021: $8,806,478Net Assets 2021: $48,257,0972021Assets 2022: $58,736,787Liabilities 2022: $9,398,728Net Assets 2022: $49,338,0592022Assets 2023: $63,211,290Liabilities 2023: $10,992,237Net Assets 2023: $52,219,0532023Assets 2023: $63,211,290Liabilities 2023: $10,992,237Net Assets 2023: $52,219,0532023Assets 2024: $64,586,768Liabilities 2024: $9,302,080Net Assets 2024: $55,284,6882024Assets 2025: $68,311,384Liabilities 2025: $11,454,025Net Assets 2025: $56,857,3592025

Highlighted filing

2023

Assets$63,211,290
Liabilities$10,992,237
Net Assets$52,219,053

Operations Trend

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

$30M$20M$10M$0Revenue 2011: $10,144,440Expenses 2011: $9,723,721Net Income 2011: $420,7192011Revenue 2012: $10,565,972Expenses 2012: $9,865,806Net Income 2012: $700,1662012Revenue 2013: $11,180,540Expenses 2013: $10,214,023Net Income 2013: $966,5172013Revenue 2014: $11,227,702Expenses 2014: $9,458,107Net Income 2014: $1,769,5952014Revenue 2015: $11,254,211Expenses 2015: $10,053,131Net Income 2015: $1,201,0802015Revenue 2016: $12,193,725Expenses 2016: $10,647,659Net Income 2016: $1,546,0662016Revenue 2017: $18,483,551Expenses 2017: $11,524,619Net Income 2017: $6,958,9322017Revenue 2018: $21,248,011Expenses 2018: $12,129,401Net Income 2018: $9,118,6102018Revenue 2019: $14,022,402Expenses 2019: $12,420,604Net Income 2019: $1,601,7982019Revenue 2020: $14,244,020Expenses 2020: $12,649,117Net Income 2020: $1,594,9032020Revenue 2021: $18,702,733Expenses 2021: $13,240,092Net Income 2021: $5,462,6412021Revenue 2022: $16,828,553Expenses 2022: $14,141,882Net Income 2022: $2,686,6712022Revenue 2023: $18,258,789Expenses 2023: $15,390,441Net Income 2023: $2,868,3482023Revenue 2023: $18,258,789Expenses 2023: $15,390,441Net Income 2023: $2,868,3482023Revenue 2024: $19,466,817Expenses 2024: $16,431,113Net Income 2024: $3,035,7042024Revenue 2025: $19,360,254Expenses 2025: $17,797,298Net Income 2025: $1,562,9562025

Highlighted filing

2023

Revenue$18,258,789
Expenses$15,390,441
Net Income$2,868,348
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Dec 20, 2023
Return Version
2022v5.0
Gross Receipts
$18,388,152
Mission and Program Overview

Mission

Education of students with learning differences

To inspire and empower diverse learners through student-centered, differentiated, and transformative education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$28,006,286$36,365,117▲ $8,358,831
Savings and Temporary Cash Investments$22,183,571$16,756,300▼ $5,427,271
Investments in Publicly Traded Securities$6,547,222$9,139,720▲ $2,592,498
Pledges and Grants Receivable$1,691,769$688,935▼ $1,002,834
Prepaid Expenses and Deferred Charges$77,082$69,848▼ $7,234
Accounts Receivable$39,856--
Cash and Non-Interest-Bearing Accounts$400$400→ $0
Total Assets$58,736,787$63,211,290▲ $4,474,503
Other Assets Total$190,601$190,970▲ $369
Liabilities
Deferred Revenue$5,486,681$4,789,269▼ $697,412
Tax Exempt Bond Liabilities$3,165,000$2,915,000▼ $250,000
Accounts Payable and Accrued Expenses$747,047$1,822,310▲ $1,075,263
Mortgage Notes Payable Secured by Investment Property-$1,465,658-
Total Liabilities$9,398,728$10,992,237▲ $1,593,509
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,956,100$34,768,684▲ $812,584
Net Assets With Donor Restrictions$15,381,959$17,450,369▲ $2,068,410
Total Net Assets Fund Balance$49,338,059$52,219,053▲ $2,880,994
Total Liabilities and Net Assets / Fund Balance$58,736,787$63,211,290▲ $4,474,503

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$19,477,231$10,383,762$29,860,993
Other Land Buildings$10,813,614-$10,813,614
Land$5,400,884-$5,400,884
Equipment$673,388$2,955,525$3,628,913

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2022$6,175,288$41,232▲ $596,985-$6,589,692
2021$7,454,816$64,809▼ $1,137,042$11$6,175,288
2020$5,849,228$233,275▲ $1,573,713$13$7,454,816
2019$5,922,542$31,719▲ $95,245$-9$5,849,228
2018$6,270,931$415,378▲ $304,770$915,361$5,922,542
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mark TwarogowskiHead of SchoFT$330,789$14,403$345,192
Mark TwarogowskiHead of School / Pre-$314,080$31,112$345,192
Eric Humble Dir of FinTreasurerFT$162,501$8,240$170,741
Mark WoodStaffFT$128,056$14,052$142,108
Lori HullStaffFT$132,163$7,026$139,189
Philippe ErneweinStaffFT$117,132$14,052$131,184
Jim LevinsonStaffFT$113,607$14,052$127,659
Karen LozowStaffFT$118,269$7,026$125,295

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Brightview Landscape ServicesLandscaping12570 E 39TH AVENUE, Denver, CO 80239$117,410
Revenue and Support

Revenue Composition

Contributions and Grants
$1,688,639
Program Service Revenue
$15,727,765
Investment Income
$829,093
Other Revenue
$13,292
All Other Contributions
$1,353,950
Change in Net Assets
$2,868,348

Audited Revenue Reconciliation

Revenue per Audited Statements
$17,096,162
Revenue Not Reported on Financial Statements
$1,162,627
Revenue Not Reported on Form 990
$12,646
Other Revenue Adjustments
$1,125,000
Total Revenue per Audited Statements
$17,108,808
Total Revenue per Form 990
$18,258,789
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,649,686
Other Expenses$4,117,419
Grants and Similar Amounts Paid$1,623,336
Total Fundraising Expense$429,878
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,322,816$817,654$272,248$7,412,718
Grants to Domestic Individuals$1,623,336--$1,623,336
Depreciation Depletion$1,132,202$125,800-$1,258,002
Other Employee Benefits$607,556$94,130$28,100$729,786
Payroll Taxes$475,505$87,420$20,040$582,965
Fees for Services Other$338,208$203,066$1,228$542,502
Occupancy$450,267$46,761-$497,028
Current Officers, Directors, Trustees, and Key Employees-$490,984-$490,984
Office Expenses$341,143$89,598$14,393$445,134
Pension Plan Contributions$291,471$128,063$13,699$433,233
Insurance$215,835$49,808$11,068$276,711
Conferences and Meetings$157,422$64,018$19,379$240,819
Information Technology$2,808$152,115$8,304$163,227
Travel$110,889$35,173$265$146,327
Interest$118,677--$118,677
Advertising$5,551$112,517-$118,068
Fees for Service Investment Mgmnt Fees-$37,627-$37,627
Other Expenses$15,961$5,627$19,970$19,970
Fees for Services Legal-$12,890-$12,890
Total Functional Expenses$12,342,566$2,617,997$429,878$15,390,441

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$15,390,441
Expenses per Audited Statements$14,227,814
Total Expenses per Audited Statements$14,227,814
Expenses Not Reported on Financial Statements$1,162,627
Other Expense Adjustments$1,125,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$129,363
Fundraising Gross Income$129,363
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Benefit Gala$464,052$129,363$17,421$111,942
Total Events$464,052$129,363$129,363-
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACo Educational and Cultural2013-05-24$5,055,000Co educational and culutral facilities authority

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A----
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

Copy of form 990 reviewed by the board of trustees prior to filing.

Form 990, Page 6, Part VI, Line 12C

On a yearly basis the committee of trustees monitors the conflict of interest policies, through the use of conflict of interest forms that are completed annually.

Form 990, Page 6, Part VI, Line 15A

Committee of the board annually reviews the headmaster compensation.

Form 990, Page 6, Part VI, Line 15B

Headmaster annually reviews the other key employees compensation.

Form 990, Page 6, Part VI, Line 19

Documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Denver Academy Inc
EIN
84-0678685
Phone
3037775870
Address
4400 E ILIFF AVENUE, DENVER, CO 80222-6019

Signing Officer

Name
Eric Humble Dir of Fin
Title
Treasurer
Phone
3037775870
Signed
2023-12-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kent Berke
Formed
1972
Legal Domicile
Co
Voting Board Members
19
Independent Board Members
19
Employees
105
Volunteers
95

Preparer

Firm
Kundinger Corder & Montoya Pc
Address
475 LINCOLN STREET SUITE 200, DENVER, CO 80203
Preparer
Maria Montoya
Phone
3035345953
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Finanical aid -1,125,000 financial aid 1,125,000 financial aid 0

Form 990, Page 12, Part XII, Line 2C

The audit and finance committee of denver academy meets annually with the independent cpa firm to review the results of the current audit and interal control recommendations, if any. The committee also assumes the annual responsibility of approving the selection of the audit firm. There have been no changes to these processes for the prior year.

Financial Statement Notes

Schedule D, Page 1, Part II, Line 5

Conservation easements - the organization's historic structures are reported as part of the building fixed asset account.

Schedule D, Page 2, Part V, Line 4

The intended use of the endowment funds are for scholarship funds, general funds, and faculty enrichment funds.

Schedule D, Page 4, Part XI, Line 4B

FINANICAL AID 1,125,000

Schedule D, Page 4, Part XII, Line 4B

FINANCIAL AID 1,125,000

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IRS990/Form990PartVIISectionAGrp/PersonNm12JIM FRIEDBERG
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt270
IRS990/Form990PartVIISectionAGrp/TitleTxt0HEAD OF SCHO
IRS990/Form990PartVIISectionAGrp/TitleTxt1TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt2STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt3STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt4STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt5STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt6STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt7CHAIR OF THE
IRS990/Form990PartVIISectionAGrp/TitleTxt8CHAIR-ELECT
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10TRUSTEE THRU
IRS990/Form990PartVIISectionAGrp/TitleTxt11TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt13TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt14TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16VICE CHAIR O
IRS990/Form990PartVIISectionAGrp/TitleTxt17TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt18TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt19TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt20TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt21TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt24TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt25TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt26TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt27TRUSTEE
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IRS990/FormationYr01972
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0true
IRS990/FundraisingAmt0334689
IRS990/FundraisingDirectExpensesAmt0129363
IRS990/FundraisingGrossIncomeAmt0129363
IRS990/GainOrLossGrp/SecuritiesAmt0501141
IRS990/GamingActivitiesInd0false
IRS990/GoverningBodyVotingMembersCnt019
IRS990/GrantAmt01623336
IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt01623336
IRS990/GrantsToDomesticIndividualsGrp/TotalAmt01623336
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IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossAmountSalesAssetsGrp/SecuritiesAmt0501141
IRS990/GrossReceiptsAmt018388152
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IRS990/IncludeFIN48FootnoteInd0false
IRS990/IndependentAuditFinclStmtInd0true
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IRS990/IndivRcvdGreaterThan100KCnt010
IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/FundraisingAmt08304
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt0152115
IRS990/InformationTechnologyGrp/ProgramServicesAmt02808
IRS990/InformationTechnologyGrp/TotalAmt0163227
IRS990/InsuranceGrp/FundraisingAmt011068
IRS990/InsuranceGrp/ManagementAndGeneralAmt049808
IRS990/InsuranceGrp/ProgramServicesAmt0215835
IRS990/InsuranceGrp/TotalAmt0276711
IRS990/InterestGrp/ProgramServicesAmt0118677
IRS990/InterestGrp/TotalAmt0118677
IRS990/InvestmentIncomeGrp/ExclusionAmt0327952
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt0327952
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IRS990/InvestmentsPubTradedSecGrp/EOYAmt09139720
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IRS990/LandBldgEquipBasisNetGrp/EOYAmt036365117
IRS990/LandBldgEquipCostOrOtherBssAmt049704404
IRS990/LegalDomicileStateCd0CO
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
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IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0EDUCATION OF STUDENTS WITH LEARNING DIFFERENCES
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0501141
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0501141
IRS990/NetUnrlzdGainsLossesInvstAmt012646
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt028100
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt094130
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0607556
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0729786
IRS990/OtherExpensesGrp/Desc0REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc1BAD DEBT
IRS990/OtherExpensesGrp/Desc2MISC. EXPENSES
IRS990/OtherExpensesGrp/Desc3CONTRIBUTED GOODS
IRS990/OtherExpensesGrp/FundraisingAmt021184
IRS990/OtherExpensesGrp/FundraisingAmt119970
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt014769
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt149977
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt25627
IRS990/OtherExpensesGrp/ProgramServicesAmt0132919
IRS990/OtherExpensesGrp/ProgramServicesAmt115961
IRS990/OtherExpensesGrp/TotalAmt0147688
IRS990/OtherExpensesGrp/TotalAmt149977
IRS990/OtherExpensesGrp/TotalAmt242772

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$68.3$11.5$56.9$19.4$17.8$1.56
2024Summary only. Only limited summary data is available for this year.$64.6$9.30$55.3$19.5$16.4$3.04
2023Detailed filing. Detailed filing data is available for this year.$63.2$11.0$52.2$18.3$15.4$2.87
2023Summary only. Only limited summary data is available for this year.$63.2$11.0$52.2$18.3$15.4$2.87
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$58.7$9.40$49.3$16.8$14.1$2.69
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.1$8.81$48.3$18.7$13.2$5.46
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.4$8.79$41.6$14.2$12.6$1.59
2019Summary only. Only limited summary data is available for this year.$48.6$8.54$40.0$14.0$12.4$1.60
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$47.2$8.91$38.2$21.2$12.1$9.12
2017Summary only. Only limited summary data is available for this year.$37.1$8.02$29.1$18.5$11.5$6.96
2016Detailed filing. Detailed filing data is available for this year.$30.1$8.40$21.7$12.2$10.6$1.55
2015Summary only. Only limited summary data is available for this year.$28.5$8.30$20.2$11.3$10.1$1.20
2014Detailed filing. Detailed filing data is available for this year.$27.4$8.03$19.4$11.2$9.46$1.77
2013Summary only. Only limited summary data is available for this year.$25.7$8.02$17.7$11.2$10.2$0.97
2012Summary only. Only limited summary data is available for this year.$25.9$8.90$17.0$10.6$9.87$0.70
2011Summary only. Only limited summary data is available for this year.$25.5$9.19$16.3$10.1$9.72$0.42