Civic Intelligence

Legacy Academy

990 • Fiscal year 2018 • EIN 84-1413963

Jul 01, 2017 to Jun 30, 2018 • Filed on Feb 07, 2019

Organization Profilewww.legacyk8.org
1975 Legacy CircleElizabeth, CO 80107

(303) 646-2636

Siviq Scores

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

Liabilities / Assets

98th percentile

1.72x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

93rd percentile

4.70x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

6th percentile

-44%

Higher net margin than 6% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

18th percentile

$83,875

Higher top officer pay than 18% of similar nonprofits.

Top officer pay equals 2.3% of source-year revenue.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

35th percentile

-1.4%

Faster asset growth than 35% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

45th percentile

2.5%

Faster revenue growth than 45% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$10,003,729

Down $144,427 (-1.4%) from 2017

Net Assets

Down

-$7,167,292

Down $1,835,639 (-34%) from 2017

Liabilities

Up

$17,171,021

Up $1,691,212 (+11%) from 2017

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin6th percentile

Revenue

Up

$3,652,329

Up $88,585 (+2.5%) from 2017

Expenses

Up

$5,251,681

Up $550,365 (+12%) from 2017

Net Income

Down

-$1,599,352

Down $461,780 (-41%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth35th percentile

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

$20M$10M$0-$10MAssets 2011: $6,787,618Liabilities 2011: $5,926,231Net Assets 2011: $861,3872011Assets 2012: $6,820,085Liabilities 2012: $6,369,512Net Assets 2012: $450,5732012Assets 2013: $6,747,893Liabilities 2013: $6,067,037Net Assets 2013: $680,8562013Assets 2014: $6,256,636Liabilities 2014: $5,729,094Net Assets 2014: $527,5422014Assets 2015: $6,406,060Liabilities 2015: $10,361,998Net Assets 2015: -$3,955,9382015Assets 2016: $6,827,812Liabilities 2016: $10,996,861Net Assets 2016: -$4,169,0492016Assets 2017: $10,148,156Liabilities 2017: $15,479,809Net Assets 2017: -$5,331,6532017Assets 2018: $10,003,729Liabilities 2018: $17,171,021Net Assets 2018: -$7,167,2922018Assets 2019: $12,777,503Liabilities 2019: $19,478,277Net Assets 2019: -$6,700,7742019Assets 2020: $12,974,648Liabilities 2020: $18,681,800Net Assets 2020: -$5,707,1522020Assets 2021: $12,732,692Liabilities 2021: $16,959,177Net Assets 2021: -$4,226,4852021Assets 2022: $12,265,761Liabilities 2022: $14,789,139Net Assets 2022: -$2,523,3782022Assets 2023: $12,771,837Liabilities 2023: $15,176,116Net Assets 2023: -$2,404,2792023Assets 2024: $4,864,383Liabilities 2024: $7,887,336Net Assets 2024: -$3,022,9532024Assets 2025: $4,064,998Liabilities 2025: $7,495,604Net Assets 2025: -$3,430,6062025

Highlighted filing

2018

Assets$10,003,729
Liabilities$17,171,021
Net Assets-$7,167,292
Open 2018 Filing

Operations Trend

Revenue Growth45th percentile

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

$10M$5.0M$0-$5.0MRevenue 2011: $2,267,700Expenses 2011: $2,500,080Net Income 2011: -$232,3802011Revenue 2012: $3,020,694Expenses 2012: $3,431,508Net Income 2012: -$410,8142012Revenue 2013: $3,044,820Expenses 2013: $2,814,537Net Income 2013: $230,2832013Revenue 2014: $2,881,517Expenses 2014: $2,885,892Net Income 2014: -$4,3752014Revenue 2015: $2,947,124Expenses 2015: $3,204,053Net Income 2015: -$256,9292015Revenue 2016: $3,152,384Expenses 2016: $3,365,495Net Income 2016: -$213,1112016Revenue 2017: $3,563,744Expenses 2017: $4,701,316Net Income 2017: -$1,137,5722017Revenue 2018: $3,652,329Expenses 2018: $5,251,681Net Income 2018: -$1,599,3522018Revenue 2019: $4,201,075Expenses 2019: $3,734,557Net Income 2019: $466,5182019Revenue 2020: $5,128,026Expenses 2020: $4,134,404Net Income 2020: $993,6222020Revenue 2021: $5,616,648Expenses 2021: $4,135,981Net Income 2021: $1,480,6672021Revenue 2022: $6,521,082Expenses 2022: $4,817,975Net Income 2022: $1,703,1072022Revenue 2023: $5,652,405Expenses 2023: $5,533,306Net Income 2023: $119,0992023Revenue 2024: $5,946,960Expenses 2024: $6,092,479Net Income 2024: -$145,5192024Revenue 2025: $6,772,143Expenses 2025: $7,179,796Net Income 2025: -$407,6532025

Highlighted filing

2018

Revenue$3,652,329
Expenses$5,251,681
Net Income-$1,599,352
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Feb 7, 2019
Return Version
2017v2.2
Gross Receipts
$3,663,315
Mission and Program Overview

Mission

The mission of Legacy Academy is to guide students in the development of their character and academic potential through an academically rigorous, content-rich environment.

The mission of Legacy Academy is to guide students in the development of their character and academic potential through an academically rigorous, content-rich enviroment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,524,626$4,369,460▼ $155,166
Savings and Temporary Cash Investments$541,851$952,140▲ $410,289
Accounts Receivable$5,616$256,391▲ $250,775
Cash and Non-Interest-Bearing Accounts$389,255$44,890▼ $344,365
Prepaid Expenses and Deferred Charges$14,287$17,781▲ $3,494
Pledges and Grants Receivable$11,366$0▼ $11,366
Other Notes and Loans Receivable, Net-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Pd in Cap Srpls Land Bldg Eqp Fund$-578,596$-542,559▲ $36,037
Rtn Earn Endowment Incm Other Fnds$-4,753,057$-6,624,733▼ $1,871,676
Total Assets$10,148,156$10,003,729▼ $144,427
Other Assets Total$4,661,155$4,363,067▼ $298,088
Liabilities
Other Liabilities$10,012,792$11,921,508▲ $1,908,716
Tax Exempt Bond Liabilities$5,236,861$5,030,647▼ $206,214
Accounts Payable and Accrued Expenses$189,382$172,407▼ $16,975
Deferred Revenue$40,774$46,459▲ $5,685
Total Liabilities$15,479,809$17,171,021▲ $1,691,212
Net Assets / Fund Balance
Total Net Assets Fund Balance$-5,331,653$-7,167,292▼ $1,835,639
Total Liabilities and Net Assets / Fund Balance$10,148,156$10,003,729▼ $144,427

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$3,940,004$1,688,572$5,628,576
Land$347,000-$347,000
Equipment$82,456$81,620$164,076
Other Assets Org$685,071--
Compensation and Service Providers
Top Officer Pay18th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kurt NaberExecutive DirectorFT$81,426$2,449$83,875

Board Members and Trustees

NameTitle
Dallas SchroderPresident
Kathy SmithVice President
Kim BaumComm Relations
Mindy KashnerSecretary
Tom ReckeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$295,928
Program Service Revenue
$3,281,906
Investment Income
$33,975
Other Revenue
$40,520
All Other Contributions
$6,610
Change in Net Assets
$-1,599,352

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,652,329
Total Revenue per Audited Statements
$3,652,329
Total Revenue per Form 990
$3,652,329
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,086,621
Salaries, Compensation, and Employee Benefits$2,165,060
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,262,000$389,015-$1,651,015
Pension Plan Contributions$251,584$61,143-$312,727
Interest$165,032$55,010-$220,042
Fees for Services Other$123,850$88,122-$211,972
Depreciation Depletion$116,375$38,791-$155,166
Current Officers, Directors, Trustees, and Key Employees-$104,418-$104,418
Occupancy$71,259$23,753-$95,012
Other Employee Benefits$54,196$13,746-$67,942
Travel$57,546--$57,546
Payroll Taxes$22,135$6,823-$28,958
Insurance$18,425$6,142-$24,567
Office Expenses$7,113$12,581-$19,694
Advertising-$16,325-$16,325
Other Expenses$8,633$31,881-$8,633
Fees for Services Accounting-$8,000-$8,000
All Other Expenses$2,777$5,150-$7,927
Total Functional Expenses$3,924,638$1,327,043$0$5,251,681

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,251,681
Total Expenses per Audited Statements$5,251,681
Total Expenses per Form 990$5,251,681
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$27,186
Fundraising Direct Expenses$10,986
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Washington DC Trip$9,728$9,728$9$9,719
Carnival$8,856$8,856$2,198$6,658
Total Events$27,186$27,186$10,986$16,200
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability - GASB 68$11,183,943
Pensions - Deferred Inflows - GASB 68$477,898
OPEB Liability$255,394
OPEB - Deferred$4,273

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACO Edu and Cult Fac Auth2016-06-01$5,435,000Refund prior issue

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$5,435,000--$273,035

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
Yes
Exception to rebate
No
Corrective action procedures
Yes
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Parents elect the school Board of Director members”

Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings

“There are no committees with the authority to act on behalf of the board.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Legacy Academy distributes the draft form 990 to be reviewed by a committee of the Board President, Treasurer, and outside business consultant (contractor, not employee)”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“District's board policies are followed. In addition, we have language related to conflicts of interest under our board policy (GP#6) which is reviewed by the board at least once per year (per the schedule in the board calendar).Elizabeth C-1 School Board Governance Policies -http://elizabeth.k12.co.us/BoardPolicies.aspx”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Board compensation is addressed under section 2.5 of the bylaws. Principal compensation could be covered under GP #1.b, GP #8, and the monitoring/review would fall under GP #5.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Legacy Academy makes its governing documents and conflict of interest policy available on request and posts financial statements on its website to be available to the public.”

Filing and Contact Details

Filer

Filer Name
Legacy Academy
EIN
84-1413963
Phone
3036462636
Address
1975 Legacy Circle, Elizabeth, CO 80107

Signing Officer

Name
Kurt Naber
Title
Executive Director
Signed
2019-02-07
Discuss with paid preparer
Yes

Organization Details

Formed
1997
Legal Domicile
Co
Voting Board Members
5
Independent Board Members
5
Employees
90
Volunteers
200

Preparer

Firm
Hinkle & Company Pc
Address
5028 East 101st St, Tulsa, OK 74137
Preparer
James D Hinkle
Phone
9184923388
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

“Deferred Outflows of Resources = $8946”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Net OPEB Liability = -$245233”

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IRS990/OtherExpensesGrp/Desc2Supplies, Books, Online Media
IRS990/OtherExpensesGrp/Desc3Equipment Rentals
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IRS990/ProgramServiceRevenueGrp/Desc1Student Fees
IRS990/ProgramServiceRevenueGrp/Desc2Transportation
IRS990/ProgramServiceRevenueGrp/Desc3Tuition
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt177995
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt238457
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt177995
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt238457
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt336194
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IRS990/PYOtherRevenueAmt018431
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IRS990/ReconcilationRevenueExpnssAmt0-1599352
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0-4753057
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0-6624733
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt0952140
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0true
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01688572
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt05628576
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IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0164076
IRS990ScheduleD/ExpensesSubtotalAmt05251681
IRS990ScheduleD/LandGrp/BookValueAmt0347000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0347000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0118628
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt118964
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt23540404
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3685071
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1OPEB - Deferred
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2OPEB Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Pensions - Deferred Inflows - GASB 68
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt04369460
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
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IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0In accordance with all Elizabeth C-1 policies. Legacy Academy does not radically discriminate against students & poblicizes this policy on all flyers, enrollment forms, and on the website.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1Line 6a - Per pupil revenue and various grant money is received from the State of Colorado and the Colorado Department of Education
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc3Schedule E, Line 6 - Explanation of Aid or Assistance from Governmental Agency
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IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Washington DC Trip
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IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt08602
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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,003,729
Liabilities
$17,171,021
Net assets
-$7,167,292
Revenue
$3,652,329
Expenses
$5,251,681
Net income
-$1,599,352
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$4.06$7.50$3.43$6.77$7.18$0.41
2024Detailed filing. Detailed filing data is available for this year.$4.86$7.89$3.02$5.95$6.09$0.15
2023Detailed filing. Detailed filing data is available for this year.$12.8$15.2$2.40$5.65$5.53$0.12
2022Detailed filing. Detailed filing data is available for this year.$12.3$14.8$2.52$6.52$4.82$1.70
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.7$17.0$4.23$5.62$4.14$1.48
2020Detailed filing. Detailed filing data is available for this year.$13.0$18.7$5.71$5.13$4.13$0.99
2019Detailed filing. Detailed filing data is available for this year.$12.8$19.5$6.70$4.20$3.73$0.47
2018Detailed filing. Detailed filing data is available for this year.$10.0$17.2$7.17$3.65$5.25$1.60
2017Detailed filing. Detailed filing data is available for this year.$10.1$15.5$5.33$3.56$4.70$1.14
2016Summary only. Only limited summary data is available for this year.$6.83$11.0$4.17$3.15$3.37$0.21
2015Summary only. Only limited summary data is available for this year.$6.41$10.4$3.96$2.95$3.20$0.26
2014Summary only. Only limited summary data is available for this year.$6.26$5.73$0.53$2.88$2.89$0.00
2013Summary only. Only limited summary data is available for this year.$6.75$6.07$0.68$3.04$2.81$0.23
2012Summary only. Only limited summary data is available for this year.$6.82$6.37$0.45$3.02$3.43$0.41
2011Summary only. Only limited summary data is available for this year.$6.79$5.93$0.86$2.27$2.50$0.23