Civic Intelligence

Phoenix Education Network Inc.

990 • Fiscal year 2021 • EIN 84-2776904

Jul 01, 2020 to Jun 30, 2021 • Filed on May 02, 2022

10270 Immokalee RoadNaples, FL 34120

(239) 449-8773

Siviq Scores

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

Liabilities / Assets

94th percentile

1.03x

Higher debt load relative to assets than 94% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

307.04x

Higher debt load relative to revenue than 100% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Net Margin

1st percentile

-823%

Higher net margin than 1% of similar nonprofits.

2021 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

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

2021 filings • 501(c)3 • $10M-$25M 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

Assets

$24,751,183

No earlier filing loaded for comparison.

Net Assets

-$721,374

No earlier filing loaded for comparison.

Liabilities

$25,472,557

No earlier filing loaded for comparison.

Revenue

$82,961

No earlier filing loaded for comparison.

Expenses

$765,401

No earlier filing loaded for comparison.

Net Income

-$682,440

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2021: $24,751,183Liabilities 2021: $25,472,557Net Assets 2021: -$721,3742021Assets 2022: $24,220,134Liabilities 2022: $26,694,477Net Assets 2022: -$2,474,3432022Assets 2023: $23,992,768Liabilities 2023: $26,508,070Net Assets 2023: -$2,515,3022023Assets 2025: $27,670,954Liabilities 2025: $28,263,565Net Assets 2025: -$592,6112025

Highlighted filing

2021

Assets$24,751,183
Liabilities$25,472,557
Net Assets-$721,374

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2021: $82,961Expenses 2021: $765,401Net Income 2021: -$682,4402021Revenue 2022: $10,447,056Expenses 2022: $11,571,902Net Income 2022: -$1,124,8462022Revenue 2023: $12,040,262Expenses 2023: $12,122,811Net Income 2023: -$82,5492023Revenue 2025: $12,475,423Expenses 2025: $11,442,739Net Income 2025: $1,032,6842025

Highlighted filing

2021

Revenue$82,961
Expenses$765,401
Net Income-$682,440
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 2, 2022
Return Version
2020v4.2
Gross Receipts
$132,173
Mission and Program Overview

Mission

To train the minds and improve the hearts of young people through a content-rich classical education in the liberal arts and sciences, with instruction in the principles of moral character and civic virtue.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$5,072,873▲ $5,072,873
Intangible Assets-$603,486-
Cash and Non-Interest-Bearing Accounts-$364,160-
Prepaid Expenses and Deferred Charges-$2,833-
Total Assets$0$24,751,183▲ $24,751,183
Other Assets Total$0$18,707,831▲ $18,707,831
Liabilities
Tax Exempt Bond Liabilities-$23,150,000-
Other Liabilities$0$1,530,000▲ $1,530,000
Unsecured Notes Loans Payable-$600,000-
Accounts Payable and Accrued Expenses-$192,557-
Total Liabilities$0$25,472,557▲ $25,472,557
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-721,374-
Total Net Assets Fund Balance$0$-721,374▼ $721,374
Total Liabilities and Net Assets / Fund Balance$0$24,751,183▲ $24,751,183

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,024,637-$5,024,637
Equipment$48,236$535$48,771
Other Assets Org$1,727,600--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Matthew MathiasChairman
Derrick AyersVice-chairman
Mark RussoDirector
William TruogDirector
Holly Raass MillerSecretary
Tim HallTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Summit Construction GroupConstruction421 S SUMMERLINE AVE, Orlando, FL 32801$3,766,698
The Optima FoundationManagement15275 COLLIER BLVD, Naples, FL 34119$150,000
Revenue and Support

Revenue Composition

Contributions and Grants
$78,982
Program Service Revenue
$3,575
Investment Income
$404
Other Revenue
$0
All Other Contributions
$12,301
Change in Net Assets
$-682,440
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$666,158
Salaries, Compensation, and Employee Benefits$99,243
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$368,978--$368,978
Fees for Services Management-$150,000-$150,000
Other Salaries and Wages$82,960--$82,960
Fees for Services Legal$37,881--$37,881
Advertising$15,905--$15,905
Other Expenses$15,797--$15,797
Fees for Services Other$14,830--$14,830
Occupancy$13,249--$13,249
Information Technology$12,856--$12,856
Depreciation Depletion$7,913--$7,913
Payroll Taxes$7,082--$7,082
Other Employee Benefits$6,675--$6,675
Travel$4,767--$4,767
Pension Plan Contributions$2,526--$2,526
Insurance$560--$560
Total Functional Expenses$615,401$150,000$0$765,401
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$49,212
Fundraising Gross Income$49,212
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Denim & Diamonds Gala Fundraiser$103,961$37,280$21,011$16,269
Founding Family Fun Day$11,932$11,932$1,194$10,738
Total Events$115,893$49,212$49,212$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
Series 2021c Taxable Educational Facilities Revenue Bonds$1,530,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
AFl Dev Fin Corp-a2021-01-01$17,550,000SEE PART VI
BFl Dev Fin Corp-b2021-01-01$5,600,000SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$17,550,000--$463,096
B$5,600,000--$147,768

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
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, Section B, Line 11B

A copy of the draft form 990 is provided to management and the board of directors. Comments and/or questions are encouraged and resolved before final approval.

Form 990, Part VI, Section B, Line 12C

The organization confirms the enforcement of conflicts of interest through a written annual certification from each board member.

Form 990, Part VI, Section B, Line 15A

Compensation process for top official approved by board of directors.

Form 990, Part VI, Section C, Line 19

All governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Phoenix Education Network Inc
EIN
84-2776904
Phone
2394498773
Address
10270 IMMOKALEE ROAD, NAPLES, FL 34120
Doing Business As
Naples Classical Academy

Signing Officer

Name
Matthew Mathias
Title
Chairman
Phone
2394498773
Signed
2022-05-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Mathias
Formed
2019
Legal Domicile
Fl
Voting Board Members
6
Independent Board Members
6
Employees
2
Volunteers
15

Preparer

Firm
Whittaker Cooper (grennan Fender Llp)
Address
1692 W HIBISCUS BLVD, MELBOURNE, FL 32901
Preparer
Mike Hess CPA
Phone
3217233352
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PUBLISHED ON THE ORGANIZATION'S WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleG/AgrmtProfFundraisingActyInd00
IRS990ScheduleG/EmailSolicitationsInd0X
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt066681
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt066681
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt049212
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentEvent1Amt01800
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentTotalEventsAmt01800
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0DENIM & DIAMONDS GALA FUNDRAISER
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0FOUNDING FAMILY FUN DAY
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt011595
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent2Amt09653
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt021248
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0103961
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt011932
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0115893
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt037280
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt011932
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt049212
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt00
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt0615
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesTotalEventsAmt0615
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt022205
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt021011
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt01194
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt02259
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent2Amt01085
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt03344
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990/ScheduleJRequiredInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd0A
IRS990ScheduleK/ProceduresCorrectiveActionGrp/BondReferenceCd1B
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd00
IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd10
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0FLORIDA DEVELOPMENT FINANCE CORP. SERIES 2021A BOND ISSUED FOR THE ACQUISITION OF LAND AND CONSTRUCTION OF A SCHOOL.
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt1FLORIDA DEVELOPMENT FINANCE CORP. SERIES 2021B BOND ISSUED FOR THE ACQUISITION OF LAND AND CONSTRUCTION OF A SCHOOL.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE K, PART I, LINE A - DESCRIPTION OF PURPOSE:
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE K, PART I, LINE B - DESCRIPTION OF PURPOSE:
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02021-01-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12021-01-01
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0593270584
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1593270584
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum034061UGU6
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum134061UGV4
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt017550000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt15600000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0FL DEV FIN CORP-A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1FL DEV FIN CORP-B
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0SEE PART VI
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1SEE PART VI
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd10
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd01
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt06664705
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt12126630
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt010017171
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt13196362
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0463096
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt1147768
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02021
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr12021
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt017550000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt15600000
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE DRAFT FORM 990 IS PROVIDED TO MANAGEMENT AND THE BOARD OF DIRECTORS. COMMENTS AND/OR QUESTIONS ARE ENCOURAGED AND RESOLVED BEFORE FINAL APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION CONFIRMS THE ENFORCEMENT OF CONFLICTS OF INTEREST THROUGH A WRITTEN ANNUAL CERTIFICATION FROM EACH BOARD MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION PROCESS FOR TOP OFFICIAL APPROVED BY BOARD OF DIRECTORS.

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