Civic Intelligence

Innovation Science and Technologyy Academy

990 • Fiscal year 2021 • EIN 84-2942167

Jul 01, 2020 to Jun 30, 2021 • Filed on Sep 19, 2022

Organization ProfileWWW.INNOVATIONSTA.ORG
6717 85th Avenue NBrooklyn Park, MN 55445

(763) 339-0642

Siviq Scores

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

Liabilities / Assets

94th percentile

0.99x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

64th percentile

0.19x

Higher debt load relative to revenue than 64% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

22nd percentile

-2.1%

Higher net margin than 22% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

50th percentile

$55,689

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 5.3% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M 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 / Assets94th percentile

Assets

$201,552

No earlier filing loaded for comparison.

Net Assets

$2,293

No earlier filing loaded for comparison.

Liabilities

$199,259

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin22nd percentile

Revenue

$1,047,903

No earlier filing loaded for comparison.

Expenses

$1,070,086

No earlier filing loaded for comparison.

Net Income

-$22,183

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.

$3.0M$2.0M$1.0M$0-$1.0MAssets 2021: $201,552Liabilities 2021: $199,259Net Assets 2021: $2,2932021Assets 2022: $770,109Liabilities 2022: $745,032Net Assets 2022: $25,0772022Assets 2023: $775,420Liabilities 2023: $821,188Net Assets 2023: -$45,7682023Assets 2024: $1,621,395Liabilities 2024: $1,800,139Net Assets 2024: -$178,7442024Assets 2025: $1,899,794Liabilities 2025: $2,315,410Net Assets 2025: -$415,6162025

Highlighted filing

2021

Assets$201,552
Liabilities$199,259
Net Assets$2,293
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$0-$1.0MRevenue 2021: $1,047,903Expenses 2021: $1,070,086Net Income 2021: -$22,1832021Revenue 2022: $1,194,518Expenses 2022: $1,118,501Net Income 2022: $76,0172022Revenue 2023: $1,166,153Expenses 2023: $1,236,052Net Income 2023: -$69,8992023Revenue 2024: $2,353,703Expenses 2024: $1,240,108Net Income 2024: $1,113,5952024Revenue 2025: $2,079,946Expenses 2025: $1,523,029Net Income 2025: $556,9172025

Highlighted filing

2021

Revenue$1,047,903
Expenses$1,070,086
Net Income-$22,183
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Sep 19, 2022
Return Version
2020v4.2
Gross Receipts
$1,047,903
Mission and Program Overview

Mission

Innovation science and technology academy charter school will develop talented student innovators using a cutting-edge curriculum with the collaborative support of staff, parents, and community. The collaborative culture and healthy school climate will foster personalized learning, and ignite the power of imagination and creativity in our students, who will grow to be critical thinkers, problem solvers, and agents of change.

To develop student innovators with the collaborative support of all the stakeholders.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable$26,037$111,540▲ $85,503
Cash and Non-Interest-Bearing Accounts$445$45,431▲ $44,986
Pd in Cap Srpls Land Bldg Eqp Fund$0$24,055▲ $24,055
Prepaid Expenses and Deferred Charges$0$20,000▲ $20,000
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Cap Stk Tr Prin Current Funds$-105$-21,762▼ $21,657
Total Assets$26,482$201,552▲ $175,070
Other Assets Total$0$24,581▲ $24,581
Liabilities
Accounts Payable and Accrued Expenses$26,587$199,259▲ $172,672
Total Liabilities$26,587$199,259▲ $172,672
Net Assets / Fund Balance
Total Net Assets Fund Balance$-105$2,293▲ $2,398
Total Liabilities and Net Assets / Fund Balance$26,482$201,552▲ $175,070

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$24,581--
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Omotoke OlatoyeExecutive DirectorFT$47,829$7,860$55,689
Abdinasser AhmedSecretary/teacherFT$17,550$1,427$18,977

Board Members and Trustees

NameTitle
Elizabeth JingwaBoard Chair/parent
Adebimpe DijiDirector
Anna YoungDirector
Chimi NjipwoDirector
Khalid AnsariDirector
Yien DouthDirector
Miranda AdioTreasurer/parent
Revenue and Support

Revenue Composition

Contributions and Grants
$1,047,892
Program Service Revenue
$0
Investment Income
$11
Other Revenue
$0
All Other Contributions
$4,791
Change in Net Assets
$-22,183

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,047,903
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,047,903
Total Revenue per Form 990
$1,047,903
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$697,103
Salaries, Compensation, and Employee Benefits$372,983
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Office Expenses$217,185$14,550-$231,735
Other Salaries and Wages$176,003$20,100-$196,103
Occupancy$148,368--$148,368
Current Officers, Directors, Trustees, and Key Employees$41,576$83,655-$125,231
Travel$92,051--$92,051
Fees for Services Other$25,097$57,330-$82,427
Fees for Services Accounting-$34,425-$34,425
Payroll Taxes$16,148$12,360-$28,508
Pension Plan Contributions$14,100$1,501-$15,601
Other Employee Benefits$6,513$1,027-$7,540
Insurance$4,315--$4,315
Conferences and Meetings$2,998$400-$3,398
Fees for Services Legal-$1,575-$1,575
Interest$1,158--$1,158
Other Expenses$880$85-$965
Total Functional Expenses$838,708$231,378$0$1,070,086

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,070,086
Total Expenses per Audited Statements$1,070,086
Total Expenses per Form 990$1,070,086
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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
No
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 A, Line 8B

“The school does not have any committees that have authority to act on behalf of the governing body.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is prepared by an independent accounting firm and will be presented to board members at a board meeting for review.”

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

“The conflict of interest policy covers all board members and employees. Conflict is determined to exist if there is use of school resources or influence of school office or employment for private gain or advantage, acceptance of money or valuable gift from anyone other than the school in relation to regular official duties, or employment or financial agreement with a business which has a relationship with the school. If any conflict of interest exists (at any level) it is reviewed by the board at the board meeting. If an actual conflict were to exist, they would be restricted from related activities. The process is documented in meeting minutes.”

Form 990, Part VI, Section B, Line 15

“To determine the compensation of other officers and key employees the director performs an annual evaluation for staff and documents it electronically. This process last occurred in 2022.”

Form 990, Part VI, Section C, Line 19

“The school makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Innovation Science & Technology Academy
EIN
84-2942167
Phone
7633390642
Address
6717 85TH AVENUE N, BROOKLYN PARK, MN 55445
Doing Business As
Innovation Academy

Signing Officer

Name
Dr Omotoke Olatoye
Title
Director
Phone
7633390642
Signed
2022-09-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Omotoke Olatoye
Formed
2019
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
7
Employees
23
Volunteers
7

Preparer

Firm
Cliftonlarsonallen Llp
Address
220 S 6TH STREET SUITE 300, MINNEAPOLIS, MN 55402
Preparer
Ann Neil
Phone
6123764500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in pension liability 24,581.”

FORM 990, PART XII, LINE 1: EXPLANATION FOR METHOD OF ACCOUNTING

“The school follows a modified accrual method of accounting as prescribed by the minnesota department of education. The school-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Grants and similar items are recognized when all eligibility requirements imposed by the provider have been met.”

FORM 990, PART XII, LINE 2C:

“The process for oversight and selection of an independent account has not changed from the prior year.”

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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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IRS990ScheduleD/TotalRevenuePerForm990Amt01047903
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01070086
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL'S NON-DISCRIMINATION POLICY IS PUBLISHED ON THEIR WEBSITE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL RECEIVES FEDERAL AND STATE FUNDING.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM AND WILL BE PRESENTED TO BOARD MEMBERS AT A BOARD MEETING FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST POLICY COVERS ALL BOARD MEMBERS AND EMPLOYEES. CONFLICT IS DETERMINED TO EXIST IF THERE IS USE OF SCHOOL RESOURCES OR INFLUENCE OF SCHOOL OFFICE OR EMPLOYMENT FOR PRIVATE GAIN OR ADVANTAGE, ACCEPTANCE OF MONEY OR VALUABLE GIFT FROM ANYONE OTHER THAN THE SCHOOL IN RELATION TO REGULAR OFFICIAL DUTIES, OR EMPLOYMENT OR FINANCIAL AGREEMENT WITH A BUSINESS WHICH HAS A RELATIONSHIP WITH THE SCHOOL. IF ANY CONFLICT OF INTEREST EXISTS (AT ANY LEVEL) IT IS REVIEWED BY THE BOARD AT THE BOARD MEETING. IF AN ACTUAL CONFLICT WERE TO EXIST, THEY WOULD BE RESTRICTED FROM RELATED ACTIVITIES. THE PROCESS IS DOCUMENTED IN MEETING MINUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3TO DETERMINE THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES THE DIRECTOR PERFORMS AN ANNUAL EVALUATION FOR STAFF AND DOCUMENTS IT ELECTRONICALLY. THIS PROCESS LAST OCCURRED IN 2022.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CHANGE IN PENSION LIABILITY 24,581.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE SCHOOL FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE MINNESOTA DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELIGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE PROCESS FOR OVERSIGHT AND SELECTION OF AN INDEPENDENT ACCOUNT HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XII, LINE 1: EXPLANATION FOR METHOD OF ACCOUNTING
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XII, LINE 2C:
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IRS990/TotalFunctionalExpensesGrp/TotalAmt01070086
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IRS990/TotalLiabilitiesEOYAmt0199259
IRS990/TotalLiabilitiesGrp/BOYAmt026587
IRS990/TotalLiabilitiesGrp/EOYAmt0199259
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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$201,552
Liabilities
$199,259
Net assets
$2,293
Revenue
$1,047,903
Expenses
$1,070,086
Net income
-$22,183
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$1.90$2.32$0.42$2.08$1.52$0.56
2024Detailed filing. Detailed filing data is available for this year.$1.62$1.80$0.18$2.35$1.24$1.11
2023Detailed filing. Detailed filing data is available for this year.$0.78$0.82$0.05$1.17$1.24$0.07
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.77$0.75$0.03$1.19$1.12$0.08
2021Detailed filing. Detailed filing data is available for this year.$0.20$0.20$0.00$1.05$1.07$0.02