Civic Intelligence

Highbridge Facilities LLC

990 • Fiscal year 2021 • EIN 84-4944973

Jul 01, 2020 to Jun 30, 2021 • Filed on Jun 15, 2023

14 W 170th StreetBronx, NY 10452

(202) 285-1115

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.00x

Higher debt load relative to assets than 92% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

100th percentile

77.70x

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

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Net Margin

40th percentile

5.6%

Higher net margin than 40% of similar nonprofits.

2021 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2021

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2020 to 2021

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2020 to 2021

Assets

Up

$122,064,779

Up $122,064,779 from 2020

Net Assets

Up

$87,510

Up $87,510 from 2020

Liabilities

Up

$121,977,269

Up $121,977,269 from 2020

Revenue

Up

$1,569,832

Up $1,569,832 from 2020

Expenses

Up

$1,482,322

Up $1,482,322 from 2020

Net Income

Up

$87,510

Up $87,510 from 2020

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0-$50MAssets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020Assets 2021: $122,064,779Liabilities 2021: $121,977,269Net Assets 2021: $87,5102021Assets 2022: $121,708,884Liabilities 2022: $121,828,356Net Assets 2022: -$119,4722022Assets 2023: $137,295,123Liabilities 2023: $136,009,615Net Assets 2023: $1,285,5082023Assets 2024: $137,751,802Liabilities 2024: $134,802,793Net Assets 2024: $2,949,0092024

Highlighted filing

2021

Assets$122,064,779
Liabilities$121,977,269
Net Assets$87,510

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $1,569,832Expenses 2021: $1,482,322Net Income 2021: $87,5102021Revenue 2022: $3,177,974Expenses 2022: $3,384,956Net Income 2022: -$206,9822022Revenue 2023: $4,958,961Expenses 2023: $3,554,223Net Income 2023: $1,404,7382023Revenue 2024: $4,971,458Expenses 2024: $3,307,957Net Income 2024: $1,663,5012024

Highlighted filing

2021

Revenue$1,569,832
Expenses$1,482,322
Net Income$87,510
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jun 15, 2023
Return Version
2020v4.1
Gross Receipts
$1,569,832
Mission and Program Overview

Mission

The purpose of highbridge facilities llc is to acquire, develop, construct, own, lease, operate and maintain real property assets for the benefit of family life academy charter school (flacs), a network of community-based tax-exempt charter schools.

To acquire, develop, construct, own, lease, operate, and maintain real property assets for the benefit of Family Life Academy Charter Schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$0$53,953,845▲ $53,953,845
Other Notes and Loans Receivable, Net$0$49,208,697▲ $49,208,697
Land, Buildings, and Equipment, Net$0$18,750,043▲ $18,750,043
Prepaid Expenses and Deferred Charges$0$151,952▲ $151,952
Cash and Non-Interest-Bearing Accounts$0$242▲ $242
Accounts Receivable$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$0$122,064,779▲ $122,064,779
Other Assets Total$0$0→ $0
Liabilities
Tax Exempt Bond Liabilities$0$121,939,946▲ $121,939,946
Accounts Payable and Accrued Expenses$0$37,323▲ $37,323
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Total Liabilities$0$121,977,269▲ $121,977,269
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$87,510▲ $87,510
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$0$87,510▲ $87,510
Total Liabilities and Net Assets / Fund Balance$0$122,064,779▲ $122,064,779

Asset Categories

AssetBook ValueDepreciationBasis
Land$13,077,375-$13,077,375
Other Land Buildings$5,672,668-$5,672,668
Compensation and Service Providers

Board Members and Trustees

NameTitle
Joel RiveraChairman
Nilza OyolaDirector
Susana R LeonDirector
Kevin KearnsChief Financial Officer
Rosa MercadoSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,569,332
Other Revenue
$500
Change in Net Assets
$87,510
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,482,322
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,334,873--$1,334,873
Depreciation Depletion$66,767--$66,767
Insurance$43,100--$43,100
Fees for Services Management-$37,323-$37,323
Office Expenses$259--$259
Total Functional Expenses$1,444,999$37,323$0$1,482,322
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
CBuild NYC Resource Corporation Series 2020A-12020-12-22$49,390,000FLACS Project
BBuild NYC Resource Corporation Series 2020C-12020-12-22$25,510,000FLACS Project
ABuild NYC Resource Corporation Series 2020A-12020-12-22$20,370,000FLACS Project
DBuild NYC Resource Corporation Series 2020C-12020-12-22$12,665,000FLACS Project
BBuild NYC Resource Corporation Series 2020B-12020-12-22$8,605,000FLACS Project
ABuild NYC Resource Corporation Series 2020B-12020-12-22$4,480,000FLACS Project

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$49,390,000$0$0$587,980
B$25,510,000$0$0$311,667
A$20,370,000$0$0$242,502
D$12,665,000$0$0$154,734
B$8,605,000$0$0$105,153
A$4,480,000$0$0$54,746

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
No
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
No
Audit committee
No
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

HB Foundation is the sole member of highbridge facilities, llc.

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

When a draft 990 is ready for board review, the cfo sets a meeting with the board to review the draft. Once the whole board approves it, the cfo will let the preparer file it. Any questions during the review are discussed with the preparer prior to filing.

Form 990, Part VI, Section C, Line 19

Conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Highbridge Facilities LLC
EIN
84-4944973
In Care Of
% KEVIN KEARNS
Phone
2022851115
Address
14 W 170th Street, Bronx, NY 10452

Signing Officer

Name
Kevin Kearns
Title
CFO
Phone
2022851115
Signed
2023-06-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Kearns
Formed
2020
Legal Domicile
De
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Forvis Llp
Address
1155 Avenue of the Americas 1200, New York, NY 10036
Preparer
Aaron Shapiro
Phone
2128674000
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Box B

Amended Return: The return is being amended due to the issuance of the financial statements. As a result of the issuance of the financial statements, the assets and revenues exceeded the 990-EZ threshold, resulting in a filing of the full form 990 per IRS guidelines.

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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
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