Civic Intelligence

Friends of Legacy Inc

EIN 85-0964002 • 501(c)3 • Bronx, NY

Profile

The organization was established to provide financial and technical support to, and further the educational and charitable purposes of the legacy college preparatory charter school in the state of new york.

400 East 145th StreetBronx, NY 10454

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

91st percentile

1.02x

Higher debt load relative to assets than 91% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

Score unavailable

No value available

Liabilities-to-revenue requires both liabilities and revenue on the latest valid filing.

Source year 2024

Net Margin

99th percentile

193%

Higher net margin than 99% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Asset Growth

18th percentile

-2.8%

Faster asset growth than 18% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

Score unavailable

No value available

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

Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$70,798,542

Down $2,018,118 (-2.8%) from 2023

Liabilities

Down

$72,352,315

Down $754,338 (-1.0%) from 2023

Net Assets

Down

-$1,553,773

Down $1,263,780 (-436%) from 2023

Operations
Liabilities / RevenueScore unavailableNet Margin99th percentile

Revenue

Down

-$654,380

Down $566,760 (-647%) from 2023

Expenses

Down

$609,400

Down $476,773 (-44%) from 2023

Net Income

Down

-$1,263,780

Down $89,987 (-7.7%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth18th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$80M$60M$40M$20M$0-$20MAssets 2021: $824,266Liabilities 2021: $427,316Net Assets 2021: $396,9502021Assets 2022: $1,253,492Liabilities 2022: $369,692Net Assets 2022: $883,8002022Assets 2023: $72,816,660Liabilities 2023: $73,106,653Net Assets 2023: -$289,9932023Assets 2024: $70,798,542Liabilities 2024: $72,352,315Net Assets 2024: -$1,553,7732024

Highlighted filing

2024

Assets$70,798,542
Liabilities$72,352,315
Net Assets-$1,553,773
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2021: $662,566Expenses 2021: $265,616Net Income 2021: $396,9502021Revenue 2022: $963,163Expenses 2022: $476,313Net Income 2022: $486,8502022Revenue 2023: -$87,620Expenses 2023: $1,086,173Net Income 2023: -$1,173,7932023Revenue 2024: -$654,380Expenses 2024: $609,400Net Income 2024: -$1,263,7802024

Highlighted filing

2024

Revenue-$654,380
Expenses$609,400
Net Income-$1,263,780
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$70,798,542
Liabilities
$72,352,315
Net assets
-$1,553,773
Revenue
-$654,380
Expenses
$609,400
Net income
-$1,263,780
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$70.8$72.4$1.55$0.65$0.61$1.26
2023Detailed filing. Detailed filing data is available for this year.$72.8$73.1$0.29$0.09$1.09$1.17
2022Detailed filing. Detailed filing data is available for this year.$1.25$0.37$0.88$0.96$0.48$0.49
2021Detailed filing. Detailed filing data is available for this year.$0.82$0.43$0.40$0.66$0.27$0.40
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 17, 2025
Return Version
2023v6.0
Gross Receipts
$4,714,786
Mission and Program Overview

Mission

The organization was established to provide financial and technical support to, and further the educational and charitable purposes of the legacy college preparatory charter school in the state of new york.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable-$1,150,375-
Cash and Non-Interest-Bearing Accounts$984,120$195,886▼ $788,234
Land, Buildings, and Equipment, Net$25,411$27,769▲ $2,358
Total Assets$72,816,660$70,798,542▼ $2,018,118
Other Assets Total$71,807,129$69,424,512▼ $2,382,617
Liabilities
Other Liabilities$72,199,992$71,435,776▼ $764,216
Accounts Payable and Accrued Expenses$545,828$916,539▲ $370,711
Deferred Revenue$360,833$0▼ $360,833
Total Liabilities$73,106,653$72,352,315▼ $754,338
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-289,993$-1,553,773▼ $1,263,780
Total Net Assets Fund Balance$-289,993$-1,553,773▼ $1,263,780
Total Liabilities and Net Assets / Fund Balance$72,816,660$70,798,542▼ $2,018,118

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,334$5,086$19,420
Buildings$6,310$3,653$9,963
Leasehold Improvements$7,125$375$7,500
Other Assets Org$67,985,406--
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
Catherine HausmannBoard Chair
Hillary SwiggettTrustee
Yvonne GuiellenSecretary
Michael RakiterTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
808 CauldwellRent3251 3RD AVE, Bronx, NY 10456$2,389,338
416 Wills LLCRent41 CARMINE STREET, New York, NY 10014$1,061,633
Vue Service CorpJanitorial Services5047 69TH STREET, Woodside, NY 11377$533,059
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,500
Investment Income
$0
Other Revenue
$-659,880
Change in Net Assets
$-1,263,780

Audited Revenue Reconciliation

Revenue per Audited Statements
$-654,380
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$5,369,166
Total Revenue per Audited Statements
$4,714,786
Total Revenue per Form 990
$-654,380
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$609,400
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
Fees for Services Other$532,284--$532,284
Fees for Services Legal-$42,303-$42,303
Fees for Services Accounting-$29,671-$29,671
Depreciation Depletion$5,142--$5,142
Total Functional Expenses$537,426$71,974$0$609,400

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,978,566
Expenses Not Reported on Form 990$5,369,166
Expenses per Audited Statements$609,400
Total Expenses per Form 990$609,400
Expenses Not Reported on Financial Statements$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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liabilities$71,435,776
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
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

“There are no subcommittees.”

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

“The 990 was reviewed and approved by the finance committee and then submitted to the borad of directors prior to filing. If the board of directors have any questions they are addressed prior to filing.”

Form 990, Part VI, Section C, Line 19

“Are made available upon request during normal business hours”

Form 990, Part VII, Column E & F

“The organization was established to provide financial and technical support to, and further the educational and charitable purposes of the legacy college preparatory charter school in the state of new york.”

Filing and Contact Details

Filer

Filer Name
Friends of Legacy Inc
EIN
85-0964002
Phone
3477461558
Address
400 EAST 145TH STREET, BRONX, NY 10454

Signing Officer

Name
Michael Rakiter
Title
Treasurer
Phone
3477461558
Signed
2025-04-17
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Summer Schneider
Formed
2020
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
2
Employees
0
Volunteers
4

Preparer

Firm
Mengel Metzger Barr & Co Llp
Address
100 CHESTNUT STREET SUITE 1200, ROCHESTER, NY 14604
Preparer
Raymond J Jacobi
Phone
5854231860
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Other purchased / professional / consulting services: program service expenses 532,284. Management and general expenses 0. Fundraising expenses 0. Total expenses 532,284.”

FORM 990, PART XII, LINE 2C:

“The board has not changed its process for selecting the independent auditor nor have they changed the oversight of the audit from prior years.”

Financial Statement Notes

PART X, LINE 2:

“The organization is a tax-exempt organization under section 501(c)(3) of the internal revenue code and applicable state regulations and accordingly, is exempt from federal and state taxes on income. The organization files form 990 tax returns in the u.s. Federal jurisdiction and in new york state. The tax returns for years ended june 30, 2024 and 2023 are still subject to potential audit by the irs and taxing authorities in new york state. Management of the organization believes they have no material uncertain tax positions and, accordingly, they have not recognized any liability for unrecognized tax benefits.”

PART XI, LINE 2D - OTHER ADJUSTMENTS:

“Rental expenses 5,369,166.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Rental expenses 5,369,166.”

Raw XML Appendix360 raw XML fields

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/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0-654380
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND APPLICABLE STATE REGULATIONS AND ACCORDINGLY, IS EXEMPT FROM FEDERAL AND STATE TAXES ON INCOME. THE ORGANIZATION FILES FORM 990 TAX RETURNS IN THE U.S. FEDERAL JURISDICTION AND IN NEW YORK STATE. THE TAX RETURNS FOR YEARS ENDED JUNE 30, 2024 AND 2023 ARE STILL SUBJECT TO POTENTIAL AUDIT BY THE IRS AND TAXING AUTHORITIES IN NEW YORK STATE. MANAGEMENT OF THE ORGANIZATION BELIEVES THEY HAVE NO MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, THEY HAVE NOT RECOGNIZED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1RENTAL EXPENSES 5,369,166.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES 5,369,166.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt027769
IRS990ScheduleD/TotalBookValueOtherAssetsAmt069424512
IRS990ScheduleD/TotalExpensesPerForm990Amt0609400
IRS990ScheduleD/TotalLiabilityAmt071435776
IRS990ScheduleD/TotalRevenuePerForm990Amt0-654380
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04714786
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt05978566
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THERE ARE NO SUBCOMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 990 WAS REVIEWED AND APPROVED BY THE FINANCE COMMITTEE AND THEN SUBMITTED TO THE BORAD OF DIRECTORS PRIOR TO FILING. IF THE BOARD OF DIRECTORS HAVE ANY QUESTIONS THEY ARE ADDRESSED PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ARE MADE AVAILABLE UPON REQUEST DURING NORMAL BUSINESS HOURS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE ORGANIZATION WAS ESTABLISHED TO PROVIDE FINANCIAL AND TECHNICAL SUPPORT TO, AND FURTHER THE EDUCATIONAL AND CHARITABLE PURPOSES OF THE LEGACY COLLEGE PREPARATORY CHARTER SCHOOL IN THE STATE OF NEW YORK.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OTHER PURCHASED / PROFESSIONAL / CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 532,284. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 532,284.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD HAS NOT CHANGED ITS PROCESS FOR SELECTING THE INDEPENDENT AUDITOR NOR HAVE THEY CHANGED THE OVERSIGHT OF THE AUDIT FROM PRIOR YEARS.
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 C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VII, COLUMN E & F
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt072816660
IRS990/TotalAssetsEOYAmt070798542
IRS990/TotalAssetsGrp/BOYAmt072816660
IRS990/TotalAssetsGrp/EOYAmt070798542
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt071974
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0537426
IRS990/TotalFunctionalExpensesGrp/TotalAmt0609400
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt073106653
IRS990/TotalLiabilitiesEOYAmt072352315
IRS990/TotalLiabilitiesGrp/BOYAmt073106653
IRS990/TotalLiabilitiesGrp/EOYAmt072352315
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-289993
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1553773
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0537426
IRS990/TotalProgramServiceRevenueAmt05500
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0-654380
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0-654380
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt04
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt072816660
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt070798542
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0400 EAST 145TH STREET
IRS990/USAddress/CityNm0BRONX
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010454
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL RAKITER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum03477461558
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-17
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRIENDS OF LEGACY INC
ReturnHeader/Filer/BusinessNameControlTxt0FRIE
ReturnHeader/Filer/EIN0850964002
ReturnHeader/Filer/PhoneNum03477461558
ReturnHeader/Filer/USAddress/AddressLine1Txt0400 EAST 145TH STREET
ReturnHeader/Filer/USAddress/CityNm0BRONX
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010454
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0161092347
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MENGEL METZGER BARR & CO LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0100 CHESTNUT STREET SUITE 1200
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ROCHESTER
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd014604
ReturnHeader/PreparerPersonGrp/PhoneNum05854231860
ReturnHeader/PreparerPersonGrp/PreparationDt02025-04-17
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RAYMOND J JACOBI
ReturnHeader/ReturnTs02025-04-24T11:10:01-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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