Civic Intelligence

Necp Abc

EIN 85-3071511 • 501(c)3 • Minneapolis, MN

Profile

The NECP ABC mission is to own a facility that is suitable for NECP to fulfill its vision and mission, to steward that facility, and to lease it to NECP at terms which satisfy the monthly and yearly debt obligations incurred to purchase the facility.

300 Industrial Blvd NEMinneapolis, MN 55413

northeastcollegeprep.org

Siviq Scores

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

Liabilities / Assets

95th percentile

1.12x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

13.58x

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

501(c)3 • $5M-$10M nonprofits • Source year 2024

Net Margin

33rd percentile

-1.5%

Higher net margin than 33% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

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

501(c)3 • $5M-$10M nonprofits • Source year 2024

Asset Growth

34th percentile

-0.5%

Faster asset growth than 34% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

30th percentile

-2.7%

Faster revenue growth than 30% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

$8,460,082

No earlier filing loaded for comparison.

Liabilities

$9,246,878

No earlier filing loaded for comparison.

Net Assets

-$786,796

No earlier filing loaded for comparison.

Operations
Liabilities / Revenue98th percentileNet Margin33rd percentile

Revenue

$757,841

No earlier filing loaded for comparison.

Expenses

$696,863

No earlier filing loaded for comparison.

Net Income

$60,978

No earlier filing loaded for comparison.

Trend Graphs

Balance Sheet Trend

Asset Growth34th percentile

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

$10M$5.0M$0-$5.0MAssets 2022: $8,460,082Liabilities 2022: $9,246,878Net Assets 2022: -$786,7962022

Highlighted filing

2022

Assets$8,460,082
Liabilities$9,246,878
Net Assets-$786,796
Open 2022 Filing

Operations Trend

Revenue Growth30th percentile

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

$800K$600K$400K$200K$0Revenue 2022: $757,841Expenses 2022: $696,863Net Income 2022: $60,9782022

Highlighted filing

2022

Revenue$757,841
Expenses$696,863
Net Income$60,978
Open 2022 Filing

Filings

Most recent year

2022 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$8,460,082
Liabilities
$9,246,878
Net assets
-$786,796
Revenue
$757,841
Expenses
$696,863
Net income
$60,978
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.46$9.25$0.79$0.76$0.70$0.06
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$757,841
Mission and Program Overview

Mission

To support the mission and vision of Northeast College Prep through the ownership of real property.

NECP ABC will own the facility for Northeast College Prep Charter School, its affiliate.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$7,253,253▲ $7,253,253
Rtn Earn Endowment Incm Other Fnds$0$1,172,989▲ $1,172,989
Pledges and Grants Receivable-$984,902-
Cash and Non-Interest-Bearing Accounts-$193,045-
Prepaid Expenses and Deferred Charges-$17,582-
Accounts Receivable-$11,300-
Pd in Cap Srpls Land Bldg Eqp Fund$0$-857,517▼ $857,517
Cap Stk Tr Prin Current Funds$0$-1,102,268▼ $1,102,268
Total Assets$0$8,460,082▲ $8,460,082
Liabilities
Tax Exempt Bond Liabilities-$7,820,000-
Mortgage Notes Payable Secured by Investment Property-$1,192,020-
Accounts Payable and Accrued Expenses-$234,858-
Total Liabilities$0$9,246,878▲ $9,246,878
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$-786,796▼ $786,796
Total Liabilities and Net Assets / Fund Balance$0$8,460,082▲ $8,460,082

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,185,324$401,462$6,586,786
Land$1,067,929-$1,067,929
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Manisha NordinePresident
Steve CunningSecretary
Kumi SmithTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$56,541
Program Service Revenue
$690,279
Investment Income
$190
Other Revenue
$10,831
All Other Contributions
$56,541
Change in Net Assets
$60,978
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$696,863
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$437,200--$437,200
Depreciation Depletion$166,029--$166,029
Fees for Services Other-$28,190-$28,190
Other Expenses$18,952$35,781-$18,952
Fees for Services Accounting-$7,700-$7,700
Fees for Services Legal-$3,000-$3,000
Office Expenses-$11-$11
Total Functional Expenses$622,181$74,682$0$696,863
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCity of Minneapolis2020-02-13$5,875,896Finance Building
ACity of Minneapolis2020-02-13$2,323,201Finance Building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$5,875,896---
A$2,323,201$2,031--

Bond Financing Compliance

No rebate due
Yes
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
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 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

“The sole member of the Corporation is Northeast College Prep, a Minnesota non-profit corporation. The sole member will have all powers available to the member of a corporation under Minn. Stat 317A.401, et seq., including, without limitation, the power to remove or appoint directors of the Corporation. This Article of incorporation shall not be amended without the written consent of the School.”

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

“The Board of Directors review and approve Form 990 prior to filing.”

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

“The Organization annually evaluates all conflict of interest policies submitted by board members and employees. The Organization's policies are communicated annually to the board and employees and to new board members and employees upon joining the Organization.”

Form 990, Part VI, Section C, line 19

“The Organization makes its public documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Necp Abc
EIN
85-3071511
Phone
6122488240
Address
300 Industrial Blvd NE, Minneapolis, MN 55413

Signing Officer

Name
Kumi Smith
Title
President
Phone
6122488240
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kumi Smith
Formed
2020
Legal Domicile
Mn
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Abdo LLP
Address
5201 Eden Avenue Suite 250, Edina, MN 55436
Preparer
Steven D Anseth CPA
Phone
9528359090
Supplemental Narrative

Additional Explanations

Form 990, Part XI, line 9:

“Beginning Net Assets -847,774.”

Form 990, Part XII, Line 2C:

“The audit committee uses the same audit as the affiliated organization described in Schedule R.”

Financial Statement Notes

Part X, Line 2:

“The Charter School is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The Charter School also qualifies as a tax-exempt organization under applicable statutes of the State of Minnesota. Management believes that it is not reasonably possible for any tax position benefits to increase or decrease significantly over the next 12 months. As of June 30, 2022, there were no income tax related accrued interest or penalties recognized in either the statement of financial position or the statement of activities. The Charter School files informational returns in the U.S. federal jurisdiction, and in the Minnesota state jurisdiction. U.S. federal returns and Minnesota returns for the prior three fiscal years are closed. No returns are currently under examination in any tax jurisdiction.”

Raw XML AppendixShowing 400 of 445 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/SupplementalInformationDetail/ExplanationTxt0The Charter School is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The Charter School also qualifies as a tax-exempt organization under applicable statutes of the State of Minnesota. Management believes that it is not reasonably possible for any tax position benefits to increase or decrease significantly over the next 12 months. As of June 30, 2022, there were no income tax related accrued interest or penalties recognized in either the statement of financial position or the statement of activities. The Charter School files informational returns in the U.S. federal jurisdiction, and in the Minnesota state jurisdiction. U.S. federal returns and Minnesota returns for the prior three fiscal years are closed. No returns are currently under examination in any tax jurisdiction.
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd11
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd00
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd10
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd01
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd11
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02020-02-13
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt12020-02-13
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0416005375
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN1416005375
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum060375CBD7
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum160375CBD5
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt02323201
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt15875896
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0City of Minneapolis
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1City of Minneapolis
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd10
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Finance Building
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc1Finance Building
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd1B
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt01823390
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt15875896
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd11
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt0497780
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt02031
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd10
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02020
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr12020
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt02323201
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt15875896
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The sole member of the Corporation is Northeast College Prep, a Minnesota non-profit corporation. The sole member will have all powers available to the member of a corporation under Minn. Stat 317A.401, et seq., including, without limitation, the power to remove or appoint directors of the Corporation. This Article of incorporation shall not be amended without the written consent of the School.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Board of Directors review and approve Form 990 prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Organization annually evaluates all conflict of interest policies submitted by board members and employees. The Organization's policies are communicated annually to the board and employees and to new board members and employees upon joining the Organization.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization makes its public documents available upon request.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Beginning Net Assets -847,774.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5The audit committee uses the same audit as the affiliated organization described in Schedule R.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, line 6
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 C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XI, line 9:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part XII, Line 2c:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Northeast College Prep Charter School No 4219
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0462577480
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Education
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0Line 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0300 Industrial Blvd NE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Minneapolis
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MN
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd055413
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0589850
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Lease Agreement
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Northeast College Prep Charter School No 4219
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0J
IRS990ScheduleR/TransferFromOtherOrgInd01
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt07820000
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsEOYAmt08460082
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt08460082
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt056541
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt074682
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0622181
IRS990/TotalFunctionalExpensesGrp/TotalAmt0696863
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt09246878
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt09246878
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-786796
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0622181
IRS990/TotalProgramServiceRevenueAmt0690279
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt011021
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0690279
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0757841
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08460082
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TransactionWithControlEntInd01

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