Civic Intelligence

Necp Abc

990 • Fiscal year 2023 • EIN 85-3071511

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 29, 2024

Organization Profilenortheastcollegeprep.org
300 Industrial Blvd NEMinneapolis, MN 55413

(612) 248-8243

Siviq Scores

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

Liabilities / Assets

96th percentile

1.12x

Higher debt load relative to assets than 96% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

98th percentile

13.25x

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Net Margin

11th percentile

-29%

Higher net margin than 11% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2023 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2023

Asset Growth

22nd percentile

-2.9%

Faster asset growth than 22% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

27th percentile

-8.4%

Faster revenue growth than 27% of similar nonprofits.

2023 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$8,215,688

Down $244,394 (-2.9%) from 2022

Net Assets

Down

-$987,179

Down $200,383 (-25%) from 2022

Liabilities

Down

$9,202,867

Down $44,011 (-0.5%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin11th percentile

Revenue

Down

$694,301

Down $63,540 (-8.4%) from 2022

Expenses

Up

$894,684

Up $197,821 (+28%) from 2022

Net Income

Down

-$200,383

Down $261,361 (-429%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$10M$5.0M$0-$5.0MAssets 2022: $8,460,082Liabilities 2022: $9,246,878Net Assets 2022: -$786,7962022Assets 2023: $8,215,688Liabilities 2023: $9,202,867Net Assets 2023: -$987,1792023

Highlighted filing

2023

Assets$8,215,688
Liabilities$9,202,867
Net Assets-$987,179
Open 2023 Filing

Operations Trend

Revenue Growth27th percentile

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

$1.0M$500K$0-$500KRevenue 2022: $757,841Expenses 2022: $696,863Net Income 2022: $60,9782022Revenue 2023: $694,301Expenses 2023: $894,684Net Income 2023: -$200,3832023

Highlighted filing

2023

Revenue$694,301
Expenses$894,684
Net Income-$200,383
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 29, 2024
Return Version
2022v5.0
Gross Receipts
$694,301
Mission and Program Overview

Mission

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.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,253,253$7,134,994▼ $118,259
Pledges and Grants Receivable$984,902$1,049,879▲ $64,977
Cash and Non-Interest-Bearing Accounts$193,045$25,968▼ $167,077
Accounts Receivable$11,300--
Prepaid Expenses and Deferred Charges$17,582$4,847▼ $12,735
Total Assets$8,460,082$8,215,688▼ $244,394
Liabilities
Tax Exempt Bond Liabilities$7,820,000$7,820,000→ $0
Mortgage Notes Payable Secured by Investment Property$1,192,020$1,086,189▼ $105,831
Accounts Payable and Accrued Expenses$234,858$296,428▲ $61,570
Deferred Revenue-$250-
Total Liabilities$9,246,878$9,202,867▼ $44,011
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,172,989$995,157▼ $177,832
Net Assets Without Donor Restrictions$-1,959,785$-1,982,336▼ $22,551
Total Net Assets Fund Balance$-786,796$-987,179▼ $200,383
Total Liabilities and Net Assets / Fund Balance$8,460,082$8,215,688▼ $244,394

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,067,065$567,609$6,634,674
Land$1,067,929-$1,067,929
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Kumi SmithChair
Steve CunningMember
Scott FlemmingSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$658,710
Investment Income
$24,760
Other Revenue
$10,831
Change in Net Assets
$-200,383
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$894,684
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$431,976--$431,976
Depreciation Depletion$166,147--$166,147
Insurance$128,816--$128,816
Fees for Services Legal-$18,510-$18,510
Fees for Services Other$875$17,275-$18,150
Other Expenses$6,221--$6,221
Fees for Services Accounting-$3,950-$3,950
Occupancy$3,438--$3,438
Total Functional Expenses$854,949$39,735$0$894,684
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
ACity of Minneapolis2020-02-13$8,199,097Finance Building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,199,098$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 Organizationl 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
6122488243
Address
300 Industrial Blvd NE, Minneapolis, MN 55413

Signing Officer

Name
Kumi Smith
Title
Chair
Phone
6122488243
Signed
2024-02-29
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 Ave Ste 250, Edina, MN 55436
Preparer
Steven D Anseth CPA
Phone
9528359090
Supplemental Narrative

Additional Explanations

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, 2021, 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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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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IRS990/Desc0During the past 2021-2022 school year, NECP ABC was able to purchase a building located at 300 Industrial Blvd. NE in Minneapolis in order to facilitate the school activities carried out by the related School, Northeast College Prep Charter School. In the current year, the Organization worked to lease the building out to four nonprofits.
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Northeast College Prep Charter School No 4219
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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, 2021, 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.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X, Line 2:
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0Issuer Name: City of Minneapolis Date the Rebate Computation was Performed: 07/01/2023
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0Date Rebate Computation Performed
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02020-02-13
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum060375CBD5
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt08199097
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0City of Minneapolis
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Finance Building
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/InReserveFundAmt01049879
IRS990ScheduleK/TaxExemptBondsProceedsGrp/OtherSpentProceedsAmt02031
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxableBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02021
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt08199098
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 Organizationl 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/ExplanationTxt4The 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 XII, Line 2c:
IRS990ScheduleR/AssetExchangeInd00
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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
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IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
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IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
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IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt08460082
IRS990/TotalAssetsEOYAmt08215688
IRS990/TotalAssetsGrp/BOYAmt08460082
IRS990/TotalAssetsGrp/EOYAmt08215688
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt039735
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0854949
IRS990/TotalFunctionalExpensesGrp/TotalAmt0894684
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09246878
IRS990/TotalLiabilitiesEOYAmt09202867
IRS990/TotalLiabilitiesGrp/BOYAmt09246878
IRS990/TotalLiabilitiesGrp/EOYAmt09202867
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-786796
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-987179
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0854949
IRS990/TotalProgramServiceRevenueAmt0658710
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt035591
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0658710
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0694301
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08460082
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08215688
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0300 Industrial Blvd NE
IRS990/USAddress/CityNm0Minneapolis
IRS990/USAddress/StateAbbreviationCd0MN
IRS990/USAddress/ZIPCd055413
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0northeastcollegeprep.org
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Kumi Smith
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum06122488243
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-02-29

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,215,688
Liabilities
$9,202,867
Net assets
-$987,179
Revenue
$694,301
Expenses
$894,684
Net income
-$200,383
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$8.22$9.20$0.99$0.69$0.89$0.20
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