Civic Intelligence

Necp Abc

990 • Fiscal year 2024 • EIN 85-3071511

Jul 01, 2023 to Jun 30, 2024 • Filed on Apr 16, 2025

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.

2024 filings • 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.

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

Net Margin

33rd percentile

-1.5%

Higher net margin than 33% of similar nonprofits.

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

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.

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

Asset Growth

32nd percentile

-0.5%

Faster asset growth than 32% of similar nonprofits.

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

Revenue Growth

29th percentile

-2.7%

Faster revenue growth than 29% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$8,173,960

Down $286,122 (-3.4%) from 2022

Net Assets

Down

-$998,387

Down $211,591 (-27%) from 2022

Liabilities

Down

$9,172,347

Down $74,531 (-0.8%) from 2022

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin33rd percentile

Revenue

Down

$675,274

Down $82,567 (-11%) from 2022

Expenses

Down

$685,244

Down $11,619 (-1.7%) from 2022

Net Income

Down

-$9,970

Down $70,948 (-116%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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 2024: $8,173,960Liabilities 2024: $9,172,347Net Assets 2024: -$998,3872024

Highlighted filing

2024

Assets$8,173,960
Liabilities$9,172,347
Net Assets-$998,387
Open 2024 Filing

Operations Trend

Revenue Growth29th percentile

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

$800K$600K$400K$200K$0-$200KRevenue 2022: $757,841Expenses 2022: $696,863Net Income 2022: $60,9782022Revenue 2024: $675,274Expenses 2024: $685,244Net Income 2024: -$9,9702024

Highlighted filing

2024

Revenue$675,274
Expenses$685,244
Net Income-$9,970
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 16, 2025
Return Version
2023v6.0
Gross Receipts
$675,274
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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,134,994$6,965,199▼ $169,795
Pledges and Grants Receivable$1,049,879$1,152,144▲ $102,265
Cash and Non-Interest-Bearing Accounts$25,968$51,284▲ $25,316
Prepaid Expenses and Deferred Charges$4,847$5,333▲ $486
Total Assets$8,215,688$8,173,960▼ $41,728
Liabilities
Tax Exempt Bond Liabilities$7,820,000$7,820,000→ $0
Mortgage Notes Payable Secured by Investment Property$1,086,189$975,358▼ $110,831
Accounts Payable and Accrued Expenses$296,428$376,989▲ $80,561
Deferred Revenue$250--
Total Liabilities$9,202,867$9,172,347▼ $30,520
Net Assets / Fund Balance
Net Assets With Donor Restrictions$995,157$831,772▼ $163,385
Net Assets Without Donor Restrictions$-1,982,336$-1,830,159▲ $152,177
Total Net Assets Fund Balance$-987,179$-998,387▼ $11,208
Total Liabilities and Net Assets / Fund Balance$8,215,688$8,173,960▼ $41,728

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,897,270$737,404$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
$3,000
Program Service Revenue
$626,863
Investment Income
$45,411
Other Revenue
$0
All Other Contributions
$3,000
Change in Net Assets
$-9,970
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$685,244
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
Occupancy$422,636--$422,636
Depreciation Depletion$151,258$17,299-$168,557
Fees for Services Other$11,150$53,813-$64,963
Insurance$15,513--$15,513
Fees for Services Accounting-$8,100-$8,100
Fees for Services Legal-$4,925-$4,925
Office Expenses$550--$550
Total Functional Expenses$601,107$84,137$0$685,244
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.”

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
6122488243
Address
300 Industrial Blvd NE, Minneapolis, MN 55413

Signing Officer

Name
Kumi Smith
Title
Chair
Phone
6122488243
Signed
2025-04-16
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, 2024, 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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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, 2024, 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: 07/01/2024
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Finance Building
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd01
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt07699286
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.
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/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
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/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MN
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondLiabilitiesGrp/BOYAmt07820000
IRS990/TaxExemptBondLiabilitiesGrp/EOYAmt07820000
IRS990/TaxExemptBondsInd01
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt08215688
IRS990/TotalAssetsEOYAmt08173960
IRS990/TotalAssetsGrp/BOYAmt08215688
IRS990/TotalAssetsGrp/EOYAmt08173960
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03000
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt084137
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0601107
IRS990/TotalFunctionalExpensesGrp/TotalAmt0685244
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09202867
IRS990/TotalLiabilitiesEOYAmt09172347
IRS990/TotalLiabilitiesGrp/BOYAmt09202867
IRS990/TotalLiabilitiesGrp/EOYAmt09172347
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-987179
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-998387
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0601107
IRS990/TotalProgramServiceRevenueAmt0626863
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt045411
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0626863
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0675274
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt08215688
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08173960
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/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Kumi Smith
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Chair
ReturnHeader/BusinessOfficerGrp/PhoneNum06122488243
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NECP ABC
ReturnHeader/Filer/BusinessNameControlTxt0NECP
ReturnHeader/Filer/EIN0853071511
ReturnHeader/Filer/PhoneNum06122488243
ReturnHeader/Filer/USAddress/AddressLine1Txt0300 Industrial Blvd NE
ReturnHeader/Filer/USAddress/CityNm0Minneapolis
ReturnHeader/Filer/USAddress/StateAbbreviationCd0MN
ReturnHeader/Filer/USAddress/ZIPCd055413
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0411397419
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Abdo LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt05201 Eden Ave Ste 250
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Edina
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0MN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd055436
ReturnHeader/PreparerPersonGrp/PhoneNum09528359090
ReturnHeader/PreparerPersonGrp/PreparationDt02025-03-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Steven D Anseth CPA
ReturnHeader/ReturnTs02025-04-22T10:16:39-05:00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$8,173,960
Liabilities
$9,172,347
Net assets
-$998,387
Revenue
$675,274
Expenses
$685,244
Net income
-$9,970
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$8.17$9.17$1.00$0.68$0.69$0.01
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