Civic Intelligence

Springfield Prep Realty Inc

990 • Fiscal year 2023 • EIN 85-3252010

Jul 01, 2022 to Jun 30, 2023 • Filed on May 10, 2024

Organization ProfileWWW.SPRINGFIELDPREP.ORG
2071 Roosevelt AveSpringfield, MA 01104

(413) 231-2722

Siviq Scores

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

Liabilities / Assets

94th percentile

0.99x

Higher debt load relative to assets than 94% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

26.47x

Higher debt load relative to revenue than 99% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

75th percentile

18%

Higher net margin than 75% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

22nd percentile

$151,639

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 10.6% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

21st percentile

-2.1%

Faster asset growth than 21% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

58th percentile

9.2%

Faster revenue growth than 58% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$38,413,394

Down $812,462 (-2.1%) from 2022

Net Assets

Up

$493,278

Up $254,449 (+107%) from 2022

Liabilities

Down

$37,920,116

Down $1,066,911 (-2.7%) from 2022

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin75th percentile

Revenue

Up

$1,432,793

Up $121,142 (+9.2%) from 2022

Expenses

Up

$1,178,344

Up $104,957 (+9.8%) from 2022

Net Income

Up

$254,449

Up $16,185 (+6.8%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

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

$40M$30M$20M$10M$0Assets 2021: $20,229,591Liabilities 2021: $20,229,026Net Assets 2021: $5652021Assets 2022: $39,225,856Liabilities 2022: $38,987,027Net Assets 2022: $238,8292022Assets 2023: $38,413,394Liabilities 2023: $37,920,116Net Assets 2023: $493,2782023Assets 2024: $37,482,476Liabilities 2024: $36,723,078Net Assets 2024: $759,3982024Assets 2025: $36,625,574Liabilities 2025: $35,594,001Net Assets 2025: $1,031,5732025

Highlighted filing

2023

Assets$38,413,394
Liabilities$37,920,116
Net Assets$493,278
Open 2023 Filing

Operations Trend

Revenue Growth58th percentile

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

$1.5M$1.0M$500K$0Revenue 2021: $876,082Expenses 2021: $875,517Net Income 2021: $5652021Revenue 2022: $1,311,651Expenses 2022: $1,073,387Net Income 2022: $238,2642022Revenue 2023: $1,432,793Expenses 2023: $1,178,344Net Income 2023: $254,4492023Revenue 2024: $1,427,420Expenses 2024: $1,161,300Net Income 2024: $266,1202024Revenue 2025: $1,418,162Expenses 2025: $1,145,987Net Income 2025: $272,1752025

Highlighted filing

2023

Revenue$1,432,793
Expenses$1,178,344
Net Income$254,449
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 10, 2024
Return Version
2022v5.0
Gross Receipts
$1,432,793
Mission and Program Overview

Mission

The purpose of the realty corp is to own, build, buy, sell, manage, develop, and lease real estate for springfield preparatory charter school so it can provide educational services in springfield, massachusetts.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,893,060$17,521,743▼ $371,317
Cash and Non-Interest-Bearing Accounts$1,066,047$554,827▼ $511,220
Savings and Temporary Cash Investments$0$245,158▲ $245,158
Accounts Receivable-$167-
Total Assets$39,225,856$38,413,394▼ $812,462
Other Assets Total$20,266,749$20,091,499▼ $175,250
Liabilities
Mortgage Notes Payable Secured by Investment Property$19,224,625$19,042,084▼ $182,541
Other Liabilities$19,732,155$18,872,782▼ $859,373
Accounts Payable and Accrued Expenses$30,247$5,250▼ $24,997
Total Liabilities$38,987,027$37,920,116▼ $1,066,911
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$238,829$493,278▲ $254,449
Total Net Assets Fund Balance$238,829$493,278▲ $254,449
Total Liabilities and Net Assets / Fund Balance$39,225,856$38,413,394▼ $812,462

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,553,109$995,139$17,548,248
Equipment$370,243$22,258$392,501
Land$371,700-$371,700
Other Land Buildings$226,691$13,628$240,319
Other Assets Org$20,091,499--
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
William SpirerPresident
Sara RossDirector
Sherriff BalogunDirector (until 10/1/2022)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,426,778
Investment Income
$6,015
Other Revenue
$0
Change in Net Assets
$254,449
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,178,344
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
Depreciation Depletion$565,269--$565,269
Occupancy$520,439--$520,439
Fees for Services Other$82,914--$82,914
Fees for Services Accounting$5,105--$5,105
Other Expenses$4,317--$4,317
Fees for Services Legal$300--$300
Total Functional Expenses$1,178,344$0$0$1,178,344
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
Deferred Inflows of Resources, Net$18,733,847
Due to Affiliates$138,935
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“This form 990 will be provided to all members of the organization's governing board before it is filed.”

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

“Annually all directors of this organization review the state conflict of interest overview and sign a conflict of interest acknowledgement.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Springfield Prep Realty Inc
EIN
85-3252010
Phone
4132312722
Address
2071 ROOSEVELT AVE, SPRINGFIELD, MA 01104

Signing Officer

Name
Bill Spirer
Title
President
Phone
4132312722
Signed
2024-05-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Bill Spirer
Formed
2020
Legal Domicile
Ma
Voting Board Members
2
Independent Board Members
1
Employees
0
Volunteers
2

Preparer

Firm
Aafcpas Inc
Address
50 WASHINGTON STREET, WESTBOROUGH, MA 01581
Preparer
Nichole Reilly CPA
Phone
5083669100
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“Related organization springfield preparatory charter school has a finance committee that assumes responsibility for the oversight of the audit, review, or compilation of its financial statements and selection of an independent accountant.”

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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt0151639
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalInformationDetail/ExplanationTxt0ALL COMPENSATION IS PAID BY RELATED ORGANIZATION SPRINGFIELD PREPARATORY CHARTER SCHOOL.
IRS990ScheduleJ/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, LINE 3
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THIS FORM 990 WILL BE PROVIDED TO ALL MEMBERS OF THE ORGANIZATION'S GOVERNING BOARD BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ANNUALLY ALL DIRECTORS OF THIS ORGANIZATION REVIEW THE STATE CONFLICT OF INTEREST OVERVIEW AND SIGN A CONFLICT OF INTEREST ACKNOWLEDGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3RELATED ORGANIZATION SPRINGFIELD PREPARATORY CHARTER SCHOOL HAS A FINANCE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT, REVIEW, OR COMPILATION OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C:
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd01
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1FRIENDS OF SPRINGFIELD PREPARATORY CHARTER SCHOOL INC
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt1LINE 12A, I
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt12071 ROOSEVELT AVENUE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0SPRINGFIELD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1SPRINGFIELD
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MA
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IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd01
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0211107
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0AMOUNTS OWED TO SCHOOL
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0SPRINGFIELD PREPARATORY CHARTER SCHOOL
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IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01432793
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt02
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt038413394
IRS990/TotReportableCompRltdOrgAmt0150861
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02071 ROOSEVELT AVE
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IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd001104
IRS990/VotingMembersGoverningBodyCnt02
IRS990/VotingMembersIndependentCnt01
IRS990/WebsiteAddressTxt0WWW.SPRINGFIELDPREP.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0BILL SPIRER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04132312722
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-10
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SPRINGFIELD PREP REALTY INC
ReturnHeader/Filer/BusinessNameControlTxt0SPRI
ReturnHeader/Filer/EIN0853252010
ReturnHeader/Filer/PhoneNum04132312722
ReturnHeader/Filer/USAddress/AddressLine1Txt02071 ROOSEVELT AVE
ReturnHeader/Filer/USAddress/CityNm0SPRINGFIELD

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$38,413,394
Liabilities
$37,920,116
Net assets
$493,278
Revenue
$1,432,793
Expenses
$1,178,344
Net income
$254,449
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$36.6$35.6$1.03$1.42$1.15$0.27
2024Detailed filing. Detailed filing data is available for this year.$37.5$36.7$0.76$1.43$1.16$0.27
2023Detailed filing. Detailed filing data is available for this year.$38.4$37.9$0.49$1.43$1.18$0.25
2022Detailed filing. Detailed filing data is available for this year.$39.2$39.0$0.24$1.31$1.07$0.24
2021Detailed filing. Detailed filing data is available for this year.$20.2$20.2$0.00$0.88$0.88$0.00