Civic Intelligence

Great Lakes Academy Support Corporation

990 • Fiscal year 2022 • EIN 85-3256985

Jul 01, 2021 to Jun 30, 2022 • Filed on May 12, 2023

Organization ProfileWWW.GLACHICAGO.ORG
8401 South SaginawChicago, IL 60617

(773) 530-3040

Siviq Scores

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

Liabilities / Assets

91st percentile

0.93x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

30.59x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

24th percentile

-3.1%

Higher net margin than 24% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

51st percentile

$179,813

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 39.5% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

55th percentile

2.0%

Faster asset growth than 55% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

100th percentile

6846%

Faster revenue growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$14,934,740

Up $292,207 (+2.0%) from 2021

Net Assets

Up

$1,021,649

Up $331,590 (+48%) from 2021

Liabilities

Down

$13,913,091

Down $39,383 (-0.3%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin24th percentile

Revenue

Up

$454,875

Up $448,326 (+6846%) from 2021

Expenses

Down

$469,007

Down $1,502,795 (-76%) from 2021

Net Income

Up

-$14,132

Up $1,951,121 (+99%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth55th percentile

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

$15M$10M$5.0M$0Assets 2021: $14,642,533Liabilities 2021: $13,952,474Net Assets 2021: $690,0592021Assets 2022: $14,934,740Liabilities 2022: $13,913,091Net Assets 2022: $1,021,6492022Assets 2023: $14,850,042Liabilities 2023: $13,861,888Net Assets 2023: $988,1542023Assets 2024: $14,489,518Liabilities 2024: $13,937,211Net Assets 2024: $552,3072024

Highlighted filing

2022

Assets$14,934,740
Liabilities$13,913,091
Net Assets$1,021,649
Open 2022 Filing

Operations Trend

Revenue Growth100th percentile

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

$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2021: $6,549Expenses 2021: $1,971,802Net Income 2021: -$1,965,2532021Revenue 2022: $454,875Expenses 2022: $469,007Net Income 2022: -$14,1322022Revenue 2023: $454,800Expenses 2023: $621,270Net Income 2023: -$166,4702023Revenue 2024: $454,800Expenses 2024: $777,934Net Income 2024: -$323,1342024

Highlighted filing

2022

Revenue$454,875
Expenses$469,007
Net Income-$14,132
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 12, 2023
Return Version
2021v4.2
Gross Receipts
$454,875
Mission and Program Overview

Mission

To perform the functions of, and/or carry out the purposes of great lakes academy inc

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,338,620$13,686,999▲ $4,348,379
Intangible Assets$615,865$521,116▼ $94,749
Cash and Non-Interest-Bearing Accounts$4,626,919$153,503▼ $4,473,416
Total Assets$14,642,533$14,934,740▲ $292,207
Other Assets Total$61,129$573,122▲ $511,993
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,800,000$13,755,599▲ $3,955,599
Accounts Payable and Accrued Expenses$4,152,474$157,492▼ $3,994,982
Total Liabilities$13,952,474$13,913,091▼ $39,383
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$690,059$1,021,649▲ $331,590
Total Net Assets Fund Balance$690,059$1,021,649▲ $331,590
Total Liabilities and Net Assets / Fund Balance$14,642,533$14,934,740▲ $292,207

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$13,398,267$318,250$13,716,517
Land$288,732-$288,732
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleOtherTotal
Michael MesterharmTreasurer$120,588$120,588

Board Members and Trustees

NameTitle
Katherine Myers-crumPresident
Melanie HarmonDirector
Steve KrausDirector
John WashingtonSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$454,800
Investment Income
$75
Other Revenue
$0
Change in Net Assets
$-14,132
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$469,007
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$264,735$29,415-$294,150
Interest$156,607$17,400-$174,007
Office Expenses-$850-$850
Total Functional Expenses$421,342$47,665$0$469,007
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
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 A, Line 8B

“There are no committees that have been created with the authority to act on behalf of the governing body.”

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

“Form 990 is presented to the board of directors. Board members review and provide comments and feedback regarding the document. The president then approves submission of form 990 assuming all changes (if any) are made. A final version of form 990 is provided to all board members prior to filing.”

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

“All board members sign a conflict of interest policy and get training annually on the policy. The staff signs a handbook that includes a conflict of interest policy.”

Form 990, Part VI, Section C, Line 19

“All documents are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Great Lakes Academy Support
EIN
85-3256985
Phone
7735303040
Address
8401 SOUTH SAGINAW, CHICAGO, IL 60617

Signing Officer

Name
Michael Mesterharm
Title
Treasurer
Phone
7735303040
Signed
2023-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Katherine Myers-crum
Formed
2020
Legal Domicile
Il
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Ostrow Reisin Berk & Abrams Ltd
Address
455 N CITYFRONT PLAZA DR SUITE 1500, CHICAGO, IL 60611
Preparer
James G Quaid
Phone
3126707444
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Unrealized gain/(loss) on interest rate swap 345,722.”

Financial Statement Notes

PART X, LINE 2:

“Support corp is a tax-exempt organization as described in section 501(c)(3) of the code and is exempt from federal income taxes on related income pursuant to section 501(a) of the code. Support corp is a type i supporting organization within the meaning of the code. Management has determined that the school was not required to record a liability related to uncertain tax positions as of june 30, 2022 and 2021.”

Raw XML Appendix398 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THERE ARE NO COMMITTEES THAT HAVE BEEN CREATED WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS. BOARD MEMBERS REVIEW AND PROVIDE COMMENTS AND FEEDBACK REGARDING THE DOCUMENT. THE PRESIDENT THEN APPROVES SUBMISSION OF FORM 990 ASSUMING ALL CHANGES (IF ANY) ARE MADE. A FINAL VERSION OF FORM 990 IS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL BOARD MEMBERS SIGN A CONFLICT OF INTEREST POLICY AND GET TRAINING ANNUALLY ON THE POLICY. THE STAFF SIGNS A HANDBOOK THAT INCLUDES A CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL DOCUMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4UNREALIZED GAIN/(LOSS) ON INTEREST RATE SWAP 345,722.
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 B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
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IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
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IRS990ScheduleR/SharingOfFacilitiesInd01
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL MESTERHARM
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0TREASURER
ReturnHeader/BusinessOfficerGrp/PhoneNum07735303040
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-12
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd060611
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ReturnHeader/PreparerPersonGrp/PreparationDt02023-05-12
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES G QUAID
ReturnHeader/ReturnTs02023-05-15T17:17:28-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MICHAEL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MESTERHARM
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$14,934,740
Liabilities
$13,913,091
Net assets
$1,021,649
Revenue
$454,875
Expenses
$469,007
Net income
-$14,132
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$14.5$13.9$0.55$0.45$0.78$0.32
2023Detailed filing. Detailed filing data is available for this year.$14.9$13.9$0.99$0.45$0.62$0.17
2022Detailed filing. Detailed filing data is available for this year.$14.9$13.9$1.02$0.45$0.47$0.01
2021Detailed filing. Detailed filing data is available for this year.$14.6$14.0$0.69$0.01$1.97$1.97