Civic Intelligence

Explore Academy Las Cruces Foundation

990 • Fiscal year 2022 • EIN 86-3981282

Jul 01, 2021 to Jun 30, 2022 • Filed on May 11, 2023

Organization ProfileN/A
850 N Telshor BlvdLas Cruces, NM 88011

(505) 305-5300

Siviq Scores

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

Liabilities / Assets

95th percentile

1.10x

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

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

100th percentile

42937.69x

Higher debt load relative to revenue than 100% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Net Margin

1st percentile

-402086%

Higher net margin than 1% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

26th percentile

$45,862

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 16677.1% of source-year revenue.

2022 filings • NTEE B • $10M-$25M nonprofits • Source year 2022

Asset Growth

100th percentile

1069843400%

Faster asset growth than 100% of similar nonprofits.

2022 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$10,698,435

Up $10,698,435 from 2021

Net Assets

Down

-$1,109,431

Down $1,105,736 (-29925%) from 2021

Liabilities

Up

$11,807,866

Up $11,804,171 (+319463%) from 2021

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Up

$275

Up $275 from 2021

Expenses

Up

$1,106,011

Up $1,102,316 (+29833%) from 2021

Net Income

Down

-$1,105,736

Down $1,102,041 (-29825%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$30M$20M$10M$0-$10MAssets 2021: $0Liabilities 2021: $3,695Net Assets 2021: -$3,6952021Assets 2022: $10,698,435Liabilities 2022: $11,807,866Net Assets 2022: -$1,109,4312022Assets 2023: $20,328,312Liabilities 2023: $23,668,765Net Assets 2023: -$3,340,4532023

Highlighted filing

2022

Assets$10,698,435
Liabilities$11,807,866
Net Assets-$1,109,431
Open 2022 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MRevenue 2021: $0Expenses 2021: $3,695Net Income 2021: -$3,6952021Revenue 2022: $275Expenses 2022: $1,106,011Net Income 2022: -$1,105,7362022Revenue 2023: $306,625Expenses 2023: $2,537,647Net Income 2023: -$2,231,0222023

Highlighted filing

2022

Revenue$275
Expenses$1,106,011
Net Income-$1,105,736
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 11, 2023
Return Version
2021v4.2
Gross Receipts
$275
Mission and Program Overview

Mission

To support various chartered public schools by acquiring a facility to lease to the school, to fundraise, and to disburse funds for school activities and programs.

To support various charter schools that have been disignated by the board of directors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$7,030,352▲ $7,030,352
Savings and Temporary Cash Investments-$3,668,083-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$-3,695$-1,109,431▼ $1,105,736
Total Assets$0$10,698,435▲ $10,698,435
Liabilities
Tax Exempt Bond Liabilities-$10,855,000-
Mortgage Notes Payable Secured by Investment Property-$820,000-
Accounts Payable and Accrued Expenses$3,695$132,866▲ $129,171
Total Liabilities$3,695$11,807,866▲ $11,804,171
Net Assets / Fund Balance
Total Net Assets Fund Balance$-3,695$-1,109,431▼ $1,105,736
Total Liabilities and Net Assets / Fund Balance$0$10,698,435▲ $10,698,435

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,696,255$15,867$5,712,122
Land$1,284,740-$1,284,740
Other Land Buildings$49,357-$49,357
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleOtherTotal
Karen CasedyChair$45,862$45,862

Board Members and Trustees

NameTitle
Ralph LovatoDirector
Brittany PintorSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$275
Other Revenue
$0
Change in Net Assets
$-1,105,736
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,106,011
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
Other Expenses$166,769--$166,769
Interest$132,866--$132,866
Depreciation Depletion$15,867--$15,867
Total Functional Expenses$1,106,011$0$0$1,106,011
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
APublic Finance Authority2022-05-26$10,855,000Educational facility revenue bonds, series 2022a

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$10,855,000--$212,825

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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
No
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

“The organization does not have any committees with the authority to act on behalf of the governing body.”

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

“The president/board chair reviews the form 990 prior to filing as does the foundation's legal council. Once these reviews are completed, the other board members receive a complete copy of the form 990 prior to filing.”

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

“All members are required to disclose any conflicts they might have during board meetings. Disclosed conflicts are then subjected to the procedures for addressing conflicts of interest as contained in the foundation's conflict of interest policy.”

Form 990, Part VI, Section C, Line 19

“The foundation is considered a component unit of the governmental charter school and is included in the consolidated financial statements of the nm public education department. As such, the financial statements are available to the public. In addition, the organization makes its governing documents and conflict of interest policy available upon request.”

Filing and Contact Details

Filer

Filer Name
Explore Facilities Group
EIN
86-3981282
Phone
5053055300
Address
850 N TELSHOR BLVD, LAS CRUCES, NM 88011

Signing Officer

Name
Karen Casedy
Title
Chair
Phone
5053055300
Signed
2023-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen Casedy
Formed
2021
Legal Domicile
Nm
Voting Board Members
3
Independent Board Members
2
Employees
0
Volunteers
2

Preparer

Firm
Cliftonlarsonallen Llp
Address
6501 AMERICAS PARKWAY NE SUITE 500, ALBUQUERQUE, NM 87110
Preparer
Stephen Livingston
Phone
5058428290
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES WITH THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE PRESIDENT/BOARD CHAIR REVIEWS THE FORM 990 PRIOR TO FILING AS DOES THE FOUNDATION'S LEGAL COUNCIL. ONCE THESE REVIEWS ARE COMPLETED, THE OTHER BOARD MEMBERS RECEIVE A COMPLETE COPY OF THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS THEY MIGHT HAVE DURING BOARD MEETINGS. DISCLOSED CONFLICTS ARE THEN SUBJECTED TO THE PROCEDURES FOR ADDRESSING CONFLICTS OF INTEREST AS CONTAINED IN THE FOUNDATION'S CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FOUNDATION IS CONSIDERED A COMPONENT UNIT OF THE GOVERNMENTAL CHARTER SCHOOL AND IS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE NM PUBLIC EDUCATION DEPARTMENT. AS SUCH, THE FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC. IN ADDITION, THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST.
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
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IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt00
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd10
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd1NM
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt15100 MASTHEAD ST NE
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IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
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IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
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IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
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IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
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IRS990/TotalOtherCompensationAmt09626
IRS990/TotalProgramServiceExpensesAmt01106011
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
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IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
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IRS990/TypeOfOrganizationCorpInd0X
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IRS990/UponRequestInd0X
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IRS990/VotingMembersGoverningBodyCnt03
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ReturnHeader/BusinessOfficerGrp/SignatureDt02023-05-11
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$10,698,435
Liabilities
$11,807,866
Net assets
-$1,109,431
Revenue
$275
Expenses
$1,106,011
Net income
-$1,105,736
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$20.3$23.7$3.34$0.31$2.54$2.23
2022Detailed filing. Detailed filing data is available for this year.$10.7$11.8$1.11$0.00$1.11$1.11
2021Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.00$0.00$0.00