Civic Intelligence

Surad Academy

990 • Fiscal year 2024 • EIN 87-2071145

Jul 01, 2023 to Jun 30, 2024 • Filed on May 14, 2025

Organization ProfileSURADACADEMY.ORG
128 8th Ave NWFaribault, MN 55021

(508) 329-1223

Siviq Scores

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

Liabilities / Assets

95th percentile

1.21x

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

2024 filings • NTEE B • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

92nd percentile

1.11x

Higher debt load relative to revenue than 92% of similar nonprofits.

2024 filings • NTEE B • $1M-$5M nonprofits • Source year 2024

Net Margin

19th percentile

-11%

Higher net margin than 19% of similar nonprofits.

2024 filings • NTEE B • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

43rd percentile

$24,469

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 2.1% of source-year revenue.

2024 filings • NTEE B • $1M-$5M nonprofits • Source year 2024

Asset Growth

98th percentile

613%

Faster asset growth than 98% of similar nonprofits.

2024 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

97th percentile

359%

Faster revenue growth than 97% of similar nonprofits.

2024 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$1,053,977

Up $906,089 (+613%) from 2023

Net Assets

Down

-$225,172

Down $373,060 (-252%) from 2023

Liabilities

Up

$1,279,149

Up $1,279,149 from 2023

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin19th percentile

Revenue

Up

$1,149,812

Up $899,512 (+359%) from 2023

Expenses

Up

$1,272,872

Up $1,170,460 (+1143%) from 2023

Net Income

Down

-$123,060

Down $270,948 (-183%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$1.5M$1.0M$500K$0-$500KAssets 2023: $147,888Liabilities 2023: $0Net Assets 2023: $147,8882023Assets 2024: $1,053,977Liabilities 2024: $1,279,149Net Assets 2024: -$225,1722024

Highlighted filing

2024

Assets$1,053,977
Liabilities$1,279,149
Net Assets-$225,172
Open 2024 Filing

Operations Trend

Revenue Growth97th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2023: $250,300Expenses 2023: $102,412Net Income 2023: $147,8882023Revenue 2024: $1,149,812Expenses 2024: $1,272,872Net Income 2024: -$123,0602024

Highlighted filing

2024

Revenue$1,149,812
Expenses$1,272,872
Net Income-$123,060
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$1,149,812
Mission and Program Overview

Mission

Our mission is to equip students with the knowledge, competencies, and confidence to excel in their educational journeys and beyond.

Operate a charter school in faribault, minnesota.

Balance Sheet Detail
LineBeginningEndChange
Assets
Accounts Receivable-$201,857-
Cash and Non-Interest-Bearing Accounts$134,288$119,021▼ $15,267
Prepaid Expenses and Deferred Charges$13,600$31,751▲ $18,151
Land, Buildings, and Equipment, Net$0$19,885▲ $19,885
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$147,888$-225,172▼ $373,060
Total Assets$147,888$1,053,977▲ $906,089
Other Assets Total$0$681,463▲ $681,463
Liabilities
Other Liabilities$0$732,160▲ $732,160
Mortgage Notes Payable Secured by Investment Property-$500,000-
Accounts Payable and Accrued Expenses-$46,989-
Total Liabilities$0$1,279,149▲ $1,279,149
Net Assets / Fund Balance
Total Net Assets Fund Balance$147,888$-225,172▼ $373,060
Total Liabilities and Net Assets / Fund Balance$147,888$1,053,977▲ $906,089

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$19,885$4,145$24,030
Other Assets Org$39,365--
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sayidcali AhmedMember/teacherFT$20,756$3,713$24,469
Najax SiciidExecutive DirectorFT$20,756$3,713$24,469

Board Members and Trustees

NameTitle
Cheryl WendtBoard Chair
Dr Abdirahman MadarMember
Sabah OmarMember
Dr Renee CorneilleSecretary (end April 2024)
Thomas WieandTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,149,469
Program Service Revenue
$0
Investment Income
$145
Other Revenue
$198
Change in Net Assets
$-123,060

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,149,812
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,149,812
Total Revenue per Form 990
$1,149,812
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$754,758
Salaries, Compensation, and Employee Benefits$518,114
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$356,304$9,076-$365,380
Fees for Services Other$149,877$98,822-$248,699
Depreciation Depletion$164,668--$164,668
Current Officers, Directors, Trustees, and Key Employees$50,642$55,299-$105,941
Occupancy$82,283--$82,283
Fees for Services Accounting-$60,050-$60,050
Interest$33,676--$33,676
Information Technology$24,383$7,242-$31,625
Payroll Taxes$19,605$5,355-$24,960
Other Employee Benefits$10,780$11,053-$21,833
Office Expenses$1,627$14,208-$15,835
Other Expenses$1,147$7,294-$8,441
Insurance$6,831--$6,831
Conferences and Meetings$4,911$60-$4,971
Fees for Services Legal-$3,750-$3,750
All Other Expenses$170--$170
Total Functional Expenses$997,602$275,270$0$1,272,872

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,272,872
Total Expenses per Audited Statements$1,272,872
Total Expenses per Form 990$1,272,872
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Lease Liabilities$732,160
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 7A

“Any staff members who are employed at the school, including licensed teachers providing instruction under a cooperative, and all parents/guardians of children enrolled in the school may vote in the election of the board of directors.”

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

“Form 990 is reviewed by the executive director and business manager prior to filing with the irs. The board will receive a final copy prior to filing with the irs.”

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

“The academy's conflict of interest policy applies to its directors and officers. Directors and officers are required to disclose any known or potential conflicts of interest in writing to the board of directors prior to the time set for voting on any such transaction. The individual with a conflict may not attempt to influence the decisions of other directors in voting on the matter and may not be present during a vote on the matter. The situation is documented in the board minutes. Failure to bring notice of a potential conflict of interest to the attention of the board may constitute cause for removal of the individual from the board.”

Form 990, Part VI, Section C, Line 19

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

FORM 990, PART VII, SECTION A:

“Per mn statute 124e.07, charter schools are required to have licensed teachers as members of the board of directors. Sayidcali ahmed is a board member but received compensation for services as a teacher.”

Filing and Contact Details

Filer

Filer Name
Surad Academy
EIN
87-2071145
Phone
5083291223
Address
128 8TH AVE NW, FARIBAULT, MN 55021

Signing Officer

Name
Najax Siciid
Title
Executive Director
Phone
5083291223
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Najax Siciid
Formed
2021
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
4
Employees
18
Volunteers
15

Preparer

Firm
Creative Planning Tax LLC
Address
220 PARK AVE S, ST CLOUD, MN 56301
Preparer
Marie a Primus
Phone
3202517010
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contract services: program service expenses 148,898. Management and general expenses 98,822. Fundraising expenses 0. Total expenses 247,720. Transportation : program service expenses 979. Management and general expenses 0. Fundraising expenses 0. Total expenses 979.”

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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt139365
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IRS990ScheduleE/MaintainScholarshipsRecsInd01
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IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PUBLICIZES ITS NONDISCRIMINATORY POLICY BY POSTING ON ITS WEBSITE - HTTPS://WWW.SURADACADEMY.ORG/ABOUT-US/POLICIES-PROCEDURES.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1AS A MN PUBLIC CHARTER SCHOOL, THE SCHOOL RECEIVES STATE EDUCATION AID AND FEDERAL GRANT FUNDING.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND BUSINESS MANAGER PRIOR TO FILING WITH THE IRS. THE BOARD WILL RECEIVE A FINAL COPY PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ACADEMY'S CONFLICT OF INTEREST POLICY APPLIES TO ITS DIRECTORS AND OFFICERS. DIRECTORS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY KNOWN OR POTENTIAL CONFLICTS OF INTEREST IN WRITING TO THE BOARD OF DIRECTORS PRIOR TO THE TIME SET FOR VOTING ON ANY SUCH TRANSACTION. THE INDIVIDUAL WITH A CONFLICT MAY NOT ATTEMPT TO INFLUENCE THE DECISIONS OF OTHER DIRECTORS IN VOTING ON THE MATTER AND MAY NOT BE PRESENT DURING A VOTE ON THE MATTER. THE SITUATION IS DOCUMENTED IN THE BOARD MINUTES. FAILURE TO BRING NOTICE OF A POTENTIAL CONFLICT OF INTEREST TO THE ATTENTION OF THE BOARD MAY CONSTITUTE CAUSE FOR REMOVAL OF THE INDIVIDUAL FROM THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE SCHOOL MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PER MN STATUTE 124E.07, CHARTER SCHOOLS ARE REQUIRED TO HAVE LICENSED TEACHERS AS MEMBERS OF THE BOARD OF DIRECTORS. SAYIDCALI AHMED IS A BOARD MEMBER BUT RECEIVED COMPENSATION FOR SERVICES AS A TEACHER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5CONTRACT SERVICES: PROGRAM SERVICE EXPENSES 148,898. MANAGEMENT AND GENERAL EXPENSES 98,822. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 247,720. TRANSPORTATION : PROGRAM SERVICE EXPENSES 979. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 979.
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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 VII, SECTION A:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 11G
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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
$1,053,977
Liabilities
$1,279,149
Net assets
-$225,172
Revenue
$1,149,812
Expenses
$1,272,872
Net income
-$123,060
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.05$1.28$0.23$1.15$1.27$0.12
2023Detailed filing. Detailed filing data is available for this year.$0.15$0.00$0.15$0.25$0.10$0.15