Civic Intelligence

Usul Academy

990 • Fiscal year 2022 • EIN 87-2255824

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileN/A
998 N Lombard RdLombard, IL 60148

(718) 644-2442

Siviq Scores

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

Liabilities / Assets

86th percentile

0.27x

Higher debt load relative to assets than 86% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Liabilities / Revenue

80th percentile

0.08x

Higher debt load relative to revenue than 80% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Net Margin

19th percentile

-20%

Higher net margin than 19% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Top Officer Pay

96th percentile

$71,500

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 32.4% of source-year revenue.

2022 filings • 501(c)3 • <$500k nonprofits • Source year 2022

Asset Growth

15th percentile

-33%

Faster asset growth than 15% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Revenue Growth

76th percentile

61%

Faster revenue growth than 76% of similar nonprofits.

2022 filings • 501(c)3 • <$500k nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets86th percentile

Assets

Down

$64,105

Down $31,371 (-33%) from 2021

Net Assets

Down

$46,895

Down $43,581 (-48%) from 2021

Liabilities

Up

$17,210

Up $12,210 (+244%) from 2021

Revenue And Expenses
Liabilities / Revenue80th percentileNet Margin19th percentile

Revenue

Up

$220,555

Up $83,558 (+61%) from 2021

Expenses

Up

$264,136

Up $217,615 (+468%) from 2021

Net Income

Down

-$43,581

Down $134,057 (-148%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

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

$800K$600K$400K$200K$0Assets 2021: $95,476Liabilities 2021: $5,000Net Assets 2021: $90,4762021Assets 2022: $64,105Liabilities 2022: $17,210Net Assets 2022: $46,8952022Assets 2023: $207,906Liabilities 2023: $0Net Assets 2023: $207,9062023Assets 2024: $719,193Liabilities 2024: $0Net Assets 2024: $719,1932024

Highlighted filing

2022

Assets$64,105
Liabilities$17,210
Net Assets$46,895
Open 2022 Filing

Operations Trend

Revenue Growth76th percentile

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

$1.0M$500K$0-$500KRevenue 2021: $136,997Expenses 2021: $46,521Net Income 2021: $90,4762021Revenue 2022: $220,555Expenses 2022: $264,136Net Income 2022: -$43,5812022Revenue 2023: $440,148Expenses 2023: $279,137Net Income 2023: $161,0112023Revenue 2024: $801,169Expenses 2024: $289,882Net Income 2024: $511,2872024

Highlighted filing

2022

Revenue$220,555
Expenses$264,136
Net Income-$43,581
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$220,555
Mission and Program Overview

Mission

Usul Academy aims to deliver classical madrasa education, as well as contemporary subjects within an Islamic framework. Our courses are offered online for students across the globe, with opportunities for face-to-face learning in Istanbul. Usul Academy currently offers a BA and MA in Comparative Islamic Studies in which students study traditional Islamic disciplines and social sciences from a comparative perspective. We also offer a 1-year Academic Arabic Program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$89,555$64,104▼ $25,451
Prepaid Expenses and Deferred Charges$5,921$0▼ $5,921
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$95,476$64,105▼ $31,371
Other Assets Total-$1-
Liabilities
Accounts Payable and Accrued Expenses$5,000$17,210▲ $12,210
Total Liabilities$5,000$17,210▲ $12,210
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$90,476$46,895▼ $43,581
Total Net Assets Fund Balance$90,476$46,895▼ $43,581
Total Liabilities and Net Assets / Fund Balance$95,476$64,105▼ $31,371
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Recep SenturkPresidentFT$71,500$71,500

Board Members and Trustees

NameTitle
Furkan SenturkDirector
Yasar ColakDirector
Necva SolakSecretary
Hooman KeshavarziTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$220,555
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$220,555
Change in Net Assets
$-43,581
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$187,166
Salaries, Compensation, and Employee Benefits$76,970
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$141,308$15,701-$157,009
Other Salaries and Wages$64,350$7,150-$71,500
Fees for Services Accounting$8,258$917-$9,175
Fees for Services Legal$6,017$668-$6,685
Payroll Taxes$4,923$547-$5,470
Office Expenses$3,286$365-$3,651
Occupancy$2,498$278-$2,776
Travel$774$86-$860
Other Expenses$1$3-$1
Total Functional Expenses$237,724$26,412$0$264,136
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Backup withholding compliance
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
No
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 2

“Recep Senturk and Furkan Senturk are father and son.”

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

“No review was or will be conducted.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Usul Academy
EIN
87-2255824
Phone
7186442442
Address
998 N Lombard Rd, Lombard, IL 60148

Signing Officer

Name
Furkan Senturk
Title
Director
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Voting Board Members
5
Independent Board Members
0
Employees
0

Preparer

Firm
C & A Financial LP
Address
1801 Hicks Rd Ste D, Rolling Meadows, IL 60008
Preparer
Thabraize Ahmed
Phone
8474859407
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IRS990/Desc0- Successfully carrying on our Arabic program and 5 years Usul Program - Admitting new students for our 2023 cohort- Organizing Usul Talks (guest lectures)- Offering scholarships to students from the US and around the world- Releasing our weekly Newsletter
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IRS990/TotalLiabilitiesEOYAmt017210
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt046895
IRS990/TotalProgramServiceExpensesAmt0237724
IRS990/TotalProgramServiceRevenueAmt00
IRS990/TotalReportableCompFromOrgAmt071500
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0220555
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt095476
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt064105
IRS990/TravelGrp/ManagementAndGeneralAmt086
IRS990/TravelGrp/ProgramServicesAmt0774
IRS990/TravelGrp/TotalAmt0860
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IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt0998 N Lombard Rd
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IRS990/USAddress/ZIPCd060148
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt00
IRS990/WebsiteAddressTxt0N/A
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ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0Furkan Senturk
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Usul Academy
ReturnHeader/Filer/BusinessNameControlTxt0USUL
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ReturnHeader/Filer/PhoneNum07186442442
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ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0201298614
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0C & A Financial LP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01801 Hicks Rd Ste D
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Rolling Meadows
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0IL
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ReturnHeader/PreparerPersonGrp/PhoneNum08474859407
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Thabraize Ahmed
ReturnHeader/ReturnTs02023-11-15T13:30:40-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0Furkan
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0Senturk
ReturnHeader/TaxPeriodBeginDt02022-01-01
ReturnHeader/TaxPeriodEndDt02022-12-31
ReturnHeader/TaxYr02022

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$64,105
Liabilities
$17,210
Net assets
$46,895
Revenue
$220,555
Expenses
$264,136
Net income
-$43,581
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$7.19$0.00$7.19$8.01$2.90$5.11
2023Detailed filing. Detailed filing data is available for this year.$2.08$0.00$2.08$4.40$2.79$1.61
2022Detailed filing. Detailed filing data is available for this year.$0.64$0.17$0.47$2.21$2.64$0.44
2021Detailed filing. Detailed filing data is available for this year.$0.95$0.05$0.90$1.37$0.47$0.90