Civic Intelligence

Elevate Charter Schools Inc.

990 • Fiscal year 2023 • EIN 87-4783048

Jul 01, 2022 to Jun 30, 2023 • Filed on May 13, 2024

2666 State Street Suite B2Hamden, CT 06517

(203) 843-4890

Siviq Scores

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

Liabilities / Assets

40th percentile

0.03x

Higher debt load relative to assets than 40% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

37th percentile

0.03x

Higher debt load relative to revenue than 37% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

66th percentile

13%

Higher net margin than 66% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

90th percentile

$199,207

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 9.8% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

69th percentile

13%

Faster asset growth than 69% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

21st percentile

-14%

Faster revenue growth than 21% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Assets

Up

$2,439,786

Up $289,179 (+13%) from 2022

Net Assets

Up

$2,372,221

Up $257,201 (+12%) from 2022

Liabilities

Up

$67,565

Up $31,978 (+90%) from 2022

Revenue

Down

$2,025,000

Down $335,005 (-14%) from 2022

Expenses

Up

$1,767,799

Up $1,522,814 (+622%) from 2022

Net Income

Down

$257,201

Down $1,857,819 (-88%) from 2022

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2022: $2,150,607Liabilities 2022: $35,587Net Assets 2022: $2,115,0202022Assets 2023: $2,439,786Liabilities 2023: $67,565Net Assets 2023: $2,372,2212023Assets 2024: $4,949,851Liabilities 2024: $1,486,205Net Assets 2024: $3,463,6462024Assets 2025: $5,574,120Liabilities 2025: $1,571,000Net Assets 2025: $4,003,1202025

Highlighted filing

2023

Assets$2,439,786
Liabilities$67,565
Net Assets$2,372,221

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2022: $2,360,005Expenses 2022: $244,985Net Income 2022: $2,115,0202022Revenue 2023: $2,025,000Expenses 2023: $1,767,799Net Income 2023: $257,2012023Revenue 2024: $3,811,784Expenses 2024: $2,720,359Net Income 2024: $1,091,4252024Revenue 2025: $3,603,411Expenses 2025: $3,063,937Net Income 2025: $539,4742025

Highlighted filing

2023

Revenue$2,025,000
Expenses$1,767,799
Net Income$257,201
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 13, 2024
Return Version
2022v5.0
Gross Receipts
$2,025,000
Mission and Program Overview

Mission

The mission of elevate charter schools is to develop and operate high-performing charter schools, who relentlessly provide each child with a rigorous and personalized educational experience, enabling them to reach their full potential in an ever-changing, multicultural world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,145,916$2,433,296▲ $287,380
Land, Buildings, and Equipment, Net$4,691$6,490▲ $1,799
Total Assets$2,150,607$2,439,786▲ $289,179
Liabilities
Accounts Payable and Accrued Expenses$35,587$67,565▲ $31,978
Total Liabilities$35,587$67,565▲ $31,978
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,115,020$2,372,221▲ $257,201
Total Net Assets Fund Balance$2,115,020$2,372,221▲ $257,201
Total Liabilities and Net Assets / Fund Balance$2,150,607$2,439,786▲ $289,179

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$6,490$2,836$9,326
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
John TaylorChief Exectutive OfficerFT$179,207$20,000$199,207
Emily JacksonChief Operating OfficerFT$120,000-$120,000
Peyton PattersonSecretary-$92,100-$92,100
Marisol RiveraDirector of FinancePT$34,650-$34,650

Board Members and Trustees

NameTitle
Jeffrey CirilloPresident
Paul MccravenVice Chair
Pastor Eldren MerrisonDirector
Sarah BlantonDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$2,025,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$2,025,000
Change in Net Assets
$257,201

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,025,000
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,025,000
Total Revenue per Form 990
$2,025,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$950,612
Other Expenses$540,687
Grants and Similar Amounts Paid$276,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$401,490$80,752-$482,242
Current Officers, Directors, Trustees, and Key Employees$249,105$50,102-$299,207
Grants to Domestic Orgs$276,500--$276,500
Fees for Services Other$252,547$12,773-$265,320
Payroll Taxes$140,837$28,326-$169,163
Occupancy$66,845$13,691-$80,536
Fees for Services Accounting$56,734--$56,734
Fees for Services Legal$55,033--$55,033
Office Expenses$12,478$9,642-$22,120
Travel-$14,574-$14,574
Advertising-$13,931-$13,931
Insurance-$11,110-$11,110
Depreciation Depletion-$2,493-$2,493
Other Expenses$10,181$787-$787
Total Functional Expenses$1,521,750$246,049$0$1,767,799

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,767,799
Total Expenses per Audited Statements$1,767,799
Total Expenses per Form 990$1,767,799
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Booker T Washington AcademyNew Haven, CT-General Contribution$276,500
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Peyton PattersonBoard MemberPayments for ServicesNo$92,100
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
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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 B, Line 11B

A copy of the 990 is provided to the board for their review. All board members can direct questions to the executive director and chief financial officer, who will discuss, where necessary with the outside auditors in getting answers to the board. The return is subsequently filed.

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

Board members and key employees are required to sign a conflict of interest statement. Any conflicts are brought to the attention of the president so that they are appropriately addressed.

Form 990, Part VI, Section B, Line 15

Compensation is reviewed and approved by board members.

Form 990, Part VI, Section C, Line 19

Governing documents are available on the organization's website and upon request. In addition, the annual 990 is posted on guidestar.org.

Filing and Contact Details

Filer

Filer Name
Elevate Charter Schools Inc
EIN
87-4783048
Phone
2038434890
Address
2666 STATE STREET SUITE B2, HAMDEN, CT 06517

Signing Officer

Name
John Taylor
Title
CEO
Phone
2038434890
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Taylor
Formed
2022
Legal Domicile
Ct
Voting Board Members
5
Independent Board Members
4
Employees
9
Volunteers
0

Preparer

Firm
Cerini & Associates Llp
Address
3340 VETERANS MEMORIAL HWY, BOHEMIA, NY 11716
Preparer
Ken Cerini
Phone
6315821600
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Professional fees: program service expenses 122,250. Management and general expenses 12,773. Fundraising expenses 0. Total expenses 135,023. Recruitment fees: program service expenses 38,197. Management and general expenses 0. Fundraising expenses 0. Total expenses 38,197. Peyton patterson llc consulting: program service expenses 92,100. Management and general expenses 0. Fundraising expenses 0. Total expenses 92,100.

Financial Statement Notes

PART X, LINE 2:

Elevate has evaluated for uncertain tax positions and has determined that there were no uncertain tax positions for 2023.

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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt02836
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt09326
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01767799
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02025000
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ELEVATE HAS EVALUATED FOR UNCERTAIN TAX POSITIONS AND HAS DETERMINED THAT THERE WERE NO UNCERTAIN TAX POSITIONS FOR 2023.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalExpensesPerForm990Amt01767799
IRS990ScheduleD/TotalRevenuePerForm990Amt02025000
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02025000
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01767799
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt0276500
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0GENERAL CONTRIBUTION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0BOOKER T WASHINGTON ACADEMY
IRS990ScheduleI/RecipientTable/RecipientEIN0272924625
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0804 STATE ST
IRS990ScheduleI/RecipientTable/USAddress/CityNm0NEW HAVEN
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0CT
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd006511
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0179207
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt020000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOHN TAYLOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CHIEF EXECTUTIVE OFFICER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0199207
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0PEYTON PATTERSON
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD MEMBER
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt092100
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PAYMENTS FOR SERVICES
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF THE 990 IS PROVIDED TO THE BOARD FOR THEIR REVIEW. ALL BOARD MEMBERS CAN DIRECT QUESTIONS TO THE EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER, WHO WILL DISCUSS, WHERE NECESSARY WITH THE OUTSIDE AUDITORS IN GETTING ANSWERS TO THE BOARD. THE RETURN IS SUBSEQUENTLY FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS AND KEY EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT. ANY CONFLICTS ARE BROUGHT TO THE ATTENTION OF THE PRESIDENT SO THAT THEY ARE APPROPRIATELY ADDRESSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION IS REVIEWED AND APPROVED BY BOARD MEMBERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AND UPON REQUEST. IN ADDITION, THE ANNUAL 990 IS POSTED ON GUIDESTAR.ORG.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 122,250. MANAGEMENT AND GENERAL EXPENSES 12,773. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 135,023. RECRUITMENT FEES: PROGRAM SERVICE EXPENSES 38,197. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 38,197. PEYTON PATTERSON LLC CONSULTING: PROGRAM SERVICE EXPENSES 92,100. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 92,100.
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 B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 11G
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IRS990/SignificantChangeInd00
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IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt02439786
IRS990/TotalAssetsGrp/BOYAmt02150607
IRS990/TotalAssetsGrp/EOYAmt02439786
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt02025000
IRS990/TotalEmployeeCnt09
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0246049
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01521750
IRS990/TotalFunctionalExpensesGrp/TotalAmt01767799
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt035587
IRS990/TotalLiabilitiesEOYAmt067565
IRS990/TotalLiabilitiesGrp/BOYAmt035587
IRS990/TotalLiabilitiesGrp/EOYAmt067565
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02115020
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02372221
IRS990/TotalOtherCompensationAmt020000
IRS990/TotalProgramServiceExpensesAmt01521750
IRS990/TotalReportableCompFromOrgAmt0425957
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02025000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02150607
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02439786
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt014574
IRS990/TravelGrp/TotalAmt014574
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02666 STATE STREET SUITE B2
IRS990/USAddress/CityNm0HAMDEN
IRS990/USAddress/StateAbbreviationCd0CT
IRS990/USAddress/ZIPCd006517
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0ELEVATECS.ENSCHOOL.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN TAYLOR
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum02038434890
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-13

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