Civic Intelligence

Ilearn Facility Development Inc.

990 • Fiscal year 2023 • EIN 88-0744649

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileN/A
33-00 BroadwayFair Lawn, NJ 07410

(201) 773-9140

Siviq Scores

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

Liabilities / Assets

92nd percentile

1.00x

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

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

38.02x

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

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Net Margin

35th percentile

-1.4%

Higher net margin than 35% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

57th percentile

$236,918

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 27.4% of source-year revenue.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Balance Sheet
Liabilities / Assets92nd percentile

Assets

$32,864,087

No earlier filing loaded for comparison.

Net Assets

-$11,774

No earlier filing loaded for comparison.

Liabilities

$32,875,861

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin35th percentile

Revenue

$864,741

No earlier filing loaded for comparison.

Expenses

$876,515

No earlier filing loaded for comparison.

Net Income

-$11,774

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$40M$30M$20M$10M$0-$10MAssets 2023: $32,864,087Liabilities 2023: $32,875,861Net Assets 2023: -$11,7742023Assets 2024: $36,341,753Liabilities 2024: $34,518,729Net Assets 2024: $1,823,0242024

Highlighted filing

2023

Assets$32,864,087
Liabilities$32,875,861
Net Assets-$11,774
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2023: $864,741Expenses 2023: $876,515Net Income 2023: -$11,7742023Revenue 2024: $3,117,517Expenses 2024: $1,282,719Net Income 2024: $1,834,7982024

Highlighted filing

2023

Revenue$864,741
Expenses$876,515
Net Income-$11,774
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$864,741
Mission and Program Overview

Mission

Ilearn facility development, inc. Is a non-profit organization organized exclusively for the benefit of, to perform the functions of, or to carry out the purpose of ilearn schools, inc.

Ilearn facility development, inc. Is a non-profit charter management organization (cmo) that provides specialized educational and management service including operational and administrative support for schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$30,110,787-
Cash and Non-Interest-Bearing Accounts-$2,713,360-
Prepaid Expenses and Deferred Charges-$33,470-
Accounts Receivable-$6,470-
Total Assets$0$32,864,087▲ $32,864,087
Liabilities
Tax Exempt Bond Liabilities-$32,332,334-
Accounts Payable and Accrued Expenses-$521,534-
Other Liabilities-$21,993-
Total Liabilities$0$32,875,861▲ $32,875,861
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$-11,774-
Total Net Assets Fund Balance$0$-11,774▼ $11,774
Total Liabilities and Net Assets / Fund Balance$0$32,864,087▲ $32,864,087

Asset Categories

AssetBook ValueDepreciationBasis
Land$17,836,580-$17,836,580
Buildings$12,274,207$314,723$12,588,930
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleOtherTotal
Yanivis HageChief Talent$169,805$169,805
Fahri ArslanDirector of Faci$158,112$158,112
Gurkan KoseChief Acad.$151,420$151,420
Marjorie RenahanChief Specia$129,625$129,625

Board Members and Trustees

NameTitle
Jose MartinezPresident
Fahri ArslanDirector of Facilities
Ozgur DogruTrustee
Nihat GuvercinCEO
Mustafa CobanCFO
Gurkan KoseChief Acad. Officer
Yanivis HageChief Talent Officer
Aaron KulCOO
Perno YoungTreasurer
Glenny AdamesVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$226,134
Program Service Revenue
$0
Investment Income
$31,683
Other Revenue
$606,924
Change in Net Assets
$-11,774

Audited Revenue Reconciliation

Revenue per Audited Statements
$864,741
Total Revenue per Audited Statements
$864,741
Total Revenue per Form 990
$864,741
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$876,515
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
Interest$392,375$130,792-$523,167
Depreciation Depletion$198,268$132,178-$330,446
Insurance$9,259$6,172-$15,431
Fees for Services Legal$3,600$2,400-$6,000
Fees for Services Other$883$588-$1,471
Total Functional Expenses$604,385$272,130$0$876,515

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$876,515
Total Expenses per Audited Statements$876,515
Total Expenses per Form 990$876,515
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
Due to Affiliate$21,993

Bond Issues

BondIssuerIssuedIssue PricePurpose
APassaic County Improvement Authorit2023-03-14$33,470,000Purchase existing land and building

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$32,745,428--$480,734

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
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, Page 6, Part VI, Line 11B

“The draft form 990 is provided to the board members via e-mail for review, comment and approval before mailing.”

Form 990, Page 6, Part VI, Line 12C

“The organization requires all board members and key personnel to disclose all financial interest or relationships that constitute conflict or potential conflict of interest. Any voting member is excluded from voting on matters related to the conflict or potential conflict.”

Form 990, Page 6, Part VI, Line 15A

“Compensation of key and other employees are reviewed and approved by the board before employment contracts with new or continuing employees are executed. Salary of the chief executive officer is determined by the board based on comparable compensation offered in the area and neighboring organizations.”

Form 990, Page 6, Part VI, Line 15B

“Compensation of key and other employees are reviewed and approved by the board before employment contracts with new or continuing employees are executed. Salary of the chief executive officer is determined by the board based on comparable compensation offered in the area and neighboring organizations.”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, conflict of interest policy and financial statements are available upon request at 33-00 broadway, suite 301, fair lawn, nj 07410 or by calling (201) 773-9140.”

Filing and Contact Details

Filer

Filer Name
Ilearn Facility Development Inc
EIN
88-0744649
Phone
2017739140
Address
33-00 BROADWAY, FAIR LAWN, NJ 07410

Signing Officer

Name
Mustafa Coban
Title
CFO
Phone
2017739140
Signed
2024-05-15

Organization Details

Principal Officer
Mustafa Coban
Legal Domicile
Nj
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
4

Preparer

Firm
Galleros Robinson
Address
115 DAVIS STATION RD, CREAM RIDGE, NJ 08514
Preparer
Leonora Galleros
Phone
6469210400
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT FORM 990 IS PROVIDED TO THE BOARD MEMBERS VIA E-MAIL FOR REVIEW, COMMENT AND APPROVAL BEFORE MAILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION REQUIRES ALL BOARD MEMBERS AND KEY PERSONNEL TO DISCLOSE ALL FINANCIAL INTEREST OR RELATIONSHIPS THAT CONSTITUTE CONFLICT OR POTENTIAL CONFLICT OF INTEREST. ANY VOTING MEMBER IS EXCLUDED FROM VOTING ON MATTERS RELATED TO THE CONFLICT OR POTENTIAL CONFLICT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPENSATION OF KEY AND OTHER EMPLOYEES ARE REVIEWED AND APPROVED BY THE BOARD BEFORE EMPLOYMENT CONTRACTS WITH NEW OR CONTINUING EMPLOYEES ARE EXECUTED. SALARY OF THE CHIEF EXECUTIVE OFFICER IS DETERMINED BY THE BOARD BASED ON COMPARABLE COMPENSATION OFFERED IN THE AREA AND NEIGHBORING ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMPENSATION OF KEY AND OTHER EMPLOYEES ARE REVIEWED AND APPROVED BY THE BOARD BEFORE EMPLOYMENT CONTRACTS WITH NEW OR CONTINUING EMPLOYEES ARE EXECUTED. SALARY OF THE CHIEF EXECUTIVE OFFICER IS DETERMINED BY THE BOARD BASED ON COMPARABLE COMPENSATION OFFERED IN THE AREA AND NEIGHBORING ORGANIZATIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AT 33-00 BROADWAY, SUITE 301, FAIR LAWN, NJ 07410 OR BY CALLING (201) 773-9140.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,864,087
Liabilities
$32,875,861
Net assets
-$11,774
Revenue
$864,741
Expenses
$876,515
Net income
-$11,774
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$36.3$34.5$1.82$3.12$1.28$1.83
2023Detailed filing. Detailed filing data is available for this year.$32.9$32.9$0.01$0.86$0.88$0.01