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Nonprofiteer
← LEGACY FUND

Form 990 for tax year 2023

Filed by LEGACY FUND.

Totals

Total revenue
$5,731,954
Total expenses
$4,850,868
Contributions and grants received
$846,619
Grants paid
$1,000,000
Program service revenue
$4,836,000
Investment income
$49,335
Other revenue
$0
Total assets, end of year
$67,916,800
Total liabilities, end of year
$40,058,720
Net assets or fund balances, end of year
$27,858,080
Program services expenses (Part IX)
$4,643,279
Management and general expenses
$207,589
Fundraising expenses
$0
Program service expenses (Part III)
$4,643,279

Program services were 95.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $832,500

  • 1f · All other contributions, gifts and grants

    $14,119

  • 2a · Program service revenue: RENTAL INCOME

    total $4,836,000 · related or exempt $4,836,000

  • 3 · Investment income

    total $49,335 · excluded $49,335

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,000,000 · program services $1,000,000

  • 11a · Fees: management

    total $144,000 · management and general $144,000

  • 11b · Fees: legal

    total $24,000 · management and general $24,000

  • 16 · Occupancy

    total $516,566 · program services $516,566

  • 20 · Interest

    total $1,160,861 · program services $1,160,861

  • 22 · Depreciation, depletion and amortization

    total $1,965,852 · program services $1,965,852

  • 23 · Insurance

    total $5,499 · management and general $5,499

  • 24a · Other expenses: OTHER EXPENSES

    total $34,090 · management and general $34,090

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $201,252 · end of year $3,102,223

  • 2 · Savings and temporary cash investments

    beginning of year $5,494,219 · end of year $201,554

  • 7 · Other notes and loans receivable

    beginning of year $1,590,000 · end of year $1,310,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $80,597 · end of year $62,959

  • 10a · Land, buildings and equipment: cost or other basis

    $73,630,249

  • 10b · Land, buildings and equipment: accumulated depreciation

    $17,835,718

  • 10c · Land, buildings and equipment, net

    beginning of year $55,918,822 · end of year $55,794,531

  • 15 · Other assets

    beginning of year $5,895,587 · end of year $7,445,533

  • 17 · Accounts payable and accrued expenses

    beginning of year $316,899 · end of year $479,125

  • 23 · Secured mortgages and notes payable

    beginning of year $35,742,220 · end of year $33,495,679

  • 25 · Other liabilities

    beginning of year $6,144,364 · end of year $6,083,916

  • 27 · Net assets without donor restrictions

    beginning of year $23,094,238 · end of year $24,835,446

  • 28 · Net assets with donor restrictions

    beginning of year $3,882,756 · end of year $3,022,634

Mission and programs · 2023

Mission

TO BENEFIT THE ORANGE COUNTY SCHOOL OF THE ARTS (OCSA) AND THE ORANGE COUNTY SCHOOL OF THE ARTS FOUNDATION.

Activities or mission (Part I)

TO BENEFIT THE ORANGE COUNTY SCHOOL OF THE ARTS (OCSA) AND THE OCSA FOUNDATION.

  • THE LEGACY FUND (THE FUND) IS A NONPROFIT PUBLIC BENEFIT CORPORATION ORGANIZED UNDER THE NON-PROFIT PUBLIC BENEFIT CORPORATION LAW OF THE STATE OF CALFIORNIA. THE FUND WAS ORGANIZED FOR THE SPECIFIC PURPOSE TO BENEFIT THE ORANGE COUNTY SCHOOL OF THE ARTS (OCSA) AND THE ORANGE COUNTY SCHOOL OF THE ARTS FOUNDATION (THE FOUNDATION). ITS MAIN FUNCTION IS TO HOLD AND DEVELOP FACILTIES FOR THE BENEFIT OF OCSA.

    Expenses $4,643,279 · Grants $1,000,000 · Revenue $4,836,000

As filed on the 2023 return.

Listed in Part VII

  • Joyce Christensen

    CFO (TERM ENDED 7/10/23)

    Total calculated
    $43,914
    From this org
    $0
    From related orgs
    $43,914
    Other
    $0
    Hours/week
    2

  • Bernard Schneider

    PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • Cambria Cline

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Steve Wagner

    CEO & VP OPERATIONS

    Total calculated
    $411,235
    From this org
    $0
    From related orgs
    $411,235
    Other
    $0
    Hours/week
    1 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $277,052 related
    Bonus
    $0 + $68,322 related
    Other
    $0 + $65,861 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $411,235 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
ORANGE COUNTY SCHOOL OF THE ARTS DETERMINES THE EXECUTIVE DIRECTOR'S PAY. THE PAY IS DETERMINED BASED ON DATA PROVIDED BY EXTERNAL CHARTER MANAGEMENT ORGANIZATIONS AND THROUGH COMPARISON STUDIES OF OTHER CHARTER SCHOOLS. THE BOARD MUST VOTE TO APPROVE THE EXECUTIVE DIRECTOR'S COMPENSATION AS A DIRECT ACTION. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
27 April 2025
IRS schema version
2023v6.0
Source object
202521199349302092

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