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← NORTH STAR ACADEMY FOUNDATION INC

Form 990 for tax year 2023

Filed by NORTH STAR ACADEMY FOUNDATION INC.

Totals

Total revenue
$13,576,488
Total expenses
$13,403,601
Contributions and grants received
$1,925,537
Grants paid
$1,925,537
Program service revenue
$11,405,235
Investment income
$245,716
Other revenue
$0
Total assets, end of year
$167,952,135
Total liabilities, end of year
$173,855,592
Net assets or fund balances, end of year
-$5,903,457
Program services expenses (Part IX)
$13,403,601
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$13,403,601

Program services were 100.0% 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

    $1,925,537

  • 2a · Program service revenue: RENTAL INCOME

    total $10,464,934 · related or exempt $10,464,934

  • 2b · Program service revenue: MANAGEMENT FEES

    total $797,427 · related or exempt $797,427

  • 2c · Program service revenue: INTEREST INCOME

    total $142,874 · related or exempt $142,874

  • 3 · Investment income

    total $245,716 · excluded $245,716

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,925,537 · program services $1,925,537

  • 11a · Fees: management

    total $894,347 · program services $894,347

  • 11g · Fees: other

    total $114,537 · program services $114,537

  • 20 · Interest

    total $5,786,390 · program services $5,786,390

  • 22 · Depreciation, depletion and amortization

    total $4,682,790 · program services $4,682,790

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,081,555 · end of year $10,081,241

  • 4 · Accounts receivable

    beginning of year $861,876 · end of year $912,936

  • 9 · Prepaid expenses and deferred charges

    beginning of year $205,691 · end of year $139,685

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

    $183,162,269

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

    $37,640,476

  • 10c · Land, buildings and equipment, net

    beginning of year $150,070,656 · end of year $145,521,793

  • 15 · Other assets

    beginning of year $11,456,112 · end of year $11,296,480

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,378,749 · end of year $1,842,640

  • 19 · Deferred revenue

    beginning of year $2,607,315 · end of year $2,607,313

  • 20 · Tax-exempt bond liabilities

    beginning of year $53,461,851 · end of year $53,031,811

  • 23 · Secured mortgages and notes payable

    beginning of year $45,609,167 · end of year $22,838,846

  • 25 · Other liabilities

    beginning of year $73,695,152 · end of year $93,534,982

  • 27 · Net assets without donor restrictions

    beginning of year -$6,076,344 · end of year -$5,903,457

Mission and programs · 2023

Mission

NSA FOUNDATION WAS FORMED TO SUPPORT NORTH STAR ACADEMY CHARTER SCHOOL OF NEWARK, BOTH OPERATIONALLY AND IN CONNECTION WITH THE ACQUISITION AND DEVELOPMENT OF FACILITIES.

  • EXPENSES INCURRED IN SUPPORTING NORTH STAR ACADEMY CHARTER SCHOOL OF NEWARK. PLEASE REFER TO FORM 990, PART III, LINE 1, FOR THE ORGANIZATION'S MISSION.

    Expenses $13,403,601 · Grants $1,925,537 · Revenue $11,405,235

As filed on the 2023 return.

Listed in Part VII

  • Brett Peiser

    DIRECTOR/CEO

    Total calculated
    $712,259
    From this org
    $0
    From related orgs
    $664,917
    Other
    $47,342
    Hours/week
    1 + 47 related

    Schedule J breakdown matched by us

    Base
    $0 + $664,917 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $25,500 related
    Nontaxable benefits
    $0 + $21,842 related
    Filer's total
    $0 + $712,259 related

  • John Powell

    SENIOR VICE PRESIDENT

    Total calculated
    $204,385
    From this org
    $0
    From related orgs
    $200,859
    Other
    $3,526
    Hours/week
    1 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $200,859 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,500 related
    Nontaxable benefits
    $0 + $26 related
    Filer's total
    $0 + $204,385 related

  • Peggy Liao

    SENIOR VICE PRESIDENT

    Total calculated
    $78,626
    From this org
    $0
    From related orgs
    $75,989
    Other
    $2,637
    Hours/week
    1 + 44 related

  • Norman Atkins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 7 related

  • Yvonne Chao

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Brooke Reid

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ravi Bellur

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

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
THREE OF NORTH STAR ACADEMY FOUNDATION, INC.'S DIRECTORS AND/OR OFFICERS ARE EMPLOYEES OF UNCOMMON SCHOOLS, INC (SEE SCHEDULE R). THESE INDIVIDUALS ARE COMPENSATED ONLY FOR THEIR EMPLOYMENT SERVICES TO UNCOMMON SCHOOLS, INC. THE COMPENSATION IS PAID ONLY BY UNCOMMON SCHOOLS, INC. UNCOMMON SCHOOLS INC.'S BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE COMPLETES A COMPARATIVE ANALYSIS OF SIMILAR ORGANIZATIONS WHICH IT USES AS GUIDANCE WHEN IT REVIEWS AND APPROVES THE COMPENSATION AND BENEFITS OF SENIOR MANAGEMENT. THE COMPENSATION COMMITTEE REVIEWS THE "TOTAL COMPENSATION" OF THE INDIVIDUAL WHICH INCLUDES BOTH CURRENT AND DEFFERRED COMPENSATION AND ALL EMPLOYEE BENEFITS, BOTH QUALIFIED AND UNQUALIFIED. THE COMPENSATION COMMITTEE'S REVIEW IS COMPLETED ON A REGULAR BASIS AND ENSURES THAT THE "TOTAL COMPENSATION" OF SENIOR MANAGEMENT IS REASONABLE. THE ACTIONS TAKEN BY THE COMPENSATION COMMITTEE ENABLE UNCOMMON SCHOOLS, INC. TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR PURPOSES OF INTERNAL REVENUE CODE 4958 WITH RESPECT TO THE TOTAL COMPENSATION OF CERTAIN MEMBERS OF THE SENIOR MANAGEMENT TEAM. THE THREE FACTORS WHICH MUST BE SATISFIED IN ORDER TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS ARE THE FOLLOWING: 1. THE COMPENSATION ARRANGEMENT IS APPROVED IN ADVANCE BY AN "AUTHORIZED BODY" OF THE APPLICABLE TAX-EXEMPT ORGANIZATION WHICH IS COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A "CONFLICT OF INTEREST" WITH RESPECT TO THE COMPENSATION ARRANGEMENT. 2. THE "AUTHORIZED BODY" OBTAINED AND RELIED UPON "APPROPRIATE DATA AS TO COMPARABILITY" PRIOR TO MAKING ITS DETERMINATION; AND 3. THE "AUTHORIZED BODY" "ADEQUATELY DOCUMENTED THE BASIS FOR ITS DETERMINATION" CONCURRENTLY WITH MAKING THAT DETERMINATION. THE COMPENSATION COMMITTEE IS COMPRISED OF MEMBER OF THE BOARD OF TRUSTEES/DIRECTORS OF UNCOMMON SCHOOLS, INC. EACH OF WHOM ARE INDEPENDENT AND ARE FREE FROM ANY CONFLICTS OF INTEREST. THE COMPENSATION COMMITTEE ADEQUATELY DOCUMENTED ITS BASIS FOR ITS DETERMINATION THROUGH THE TIMELY PREPARATION OF WRITTEN MINUTES OF THE COMPENSATION COMMITTEE'S MEETINGS WHICH THE EXECUTIVES' COMPENSATION AND BENEFITS WERE REVIEWED AND SUBSEQUENTLY APPROVED. THE ACTIONS OUTLINED ABOVE WITH RESPECT TO THE COMPENSATION COMMITTEE AND THE ESTABLISHMENT OF THE REBUTTABLE PRESUMPTION OF REASONABLENESS ONLY APPLIES TO CERTAIN SENIOR MANAGEMENT PERSONNEL OF UNCOMMON SCHOOLS, INC.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NSA 559 BROAD STREET LLC

    REAL ESTATE · NJ · income $317,837 · assets $7,488,705

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA 10 WASHINGTON LLC

    REAL ESTATE · NJ · income $433,996 · assets $5,680,426

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA CLINTON AVE LLC

    REAL ESTATE · NJ · income $617,497 · assets $7,297,834

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA CENTRAL AVE LLC

    REAL ESTATE · DE · income $1,697,981 · assets $19,529,740

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA HAZELWOOD AVE LLC

    REAL ESTATE · NJ · income $1,211,727 · assets $23,849,994

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA 377 WASHINGTON STREET LLC

    REAL ESTATE · NJ · income $3,394,809 · assets $60,549,317

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA S 9TH STREET & ALEXANDER LLC

    REAL ESTATE · NJ · income $0 · assets $0

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • 72 CENTRAL LLC

    REAL ESTATE · NJ · income $865,711 · assets $6,017,895

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA LIVINGSTON STREET LLC (DISSOLVED IN FY24)

    REAL ESTATE · NJ · income $0 · assets $0

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA 18TH AVE LLC

    REAL ESTATE · NJ · income $2,419,087 · assets $27,299,861

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

  • NSA 18 WASHINGTON PLACE LLC

    REAL ESTATE · NJ · income $692,306 · assets $10,070,542

    Directly controlled by NORTH STAR ACADEMY FOUNDATION INC

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202501329349305985

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