Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: RENTAL INCOME

  total $1,958,444 · related or exempt $1,958,444

• 3 · Investment income

  total $77,334 · excluded $77,334

Functional expenses

Part IX, the statement of functional expenses.

• 11g · Fees: other

  total $22,562 · management and general $22,562

• 16 · Occupancy

  total $948 · program services $948

• 20 · Interest

  total $1,026,875 · program services $1,026,875

• 22 · Depreciation, depletion and amortization

  total $729,877 · program services $729,877

• 23 · Insurance

  total $1,173 · program services $1,173

• 24a · Other expenses: CAPITAL OUTLAY

  total $92,549 · program services $92,549

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $660,900 · end of year $686,652

• 2 · Savings and temporary cash investments

  beginning of year $3,112,476 · end of year $3,215,484

• 9 · Prepaid expenses and deferred charges

  end of year $1,173

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

  $26,352,935

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

  $7,689,733

• 10c · Land, buildings and equipment, net

  beginning of year $19,125,847 · end of year $18,663,202

• 17 · Accounts payable and accrued expenses

  beginning of year $1,659

• 20 · Tax-exempt bond liabilities

  beginning of year $25,996,104 · end of year $25,352,475

• 25 · Other liabilities

  beginning of year $503,500 · end of year $654,282

• 29 · Capital stock, trust principal or current funds

  beginning of year -$248 · end of year -$248

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year -$4,790,495 · end of year -$4,673,178

• 31 · Retained earnings, endowment or other funds

  beginning of year $1,188,703 · end of year $1,233,180

The filer's explanations (Part III)

PART I, LINE 3

OFFICER ARE COMPENSATED BY THE RELATED ORGANIZATION, ST. CROIX PREPARATORY ACADEMY. RESEARCH BASED RESOURCES ARE AVAILABLE TO THE BOARD: MACS COMPENSATION SURVEYS, CONSULTATION WITH SCHOOL'S AUTHORIZER WHO PROVIDED COMPARISON SALARIES OF 15-20 OTHER CHARTER SCHOOLS, AND AN INDEPENDENT BOARD REPRESENTATIVE CONDUCTED A SURVEY OF COMPARABLE POSITIONS THROUGHOUT THE TWIN CITIES METRO AREA. RESEARCH FINDINGS WERE REPORTED TO THE BOARD AND BOARD DETERMINED SALARY BASED ON THESE FACTS AND THE EMPLOYEES' PERFORMANCE AND ATTAINMENT OF GOALS. THE MOST RECENT FORMAL COMPENSATION STUDY WAS COMPLETED IN 2017 FOR EXEC DIR FINANCE AND OPERATIONS, K. GUTIERREZ.