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← 22BEACON INC

Form 990 for tax year 2023

Filed by 22BEACON INC.

Totals

Total revenue
$24,998,406
Total expenses
$8,869,150
Contributions and grants received
$18,641,747
Grants paid
$50,000
Program service revenue
$5,549,934
Investment income
$806,664
Other revenue
$61
Total assets, end of year
$153,838,150
Total liabilities, end of year
$64,261,849
Net assets or fund balances, end of year
$89,576,301
Program services expenses (Part IX)
$5,669,865
Management and general expenses
$3,199,285
Fundraising expenses
$0
Program service expenses (Part III)
$5,669,865

Program services were 63.9% 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

    $3,889,050

  • 1e · Government grants (contributions)

    $14,722,708

  • 1f · All other contributions, gifts and grants

    $29,989

  • 2a · Program service revenue: CAPITAL LEASE INTEREST

    total $3,730,056 · related or exempt $3,730,056

  • 2b · Program service revenue: RENTAL INCOME

    total $1,228,611 · related or exempt $1,228,611

  • 2c · Program service revenue: DEVELOPER'S FEES

    total $501,250 · related or exempt $501,250

  • 2d · Program service revenue: LOAN ORIGINATION FEE INCOME

    total $80,017 · related or exempt $80,017

  • 2e · Program service revenue: CREDIT ENHANCEMENT FEES

    total $10,000 · related or exempt $10,000

  • 3 · Investment income

    total $800,755 · excluded $800,755

  • 7a · Gross sales of assets other than inventory

    other assets $5,909

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $5,909

  • 7d · Net gain or loss

    total $5,909 · excluded $5,909

  • 11a · Other revenue: OTHER INCOME

    total $61 · excluded $61

  • 11e · Other revenue, total

    $61

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $50,000 · program services $50,000

  • 5 · Compensation of officers, directors and key employees

    total $2,304,822 · program services $1,323,234 · management and general $981,588

  • 7 · Other salaries and wages

    total $1,156,782 · program services $164,317 · management and general $992,465

  • 8 · Pension plan contributions

    total $64,457 · program services $7,386 · management and general $57,071

  • 9 · Other employee benefits

    total $228,890 · program services $78,098 · management and general $150,792

  • 10 · Payroll taxes

    total $165,099 · program services $71,310 · management and general $93,789

  • 11b · Fees: legal

    total $114,297 · program services $74,293 · management and general $40,004

  • 11c · Fees: accounting

    total $76,391 · program services $49,654 · management and general $26,737

  • 11g · Fees: other

    total $599,272 · program services $389,527 · management and general $209,745

  • 12 · Advertising and promotion

    total $79,466 · program services $39,733 · management and general $39,733

  • 13 · Office expenses

    total $81,105 · program services $20,019 · management and general $61,086

  • 14 · Information technology

    total $90,771 · program services $31,770 · management and general $59,001

  • 16 · Occupancy

    total $663,674 · program services $300,398 · management and general $363,276

  • 17 · Travel

    total $265,419 · program services $183,966 · management and general $81,453

  • 20 · Interest

    total $2,362,502 · program services $2,362,502

  • 22 · Depreciation, depletion and amortization

    total $270,748 · program services $268,041 · management and general $2,707

  • 23 · Insurance

    total $82,831 · program services $62,123 · management and general $20,708

  • 24a · Other expenses: LOAN LOSSES

    total $144,000 · program services $144,000

  • 24b · Other expenses: LOANS AND FEES

    total $35,564 · program services $35,564

  • 24c · Other expenses: REPRESENTATION FEES

    total $32,648 · program services $13,930 · management and general $18,718

  • 24e · All other expenses

    total $412 · management and general $412

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67,892,069 · end of year $62,626,829

  • 2 · Savings and temporary cash investments

    beginning of year $9,349,260 · end of year $28,841,071

  • 4 · Accounts receivable

    beginning of year $458,100 · end of year $445,015

  • 7 · Other notes and loans receivable

    beginning of year $49,424,774 · end of year $52,076,498

  • 9 · Prepaid expenses and deferred charges

    beginning of year $37,791 · end of year $52,041

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

    $8,610,589

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

    $2,901,373

  • 10c · Land, buildings and equipment, net

    beginning of year $5,890,243 · end of year $5,709,216

  • 14 · Intangible assets

    beginning of year $9,919 · end of year $6,943

  • 15 · Other assets

    beginning of year $3,564,578 · end of year $4,080,537

  • 17 · Accounts payable and accrued expenses

    beginning of year $496,777 · end of year $753,251

  • 19 · Deferred revenue

    beginning of year $183,011 · end of year $181,196

  • 23 · Secured mortgages and notes payable

    beginning of year $58,247,517 · end of year $61,307,915

  • 24 · Unsecured notes and loans payable

    beginning of year $2,057,986 · end of year $1,235,483

  • 25 · Other liabilities

    beginning of year $889,114 · end of year $784,004

  • 27 · Net assets without donor restrictions

    beginning of year $14,693,388 · end of year $18,222,473

  • 28 · Net assets with donor restrictions

    beginning of year $60,058,941 · end of year $71,353,828

Mission and programs · 2023

Mission

CSDC IS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) ESTABLISHED TO ASSIST PUBLIC CHARTER SCHOOLS IN THE ACQUISITION AND FINANCING OF EDUCATIONAL FACILITIES AND RELATED CAPITAL IMPROVEMENTS.

Activities or mission (Part I)

FINANCING AND BUILDING GREAT PUBLIC CHARTER SCHOOLS.

  • PROVIDING LOANS, CREDIT ENHANCEMENTS, FINANCING GUARANTEES, FACILITY DEVELOPMENT AND MANAGEMENT SUPPORT TO CHARTER SCHOOLS.

    Expenses $5,669,865 · Grants $50,000 · Revenue $5,549,934

As filed on the 2023 return.

Listed in Part VII

  • MICHAEL CURRAN

    CHAIR

    Total calculated
    $17,525
    From this org
    $17,525
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 4 related

  • EMBER REICHGOTT JUNGE

    VICE CHAIR

    Total calculated
    $14,150
    From this org
    $14,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 4 related

  • JIM GOENNER

    DIRECTOR & TREASURER

    Total calculated
    $7,900
    From this org
    $7,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 4 related

  • LANETTE DAILEY-REESE

    DIRECTOR & SECRETARY

    Total calculated
    $15,375
    From this org
    $15,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 2 related

  • JAY HROMATKA

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $11,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 4 related

  • LEO VALDEZ

    DIRECTOR

    Total calculated
    $12,650
    From this org
    $12,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 2 related

  • CHRISTINA RYAN DIGIULIAN

    DIRECTOR

    Total calculated
    $9,775
    From this org
    $9,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 2 related

  • TOM NIDA

    DIRECTOR

    Total calculated
    $12,650
    From this org
    $12,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 2 related

  • LAURA FIEMANN

    CHIEF DEVELOPMENT OFFICER

    Total calculated
    $395,064
    From this org
    $337,566
    From related orgs
    $0
    Other
    $57,498
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $267,583
    Bonus
    $69,983
    Other
    $0
    Deferred
    $26,400
    Nontaxable benefits
    $31,098
    Filer's total
    $395,064

  • ANNETTE HIGH

    VP OF ACCOUNTING (OUTGOING)

    Total calculated
    $216,715
    From this org
    $177,689
    From related orgs
    $0
    Other
    $39,026
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $132,356
    Bonus
    $45,333
    Other
    $0
    Deferred
    $10,588
    Nontaxable benefits
    $28,438
    Filer's total
    $216,715

  • MICHELLE PROSPERI

    CHIEF OPERATING OFFICER

    Total calculated
    $417,771
    From this org
    $362,166
    From related orgs
    $0
    Other
    $55,605
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $287,083
    Bonus
    $75,083
    Other
    $0
    Deferred
    $18,500
    Nontaxable benefits
    $37,105
    Filer's total
    $417,771

  • REBECCA SALVO

    SENIOR VICE PRESIDENT

    Total calculated
    $260,824
    From this org
    $230,284
    From related orgs
    $0
    Other
    $30,540
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $182,542
    Bonus
    $47,742
    Other
    $0
    Deferred
    $18,423
    Nontaxable benefits
    $12,117
    Filer's total
    $260,824

  • MARK ZEIZEL

    VICE PRESIDENT

    Total calculated
    $261,176
    From this org
    $218,666
    From related orgs
    $0
    Other
    $42,510
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $173,333
    Bonus
    $45,333
    Other
    $0
    Deferred
    $12,267
    Nontaxable benefits
    $30,243
    Filer's total
    $261,176

  • ALAN WASHINGTON

    PRESIDENT/CEO

    Total calculated
    $483,015
    From this org
    $454,213
    From related orgs
    $0
    Other
    $28,802
    Hours/week
    40 + 2 related

    Schedule J breakdown matched by us

    Base
    $435,000
    Bonus
    $19,213
    Other
    $0
    Deferred
    $18,850
    Nontaxable benefits
    $9,952
    Filer's total
    $483,015

  • GLENN KLEIN

    VP OF ACCOUNTING (INCOMING)

    Total calculated
    $55,706
    From this org
    $51,583
    From related orgs
    $0
    Other
    $4,123
    Hours/week
    40 + 2 related

  • SHANTA BACON

    ACCOUNTING MANAGER

    Total calculated
    $135,648
    From this org
    $125,600
    From related orgs
    $0
    Other
    $10,048
    Hours/week
    40

  • TIMOTHY BEHRENS

    FACILITIES MANAGER

    Total calculated
    $137,241
    From this org
    $106,617
    From related orgs
    $0
    Other
    $30,624
    Hours/week
    40 + 2 related

  • MICHELE CERWIN

    CHIEF OF STAFF

    Total calculated
    $333,045
    From this org
    $295,167
    From related orgs
    $0
    Other
    $37,878
    Hours/week
    40 + 20 related

    Schedule J breakdown matched by us

    Base
    $230,000
    Bonus
    $65,167
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $37,878
    Filer's total
    $333,045

  • BRITTANY KOZLEWSKI

    BUSINESS ANALYST

    Total calculated
    $132,106
    From this org
    $114,183
    From related orgs
    $0
    Other
    $17,923
    Hours/week
    40 + 2 related

  • TYLER PLATT

    PROJECT ACCOUNTING MANAGER

    Total calculated
    $137,568
    From this org
    $104,300
    From related orgs
    $0
    Other
    $33,268
    Hours/week
    40 + 2 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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

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

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.

  • CSDC FACILITIES CORPORATION

    501(C)(3) · FINANCING, DEVELOPMENT AND MANAGEMENT OF CHARTER SCHOOL FACILITIES · DC · controlled entity

    Directly controlled by CHARTER SCHOOLS DEVELOPMENT CORPORATION

  • CSDC PROPERTY CORPORATION

    501(C)(4) · FOSTER THE COMMON GOOD AND GENERAL WELFARE OF THE AMERICAN PUBLIC · AZ · controlled entity

    Directly controlled by CHARTER SCHOOLS DEVELOPMENT CORPORATION

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.

  • CROSSROADS MASTER TENANT LLC

    REAL ESTATE AND LOAN FINANCING · DE · income $60,765 · assets $0

    Directly controlled by CHARTER SCHOOLS DEVELOPMENT CORPORATION

  • MCCURDY MASTER TENANT LLC

    REAL ESTATE AND LOAN FINANCING · DE · income $613,743 · assets $0

    Directly controlled by CHARTER SCHOOLS DEVELOPMENT CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
28 October 2024
IRS schema version
2023v5.1
Source object
202423049349301587

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