Innovative Arts Academy Charter School Incorporated
- Assets
- $19.8m
- Revenue
- $9.4m
- Investments
- $0.0
- Employees
- 84
- Location
- Catasauqua, PA
- Founding
- 03/2018
- Data as of
- 06/2022
- EIN
- 47-5567287
Organization Overview
Innovative Arts Academy Charter School Incorporated is located in Catasauqua, PA. The organization was established in 2018. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Innovative Arts Academy Charter School Incorporated employed 84 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovative Arts Academy Charter School Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Innovative Arts Academy Charter School Incorporated generated $9.4m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 21.4% each year . All expenses for the organization totaled $8.3m during the year ending 06/2022. While expenses have increased by 17.9% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
INNOVATIVE ARTS ACADEMY CHARTER SCHOOL BELIEVES THAT THE ARTS ENCOURAGE THE KIND OF CREATIVE AND CRITICAL THINKING THAT ALLOWS CHILDREN TO SUCCEED IN OTHER ACADEMIC WORK. THE VISION OF THE SCHOOL IS FOCUSED ON
Describe the Organization's Program Activity:
Part 3 - Line 4a
INNOVATIVE ARTS ACADEMY CHARTER SCHOOL IS AN INDEPDENDENT CHARTER SCHOOL WITH A PRIMARY PURPOSE TO PROVIDE EDUCATION TO GRADES 6 THROUGH 12 WITH UNIQUE SUPPORT SERVICES TO FACILITATE THIS GOAL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Schifko CEO | Officer | 40 | $116,024 |
Rocco Seiler Chief Operating Officer | 40 | $112,159 | |
Erik Malmberg Director Of Technology | 40 | $110,085 | |
Danny Youssef Secretary | Trustee | 1 | $0 |
Dan Schmidt Member | Trustee | 1 | $0 |
David Rank President | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Catty School Llc Rent | 6/29/21 | $806,667 |
Singularis It Llc Information Technology Services | 6/29/21 | $187,663 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $9,401,988 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,401,988 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $116,024 |
| Compensation of current officers, directors, key employees. | $116,024 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,515,536 |
| Pension plan accruals and contributions | $178,045 |
| Other employee benefits | $1,066,493 |
| Payroll taxes | $298,733 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,842 |
| Fees for services: Accounting | $113,524 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $296,313 |
| Advertising and promotion | $74,012 |
| Office expenses | $896 |
| Information technology | $73,272 |
| Royalties | $0 |
| Occupancy | $955,934 |
| Travel | $2,640 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $960 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,535 |
| Insurance | $85,058 |
| All other expenses | $524,829 |
| Total functional expenses | $8,260,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,188,843 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,709,325 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $284,082 |
| Net Land, buildings, and equipment | $14,571,165 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,753,415 |
| Accounts payable and accrued expenses | $635,282 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,562,916 |
| Total liabilities | $17,198,198 |
| Net assets without donor restrictions | -$1,910,501 |
| Net assets with donor restrictions | $4,465,718 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $19,753,415 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Our World Neighborhood Charter School Astoria, NY | $8,035,800 | $19,394,981 |
Zeta Charter Schools - New York City Bronx, NY | $8,294,050 | $24,042,847 |
Tapestry Charter School Buffalo, NY | $42,673,326 | $19,036,142 |
Belmont Charter School Philadelphia, PA | $6,922,339 | $21,008,354 |
Riverton Street Charter School Jamaica, NY | $876,028 | $18,020,045 |
Community Partnership Charter School Brooklyn, NY | $6,697,823 | $17,421,510 |
University Heights Charter School Of Excellence Inc Newark, NJ | $19,966,425 | $19,377,888 |
Propel Charter School Sunrise Pittsburgh, PA | $9,914,076 | $19,454,226 |
West Oak Lane Charter School Philadelphia, PA | $9,484,536 | $17,633,515 |
New World Preparatory Charter School Staten Island, NY | $11,039,877 | $15,891,688 |
Central Jersey College Preparatory Charter School Somerset, NJ | $11,475,546 | $18,846,415 |
Mast Community Charter School Iii Philadelphia, PA | $53,124,349 | $21,172,350 |