Srcs Building Company FY2023 filing

Tax-deductible

Monticello, MN501(c)(3)Since 2004EducationEIN 20-1465061

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To acquire, improve, construct and own the site that is leased to swan river montessori charter school.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $41K a year · 20% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
3 mo
of spending, in cash
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.7M
160% of total assets
Concern: liabilities are 160% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$199K
-10% vs prior year
Spent
$336K
To programs
99%
Net assets
−$652K
By yearFY2020–FY2024
Revenue
$199K
FY2023▼ -10%
Revenue by fiscal year
FY2020$198K
FY2021$199K
FY2022$221K
FY2023$199K
FY2024$200K
FY2024$203K
Expenses
$336K
FY2023▲ +43%
Expenses by fiscal year
FY2020$249K
FY2021$245K
FY2022$235K
FY2023$336K
FY2024$157K
FY2024$310K
Net assets
−$652K
FY2023▼ -27%
Net assets by fiscal year
FY2020−$453K
FY2021−$499K
FY2022−$514K
FY2023−$652K
FY2024−$608K
FY2024−$716K

From the FY2023 Form 990 (year ending June 2023) · see the original

You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2005.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $332K Management & general 1% · $4K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Board Chair
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Srcs Building Company executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Operates and rents buildings to a Montessori charter school.

Provided by the organization

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1 program service account for $332K of program spending, described in the organization's own filed words · FY2022.
01

Swan river montessori building company was established to acquire, improve, construct, and own the site that is leased to swan river montessori charter school.

$332Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$199K
Ln 12
Fees for servicesLn 2g$198K
Investment incomeLn 3$457
Money outPt IX
$336K
Ln 25
Programscol B$332K
Managementcol C$4K
Owns and owesPt X
−$652K
net assets · Ln 32
Cash and savingsLn 1–2$88K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.7M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$198K
Investment incomeLn 3$457
Total revenueLn 12$199K
Assets in detailPt X, end of year
CashLn 1$43K
SavingsLn 2$46K
Cash and savings togetherLn 1–2$88K
Land, buildings, equipmentLn 10c$1.0M
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.7M
Net assetsLn 32−$652K
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$69K$88K
Land, buildings, equipmentLn 10c$1.3M$1.0M
Total assetsLn 16$1.3M$1.1M
LiabilitiesLn 26$1.8M$1.7M
Net assetsLn 32−$514K−$652K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$4K$4K
OccupancyLn 16$9K$9K
InterestLn 20$69K$69K
Depreciation, depletion and amortizationLn 22$254K$254K
Total functional expensesLn 25$336K$332K$4K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $200K$157K$43K−$608K 990 PDF
FY2023 Viewing $199K$336K−$137K−$652K 990 PDF
FY2022 $221K$235K−$15K−$514K 990 PDF
FY2021 $199K$245K−$46K−$499K 990 PDF
FY2020 $198K$249K−$50K−$453K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $198,837 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $198,380$198,380
VIII-3 Investment incomeExcluded from tax $457$457
VIII-12 Total revenueRelated to mission $198,380 · Excluded from tax $457$198,837
Part IX · Statement of functional expenses $336,273 across 4 lines filed
IX-11c Accounting feesManagement $4,190$4,190
IX-16 OccupancyPrograms $9,102$9,102
IX-20 InterestPrograms $68,566$68,566
IX-22 Depreciation, depletion and amortizationPrograms $254,415$254,415
IX-25 Total functional expensesPrograms $332,083 · Management $4,190 · Fundraising $0$336,273
Part X · Balance sheet $1,092,831 assets, 7 lines filed
X-1 Cash, non-interest-bearingStart of year $23,814$42,564
X-2 Savings and temporary cash investmentsStart of year $45,550$45,550
X-10c Land, buildings and equipment, netStart of year $1,251,397$1,004,717
X-16 Total assetsStart of year $1,320,761$1,092,831
X-26 Total liabilitiesStart of year $1,834,964$1,744,470
X-32 Total net assets or fund balancesStart of year −$514,203−$651,639
X-33 Total liabilities and net assetsStart of year $1,320,761$1,092,831
Part XI · Reconciliation of net assets −$651,639 net assets at year end
XI-1 Total revenue$198,837
XI-2 Total expenses$336,273
XI-3 Revenue less expenses−$137,436
XI-4 Net assets at start of year−$514,203
XI-10 Net assets at end of year−$651,639

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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