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Spectrum Building Company

Tax-deductible

Elk River, MN501(c)(3)Since 2007Education EIN 26-0425207Revenue $2.3M in FY2025

On file with the IRSspectrumhighschool.org17796 Industrial Cir Nw, 55330-4754 · Elk River, MNTax-exempt since Oct 2012Supporting org, Type I — 509(a)(3)

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The organization's primary exempt purpose is to acquire and renovate property and lease to its supported organization, Spectrum high school, a minnesota public charter school.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 3 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 6
filings with a surplus
Average deficit $52K a year · 3% of revenue · last 6 filings
Concern: a surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
41 mo
of spending, in cash
Looks good: 41.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$34.1M
111% of total assets
Concern: liabilities are 111% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 5 voting members
Looks good: 3 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.3M
+45% vs prior year
Spent
$2.5M
To programs
91%
Net assets
−$3.3M
By yearFY2020–FY2025
Revenue
$2.3M
FY2025▲ +45%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3M
FY2021$1.4M
FY2022$1.4M
FY2023$1.8M
FY2024$1.6M
FY2025$2.3M
Expenses
$2.5M
FY2025▲ +56%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.7M
FY2021$1.5M
FY2022$1.5M
FY2023$1.5M
FY2024$1.6M
FY2025$2.5M
Net assets
−$3.3M
FY2025▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2020−$3.3M
FY2021−$3.4M
FY2022−$3.5M
FY2023−$3.2M
FY2024−$3.2M
FY2025−$3.3M

From the FY2025 Form 990 (year ending June 2025) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Exemption reinstated (2010-11-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Oct 2012.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $2.2M Management & general 9% · $209K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
Jeremy Johnson
Member (admin)
$0Pt VII · Sec A
Dave Lucas
Chair (community)
$0Pt VII · Sec A
Cory Taylor
Member (parent)
$0Pt VII · Sec A
Anthony Brunt
Secretary (teacher)
$0Pt VII · Sec A
Tom Sagstetter
Member (community)
$0Pt VII · Sec A
See Spectrum 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

Acquires and renovates property to lease to Spectrum High School.

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Provided by the organization

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1 program · $2.2M · in their own filed words · FY2024
01

The organization's primary exempt purpose is to acquire and renovate property and lease to its supported organization, spectrum high school, a minnesota public charter school. This currently includes four properties: spectrum high school (grades 9-12), spectrum middle school (grades 6-8), spectrum elementary school (grade 5), and the…

$2.2Mprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$2.3M
Ln 12
Fees for servicesLn 2g$2.0M
Investment incomeLn 3$311K
Money outPt IX
$2.5M
Ln 25
Programscol B$2.2M
Managementcol C$209K
Owns and owesPt X
−$3.3M
net assets · Ln 32
Cash and savingsLn 1–2$8.4M
Total assetsLn 16$30.7M
LiabilitiesLn 26$34.1M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$2.0M
Investment incomeLn 3$311K
Total revenueLn 12$2.3M
Assets in detailPt X, end of year
CashLn 1$343
SavingsLn 2$8.4M
Cash and savings togetherLn 1–2$8.4M
Land, buildings, equipmentLn 10c$21.4M
Other assetsLn 15$907K
Total assetsLn 16$30.7M
LiabilitiesLn 26$34.1M
Net assetsLn 32−$3.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3More from this return
BondsSch K, Pt X
Tax-exempt bond debt owedX 20$31.1M
Bond issues listedSch K Pt I1
Raised by those issuesSch K Pt I$22.8M
4Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$2.6M$8.4M
Land, buildings, equipmentLn 10c$15.6M$21.4M
Total assetsLn 16$19.3M$30.7M
LiabilitiesLn 26$22.5M$34.1M
Net assetsLn 32−$3.2M−$3.3M
5Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$123K$123K
Accounting feesLn 11c$62K$62K
Other fees for servicesLn 11g$25K$25K
InterestLn 20$1.7M$1.7M
Depreciation, depletion and amortizationLn 22$532K$532K
Total functional expensesLn 25$2.5M$2.2M$209K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $2.3M$2.5M−$133K−$3.3M 990 PDF
FY2024Filed with the IRS May 14, 2025 $1.6M$1.6M$31K−$3.2M 990 PDF
FY2023Filed with the IRS May 15, 2024 $1.8M$1.5M$308K−$3.2M 990 PDF
FY2022Filed with the IRS May 15, 2023 $1.4M$1.5M−$119K−$3.5M 990 PDF
FY2021Filed with the IRS May 13, 2022 $1.4M$1.5M−$85K−$3.4M 990 PDF
FY2020Filed with the IRS May 10, 2021 $1.3M$1.7M−$317K−$3.3M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2025 990 (6 parts)
Part I · Summary $2,321,881 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,500,938$2,010,550
I-10 Investment incomePrior year $105,094$311,331
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $1,606,032$2,321,881
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,574,561$2,454,593
I-18 Total expensesPrior year $1,574,561$2,454,593
I-19 Revenue less expensesPrior year $31,471−$132,712
Part VI · Governance 3 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members3
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $2,321,881 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $2,010,550$2,010,550
VIII-3 Investment incomeExcluded from tax $311,331$311,331
VIII-12 Total revenueRelated to mission $2,010,550 · Unrelated business $0 · Excluded from tax $311,331$2,321,881
Part IX · Statement of functional expenses $2,454,593 across 5 lines filed
IX-11b Legal feesManagement $122,525$122,525
IX-11c Accounting feesManagement $62,000$62,000
IX-11g Other fees for servicesManagement $24,687$24,687
IX-20 InterestPrograms $1,713,639$1,713,639
IX-22 Depreciation, depletion and amortizationPrograms $531,742$531,742
IX-25 Total functional expensesPrograms $2,245,381 · Management $209,212 · Fundraising $0$2,454,593
Part X · Balance sheet $30,720,045 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $343$343
X-2 Savings and temporary cash investmentsStart of year $2,627,716$8,382,168
X-10c Land, buildings and equipment, netStart of year $15,557,458$21,430,047
X-15 Other assetsStart of year $1,068,112$907,487
X-16 Total assetsStart of year $19,253,629$30,720,045
X-17 Accounts payable and accrued expensesStart of year $445,841$2,882,913
X-20 Tax-exempt bond liabilitiesStart of year $21,461,182$31,087,298
X-25 Other liabilitiesStart of year $548,774$84,714
X-26 Total liabilitiesStart of year $22,455,797$34,054,925
X-32 Total net assets or fund balancesStart of year −$3,202,168−$3,334,880
X-33 Total liabilities and net assetsStart of year $19,253,629$30,720,045
Part XI · Reconciliation of net assets −$3,334,880 net assets at year end
XI-1 Total revenue$2,321,881
XI-2 Total expenses$2,454,593
XI-3 Revenue less expenses−$132,712
XI-4 Net assets at start of year−$3,202,168
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$3,334,880

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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