90 High Rock Street Llc

Nonprofit profile at a glance

EIN
451681483
IRS 990 coverage
2012–2018
Forms available
Form 990 2018
Location
Lynn, MA, USA
Phone
6175968627
Rating confidence
Limited
Sector
Single Organization Support

Reported finances

Revenue
$0
Expenses
$293,002
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

1 person listed

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To acquire, construct, finance, lease, and manage property in support of kipp academy lynn public charter school so as to qualify as a "qualified active low-income community business" under section 45d(d)(2) of the internal revenue code and the associated regulations, and to engage in all other activities incidental or related thereto.

What it reported doing in 2018

Acquisition, construction, financing, leasing, and managing property in support of kipp academy lynn public charter school. In may 2018, ownership of the llc's capital assets transferred from the llc to the school. In october 2018, the llc assigned the related debt to the school. The llc subsequently dissolved during fiscal year 2019.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 90
  • Accountability: 18
  • Sustainability: 8
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -15.6% per year; rating input score 0; 26th percentile among comparable filings
  • Revenue growth: -5.8% per year; rating input score 0; 44th percentile among comparable filings
  • Asset growth: -27.1% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of spending went to programs
  • Governance: 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $293K in reported program spending
  • Leadership: top reported pay $0 · 1 people listed
  • Consistency: 10 of 10 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 7 filing years from 2012 to 2018
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.