2021-04-27T10:05:12-05:00 2020-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2019-07-01 300211613 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS INC FRIE 6175611371 58 MOORE STREET EAST BOSTON MA 02128 SETH REYNOLDS PRESIDENT 6175611371 2021-04-13 1 YEVGENIYA GORLOVSKY-SCHEPP CPA P01485484 5083669100 2021-04-12 2019 2022-09-23 18:48:47Z SETH REYNOLDS 58 MOORE STREET EAST BOSTON MA 02128 1698014 0 X N/A X 2004 MA TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOL WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOL IS LOCATED; AND TO OTHERWISE BENEFIT THE SCHOOL THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 6 6 0 6 0 0 3991374 957448 0 0 429907 740566 -122538 0 4298743 1698014 321632 304426 0 0 0 0 0 0 12835 586510 1328298 908142 1632724 3390601 65290 17625052 45775555 4514732 29174235 13110320 16601320 X TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOL WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOL IS LOCATED; AND TO OTHERWISE BENEFIT THE SCHOOL THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 0 0 1163371 304426 TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL 1163371 1 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X ANDREW M SOLOMON 6178744096 58 MOORE STREET EAST BOSTON MA 02128 X SETH REYNOLDS PRESIDENT 0.80 1.80 X X 0 0 0 MEGAN PREINER TREASURER 0.80 1.80 X X 0 0 0 MARY ELISABETH SWERZ CLERK 0.80 1.80 X X 0 0 0 DOUGLAS CHOPE MEMBER 0.80 1.00 X 0 0 0 TUCKER LEVY MEMBER 0.80 1.80 X 0 0 0 PETER FISHER MEMBER 0.80 1.80 X 0 0 0 0 0 0 0 0 0 0 WT RICH COMPANY 29 CRAFTS STREET SUITE 300 NEWTON MA 02458 CONSTRUCTION SERVICES 687035 STUDIO G ARCHITECTS 179 BOYLSTON STREET P JAMAICA PLAIN MA 02130 DESIGN SERVICES 542445 2 957448 957448 740566 740566 1698014 0 0 740566 X 267170 267170 37256 37256 3420 3420 22791 22791 361378 161378 200000 669205 669205 FINANCING FEES 224193 224193 STAFF CULTURE EXPENSE 28362 28362 MISCELLANEOUS 10853 1518 9335 FEES 4596 4596 3500 3500 1632724 1163371 456518 12835 73889 926193 4161448 6255925 2355447 850921 12288 0 6055763 0 481651 6055763 10540329 31686753 17625052 45775555 153936 2071344 295000 70000 21835224 4065796 5197667 4514732 29174235 X 9859340 13536287 3250980 3065033 13110320 16601320 17625052 45775555 X 65290 3425710 X X 0 1 X 1 0 X 1742479 1878863 1618631 3991374 957448 10188795 1742479 1878863 1618631 3991374 957448 10188795 4691934 5496861 331896 324790 339522 429907 740566 2166681 1454 12858 3497 17809 12373285 0.44430 0.59770 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2016 AMOUNT: $ 1,454. 2017 AMOUNT: $ 12,858. 2018 AMOUNT: $ 3,497. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6055763 6055763 6055763 DUE FROM EXCEL ACADEMY CHARTER SCHOOL 355829 INTERCOMPANY LEASES RECEIVABLE 31330924 31686753 X PART X, LINE 2: THE FOUNDATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE COMBINED GENERAL PURPOSE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE COMBINED GENERAL PURPOSE FINANCIAL STATEMENTS AT JUNE 30, 2020. HOWEVER, THE INFORMATIONAL RETURNS FOR THE FOUNDATION ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE JURISDICTIONS. 1 EXCEL ACADEMY CHARTER SCHOOL 58 MOORE STREET EAST BOSTON MA 02128 432002251 170(B)(1)(A)(II) 267170 TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL. 1 SCHOLARSHIP GRANTS 12 13000 COVID FAMILY SUPPORTS 70 18206 COVID STUDENT SUPPORTS 22 6050 PART I, LINE 2: THE BOARD OF TRUSTEES APPROVE GRANT AWARDS TO THE SCHOOL. FOR DIRECT GRANTS TO STUDENTS AND ALUMNI (SCHOLARSHIPS) AND GRANTS TO THE FAMILIES OF STUDENTS AND ALUMNI (SUCH AS FOR COVID-19 RELIEF), THE FOUNDATION HAS DEVELOPED SYSTEMS FOR IDENTIFYING GRANT CANDIDATES BASED ON ESTABLISHED CRITERIA THAT ARE THEN ADMINISTERED BY DESIGNATED TEAMS OF STAFF AT THE SCHOOL. THESE PROCEDURES ARE OVERSEEN BY THE SCHOOL'S FINANCE TEAM FOR ADHERENCE TO CONTROLS AND PURPOSE RESTRICTIONS A MDFA SERIES 2015 REVENUE BONDS 043431814 2015-04-30 16500000 TO FUND CAPITAL PROJECTS 0 0 0 B MDFA SERIES 2019 REVENUE BONDS 043431814 2019-10-31 12000000 TO FUND CAPITAL PROJECTS 0 0 0 A 1923857 16500000 471026 16028974 2016 0 0 1 1 B 12000000 15485 3634433 3609163 8561386 1 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 1 B 1 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR REVIEW AND COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY REVIEW THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 19 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 161,378. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 161,378. NETWORK SUPPORT MANAGEMENT FEE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 200,000. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 200,000. FORM 990, PART XI, LINE 9: BREMEN STREET REALTY CORP DISSOLUTION 3,204,710. DEFERRED INFLOWS OF RESOURCES - DEFERRED REVENUE 221,000. FORM 990, PART XII LINE 2C THE BOARD OF DIRECTORS OVERSEES THE AUDIT OF THE FINANCIAL STATEMENTS. THIS PROCESS HAS NOT CHANGED IN FISCAL YEAR 2020. EXCEL ACADEMY BREMEN STREET REALTY CORPORATION 58 MOORE STREET EAST BOSTON MA 02128 464977868 TO SUPPORT EXCEL ACADEMY CHARTER SCHOOL MA 501(C)(3) LINE 12C, III-FI N/A 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 EXCEL ACADEMY BREMEN STREET REALTY CORPORATION D 1203227 FAIR MARKET VALUE - DUE FROM EXCEL ACADEMY BREMEN STREET REALTY CORPORATION S 26739416 BOOK VALUE OF CAPITAL LEASE TRANS SCHEDULE R PART V SUPPLEMENTAL EXPLANATION - ON OCTOBER 31, 2019, FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. (THE FOUNDATION) ASSUMED ALL OF EXCEL ACADEMY BREMEN STREET REALTY CORPORATION'S (BSRC'S) ASSETS AND LIABILITIES, INCLUDING THE INTERCOMPANY NOTES PAYABLE TO THE EXCEL ACADEMY CHARTER SCHOOL (SCHOOL). THE SCHOOL FORGAVE THESE INTERCOMPANY NOTES PAYABLE IN EXCHANGE FOR THE FOUNDATION ASSUMING THE SCHOOL'S REVENUE BONDS AND ANOTHER NOTE PAYABLE. THE FOUNDATION ALSO PROVIDED APPROXIMATELY $3.6 MILLION TO THE SCHOOL FROM THE PROCEEDS OF THE SERIES 2019 REVENUE BONDS, WHICH THE SCHOOL USED TO PAY OFF A DIFFERENT NOTE PAYABLE. BSRC AUTHORIZED A DEED TRANSFER OF THE HIGH SCHOOL PROPERTY TO THE FOUNDATION AND ASSIGNED ITS CAPITAL LEASE WITH THE SCHOOL TO THE FOUNDATION. THE FOUNDATION THEN PROVIDED A MORTGAGE INTEREST ON THE HIGH SCHOOL PROPERTY TO THE FINANCIAL INSTITUTION WHICH IS THE TRUSTEE OF ITS BONDS PAYABLE. THE SCHOOL AND THE FOUNDATION ALSO FORGAVE A PORTION OF THE DUE FROM BSRC AT OCTOBER 31, 2019. THE REMAINING APPROXIMATELY $917,000 OF ACCRUED RENT RECEIVABLE FROM THE SCHOOL RELATING TO THE CAPITAL LEASE WAS ASSIGNED TO THE FOUNDATION AND PAID BY THE SCHOOL IN FISCAL YEAR 2020. BSRC WAS DISSOLVED IN FISCAL YEAR 2020.