2020-01-30T15:09:19-06:00 2019-06-30 410887288 BOULAY PLLP 7500 FLYING CLOUD DRIVE SUITE 800 MINNEAPOLIS MN 55344 990 2018-07-01 901019537 ISLA AFFILIATED BUILDING COMPANY ISLA 9527466020 5959 SHADY OAK ROAD MINNETONKA MN 55343 MARIA CISNEROS CURRENT BOARD CHAIR 9527466020 2020-01-20 1 MATTHEW L CRANE P01302750 9528939320 2020-01-20 104.240.15.188 2020-01-20 12:26:07 CS P A8A0F8388DA1D5F67EBF2EBB6BBE854B56CEC9D8 16B12889F4BABF55CF9BA85F8E5C937B17EF9B39 2018 2020-09-22 18:59:49Z MARIA CISNEROS 5959 SHADY OAK ROAD MINNETONKA MN 55343 470124 0 X WWW.ISLA-ACADEMY.ORG X 2013 MN TO OWN AND OPERATE A SCHOOL BUILDING AND PROPERTY FOR LEASE BY INTERNATIONAL SPANISH LANGUAGE ACADEMY, A MINNESOTA CHARTER SCHOOL. 3 3 0 0 0 0 0 0 494099 470124 0 0 0 0 494099 470124 0 0 0 0 0 0 0 0 0 336959 355705 336959 355705 157140 114419 4460558 4428296 3993939 3847258 466619 581038 TO OWN AND OPERATE A SCHOOL BUILDING AND PROPERTY FOR LEASE BY INTERNATIONAL SPANISH LANGUAGE ACADEMY, A MINNESOTA CHARTER SCHOOL. 0 0 355705 470124 TO OWN AND OPERATE A SCHOOL BUILDING AND PROPERTY FOR LEASE BY INTERNATIONAL SPANISH LANGUAGE ACADEMY, A MINNESOTA CHARTER SCHOOL. 355705 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 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 0 0 0 X 3 3 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 0 0 0 0 0 MN X STENMARK FINANCIAL SERVICES 9527670207 140 W 98TH ST STE 114 BLOOMINGTON MN 55420 X MARIA CISNEROS PRESIDENT 1.00 X X 0 0 0 TOM SCHMIDT SECRETARY 1.00 X X 0 0 0 MICHEL RAGOT TREASURER 1.00 X X 0 0 0 0 0 0 0 0 0 0 0 ISLA ABC - RENT INCOME 611710 470124 470124 470124 470124 470124 0 0 X 1425 1425 54001 54001 13788 13788 181592 181592 95317 95317 9582 9582 355705 355705 0 0 335544 393975 4624 4474510 444813 4125014 4029697 4460558 4428296 15306 18262 3978633 3828996 3993939 3847258 X 320238 380337 146381 200701 0 0 466619 581038 4460558 4428296 114419 0 X X 0 1 X 1 0 X X X 1 INTERNATIONAL SPANISH LANGUAGE ACADEMY 010872726 2 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1615000 1615000 2859510 444813 2414697 4029697 X 3444371 3444371 3444371 0 470124 470124 470124 2935858 3050277 3050277 -114419 470124 470124 355705 PART X, LINE 2: THE BUILDING COMPANY IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER INTERNAL REVENUE CODE 501(C)(3), AND IS SUBJECT TO TAX ON INCOME FROM ANY UNRELATED BUSINESS. THE BUILDING COMPANY ADOPTED THE RECOGNITION REQUIREMENTS FOR UNCERTAIN INCOME TAX POSITIONS AS REQUIRED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ASC 740-10 (FORMERLY KNOWN AS FASB INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES), WITH NO CUMULATIBE EFFECT ADJUSTMENT REQUIRED. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE BUILDING COMPANY HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND STATE JURISDICTION WHERE THEY OPERATE. THE BUILDING COMPANY BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DO NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN MATERIAL ADVERSE AFFECT ON THEIR RESPECTIVE FINANCIAL CONDITION, RESULTS OF OPERATION, OR CASH FLOWS. ACCORDINGLY, THE BUILDING COMPANY HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2019. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE REPORTED BY ISLA 3,444,371. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENT RECEIVED FROM ISLA 470,124. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES REPORTED BY ISLA 3,050,277. PART XII, LINE 4B - OTHER ADJUSTMENTS: RENT PAID BY ISLA 470,124. FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMEBER OF THE BUILDING COMPANY IS INTERNATIONAL SPANISH LANGUAGE ACADEMY. FORM 990, PART VI, SECTION A, LINE 7A THE SOLE MEMBER OF THE BUILDING COMANY IS INTERNATIONAL SPANISH LANGUAGE ACADEMY. THE SOLE MEMBER CAN REMOVE OR APPOINT DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE SOLE MEMBER CAN REMOVE OR APPOINT DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THE AFFILIATED BUILDING COMPANY DOES NOT HAVE ANY COMMITTEES WITH AUTORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. ONCE THE FORM IS COMPLETED, THE BOARD OF DIRECTORS REVIEWS IT BEFORE IT IS SIGNED BY THE PRESIDENT. FORM 990, PART VI, SECTION B, LINE 12C EACH DIRECTOR ANNUALLY SIGNS A STATEMENTS WHICH AFFIRMS THAT SUCH PERSON (A) HAS RECEIVED A COPY OF THE CONFLICT OF INTEREST POLICY, (B) HAS READ AND UNDERSTANDS THE POLICY, (C) HAS AGREED TO COMPLY WITH THE POLICY, AND (D) UNDERSTANDS THE ORGANIZATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PART VI, SECTION C, LINE 19 THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G LEGAL AND CONSULTING EXPENSE: PROGRAM SERVICE EXPENSES 54,001. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 54,001. FORM 990, PART XII, LINE 2C: THE BOARD ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT ANNUALLY. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. INTERNATIONAL SPANISH LANGUAGE ACADEMY 5959 SHADY OAK ROAD MINNETONKA MN 55343 010872726 EDUCATION SERVICES MN 501(C)(3) LINE 2 N/A 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 INTERNATIONAL SPANISH LANGUAGE ACADEMY J 470124 LEASE AGREEMENT