2024-05-08T10:52:01-05:00 2023-06-30 471019942 CREATIVE PLANNING TAX LLC 3800 AMERICAN BLVD WEST SUITE 1000 MINNEAPOLIS MN 554314420 990 2022-07-01 202511625 LILA BUILDING COMPANY LILA 6512526705 246 11TH AVE SE FOREST LAKE MN 55025 JULIE LUNDGREN PRESIDENT 6512526705 2024-04-29 1 JULIE LUNDGREN 999009999 0 BRENT L ALEXANDER CPA P00075113 9525636800 2024-04-29 0 AAL1 IAL1 2022 2023-04-26 12:10:37Z JULIE LUNDGREN 246 11TH AVE SE FOREST LAKE MN 55025 2702983 0 X HTTPS://MYLILA.ORG/DISTRICT/LILA-BUILDING-COMPANY X 2005 MN TO MANAGE SCHOOL BUILDING(S) AND PROPERTY LEASED TO LAKES INTERNATIONAL LANGUAGE ACADEMY. 3 2 0 10 0 0 0 0 2597932 2622321 35722 80662 0 0 2633654 2702983 0 0 0 0 0 0 0 0 0 2789453 2972539 2789453 2972539 -155799 -269556 35746201 35095430 37112649 36731434 -1366448 -1636004 X TO OWN AND MAINTAIN APPROPRIATE SCHOOL FACILITIES FOR LEASE TO LAKES INTERNATIONAL LANGUAGE ACADEMY IN FOREST LAKE, MINNESOTA. 0 0 2954038 2622321 LILA BUILDING COMPANY (LBC) LEASED THREE BUILDINGS TO LAKE INTERNATIONAL LANGUAGE ACADEMY: (1) THE ORIGINAL 68,000 S.F. PROPERTY AT 246 11TH AVE SE (LOWER SCHOOL), (2) 21,000 S.F. PROPERTY AT 121 11TH AVE SE (KINDER CENTER), AND (3) 94,185 S.F. PROPERTY AT 19850 FENWAY AVE N (UPPER SCHOOL), ALL IN FOREST LAKE, MN. THE LBC HAS TWO SETS OF FACILITY BONDS PAYABLE AT THIS TIME. THE 2014 SERIES BONDS REFINANCED THE 2006 BONDS AND FUNDED THE PURCHASE OF LAND AND THE CONSTRUCTION OF THE 40,000 S.F UPPER SCHOOL. THE 2019 SERIES BONDS FUNDED THE EXPANSION OF BUILDINGS 2 AND 3 TO THEIR CURRENT SIZES. AS PART OF THE EXPANSION OF BUILDING 2, THE SINGLE FAMILY HOME AT 107 11TH AVE SE, FOREST LAKE, OWNED BY LILA BUILDING COMPANY, WAS RAZED AND THE TWO PROPERTIES COMBINED. OCCUPANCY WAS GRANTED IN 2019 FOR THE BUILDING 2 EXPANSION, AND IN JAN 2020 FOR THE BUILDING 3 EXPANSION. THE EXPANSIONS ALLOWED CAPACITY FOR THE SCHOOL TO HAVE A FULL PROGRAM FROM GRADES PRESCHOOL THROUGH 12. 2954038 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 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 3 2 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 0 0 0 MN X JULIE LUNDGREN 6512526705 246 11TH AVE SE FOREST LAKE MN 55025 JULIE LUNDGREN PRESIDENT/LILA CFO 5.00 55.00 X X 0 107565 11457 CAM HEDLUND TREASURER 1.00 0.00 X X 0 0 0 DWAYNE GREEN SECRETARY 1.00 0.00 X X 0 0 0 0 107565 11457 0 0 0 0 0 RENT REVENUE 531190 2622321 2622321 2622321 80662 80662 2702983 2622321 0 80662 18501 18501 11026 11026 45936 45936 1982158 1982158 710439 710439 SUPPLIES 183888 183888 EQUIPMENT REPAIR AND MA 11207 11207 EQUIPMENT PURCHASES 9384 9384 2972539 2954038 18501 0 5840096 5683773 299 34400050 4988393 29905806 29411657 35746201 35095430 7347 36170 36881115 36371077 224187 324187 37112649 36731434 X 0 0 -6975309 -6959420 5608861 5323416 -1366448 -1636004 35746201 35095430 -269556 0 X X 0 1 X 1 0 X X X 1 LAKES INTERNATIONAL LANGUAGE ACADEMY 200393839 2 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1215090 1215090 32479625 4712566 27767059 199574 105857 93717 505761 169970 335791 29411657 DUE TO RELATED ORGANIZATION 324187 324187 X PART X, LINE 2: THE ACADEMY IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE ACADEMY IS ALSO EXEMPT FROM MINNESOTA FRANCHISE OR INCOME TAX. THE ACADEMY IS REQUIRED TO ASSESS WHETHER AN UNCERTAIN TAX POSITION EXISTS AND IF THERE SHOULD BE RECOGNITION OF A RELATED BENEFIT OR LIABILITY IN THE BASIC FINANCIAL STATEMENTS. THE ACADEMY HAS DETERMINED THERE ARE NOT AMOUNTS TO RECORD AS ASSETS OR LIABILITIES RELATED TO UNCERTAIN TAX POSITIONS. A CITY OF FOREST LAKE 416005456 345856AJ7 2014-02-25 16804789 REFUND PRIOR ISSUE AND CONSTRUCTION 0 0 0 B CITY OF FOREST LAKE 416005456 345856AV0 2019-02-12 21415000 CONSTRUCT ADDITIONS 0 0 0 A 1815000 16871557 1226380 182582 336096 8122824 7003675 2014 1 0 1 1 B 20975443 1961132 1147000 417311 16771846 678154 2020 0 0 0 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 A 1 0 0 0 0 0 B 1 0 0 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE SOLE MEMBER OF THE ORGANIZATION IS LAKES INTERNATIONAL LANGUAGE ACADEMY FORM 990, PART VI, SECTION A, LINE 7A THE SOLE MEMBER OF THE ORGANIZATION APPOINTS ALL THREE OF THE LILA BUILDING COMPANY BOARD MEMBERS ANNUALLY. FORM 990, PART VI, SECTION A, LINE 7B THE SOLE MEMBER OF THE ORGANIZATION HAS THE ABILITY TO ALTER OR REPEAL THE ORGANIZATION'S BYLAWS. FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DOES NOT HAVE ANY COMMITTEES THAT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTANT AND REVIEWED IN DETAIL BY THE ORGANIZATION'S PRESIDENT. THE FINAL DRAFT IS FORWARDED TO THE FULL BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING. IN ADDITION, THE LAKES INTERNATIONAL LANGUAGE ACADEMY AUDIT COMMITTEE REVIEWS THE LILA BUILDING COMPANY'S FORM 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C AS A STANDARD PART OF EACH BOARD AGENDA, BOARD DIRECTORS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST BASED ON THE AGENDA. THE BOARD DETERMINES WHETHER OR NOT THE DISCLOSURE IS A CONFLICT AND WHETHER OR NOT THE INDIVIDUAL MAY REMAIN IN THE ROOM FOR THE DISCUSSION AND/OR VOTE. MEMBERS DETERMINED TO HAVE A CONFLICT WHO ARE ALLOWED TO REMAIN FOR THE DISCUSSION MAY ONLY CONTRIBUTE MATERIAL FACTS AND ANSWER QUESTIONS. MEMBERS WHO HAVE A CONFLICT MUST LEAVE THE MEETING FOR THE VOTE. ALL BOARD PROCEEDINGS ARE DOCUMENTED IN THE MINUTES. IF A CONFLICT WERE TO BE DISCOVERED AFTER A VOTE OR MEETING, THE DECISION WOULD BE VOIDED AND THE ITEM RETURNED TO THE AGENDA FOR A REVOTE. IF A TRANSACTION WERE TO BE DISCOVERED AFTER THE FACT, THE BOARD AND SCHOOL ADMINISTRATION WOULD WORK TOGETHER TO DETERMINE ANY RAMIFICATIONS AND MAKE CORRECTIONS, INCLUDING CORRECTIVE AND DISCIPLINARY ACTIONS FOR THE MEMBER WITH THE UNDISCLOSED CONFLICT. IN ADDITION, AN ANNUAL "RELATED PARTIES QUESTIONNAIRE" IS COMPLETED BY THE ORGANIZATION'S BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE AS SET FORTH IN SECTION 6104(D). FORM 990, PART XII, LINE 1: THE BUILDING COMPANY FOLLOWS A MODIFIED ACCRUAL METHOD OF ACCOUNTING AS PRESCRIBED BY THE MINNESOTA DEPARTMENT OF EDUCATION. THE SCHOOL-WIDE FINANCIAL STATEMENTS ARE REPORTED USING THE ECONOMIC RESOURCES MEASUREMENT FOCUS AND THE ACCRUAL BASIS OF ACCOUNTING. GRANTS AND SIMILAR ITEMS ARE RECOGNIZED WHEN ALL ELIGIBILITY REQUIREMENTS IMPOSED BY THE PROVIDER HAVE BEEN MET. FORM 990, PART I, LINE 6 THE BUILDING COMPANY HAS NO PAID EMPLOYEES AND APPROXIMATELY 10 VOLUNTEERS: THOSE WHO SERVE ON ITS BOARD, HELP REVIEW THE TAX FILING, AND LILA ADMINISTRATORS. LAKES INTERNATIONAL LANGUAGE ACADEMY 246 11TH AVE SE FOREST LAKE MN 55025 200393839 PUBLIC SCHOOL 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 1