2025-12-08T16:36:03-06:00 2025-06-30 364049282 PASQUESI SHEPPARD LLC 585 BANK LANE LAKE FOREST IL 60045 990 2024-07-01 363196542 CREATIVE CHILDREN'S ACADEMY D/B/A QUEST ACADEMY CREA 8472028035 500 N BENTON ST PALATINE IL 600673564 PATRICIA WYNN CHIEF FINANCIAL OFFICER 8472028035 2025-12-05 1 0 DAVID SCHAFER P00008830 8472345000 2025-12-05 2024 2025-03-06 01:10:19Z PATRICIA WYNN 500 N BENTON ST PALATINE IL 60067 8196342 0 X WWW.QUESTACADEMY.ORG X 1982 IL QUEST ACADEMY IS AN INDEPENDENT SCHOOL WHICH PROVIDES AN INTELLECTUALLY RICH ENVIRONMENT OF ACADEMICS AND ART FOR GIFTED STUDENTS AGES 3-14. 15 14 82 74 -188037 0 344212 475827 6537437 6909056 120776 105165 9361 23224 7011786 7513272 670320 684170 0 0 4074236 4318105 0 0 154079 1638001 1639759 6382557 6642034 629229 871238 13480860 14537730 6029216 6156865 7451644 8380865 QUEST ACADEMY IS AN INDEPENDENT SCHOOL WHICH PROVIDES AN INTELLECTUALLY RICH ENVIRONMENT OF ACADEMICS AND ART FOR GIFTED STUDENTS AGES 3-14. 0 0 5522044 684170 6914792 QUEST ACADEMY IS AN ELEMENTARY/MIDDLE SCHOOL FOR APPROXIMATELY 260 INTELLECTUALLY GIFTED AND CREATIVELY TALENTED CHILDREN. 5522044 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 0 1 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 0 1 13 0 1 82 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 15 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 IL X MIRANDA KENNEDY 8472028035 500 N BENTON ST PALATINE IL 600673564 NADER QAIMARI CHAIR 4.00 X X 0 0 0 VALERIE CAMPBELL TRUSTEE 2.00 X 0 0 0 LUKE PRAXMARER TREASURER 2.00 X X 0 0 0 DON MITCKESS SECRETARY 2.00 X X 0 0 0 SEDHU KRISHNAMURTHY TRUSTEE 2.00 X 0 0 0 DOMINIQUE KENDRICK TRUSTEE 2.00 X 0 0 0 BRAD SCHULMAN VICE CHAIR 2.00 X X 0 0 0 JORGE SEOANE TRUSTEE 2.00 X 0 0 0 SEEMA AWATRAMANI TRUSTEE 2.00 X 0 0 0 AMY BYRNE TRUSTEE 2.00 X 0 0 0 DEEPIKA DUGGIRALA TRUSTEE 2.00 X 0 0 0 VICKI PHELPS HEAD OF SCHOOL 60.00 X X 204570 0 906 JORDAN SADOFF TRUSTEE 2.00 X 0 0 0 GEORGE REICHL TRUSTEE 2.00 X 0 0 0 AMJAD SAFVI TRUSTEE 2.00 X 0 0 0 PATRICIA WYNN DIRECTOR OF FINANCE & OPER 40.00 X 103662 0 17909 AMANDA DAVEY DIRECTOR OF ACADEMICS & STUDENT AFFAIRS 40.00 X 108292 0 15707 416524 0 34522 3 0 1 0 0 192760 283067 475827 TUITION, FEES, & PROGRAMS 611110 6909056 6909056 6909056 130094 130094 344554 526855 -182301 -182301 5736 -188037 24929 -24929 -24929 -24929 274260 192760 131286 142974 142974 INSURANCE REIMBURSEMENTS 722410 62551 62551 62551 7513272 6914792 -188037 310690 684170 684170 204571 169347 28785 6439 3416144 2827949 480677 107518 433114 359968 64541 8605 264276 219349 39641 5286 25400 25400 13595 13595 49468 49468 93745 90631 3114 47523 47523 67413 67413 361929 340214 18096 3619 78699 71708 6228 763 BUILDING MAINTENANCE 294660 276980 14733 2947 SPECIAL PROGRAMS 191528 191528 UTILITIES 104503 98232 5226 1045 EQUIPMENT MAINTENANCE 91874 72040 19834 219422 119928 81637 17857 6642034 5522044 965911 154079 3647314 4224616 17782 51488 23824 50295 82600 106588 15092826 7597973 7684746 7494853 1677672 2375734 346922 234156 13480860 14537730 646701 836674 2423651 2614540 1322840 1148516 1531931 1469499 104093 87636 6029216 6156865 X 7187240 7990968 264404 389897 7451644 8380865 13480860 14537730 X 871238 139968 -81985 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1682235 500000 198061 2380296 1323693 175000 183542 1682235 1105174 100000 118519 1323693 1264108 5265 -164199 1105174 804168 254847 205093 1264108 0.94419 0.05581 0 0 3065789 3065789 8644204 5205069 3439135 1438581 790268 648313 1933807 1602636 331171 10445 10445 7494853 OPERATING LEASE LIABILITIES 87636 87636 X 7018371 139968 -81985 57983 6960388 552884 552884 7513272 6089150 131286 131286 5957864 684170 684170 6642034 PART X, LINE 2: MANAGEMENT ANNUALLY REVIEWS ITS TAX POSITIONS AND HAS DETERMINED THAT THERE ARE NO MATERIAL UNCERTAIN TAX POSITIONS THAT REQUIRE RECOGNITION IN THE FINANCIAL STATEMENTS. MANAGEMENT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR THE YEARS PRIOR TO 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE ON SWAP AGREEMENT -81,985. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED IN REVENUE -131,286. FINANCIAL AID NETTED AGAINST TUITION 684,170. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES INCLUDED IN REVENUE 131,286. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 684,170. PART V, LINE 4 PART V, LINE 4 - INTENDED USES OF ENDOWMENT FUND A PORTION OF THE ENDOWMENT FUND REPRESENTS PERMANENT FUNDS WHEREBY SOME PORTION OF THE INVESTMENT RETURN WILL PROVIDE SUPPORT FOR THE SCHOOL'S OPERATION (IE. SCHOLARSHIPS, FINANCIAL AID OR OTHER GENERAL PURPOSE). THE REMAINING PORTION IS CONSIDERED A BOARD DESIGNATED ENDOWMENT. FUNDS FROM THIS BOARD DESIGNATED ENDOWMENT ARE INTENDED TO BE USED FOR FUTURE DEVELOPMENT OF THE SCHOOL. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE ACADEMY PUBLISHES THE REQUIRED RACIALLY NON-DISCRIMINATORY POLICY IN JANUARY. IN ADDITION, THE APPLICATION FOR ADMISSION, ADMISSION MATERIALS, AND RECRUITMENT MAILING AND ADVERTISING ALL CONTAIN A STATEMENT OF THE NON-DISCRIMINATION POLICY. FURTHERMORE, THE ACADEMY CAN SHOW THAT IT FOLLOWS A RACIALLY NON-DISCRIMINATORY POLICY FOR ENROLLMENT BASED ON THE CURRENT, RACIALLY DIVERSE, STUDENT POPULATION. DINNER/AUCTION 440290 192760 247530 28771 102515 OTHER EVENTS 26730 26730 467020 192760 274260 28771 102515 131286 142974 1 TUITION 69 684170 FAIR VALUE BASED ON TUITION RATES DETERMINED BY GRADE LEVEL PART I, LINE 2: TUITION ASSISTANCE IS ONLY GIVEN TO CURRENT STUDENTS. THE STUDENT RECEIVES A CREDIT TO THEIR TUITION ACCOUNT TO OFFSET OR PAY THE YEARS TUITION. X X X X 0 0 0 0 0 0 0 0 0 VICKI PHELPS HEAD OF SCHOOL 204570 0 0 0 0 0 0 0 906 0 205476 0 0 0 A IL FINANCE AUTHORITY 891091967 2010-12-22 3200000 REPAY 1998 BOND, ACQUIRE PROPERTY 0 0 0 A 3200000 64000 1136000 2012 0 0 1 1 A 0 0 0 0 0 0 0 A 0 1 0 0 1 1 FIRST AMERICA BANK 10.000000000000 1 0 0 0 0 A 1 LUKE PRAXMARER - ASSURED PARTNERS OF ILLINOIS LLC BOARD MEMBER 72071 INSURANCE PREMIUMS 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED IN DETAIL IN DRAFT FORM BY THE CHAIRPERSON OF THE BOARD OF TRUSTEES AUDIT COMMITTEE. PRIOR TO ITS FILING, THE FINAL FORM 990 IS REVIEWED BY MEMBERS OF THE BOARD OF TRUSTEES EXECUTIVE COMMITTEE (CHAIRPERSON OF THE BOARD, TREASURER AND AUDIT COMMITTEE CHAIR). THE FINAL FORM 990 IS DISTRIBUTED ELECTRONICALLY TO EACH MEMBER OF THE BOARD OF TRUSTEES. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO ALL BOARD OF TRUSTEE MEMBERS AND INCLUDED IN THE EMPLOYEE HANDBOOK. ALL BOARD MEMBERS ARE REQUIRED TO COMPLETE A DISCLOSURE STATEMENT ANNUALLY WHICH DISCLOSES IF ANY CONFLICTS EXIST AND IDENTIFIES THE NATURE OF THE CONFLICT. IF A CONFLICT EXISTS, THAT BOARD PERSON IS EXCLUDED FROM PARTICIPATING IN ANY GOVERNANCE DELIBERATIONS AND DECISIONS INVOLVING THE CONFLICT. ALL EMPLOYEES ARE REQUIRED TO PROVIDE WRITTEN NOTIFICATION TO THE HEAD OF SCHOOL OR DIRECTOR OF FINANCE OF ANY POTENTIAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING COMPENSATION FOR THE HEAD OF SCHOOL, OFFICERS AND KEY EMPLOYEES INCLUDE A REVIEW OF COMPENSATION SURVEYS AND DELIBERATED BY THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE MAKES A RECOMMENDATION TO THE GOVERNING BODY WHO ULTIMATELY APPROVES THE COMPENSATION. THE COMPENSATION IS DEFINED IN AN ANNUAL WRITTEN EMPLOYMENT CONTRACT. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC BY PROVIDING COPIES UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SWAP AGREEMENT -81,985. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS A COMMITTEE TO OVERSEE THE AUDIT AND AUDITOR SELECTION PROCESS. DURING THE YEAR THE BOARD DID NOT CHANGE THE COMMITTEE'S OVERSIGHT OR SELECTION PROCESS. PALATINE RETAIL CENTER LLC 500 N BENTON STREET PALATINE IL 60067 453556666 COMMERCIAL LEASING IL -188037 2753766 CREATIVE CHILDRENS ACADEMY DBA QUEST ACADEMY