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Nonprofiteer
← FRIENDS OF CHATTANOOGA PREP INC

Form 990 for tax year 2022

Filed by FRIENDS OF CHATTANOOGA PREP INC.

Totals

Total revenue
$4,899,967
Total expenses
$744,673
Contributions and grants received
$4,899,967
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$17,507,883
Total liabilities, end of year
$7,931,738
Net assets or fund balances, end of year
$9,576,145
Program services expenses (Part IX)
$744,673
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$744,673

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $4,899,967

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $35,239 · program services $35,239

  • 10 · Payroll taxes

    total $2,413 · program services $2,413

  • 11c · Fees: accounting

    total $16,462 · program services $16,462

  • 12 · Advertising and promotion

    total $520 · program services $520

  • 16 · Occupancy

    total $125 · program services $125

  • 17 · Travel

    total $126 · program services $126

  • 20 · Interest

    total $311,550 · program services $311,550

  • 22 · Depreciation, depletion and amortization

    total $358,836 · program services $358,836

  • 23 · Insurance

    total $2,265 · program services $2,265

  • 24a · Other expenses: FEES AND LICENSES

    total $17,031 · program services $17,031

  • 24b · Other expenses: MISCELLANEOUS EXPENSE

    total $106 · program services $106

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,080,327 · end of year $214,925

  • 3 · Pledges and grants receivable

    beginning of year $16,667 · end of year $139,437

  • 10a · Land, buildings and equipment: cost or other basis

    $18,442,303

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,288,782

  • 10c · Land, buildings and equipment, net

    beginning of year $12,834,988 · end of year $17,153,521

  • 15 · Other assets

    beginning of year $44,109 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $506,141 · end of year $25,426

  • 22 · Loans and payables to officers and key people

    beginning of year $3,982,373

  • 23 · Secured mortgages and notes payable

    beginning of year $4,126,998 · end of year $7,906,312

  • 27 · Net assets without donor restrictions

    beginning of year $5,197,279 · end of year $9,574,588

  • 28 · Net assets with donor restrictions

    beginning of year $163,300 · end of year $1,557

Mission and programs · 2022

Mission

THE ORGANIZATION IS DEVOTED TO SUPPORTING SINGLE SEX EDUCATIONAL POLICIES, PRACTICES AND STRUCTURES THAT LEAD TO INCREASED ACADEMIC SUCCESS AMONG BOYS AND YOUNG MEN. SPECIFICALLY, THE ORGANIZATION WILLACT AS THE SPONSOR OF A PUBLIC CHARTER SCHOOL (PREP PUBLIC SCHOOLS) CREATED PURSUANT TO THE TENNESSEEPUBLIC CHARTER SCHOOL ACT OF 2002.

Activities or mission (Part I)

THE ORGANIZATION IS DEVOTED TO SUPPORTING SINGLE SEX EDUCATIONAL POLICIES, PRACTICES AND STRUCTURES THAT LEAD TO INCREASED ACADEMIC SUCCESS AMONG BOYS AND YOUNG MEN. SPECIFICALLY, THE ORGANIZATION WILL ACT AS THE SPONSOR OF A PUBLIC CHARTER SCHOOL (PREP PUBLIC SCHOOLS) CREATED PURSUANT TO THE TENNESSEE PUBLIC CHARTER SCHOOL ACT OF 2002.

  • FRIENDS OF CHATTANOOGA PREPARATORY SCHOOL WAS FOUNDED IN 2016 TO ENHANCE EDUCATIONAL OPPORTUNITIES FOR BOYS IN HAMILTON COUNTY, TENNESSEE. THE ORGANIZATION SPONSORS THE PREP PUBLIC SCHOOLS, PROVIDING ON-GOING ASSISTANCE AND SUPPORT.

    Expenses $744,673

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Ted Alling

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Sue Anne Wells

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jack Studor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kelly Alling

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • David Caines

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
21 February 2024
IRS schema version
2022v5.0
Source object
202400609349300140

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