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Nonprofiteer
← DETROIT ACHIEVEMENT ACADEMY FOUNDATION

Form 990 for tax year 2022

Filed by DETROIT ACHIEVEMENT ACADEMY FOUNDATION.

Totals

Total revenue
$1,808,998
Total expenses
$1,472,976
Contributions and grants received
$1,051,628
Grants paid
$0
Program service revenue
$0
Investment income
$722,788
Other revenue
$34,582
Total assets, end of year
$15,011,956
Total liabilities, end of year
$11,535,184
Net assets or fund balances, end of year
$3,476,772
Program services expenses (Part IX)
$1,422,584
Management and general expenses
$31,236
Fundraising expenses
$19,156
Program service expenses (Part III)
$1,422,584

Program services were 96.6% 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

    $1,051,628

  • 3 · Investment income

    total $722,788 · excluded $722,788

  • 8a · Fundraising events: gross income

    $34,582

  • 8c · Net income from fundraising events

    total $34,582 · excluded $34,582

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $9,452 · program services $9,452

  • 11c · Fees: accounting

    total $6,175 · management and general $6,175

  • 11g · Fees: other

    total $780,602 · program services $747,871 · management and general $13,575 · fundraising $19,156

  • 20 · Interest

    total $658,907 · program services $658,907

  • 22 · Depreciation, depletion and amortization

    total $6,354 · program services $6,354

  • 23 · Insurance

    total $11,486 · management and general $11,486

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $217,780 · end of year $222,962

  • 2 · Savings and temporary cash investments

    beginning of year $51,018 · end of year $203,079

  • 4 · Accounts receivable

    beginning of year $11,000

  • 7 · Other notes and loans receivable

    beginning of year $14,563,034 · end of year $14,137,200

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

    $278,080

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

    $16,727

  • 10c · Land, buildings and equipment, net

    beginning of year $162,820 · end of year $261,353

  • 11 · Investments: publicly traded securities

    end of year $109,845

  • 14 · Intangible assets

    beginning of year $94,743 · end of year $77,517

  • 17 · Accounts payable and accrued expenses

    beginning of year $139,264 · end of year $131,239

  • 23 · Secured mortgages and notes payable

    beginning of year $11,537,599 · end of year $11,189,735

  • 24 · Unsecured notes and loans payable

    beginning of year $282,782 · end of year $214,210

  • 27 · Net assets without donor restrictions

    beginning of year $3,140,750 · end of year $3,444,152

  • 28 · Net assets with donor restrictions

    end of year $32,620

Mission and programs · 2022

Mission

TO SUPPORT THE SCHOOL CHILDREN AT DETROIT ACHIEVEMENT ACADEMY SCHOOLS AND OTHER CITY OF DETROIT PUBLIC AND CHARETER SCHOOLS.

Activities or mission (Part I)

A. TO RECEIVE AND ADMINISTER FUNDS AND PROPERTY AND TO OPERATE EXCLSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY, AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND, IN PARTICULAR, TO MAKE GRANTS TO BENEFIT DETROIT ACHIEVEMENT ACADEMY OR ANY OF ITS SCHOOLS, SO LONG AS SUCH PURPOSE IS A PERMISSABLE PURPOSE FOR AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, BUT IF SUCH PURPOSE IS NOT SUCH A PERMISSIBLE PURPOSE, THEN TO MAKE GRANTS TO BENEFIT EDUCATIONAL INSTITUTIONS FOR SCHOOL CHILDREN LOCATED IN DETROIT OR OTHER URBAN CITIES. B. TO ACQUIRE, OWN, DISPOSE OF AND DEAL WITH REAL AND PERSONAL PROPERTY AND INTERESTS THEREIN AND TO APPLY GIFTS, GRANTS, BEQUESTS AND DEVISES AND THEIR PROCEEDS IN FURTHERANCE OF THE PURPOSES OF THE CORPORATION. C. TO DO SUCH THINGS AND TO PERFORM SUCH ACTS TO ACCOMPLISH ITS PURPOSES AS THE BOARD OF DIRECTORS MAY DETERMINE TO BE APPROPRIATE AND AS ARE NOT FORBIDDEN BY SECTION 501(C)(3) OF

  • AWARDED GRANTS AND INCURRED EXPENSES TO SUPPORT THE OPERATIONS OF DETROIT ACHIEVEMENT ACADEMY AND DETROIT PREPATORY ACADEMY FOR THE BENEFIT OF SCHOOL CHILDREN LOCATED IN DETROIT.

    Expenses $1,413,132

  • THE FOUNDATION PARTICIPATED IN THE PURCHASE OF A BUILDING THROUGH THE USE OF A NEW MARKET TAX CREDIT FOR THE PURCHASE OF A SCHOOL BUILDING FOR THE DETROIT PREPATORY ACADEMY.

    Expenses $9,452

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

Listed in Part VII

  • Lenora Hanks

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Alison Lapetina

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Frances Piccirilli

    MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Kyle Smitley

    PRESIDENT

    Total calculated
    $0
    Hours/week
    5

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.

Provenance

Return type
form_990
Tax year
2022
Filed
12 August 2023
IRS schema version
2022v5.0
Source object
202322649349300812

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