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← BETA FOUNDATION

Form 990 for tax year 2022

Filed by BETA FOUNDATION.

Totals

Total revenue
$19,945,262
Total expenses
$15,670,440
Contributions and grants received
$5,715,353
Grants paid
$0
Program service revenue
$14,011,271
Investment income
$117,838
Other revenue
$100,800
Total assets, end of year
$41,391,412
Total liabilities, end of year
$23,762,280
Net assets or fund balances, end of year
$17,629,132
Program services expenses (Part IX)
$13,832,488
Management and general expenses
$1,461,625
Fundraising expenses
$376,327
Program service expenses (Part III)
$13,832,488

Program services were 88.3% 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.

  • 1e · Government grants (contributions)

    $3,397,028

  • 1f · All other contributions, gifts and grants

    $2,318,325

  • 2a · Program service revenue: STATE EQUALIZATION

    total $13,739,233 · related or exempt $13,739,233

  • 2b · Program service revenue: CO-CURRICULAR OTHER REVENUE

    total $105,582 · related or exempt $105,582

  • 2c · Program service revenue: ENTERPRISING SVC REVENUE

    total $84,491 · related or exempt $84,491

  • 2d · Program service revenue: FOOD SERVICE REVENUE

    total $81,965 · related or exempt $81,965

  • 3 · Investment income

    total $117,838 · excluded $117,838

  • 6a · Gross rents

    real property $100,800

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $100,800

  • 6d · Net rental income or loss

    total $100,800 · excluded $100,800

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $550,472 · program services $510,966 · management and general $32,056 · fundraising $7,450

  • 7 · Other salaries and wages

    total $7,572,616 · program services $7,029,335 · management and general $440,966 · fundraising $102,315

  • 8 · Pension plan contributions

    total $86,375 · program services $80,001 · management and general $5,040 · fundraising $1,334

  • 9 · Other employee benefits

    total $674,995 · program services $625,185 · management and general $39,383 · fundraising $10,427

  • 10 · Payroll taxes

    total $105,802 · program services $97,740 · management and general $6,671 · fundraising $1,391

  • 11g · Fees: other

    total $1,085,015 · program services $718,149 · management and general $309,065 · fundraising $57,801

  • 13 · Office expenses

    total $18,166 · program services $17,281 · management and general $885

  • 14 · Information technology

    total $250,790 · program services $195,156 · management and general $47,160 · fundraising $8,474

  • 16 · Occupancy

    total $685,061 · program services $602,687 · management and general $70,251 · fundraising $12,123

  • 17 · Travel

    total $140,593 · program services $120,787 · management and general $19,617 · fundraising $189

  • 20 · Interest

    total $1,273,200 · program services $954,900 · management and general $254,640 · fundraising $63,660

  • 22 · Depreciation, depletion and amortization

    total $1,123,948 · program services $1,055,853 · management and general $54,475 · fundraising $13,620

  • 23 · Insurance

    total $209,630 · program services $156,572 · management and general $42,446 · fundraising $10,612

  • 24a · Other expenses: SUPPLIES, FURNITURE & E

    total $764,743 · program services $659,949 · management and general $36,195 · fundraising $68,599

  • 24b · Other expenses: FOOD EXPENSE

    total $495,112 · program services $495,112 · management and general $0 · fundraising $0

  • 24c · Other expenses: MAINTENANCE AND REPAIR

    total $378,675 · program services $288,174 · management and general $72,485 · fundraising $18,016

  • 24d · Other expenses: MISC. OPERATING COSTS

    total $181,903 · program services $151,297 · management and general $30,290 · fundraising $316

  • 24e · All other expenses

    total $73,344 · program services $73,344

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $8,501,820 · end of year $10,737,597

  • 3 · Pledges and grants receivable

    beginning of year $1,507,814 · end of year $1,391,016

  • 9 · Prepaid expenses and deferred charges

    beginning of year $57,238 · end of year $41,411

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

    $31,047,865

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

    $3,643,760

  • 10c · Land, buildings and equipment, net

    beginning of year $25,339,700 · end of year $27,404,105

  • 11 · Investments: publicly traded securities

    beginning of year $1,050,554 · end of year $757,854

  • 15 · Other assets

    beginning of year $0 · end of year $1,059,429

  • 17 · Accounts payable and accrued expenses

    beginning of year $663,198 · end of year $668,843

  • 20 · Tax-exempt bond liabilities

    beginning of year $22,031,229 · end of year $21,800,619

  • 25 · Other liabilities

    beginning of year $408,389 · end of year $1,292,818

  • 27 · Net assets without donor restrictions

    beginning of year $10,846,105 · end of year $14,590,299

  • 28 · Net assets with donor restrictions

    beginning of year $2,508,205 · end of year $3,038,833

Mission and programs · 2022

Mission

THE FUNDAMENTAL MISSION AND PURPOSE OF BETA FOUNDATION IS TO CREATE A SCHOOL WITH AN ENVIRONMENT OF HOPE THAT NOT ONLY NURTURES, BUT CHALLENGES STUDENTS TO BECOME SUCCESSFUL ACADEMICALLY AND IN LIFE. WE EXIST TO HELP FAMILIES FIND THE BEST EDUCATIONAL FIT FOR THEIR CHILDREN.

  • BETA FOUNDATION IS ORGANIZED TO EDUCATE, TRAIN, AND PREPARE INDIVIDUALS TO FUNCTION WELL IN SOCIETY AND TO PROVIDE EDUCATION OPPORTUNITIES AND EXPERIENCES. BETA FOUNDATION WAS AWARDED ITS K-12 CHARTER IN 2014 AND OPENED IN AUGUST 2015 WITH 480 STUDENTS IN GRADES K - 6. IN 2019 BETA ACADEMY ADDED PREK3 AND PREK4 TO ITS GRADES, MAKING IT A PRE-3-12TH GRADE CHARTER. TOTAL STUDENTS FOR THE 2022-2023 SCHOOL YEAR WAS 1,380.

    Expenses $13,832,488 · Revenue $14,011,271

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

Listed in Part VII

  • JAN SAUNDERS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    15

  • ERIKA JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    15

  • DR LEIGH KENT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    15

  • DANIEL NEELY

    PRESIDENT

    Total calculated
    $0
    Hours/week
    25

  • TIM KING

    VICE PRESIDENT & TREASURER

    Total calculated
    $0
    Hours/week
    20

  • ANITA ARCHER

    SECRETARY

    Total calculated
    $0
    Hours/week
    20

  • LATISHA ANDREWS

    CEO/SUPERINTENDENT

    Total calculated
    $192,313
    From this org
    $188,813
    From related orgs
    $0
    Other
    $3,500
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $161,813
    Bonus
    $27,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,500
    Filer's total
    $192,313

  • JENNIFER RAQUELL SARTOR

    CHIEF ACADEMIC OFFICER

    Total calculated
    $151,794
    From this org
    $151,629
    From related orgs
    $0
    Other
    $165
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $131,629
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $165
    Filer's total
    $151,794

  • MARTHA SMITH

    CHIEF BUSINESS OFFICER/OPERATIONS

    Total calculated
    $152,907
    From this org
    $149,407
    From related orgs
    $0
    Other
    $3,500
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $129,407
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $3,500
    Filer's total
    $152,907

  • STEVEN CORRALES

    CHIEF OF OPERATIONS

    Total calculated
    $55,942
    From this org
    $54,613
    From related orgs
    $0
    Other
    $1,329
    Hours/week
    55

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
14 July 2024
IRS schema version
2022v5.0
Source object
202421979349301892

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