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← REX AND MARGARET FORTUNE SCHOOL OF EDUCATION

Form 990 for tax year 2022

Filed by REX AND MARGARET FORTUNE SCHOOL OF EDUCATION.

Totals

Total revenue
$45,742,933
Total expenses
$48,025,792
Contributions and grants received
$44,821,390
Grants paid
$50,000
Program service revenue
$849,934
Investment income
$0
Other revenue
$71,609
Total assets, end of year
$141,551,561
Total liabilities, end of year
$129,747,125
Net assets or fund balances, end of year
$11,804,436
Program services expenses (Part IX)
$42,790,953
Management and general expenses
$5,234,839
Fundraising expenses
$0
Program service expenses (Part III)
$42,790,953

Program services were 89.1% 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)

    $43,968,527

  • 1f · All other contributions, gifts and grants

    $852,863

  • 1g · Noncash contributions included above

    $31,352

  • 2a · Program service revenue: TUITION

    total $437,052 · related or exempt $437,052

  • 2b · Program service revenue: AFTER SCHOOL PROGRAM FEES

    total $275,015 · related or exempt $275,015

  • 2c · Program service revenue: OTHER FEES

    total $137,867 · related or exempt $137,867

  • 11a · Other revenue: STUDENT-RUN FUNDRAISING

    total $71,609 · excluded $71,609

  • 11e · Other revenue, total

    $71,609

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $50,000 · program services $50,000

  • 5 · Compensation of officers, directors and key employees

    total $869,729 · program services $3,609 · management and general $866,120

  • 7 · Other salaries and wages

    total $19,914,231 · program services $15,511,566 · management and general $4,402,665

  • 8 · Pension plan contributions

    total $215,348 · program services $147,398 · management and general $67,950

  • 9 · Other employee benefits

    total $2,131,994 · program services $1,512,993 · management and general $619,001

  • 10 · Payroll taxes

    total $1,862,476 · program services $1,435,199 · management and general $427,277

  • 11b · Fees: legal

    total $174,340 · program services $116,138 · management and general $58,202

  • 11c · Fees: accounting

    total $102,283 · program services $70,290 · management and general $31,993

  • 11d · Fees: lobbying

    total $86,250 · management and general $86,250

  • 11g · Fees: other

    total $4,912,112 · program services $8,368,188 · management and general -$3,456,076

  • 12 · Advertising and promotion

    total $470,765 · program services $144,310 · management and general $326,455

  • 14 · Information technology

    total $591,255 · program services $441,807 · management and general $149,448

  • 16 · Occupancy

    total $8,970,447 · program services $8,330,790 · management and general $639,657

  • 19 · Conferences, conventions and meetings

    total $660,131 · program services $159,498 · management and general $500,633

  • 20 · Interest

    total $290,315 · program services $281,932 · management and general $8,383

  • 22 · Depreciation, depletion and amortization

    total $1,050,557 · program services $1,046,737 · management and general $3,820

  • 23 · Insurance

    total $231,645 · program services $208,133 · management and general $23,512

  • 24a · Other expenses: BOOKS AND SUPPLIES

    total $3,682,469 · program services $3,584,695 · management and general $97,774

  • 24b · Other expenses: FURNITURE AND EQUIPMENT

    total $1,164,391 · program services $891,206 · management and general $273,185

  • 24c · Other expenses: COMMUNICATIONS

    total $496,176 · program services $410,619 · management and general $85,557

  • 24d · Other expenses: DUES AND MEMBERSHIPS

    total $98,878 · program services $75,845 · management and general $23,033

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,807,007 · end of year $16,115,401

  • 4 · Accounts receivable

    beginning of year $4,686,946 · end of year $7,453,362

  • 9 · Prepaid expenses and deferred charges

    beginning of year $270,432 · end of year $533,766

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

    $17,085,351

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

    $5,655,351

  • 10c · Land, buildings and equipment, net

    beginning of year $12,049,526 · end of year $11,430,000

  • 15 · Other assets

    beginning of year $0 · end of year $106,019,032

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,885,514 · end of year $1,578,101

  • 19 · Deferred revenue

    beginning of year $2,975,038 · end of year $8,101,593

  • 23 · Secured mortgages and notes payable

    beginning of year $7,943,915 · end of year $7,928,329

  • 24 · Unsecured notes and loans payable

    beginning of year $250,000 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,672,149 · end of year $112,139,102

  • 27 · Net assets without donor restrictions

    beginning of year $13,638,482 · end of year $11,603,923

  • 28 · Net assets with donor restrictions

    beginning of year $448,813 · end of year $200,513

Mission and programs · 2022

Mission

TO GRADUATE HIGH ACHIEVING STUDENTS OF GOOD CHARACTER PREPARED FOR COLLEGE AND CITIZENSHIP IN A DEMOCRATIC SOCIETY.

Activities or mission (Part I)

THE PROMOTION OF EDUCATION IN CALIFORNIA AND OTHER AREAS WITHIN THE UNITED STATES.

  • TK-12 CHARTER SCHOOL OPERATIONS: FORTUNE SCHOOL AND HARDY BROWN COLLEGE PREP ARE COLLEGE PREPARATORY CHARTER SCHOOLS THAT HAVE BEEN AUTHORIZED TO SERVE GRADES TRANSITIONAL KINDERGARTEN THROUGH GRADE 12. DURING 2022-23 FORTUNE SCHOOL SERVED STUDENTS IN GRADES TK-12 WHILE HARDY BROWN COLLEGE PREP SERVED STUDENTS IN GRADES TK-8. FOUNDED BY CIVIC AND COMMUNITY LEADERS FROM SACRAMENTO, CALIFORNIA, THE SCHOOLS ARE HIGH ACHIEVING AND ACADEMICALLY RIGOROUS THAT SERVE PREDOMINATELY LOW INCOME, AFRICAN AMERICAN STUDENTS. WHILE THE FOCUS OF OUR TUITION FREE PUBLIC CHARTER SCHOOLS IS TO CLOSE THE ACHIEVEMENT GAP FOR AFRICAN AMERICAN STUDENTS, THE SCHOOLS ARE OPEN TO ALL STUDENTS

    Expenses $40,392,766 · Grants $50,000 · Revenue $119,388

  • PRESCHOOL OPERATIONS: FORTUNE PRESCHOOL OPERATES IN TWO LOCATIONS, ELK GROVE AND SAN BERNARDINO, SERVING CHILDREN AGES 2 TO 5 YEARS OLD. THE SCHOOL IS INFLUENCED BY THE SCHOOLS IN REGGIO EMILIA, ITALY. THE APPROACH FOCUSES ON HOW CHILDREN LEARN, THEIR RELATIONSHIP TO THE WORLD AROUND THEM, AND THE JOY CHILDREN EXPERIENCE FROM LEARNING.

    Expenses $1,272,162 · Revenue $107,332

  • CREDENTIALING PROGRAMS: PRESERVICE PROGRAM - 150 CLOCK HOURS OF TRAINING IS PROVIDED PRIOR TO ENTERING THE CLASSROOM AS A TEACHER INTERN. THIS COURSEWORK IS A PRE-REQUISITE FOR THE DISTRICT INTERN PROGRAM. THE DISTRICT INTERN CREDENTIAL PROGRAM PROVIDES AN ALTERNATIVE PATH TO TEACHER CERTIFICATION FOR SINGLE SUBJECT - MIDDLE SCHOOL/HIGH SCHOOL (GRADES 7-12) GENERAL EDUCATION TEACHERS, A MILD, MODERATE DISABILITIES LEVELS I & II CREDENTIAL FOR EDUCATION SPECIALIST TEACHERS, AND A MULTIPLE SUBJECT CREDENTIAL FOR GRADES K-8 TEACHERS IN SELF-CONTAINED CLASSES. THE PROGRAM INCLUDES TWO YEARS OF PROFESSIONAL DEVELOPMENT COURSEWORK COMPLETED ON WEEKENDS FROM SEPTEMBER THROUGH JUNE OF EACH YEAR WHILE SIMULTANEOUSLY TEACHING ON AN INTERN CREDENTIAL. THE SCHOOL LEADERSHIP PROGRAM RESULTS IN THE CALIFORNIA ADMINISTRATIVE SERVICES CREDENTIAL OR CHARTER SCHOOL LEADER CERTIFICATE. THIS 1-YEAR INTENSIVE LEADERSHIP PROGRAM IS FOCUSED ON PRODUCING CHARTER SCHOOL LEADERS WHO WILL DEVELOP AND LEAD HIGH-QUALITY CHARTER SCHOOLS IN HIGH NEED AREAS. THE PK-3 ECE SPECIALIST INSTRUCTION CREDENTIAL WILL PROVIDE A BRIDGE AND ACCELERATED PATHWAY FOR CURRENT MULTIPLE SUBJECT CREDENTIAL HOLDERS AS WELL AS CHILD DEVELOPMENT TEACHER PERMIT HOLDERS WITH A BA DEGREE TO EARN THE CREDENTIAL AND BEGIN SERVING IN TRANSITIONAL KINDERGARTEN SETTINGS.

    Expenses $894,728 · Revenue $348,199

  • OTHER PROGRAMS:THE FORTUNE EXCURSIONS AFTER SCHOOL PROGRAM IS A SERVICE OFFERED TO OUR CHARTER SCHOOL FAMILIES TO PROVIDE AFFORDABLE AFTER SCHOOL CARE TO THEIR CHILDREN. OUR GOAL IS TO PROVIDE AN EXCITING AND DYNAMIC EXPERIENCE FOR THE WELLBEING OF THE CHILDREN. WE STRIVE TO PROVIDE THE HIGHEST STANDARD OF ENRICHMENT AND TO DEVELOP YOUNG PEOPLE INTO LEADERS. OUR AFTER SCHOOL PROGRAM FOCUSES ON FUN ACTIVITIES IN THE ARTS, RECREATION, AND THE OUTDOORS AND INCLUDES THE FOLLOWING COURSES: - SPORT - ART (DRAWING PAINTING ARTS & CRAFTS) - DANCE - THEATER - MARTIAL ARTS - URBAN GARDENING - VOCAL. THE MASTER'S IN EDUCATION AND SOCIAL JUSTICE PROGRAM OFFERS OPPORTUNITIES TO EXPLORE THE COMPLEX LINKS BETWEEN EDUCATION AND SOCIAL JUSTICE, FOCUSING ON CURRENT RESEARCH, EDUCATIONAL POLICY, AND SOCIETAL ISSUES. THIS PROGRAM IS DESIGNED FOR THOSE WHO ARE COMMITTED-OR ASPIRE TO COMMIT TO-EDUCATION, COMMUNITY ORGANIZING, AND SOCIAL CHANGE.

    Expenses $231,297 · Revenue $275,015

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

Listed in Part VII

  • Eleanor Brown

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Paulette Brown-Hinds

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Bertha Gorman

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Scott Loehr

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Mullins

    BOARD MEMBER (AS OF 02/23)

    Total calculated
    $0
    Hours/week
    1

  • Joette Spencer Campbell

    BOARD MEMBER (AS OF 02/23)

    Total calculated
    $0
    Hours/week
    1

  • Ollie Watson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Margaret G Fortune

    PRESIDENT/CEO

    Total calculated
    $320,874
    From this org
    $292,730
    From related orgs
    $0
    Other
    $28,144
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $278,330
    Bonus
    $0
    Other
    $14,400
    Deferred
    $11,709
    Nontaxable benefits
    $16,435
    Filer's total
    $320,874

  • Bonnie Bensen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $274,106
    From this org
    $245,770
    From related orgs
    $0
    Other
    $28,336
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $245,770
    Bonus
    $0
    Other
    $0
    Deferred
    $9,831
    Nontaxable benefits
    $18,505
    Filer's total
    $274,106

  • Michelle Grace

    SECRETARY

    Total calculated
    $236,346
    From this org
    $207,931
    From related orgs
    $0
    Other
    $28,415
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $207,931
    Bonus
    $0
    Other
    $0
    Deferred
    $8,317
    Nontaxable benefits
    $20,098
    Filer's total
    $236,346

  • Rick Rubino

    HR CONSULTANT

    Total calculated
    $185,290
    From this org
    $185,290
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

    Schedule J breakdown matched by us

    Base
    $185,290
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $185,290

  • Wesley Pepper

    CHIEF ACADEMIC OFFICER

    Total calculated
    $170,918
    From this org
    $152,419
    From related orgs
    $0
    Other
    $18,499
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $152,419
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,499
    Filer's total
    $170,918

  • Tamara Williams

    PRINCIPAL SUPERVISOR

    Total calculated
    $143,277
    From this org
    $126,719
    From related orgs
    $0
    Other
    $16,558
    Hours/week
    50

  • Akele Newton

    PRINCIPAL

    Total calculated
    $140,804
    From this org
    $123,250
    From related orgs
    $0
    Other
    $17,554
    Hours/week
    50

  • Joseph Gambino

    DIRECTOR OF EDUCATION TECHNOLOGY

    Total calculated
    $140,489
    From this org
    $124,698
    From related orgs
    $0
    Other
    $15,791
    Hours/week
    50

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

  • 1a · Discretionary spending account
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
THE PRESIDENT/CEO RECEIVES AN AUTO ALLOWANCE THAT IS INCLUDED IN TAXABLE COMPENSATION.

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

  • LEE PUBLISHING COMPANY INC

    $50,000

    PUBLICATION OF REPORTS AND COLUMNS REGARDING BLACK EDUCATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FORTUNE FACILITIES LLC

    SEE PART VII · CA · income $418,740 · assets $7,613,114

    Directly controlled by REX AND MARGARET FORTUNE SCHOOL OF EDUCATION

Provenance

Return type
form_990
Tax year
2022
Filed
29 April 2024
IRS schema version
2022v5.0
Source object
202431219349302603

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