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Nonprofiteer
← SOCRATES ACADEMY FOUNDATION INC

Form 990 for tax year 2024

Filed by SOCRATES ACADEMY FOUNDATION INC.

Totals

Total revenue
$2,469,798
Total expenses
$2,709,528
Contributions and grants received
$66,563
Grants paid
$0
Program service revenue
$1,555,093
Investment income
$721,509
Other revenue
$126,633
Total assets, end of year
$38,062,828
Total liabilities, end of year
$33,179,295
Net assets or fund balances, end of year
$4,883,533
Program services expenses (Part IX)
$2,608,783
Management and general expenses
$9,068
Fundraising expenses
$91,677
Program service expenses (Part III)
$2,608,783

Program services were 96.3% 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.

  • 1f · All other contributions, gifts and grants

    $66,563

  • 2a · Program service revenue: Rental Fees

    total $1,555,093 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $721,509 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Other

    total $126,633 · related or exempt $126,633 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $126,633

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $5,449 · program services $0 · management and general $5,449 · fundraising $0

  • 13 · Office expenses

    total $2,398 · program services $0 · management and general $2,398 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $2,083,113 · program services $2,083,113 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $525,670 · program services $525,670 · management and general $0 · fundraising $0

  • 24a · Other expenses: Other

    total $1,221 · program services $0 · management and general $1,221 · fundraising $0

  • 24b · Other expenses: Fundraising

    total $91,677 · program services $0 · management and general $0 · fundraising $91,677

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,520 · end of year $144,239

  • 2 · Savings and temporary cash investments

    beginning of year $19,391,667 · end of year $10,722,335

  • 4 · Accounts receivable

    end of year $3,794

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

    $31,279,666

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

    $4,087,206

  • 10c · Land, buildings and equipment, net

    beginning of year $15,979,672 · end of year $27,192,460

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $60,276 · end of year $2,869,608

  • 23 · Secured mortgages and notes payable

    beginning of year $30,189,056 · end of year $30,309,687

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $5,147,527 · end of year $4,883,533

Mission and programs · 2024

Mission

To raise funds for Socrates Academy and lease real property to Socrates Academy.

  • Raise funds for the Socrates Academy, Inc. and lease the real estate to the school for the operation of the charter school.

    Expenses $2,608,783 · Revenue $2,469,798

As filed on the 2024 return.

Listed in Part VII

  • Klea Miho

    Chair

    Total calculated
    $0
    Hours/week
    5

  • Antonis Stylianou

    Member

    Total calculated
    $0
    Hours/week
    5

  • John Couchell

    Member

    Total calculated
    $0
    Hours/week
    5

  • Despina Koumantarcos

    Member

    Total calculated
    $0
    Hours/week
    5

  • Mitch Khristenberry

    Vice Chair

    Total calculated
    $0
    Hours/week
    5

  • Jessica Margolis

    Secretary

    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

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
2024
Filed
22 February 2026
IRS schema version
2024v5.2
Source object
202611199349300831

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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