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Nonprofiteer
← SOCRATES ACADEMY FOUNDATION INC

Form 990 for tax year 2023

Filed by SOCRATES ACADEMY FOUNDATION INC.

Totals

Total revenue
$3,289,337
Total expenses
$2,099,891
Contributions and grants received
$1,537,069
Grants paid
$0
Program service revenue
$1,215,246
Investment income
$537,022
Other revenue
$0
Total assets, end of year
$35,396,859
Total liabilities, end of year
$30,249,332
Net assets or fund balances, end of year
$5,147,527
Program services expenses (Part IX)
$1,948,797
Management and general expenses
$33,974
Fundraising expenses
$117,120
Program service expenses (Part III)
$1,948,797

Program services were 92.8% 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

    $1,537,069

  • 2a · Program service revenue: Rental Fees

    total $1,215,246 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $537,022 · unrelated business $0 · excluded $0

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $2,200 · program services $0 · management and general $2,200 · fundraising $0

  • 11c · Fees: accounting

    total $5,560 · program services $0 · management and general $5,560 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $7,000 · fundraising $7,000

  • 13 · Office expenses

    total $12,418 · program services $0 · management and general $12,418 · fundraising $0

  • 17 · Travel

    total $519 · program services $0 · management and general $519 · fundraising $0

  • 20 · Interest

    total $1,434,590 · program services $1,434,590 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $514,207 · program services $514,207 · management and general $0 · fundraising $0

  • 24a · Other expenses: Other

    total $8,277 · program services $0 · management and general $8,277 · fundraising $0

  • 24b · Other expenses: Fundraising

    total $115,120 · program services $0 · management and general $5,000 · fundraising $110,120

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $56,320 · end of year $25,520

  • 2 · Savings and temporary cash investments

    beginning of year $484,860 · end of year $19,391,667

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

    $19,661,839

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

    $3,682,167

  • 10c · Land, buildings and equipment, net

    beginning of year $16,020,311 · end of year $15,979,672

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $226,522 · end of year $60,276

  • 23 · Secured mortgages and notes payable

    beginning of year $12,406,076 · end of year $30,189,056

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $3,928,893 · end of year $5,147,527

Mission and programs · 2023

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 $1,948,797 · Revenue $3,289,337

As filed on the 2023 return.

Listed in Part VII

  • Klea Miho

    Chair

    Total calculated
    $0
    Hours/week
    5

  • Antonis Stylianou

    Member

    Total calculated
    $0
    Hours/week
    5

  • Shenelle Brodhurst

    Secretary

    Total calculated
    $0
    Hours/week
    5

  • Samantha Prasad

    Treasurer

    Total calculated
    $0
    Hours/week
    5

  • John Couchell

    Member

    Total calculated
    $0
    Hours/week
    5

  • Despina Koumantarcos

    Member

    Total calculated
    $0
    Hours/week
    5

  • Casey Brewer

    Member

    Total calculated
    $0
    Hours/week
    5

  • Mitch Christenberry

    Member

    Total calculated
    $0
    Hours/week
    5

  • Ben Dresser

    Member

    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
2023
Filed
2 December 2024
IRS schema version
2023v6.0
Source object
202521219349301137

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