Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: RENTAL INCOME

  total $2,111,100 · related or exempt $2,111,100

• 2b · Program service revenue: INTEREST INCOME

  total $204,032 · related or exempt $204,032

• 3 · Investment income

  total $149,885 · excluded $149,885

Functional expenses

Part IX, the statement of functional expenses.

• 11a · Fees: management

  total $50,506 · program services $50,506

• 11g · Fees: other

  total $42,756 · program services $42,756

• 16 · Occupancy

  total $28,109 · program services $28,109

• 20 · Interest

  total $1,502,642 · program services $1,502,642

• 22 · Depreciation, depletion and amortization

  total $1,059,548 · program services $1,059,548

• 24a · Other expenses: MISCELLANEOUS ADMINISTR

  total $23,768 · program services $23,768

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $583,878 · end of year $993,106

• 2 · Savings and temporary cash investments

  end of year $1,614

• 4 · Accounts receivable

  beginning of year $57,992

• 9 · Prepaid expenses and deferred charges

  beginning of year $89,005 · end of year $89,004

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

  $40,332,311

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

  $4,850,099

• 10c · Land, buildings and equipment, net

  beginning of year $36,541,760 · end of year $35,482,212

• 15 · Other assets

  beginning of year $3,349,775 · end of year $2,858,137

• 17 · Accounts payable and accrued expenses

  beginning of year $3,000 · end of year $1,762

• 19 · Deferred revenue

  beginning of year $515,774 · end of year $557,156

• 20 · Tax-exempt bond liabilities

  beginning of year $29,640,000 · end of year $29,310,000

• 23 · Secured mortgages and notes payable

  beginning of year $2,198,944 · end of year $2,136,322

• 25 · Other liabilities

  beginning of year $725,990 · end of year $122,443

• 27 · Net assets without donor restrictions

  beginning of year $7,538,702 · end of year $7,296,390

The filer's explanations (Part III)

PART I, LINE 3

THREE OF ROCHESTER PREP FOUNDATION, INC.'S DIRECTORS AND/OR OFFICERS ARE EMPLOYEES OF UNCOMMON SCHOOLS, INC, (SEE SCHEDULE R). THESE INDIVIDUALS ARE COMPENSATED ONLY FOR THEIR EMPLOYMENT SERVICES TO UNCOMMON SCHOOLS, INC. THE COMPENSATION IS PAID ONLY BY UNCOMMON SCHOOLS, INC. UNCOMMON SCHOOLS INC.'S BOARD OF DIRECTORS HAS A COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE COMPLETES A COMPARATIVE ANALYSIS OF SIMILAR ORGANIZATIONS WHICH IT USES AS GUIDANCE WHEN IT REVIEWS AND APPROVES THE COMPENSATION AND BENEFITS OF SENIOR MANAGEMENT. THE COMPENSATION COMMITTEE REVIEWS THE "TOTAL COMPENSATION" OF THE INDIVIDUALS WHICH INCLUDES BOTH CURRENT AND DEFERRED COMPENSATION AND ALL EMPLOYEE BENEFITS, BOTH QUALIFIED AND UNQUALIFIED. THE COMPENSATION COMMITTEE'S REVIEW IS COMPLETED ON A REGULAR BASIS AND ENSURES THAT THE "TOTAL COMPENSATION" OF SENIOR MANAGEMENT IS REASONABLE. THE ACTIONS TAKEN BY THE COMPENSATION COMMITTEE ENABLE UNCOMMON SCHOOLS, INC. TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS FOR PURPOSES OF INTERNAL REVENUE CODE 4958 WITH RESPECT TO THE TOTAL COMPENSATION OF CERTAIN MEMBERS OF THE SENIOR MANAGEMENT TEAM. THE THREE FACTORS WHICH MUST BE SATISFIED IN ORDER TO RECEIVE THE REBUTTABLE PRESUMPTION OF REASONABLENESS ARE THE FOLLOWING: 1. THE COMPENSATION ARRANGEMENT IS APPROVED IN ADVANCE BY AN "AUTHORIZED BODY" OF THE APPLICABLE TAX-EXEMPT ORGANIZATION WHICH IS COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A "CONFLICT OF INTEREST" WITH RESPECT TO THE COMPENSATION ARRANGEMENT. 2. THE "AUTHORIZED BODY" OBTAINED AND RELIED UPON "APPROPRIATE DATA AS TO COMPARABILITY" PRIOR TO MAKING ITS DETERMINATION; AND 3. THE "AUTHORIZED BODY" "ADEQUATELY DOCUMENTED THE BASIS FOR ITS DETERMINATION" CONCURRENTLY WITH MAKING THAT DETERMINATION. THE COMPENSATION COMMITTEE IS COMPRISED OF MEMBERS OF THE BOARD OF TRUSTEES/DIRECTORS OF UNCOMMON SCHOOLS, INC. EACH OF WHOM ARE INDEPENDENT AND ARE FREE FROM ANY CONFLICTS OF INTEREST. THE COMPENSATION COMMITTEE ADEQUATELY DOCUMENTED ITS BASIS FOR ITS DETERMINATION THROUGH THE TIMELY PREPARATION OF WRITTEN MINUTES OF THE COMPENSATION COMMITTEE'S MEETINGS WHICH THE EXECUTIVES' COMPENSATION AND BENEFITS WERE REVIEWED AND SUBSEQUENTLY APPROVED. THE ACTIONS OUTLINED ABOVE WITH RESPECT TO THE COMPENSATION COMMITTEE AND THE ESTABLISHMENT OF THE REBUTTABLE PRESUMPTION OF REASONABLENESS ONLY APPLIES TO CERTAIN SENIOR MANAGEMENT PERSONNEL OF UNCOMMON SCHOOLS, INC.

Disregarded entities

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

• TRUE NORTH PARKING LLC

  REAL ESTATE · DE · income $0 · assets $10,000

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ROCHESTER REAL ESTATE LLC

  REAL ESTATE · DE · income $48,000 · assets $815,749

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ROCHESTER REAL ESTATE AMES STREET LLC

  REAL ESTATE · NY · income $195,767 · assets $1,287,698

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• ROCHESTER CHILI AVENUE LLC

  REAL ESTATE · NJ · income $151,556 · assets $3,825,852

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ANDREWS STREET LLC

  REAL ESTATE · NY · income $233,077 · assets $5,506,269

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ST JACOB STREET LLC

  REAL ESTATE · NY · income $102,596 · assets $2,144,887

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ROCHESTER MARK STREET LLC

  REAL ESTATE · NY · income $1,643,404 · assets $25,269,055

  Directly controlled by ROCHESTER PREP FOUNDATION INC

• TRUE NORTH ROCHESTER MARK & REED PARK LLC (DISSOLVED IN FY24)

  REAL ESTATE · NY · income $65,605 · assets $0

  Directly controlled by ROCHESTER PREP FOUNDATION INC