← DETROIT ACHIEVEMENT ACADEMY FOUNDATION

Form 990 for tax year 2024

Filed by DETROIT ACHIEVEMENT ACADEMY FOUNDATION.

Totals

Total revenue: $1,998,959
Total expenses: $907,592
Contributions and grants received: $1,210,544
Grants paid: $0
Program service revenue: $0
Investment income: $788,415
Other revenue: $0
Total assets, end of year: $15,973,548
Total liabilities, end of year: $10,146,363
Net assets or fund balances, end of year: $5,827,185
Program services expenses (Part IX): $748,957
Management and general expenses: $156,671
Fundraising expenses: $1,964
Program service expenses (Part III): $748,957

Program services were 82.5% 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

$1,210,544
1g · Noncash contributions included above

$9,820
3 · Investment income

total $788,415 · excluded $788,415

Functional expenses

Part IX, the statement of functional expenses.

7 · Other salaries and wages

total $9,550 · management and general $7,586 · fundraising $1,964
11c · Fees: accounting

total $19,688 · management and general $19,688
11g · Fees: other

total $266,428 · program services $166,303 · management and general $100,125
13 · Office expenses

total $4,092 · management and general $4,092
17 · Travel

total $6,105 · management and general $6,105
20 · Interest

total $565,428 · program services $565,428
22 · Depreciation, depletion and amortization

total $23,580 · program services $17,226 · management and general $6,354
23 · Insurance

total $12,721 · management and general $12,721

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $497,241 · end of year $657,474
2 · Savings and temporary cash investments

beginning of year $136,626 · end of year $218,335
3 · Pledges and grants receivable

beginning of year $100,000 · end of year $50,000
7 · Other notes and loans receivable

beginning of year $13,594,301 · end of year $14,119,301
10a · Land, buildings and equipment: cost or other basis

$300,330
10b · Land, buildings and equipment: accumulated depreciation

$29,435
10c · Land, buildings and equipment, net

beginning of year $277,249 · end of year $270,895
11 · Investments: publicly traded securities

beginning of year $525,806 · end of year $614,478
14 · Intangible assets

beginning of year $60,291 · end of year $43,065
15 · Other assets

beginning of year $20,000
17 · Accounts payable and accrued expenses

beginning of year $124,560 · end of year $120,936
23 · Secured mortgages and notes payable

beginning of year $10,219,200 · end of year $9,925,000
24 · Unsecured notes and loans payable

beginning of year $106,936
25 · Other liabilities

beginning of year $25,000 · end of year $100,427
27 · Net assets without donor restrictions

beginning of year $4,635,818 · end of year $5,707,185
28 · Net assets with donor restrictions

beginning of year $100,000 · end of year $120,000

Mission and programs · 2024

Mission

TO SUPPORT THE SCHOOL CHILDREN AT DETROIT ACHIEVEMENT ACADEMY SCHOOLS AND OTHER CITY OF DETROIT PUBLIC AND CHARETER SCHOOLS.

Activities or mission (Part I)

A. TO RECEIVE AND ADMINISTER FUNDS AND PROPERTY AND TO OPERATE EXCLSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY, AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND, IN PARTICULAR, TO MAKE GRANTS TO BENEFIT DETROIT ACHIEVEMENT ACADEMY OR ANY OF ITS SCHOOLS, SO LONG AS SUCH PURPOSE IS A PERMISSABLE PURPOSE FOR AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, BUT IF SUCH PURPOSE IS NOT SUCH A PERMISSIBLE PURPOSE, THEN TO MAKE GRANTS TO BENEFIT EDUCATIONAL INSTITUTIONS FOR SCHOOL CHILDREN LOCATED IN DETROIT OR OTHER URBAN CITIES. B. TO ACQUIRE, OWN, DISPOSE OF AND DEAL WITH REAL AND PERSONAL PROPERTY AND INTERESTS THEREIN AND TO APPLY GIFTS, GRANTS, BEQUESTS AND DEVISES AND THEIR PROCEEDS IN FURTHERANCE OF THE PURPOSES OF THE CORPORATION. C. TO DO SUCH THINGS AND TO PERFORM SUCH ACTS TO ACCOMPLISH ITS PURPOSES AS THE BOARD OF DIRECTORS MAY DETERMINE TO BE APPROPRIATE AND AS ARE NOT FORBIDDEN BY SECTION 501(C)(3) OF

AWARDED GRANTS AND INCURRED EXPENSES TO SUPPORT THE OPERATIONS OF DETROIT ACHIEVEMENT ACADEMY AND DETROIT PREPATORY ACADEMY FOR THE BENEFIT OF SCHOOL CHILDREN LOCATED IN DETROIT.

Expenses $748,957
THE FOUNDATION PARTICIPATED IN THE PURCHASE OF A BUILDING THROUGH THE USE OF A NEW MARKET TAX CREDIT FOR THE PURCHASE OF A SCHOOL BUILDING FOR THE DETROIT PREPATORY ACADEMY.

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Lenora HanksLENORA HANKS

MEMBER

Total calculated

$0

Hours/week

1
Alison LapetinaALISON LAPETINA

MEMBER

Total calculated

$0

Hours/week

1
Frances PiccirilliFRANCES PICCIRILLI

MEMBER

Total calculated

$0

Hours/week

1
Kyle SmitleyKYLE SMITLEY

PRESIDENT

Total calculated

$0

Hours/week

1

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

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2024
Filed: 8 May 2025
IRS schema version: 2024v5.0
Source object: 202511279349303751

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