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← SOMERSET ACADEMY FOUNDATION INC

Form 990 for tax year 2022

Filed by SOMERSET ACADEMY FOUNDATION INC.

Totals

Total revenue
$3,493,383
Total expenses
$1,809,414
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,918,349
Investment income
$220,376
Other revenue
$354,658
Total assets, end of year
$31,810,445
Total liabilities, end of year
$28,975,533
Net assets or fund balances, end of year
$2,834,912
Program services expenses (Part IX)
$1,774,017
Management and general expenses
$35,397
Fundraising expenses
$0
Program service expenses (Part III)
$1,774,017

Program services were 98.0% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $2,918,349 · related or exempt $2,918,349

  • 3 · Investment income

    total $220,376 · related or exempt $220,376

  • 11a · Other revenue: OTHER INCOME- UNREALIZ

    total $353,856 · related or exempt $353,856

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $802 · related or exempt $802

  • 11e · Other revenue, total

    $354,658

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $8,073 · management and general $8,073

  • 11g · Fees: other

    total $88,579 · program services $88,075 · management and general $504

  • 20 · Interest

    total $997,793 · program services $997,793

  • 22 · Depreciation, depletion and amortization

    total $662,319 · program services $662,319

  • 24a · Other expenses: DUES & FEES

    total $52,650 · program services $25,830 · management and general $26,820

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,115,168 · end of year $1,568,218

  • 9 · Prepaid expenses and deferred charges

    beginning of year $250,000

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

    $29,403,347

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

    $2,138,662

  • 10c · Land, buildings and equipment, net

    beginning of year $26,714,769 · end of year $27,264,685

  • 13 · Investments: program-related

    beginning of year $340,000 · end of year $2,087,466

  • 14 · Intangible assets

    beginning of year $257,990 · end of year $412,958

  • 15 · Other assets

    beginning of year $407,735 · end of year $477,118

  • 17 · Accounts payable and accrued expenses

    beginning of year $208,768 · end of year $5,419

  • 20 · Tax-exempt bond liabilities

    beginning of year $7,763,082 · end of year $7,533,205

  • 23 · Secured mortgages and notes payable

    beginning of year $6,412,471 · end of year $16,427,353

  • 25 · Other liabilities

    beginning of year $13,550,398 · end of year $5,009,556

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,150,943 · end of year $2,834,912

Mission and programs · 2022

Mission

SOMERSET ACADEMY FOUNDATION, INC. SERVES AS A TYPE 1 SUPPORTING ORGANIZATION FOR SOMERSET ACADEMY, INC., A SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION THAT OPERATES CHARTER SCHOOLS IN MIAMI-DADE COUNTY, FLORIDA.

  • SOMERSET ACADEMY FOUNDATION, INC. IS A SUPPORTING ORGANIZATION TO THE OPERATIONS OF SOMERSET ACADEMY CHARTER SCHOOLS AND THE DEVELOPMENT OF THEIR NEW SCHOOL FACILITIES.

    Expenses $1,774,017 · Revenue $3,493,383

As filed on the 2022 return.

Listed in Part VII

  • David Concepcion

    DIRECTOR, SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Suzette Ruiz

    PRESIDENT,CHAIRMAN, DIRECT

    Total calculated
    $0
    Hours/week
    2

  • Bernie Montero

    VICE PRESIDENT, DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Tony Morales

    TREASURER, DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Todd German

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

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.

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
2022
Filed
22 January 2024
IRS schema version
2022v5.0
Source object
202420229349301572

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