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← FRIENDS OF MARION P THOMAS CHARTER SCHOOL A NEW JERSEY NONPROFIT CORP

Form 990 for tax year 2022

Filed by FRIENDS OF MARION P THOMAS CHARTER SCHOOL A NEW JERSEY NONPROFIT CORP.

Totals

Total revenue
$5,893,843
Total expenses
$3,757,191
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$2,536,631
Investment income
$2,209,882
Other revenue
$1,147,330
Total assets, end of year
$67,325,247
Total liabilities, end of year
$50,350,134
Net assets or fund balances, end of year
$16,975,113
Program services expenses (Part IX)
$2,628,037
Management and general expenses
$1,129,154
Fundraising expenses
$0
Program service expenses (Part III)
$2,628,037

Program services were 69.9% 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: SCHOOL FACILITIES LEASE

    total $2,536,631 · related or exempt $2,536,631

  • 3 · Investment income

    total $540,382 · excluded $540,382

  • 4 · Income from investment of tax-exempt bond proceeds

    total $1,669,500 · excluded $1,669,500

  • 11a · Other revenue: BOND DISC AMORTIZATION

    total $1,135,000 · excluded $1,135,000

  • 11b · Other revenue: MISCELLANEOUS

    total $12,330 · excluded $12,330

  • 11e · Other revenue, total

    $1,147,330

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $130,167 · management and general $130,167

  • 10 · Payroll taxes

    total $11,019 · management and general $11,019

  • 11b · Fees: legal

    total $147,001 · management and general $147,001

  • 11c · Fees: accounting

    total $25,000 · management and general $25,000

  • 11g · Fees: other

    total $54,307 · program services $12,307 · management and general $42,000

  • 20 · Interest

    total $2,604,043 · program services $2,604,043

  • 22 · Depreciation, depletion and amortization

    total $748,899 · program services $8,339 · management and general $740,560

  • 24a · Other expenses: MISCELLANEOUS

    total $36,755 · program services $3,348 · management and general $33,407

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,123,008 · end of year $1,200,697

  • 2 · Savings and temporary cash investments

    beginning of year $2,543,920 · end of year $3,210,600

  • 7 · Other notes and loans receivable

    beginning of year $5,500,000 · end of year $5,500,000

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

    $27,980,068

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

    $4,661,737

  • 10c · Land, buildings and equipment, net

    beginning of year $24,026,751 · end of year $23,318,331

  • 12 · Investments: other securities

    beginning of year $31,780,000 · end of year $32,915,000

  • 15 · Other assets

    beginning of year $1,812,512 · end of year $1,180,619

  • 17 · Accounts payable and accrued expenses

    beginning of year $70,225 · end of year $37,930

  • 19 · Deferred revenue

    beginning of year $307,989 · end of year $307,004

  • 20 · Tax-exempt bond liabilities

    beginning of year $23,784,298 · end of year $23,412,637

  • 23 · Secured mortgages and notes payable

    beginning of year $23,788,981 · end of year $20,126,554

  • 25 · Other liabilities

    beginning of year $3,996,237 · end of year $6,466,009

  • 27 · Net assets without donor restrictions

    beginning of year $14,838,461 · end of year $16,975,113

Mission and programs · 2022

Mission

FRIENDS OF MARION P. THOMAS (FRIENDS) WAS INCORPORATED FOR THE PURPOSE OF PROVIDING SUPPORT, THROUGH ASSETS AND RESOURCES, THE ACADEMIC, SOCIAL AND FINANCIAL INITIATIVES OF NEWARK STUDENTS AND FAMILIES WHO ARE PART OF THE MARION P. THOMAS CHARTER SCHOOL.

Activities or mission (Part I)

TO PROVIDE SUPPORT, THROUGH ASSETS AND RESOURCES, FOR THE MARION P. THOMAS CHARTER SCHOOL, SUPPORT INCLUDES MANAGEMENT OF REAL ESTATE ASSETS AND RENOVATION RELEVANT TO SCHOOL FACILITIES, DEVELOPMENT OF STRATEGIC PLANS TO MEET THE PROJECTED GROWTH OF THE CHARTER SCHOOL, AND RAISE FUNDS, THROUGH CAPITAL CAMPAIGN FOR THE PURCHASE OF ADDITIONAL FACILITIESS AND/OR FOR THE RENOVATION AND MAINTENANCE OF EXISTING FACILITIES.

  • FRIENDS PROVIDED THE MARION P. THOMAS CHARTER SCHOOL WITH WELL-MAINTAINED MULTIPLE BUILDINGS FOR ITS CHARTER SCHOOL OPERATIONS. DURING FY 2015, FIVE OPERATING LEASES WERE EXECUTED BETWEEN THE FRIENDS AND THE CHARTER SCHOOL. THE SCHOOL FACILITIES MEET THE REQUIREMENTS OF THE CHARTER SCHOOL TO PROVIDE A SUITABLE SCHOOL ENVIRONMENT FOR ITS 1,600 PRE-K TO HIGH SCHOOL CHILDREN. FRIENDS CONTINUE TO EXPLORE DEVELOPMENT AND EXPANSION OPTIONS IN ANTICIPATION OF THE CHARTER SCHOOL'S GROWING EXPANSION NEEDS. THROUGHOUT FY 2023, FRIENDS MAINTAINED THE FACILITIES AND CARRIED OUT NECESSARY INSPECTIONS, REPAIRS AND MET COMPLIANCE WITH BUILDING CODES APPLICABLE TO SCHOOLS.

    Expenses $2,628,037 · Revenue $2,536,631

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Rev Garvey Ince

    EXECUTIVE DI

    Total calculated
    $130,167
    From this org
    $125,000
    From related orgs
    $0
    Other
    $5,167
    Hours/week
    40

  • Willie Blalock

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Richard Vieser

    1ST VICE CHA

    Total calculated
    $0
    Hours/week
    2

  • Edward Butler Esq

    2ND VICE CHA

    Total calculated
    $0
    Hours/week
    2

  • Brian Hankerson

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Diane Johnson

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Robert McCloud

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Carolyn Whigham

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Wilson Woodridge

    MEMBER

    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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

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

  • FRIENDS OF MARION PTHOMAS CHARTER REAL ESTATE HOLDINGS LLC

    ACQUIRE, D · NJ · income $820,871 · assets $6,675,828

    Directly controlled by FOMPT

Provenance

Return type
form_990
Tax year
2022
Filed
6 May 2024
IRS schema version
2022v5.0
Source object
202441279349300319

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