Totals
- Total revenue
- $429,843,272
- Total expenses
- $395,085,035
- Contributions and grants received
- $395,960,871
- Grants paid
- $125,000
- Program service revenue
- $23,771,609
- Investment income
- $9,346,938
- Other revenue
- $763,854
- Total assets, end of year
- $665,247,185
- Total liabilities, end of year
- $389,647,431
- Net assets or fund balances, end of year
- $275,599,754
- Program services expenses (Part IX)
- $352,324,323
- Management and general expenses
- $42,760,712
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $352,324,323
Program services were 89.2% 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.
-
1e · Government grants (contributions)
$395,372,669
-
1f · All other contributions, gifts and grants
$588,202
-
2a · Program service revenue: PROGRAM SVCS: COMMUNITY SERVICES
total $11,392,513 · related or exempt $11,392,513
-
2b · Program service revenue: PROGRAM SVCS: INSTRUCTION SERVICE
total $10,601,738 · related or exempt $10,601,738
-
2c · Program service revenue: PROGRAM SVCS: LUNCH FEES
total $1,777,358 · related or exempt $1,777,358
-
3 · Investment income
total $9,346,938 · related or exempt $9,346,938
-
11a · Other revenue: OTHER INCOME
total $763,854 · related or exempt $763,854
-
11e · Other revenue, total
$763,854
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $125,000 · program services $125,000
-
7 · Other salaries and wages
total $180,797,113 · program services $156,319,024 · management and general $24,478,089
-
8 · Pension plan contributions
total $6,275,528 · program services $5,457,288 · management and general $818,240
-
9 · Other employee benefits
total $29,626,129 · program services $25,888,686 · management and general $3,737,443
-
11a · Fees: management
total $14,061,901 · program services $9,309,407 · management and general $4,752,494
-
11b · Fees: legal
total $914,236 · program services $339,886 · management and general $574,350
-
11c · Fees: accounting
total $969,388 · program services $36,500 · management and general $932,888
-
11g · Fees: other
total $17,255,105 · program services $16,928,324 · management and general $326,781
-
12 · Advertising and promotion
total $229,713 · program services $229,090 · management and general $623
-
14 · Information technology
total $1,899,685 · program services $1,847,139 · management and general $52,546
-
16 · Occupancy
total $49,680,626 · program services $49,676,421 · management and general $4,205
-
17 · Travel
total $1,266,169 · program services $1,197,073 · management and general $69,096
-
20 · Interest
total $3,693,311 · program services $3,693,311
-
22 · Depreciation, depletion and amortization
total $10,183,674 · program services $9,829,220 · management and general $354,454
-
23 · Insurance
total $3,779,736 · program services $3,734,755 · management and general $44,981
-
24a · Other expenses: WORKBOOKS & LICENSES
total $14,545,149 · program services $14,236,815 · management and general $308,334
-
24b · Other expenses: COMMUNITY ENRICHMENT AC
total $9,362,745 · program services $9,362,745
-
24c · Other expenses: AFTERCARE EXPENSES
total $8,856,059 · program services $8,856,059
-
24d · Other expenses: REPAIRS & MAINTENANCE
total $7,734,269 · program services $7,734,269
-
24e · All other expenses
total $33,829,499 · program services $27,523,311 · management and general $6,306,188
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $178,639,884 · end of year $243,230,704
-
4 · Accounts receivable
beginning of year $257,764 · end of year $476,253
-
9 · Prepaid expenses and deferred charges
beginning of year $3,244,972 · end of year $3,892,507
-
10a · Land, buildings and equipment: cost or other basis
$139,476,095
-
10b · Land, buildings and equipment: accumulated depreciation
$54,271,325
-
10c · Land, buildings and equipment, net
beginning of year $83,156,617 · end of year $85,204,770
-
15 · Other assets
beginning of year $375,618,969 · end of year $332,442,951
-
17 · Accounts payable and accrued expenses
beginning of year $17,881,749 · end of year $11,171,721
-
19 · Deferred revenue
beginning of year $840,797
-
20 · Tax-exempt bond liabilities
beginning of year $50,100,161 · end of year $48,935,856
-
23 · Secured mortgages and notes payable
beginning of year $1,574,217 · end of year $1,025,992
-
25 · Other liabilities
beginning of year $329,679,765 · end of year $328,513,862
-
27 · Net assets without donor restrictions
beginning of year $220,106,337 · end of year $256,770,043
-
28 · Net assets with donor restrictions
beginning of year $20,735,180 · end of year $18,829,711
Mission and programs · 2024
Mission
ESTABLISHED AS CHARTER SCHOOL OPERATOR IN DISTRICT SCHOOL BOARDS OF MIAMI-DADE, BROWARD COUNTY, PALM BEACH COUNTY, DUVAL COUNTY, ST. LUCIE COUNTY, AND TEXAS STATE BOARD OF EDUCATION. SOMERSET ACADEMY, INC. IS DEDICATED TO PROVIDING EQUITABLE, HIGH-QUALITY EDUCATION FOR ALL STUDENTS, AND PROMOTES A CULTURE THAT MAXIMIZES STUDENT ACHIEVEMENT AND FOSTERS THE DEVELOPMENT OF ACCOUNTABLE, 21ST CENTURY LEARNERS IN A SAFE AND ENRICHING ENVIRONMENT.
-
PROVIDES EDUCATION FOR CHILDREN FROM PRE-KINDERGARTEN THROUGH TWELFTH GRADE. FOR THE FISCAL YEAR ENDED JUNE 30, 2025 33,000 STUDENTS WERE ENROLLED.
Expenses $352,324,323 · Grants $125,000 · Revenue $33,882,401
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Todd GermanTODD GERMAN
DIRECTOR, CHAIRMAN & TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
Ana DiazANA DIAZ
DIRECTOR, SECRETARY & VICE-CHAIR
- Total calculated
- $0
- Hours/week
- 2
-
Brian Matthew CoxBRIAN MATTHEW COX
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
David ConcepcionDAVID CONCEPCION
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Taylor SmithTAYLOR SMITH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
Bernardo MonteroBERNARDO MONTERO
PRESIDENT
- Total calculated
- $245,726
- From this org
- $245,726
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $245,726
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $245,726
-
Suzette RuizSUZETTE RUIZ
VICE-PRESIDENT
- Total calculated
- $210,250
- From this org
- $210,250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $210,250
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $210,250
-
Erika RainsERIKA RAINS
EMPLOYEE
- Total calculated
- $167,023
- From this org
- $167,023
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $167,023
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $167,023
-
Alexandra PrietoALEXANDRA PRIETO
EMPLOYEE
- Total calculated
- $167,352
- From this org
- $167,352
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $167,352
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $167,352
-
Kerri Ann O'SullivanKERRI ANN O'SULLIVAN
EMPLOYEE
- Total calculated
- $224,000
- From this org
- $224,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $224,000
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $224,000
-
Cecilia GuilarteCECILIA GUILARTE
EMPLOYEE
- Total calculated
- $178,094
- From this org
- $178,094
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $178,094
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $178,094
-
Donyale McGheeDONYALE MCGHEE
EMPLOYEE
- Total calculated
- $165,049
- From this org
- $165,049
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
Schedule J breakdown matched by us
- Base
- $165,049
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $165,049
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Written employment contract
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
COLLEGIATE PREPARATORY ACADEMY
$125,000
TO SUPPORT EDUCATION
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.
-
SOMERSET ACADEMY FOUNDATION INC
501(C)(3) · EDUCATIONAL SUPPORT · FL
Directly controlled by NO
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 30 March 2026
- IRS schema version
- 2024v5.5
- Source object
- 202610899349301151
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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