Form 990 for tax year 2024
Filed by FRIENDS OF FOUNDATION ACADEMY INC.
Totals
- Total revenue
- $2,710,400
- Total expenses
- $2,345,668
- Contributions and grants received
- $843,769
- Grants paid
- $62,474
- Program service revenue
- $779,793
- Investment income
- $1,082,132
- Other revenue
- $4,706
- Total assets, end of year
- $81,942,860
- Total liabilities, end of year
- $78,716,091
- Net assets or fund balances, end of year
- $3,226,769
- Program services expenses (Part IX)
- $1,959,998
- Management and general expenses
- $269,934
- Fundraising expenses
- $115,736
- Program service expenses (Part III)
- $1,959,998
Program services were 83.6% 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
$843,769
-
1g · Noncash contributions included above
$31,159
-
2a · Program service revenue: RENTAL INCOME
total $779,793 · related or exempt $779,793
-
3 · Investment income
total $1,081,886 · excluded $1,081,886
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
securities $635,096
-
7b · Less cost or other basis and sales expenses
securities $634,850
-
7c · Gain or loss
securities $246
-
7d · Net gain or loss
total $246 · excluded $246
-
8a · Fundraising events: gross income
$0
-
8b · Fundraising events: direct expenses
$0
-
8c · Net income from fundraising events
total $0
-
9a · Gaming: gross income
$0
-
9b · Gaming: direct expenses
$0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
$0
-
10b · Cost of goods sold
$0
-
10c · Net income from sales of inventory
total $0
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $4,706 · excluded $4,706
-
11e · Other revenue, total
$4,706
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $62,474 · program services $62,474
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $0
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $0
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $5,500 · program services $5,500
-
11c · Fees: accounting
total $137,365 · management and general $137,365
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $13,300 · management and general $13,300
-
11g · Fees: other
total $154,475 · program services $46,597 · management and general $46,717 · fundraising $61,161
-
12 · Advertising and promotion
total $44,577 · program services $1,000 · management and general $170 · fundraising $43,407
-
13 · Office expenses
total $55,189 · program services $5,847 · management and general $38,887 · fundraising $10,455
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $40,064 · program services $28,159 · management and general $11,192 · fundraising $713
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $677,461 · program services $658,952 · management and general $18,509
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $0
-
23 · Insurance
total $14,571 · program services $14,571
-
24a · Other expenses: STUDENT ENRICHMENT
total $943,335 · program services $943,047 · management and general $288
-
24b · Other expenses: RECRUITMENT
total $197,357 · program services $193,851 · management and general $3,506
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $241,619 · end of year $876,952
-
2 · Savings and temporary cash investments
beginning of year $130,562 · end of year $408,508
-
3 · Pledges and grants receivable
beginning of year $43,693 · end of year $48,693
-
4 · Accounts receivable
beginning of year $0 · end of year $0
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $0 · end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $15,735 · end of year $16,931
-
10a · Land, buildings and equipment: cost or other basis
$18,804,625
-
10c · Land, buildings and equipment, net
beginning of year $1,120,224 · end of year $18,804,625
-
11 · Investments: publicly traded securities
beginning of year $639,318 · end of year $39,006
-
12 · Investments: other securities
beginning of year $0 · end of year $0
-
13 · Investments: program-related
beginning of year $13,447,264 · end of year $13,275,538
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $1,656,578 · end of year $48,472,607
-
17 · Accounts payable and accrued expenses
beginning of year $896,765 · end of year $5,448,904
-
18 · Grants payable
beginning of year $200,826 · end of year $195,414
-
19 · Deferred revenue
beginning of year $0 · end of year $73,224
-
20 · Tax-exempt bond liabilities
beginning of year $13,327,379 · end of year $72,848,549
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $0 · end of year $150,000
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $0 · end of year $0
-
27 · Net assets without donor restrictions
beginning of year $2,633,042 · end of year $3,107,869
-
28 · Net assets with donor restrictions
beginning of year $236,981 · end of year $118,900
Mission and programs · 2024
Mission
THE FRIENDS OF FOUNDATION ACADEMIES SUPPORTS, ENHANCES, AND PROMOTES THE WORK OF FOUNDATION ACADEMIES BY RAISING FUNDS AND DELIVERING SERVICES, PROGRAMS, AND PARTNERSHIPS THAT EQUITABLY SERVE THE BEST INTERESTS OF OUR SCHOOL COMMUNITY.
Activities or mission (Part I)
To support, enhance and promote the work of Foundation Academies by raising funds and delivering services, programs, and partnerships that equitably serve the best interests of our school community.
-
Under NJ law, charter schools may not build facilities with public funds. To expand and improve our high school facilities, the Friends of Foundation Academies purchased the neighboring vacant Holy Cross rectory site and spent the better part of the 2018-19 school year constructing a new 10,217 square foot addition in the city's south ward. The existing school building received a complete HVAC, electrical, and interior upgrade. The Friends of FA proudly owns and maintains the high school campus and leases it back to the school.
Expenses $954,477 · Revenue $779,793
-
Throughout college, there are several crucial moments that can put a student at risk of leaving school. The purpose of the Friends of Foundation Academy Knight Fund is to assist FAC alumni, currently enrolled in college or post-secondary institutions, in managing financial hardships that can hinder students from entering or persisting through their post-secondary schooling and careers. Through donations to the Friends of Foundation Academy, Inc, the Knight Fund provides awards, persistence grants and scholarships to deserving alumni.
Expenses $62,474 · Grants $62,474
-
Funds raised by the Friends of FA help to fill the stark public funding gap between FA and our district counterparts. Support from donations to the Friends provides high-quality enrichment opportunities for students and drives the training, development, and celebration of our remarkable faculty.
Expenses $943,047
As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Donald Hofmann
Chair
- Total calculated
- $0
- Hours/week
- 4
-
Anthony Klockenbrink
Vice-Chair
- Total calculated
- $0
- Hours/week
- 4
-
Betsy Rendall
Secretary
- Total calculated
- $0
- Hours/week
- 4
-
Jacqueline Griffith
Treasurer
- Total calculated
- $0
- Hours/week
- 4
-
Dr Fitzroy Dawkins
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Jorgen Bundgaard Hansen
Board Member
- Total calculated
- $0
- Hours/week
- 1
-
Tamara Franklin
Board 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.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 May 2026
- IRS schema version
- 2024v5.2
- Source object
- 202630909349300828
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