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Nonprofiteer
← PROSPECT SCHOOLS INC

Form 990 for tax year 2024

Filed by PROSPECT SCHOOLS INC.

Totals

Total revenue
$12,013,097
Total expenses
$11,089,950
Contributions and grants received
$1,682,097
Grants paid
$525,311
Program service revenue
$10,306,851
Investment income
$1,119
Other revenue
$23,030
Total assets, end of year
$5,809,356
Total liabilities, end of year
$3,553,436
Net assets or fund balances, end of year
$2,255,920
Program services expenses (Part IX)
$9,338,874
Management and general expenses
$1,296,356
Fundraising expenses
$454,720
Program service expenses (Part III)
$9,338,874

Program services were 84.2% 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.

  • 1c · Fundraising events

    $101,792

  • 1e · Government grants (contributions)

    $596,834

  • 1f · All other contributions, gifts and grants

    $983,471

  • 2a · Program service revenue: MANAGEMENT FEES

    total $10,306,851 · related or exempt $10,306,851

  • 3 · Investment income

    total $1,119 · excluded $1,119

  • 8a · Fundraising events: gross income

    $137,345

  • 8a · Fundraising events: contributions included on line 1c

    $101,792

  • 8b · Fundraising events: direct expenses

    $114,428

  • 8c · Net income from fundraising events

    total $22,917 · excluded $22,917

  • 11a · Other revenue: REFUND

    total $113 · excluded $113

  • 11e · Other revenue, total

    $113

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $515,311 · program services $515,311

  • 2 · Grants to domestic individuals

    total $10,000 · program services $10,000

  • 5 · Compensation of officers, directors and key employees

    total $1,343,553 · program services $806,132 · management and general $403,066 · fundraising $134,355

  • 7 · Other salaries and wages

    total $5,011,754 · program services $4,331,856 · management and general $513,951 · fundraising $165,947

  • 8 · Pension plan contributions

    total $147,647 · program services $129,798 · management and general $13,512 · fundraising $4,337

  • 9 · Other employee benefits

    total $1,000,495 · program services $810,461 · management and general $143,165 · fundraising $46,869

  • 10 · Payroll taxes

    total $486,299 · program services $393,932 · management and general $69,586 · fundraising $22,781

  • 11b · Fees: legal

    total $9,350 · program services $8,883 · management and general $280 · fundraising $187

  • 11c · Fees: accounting

    total $45,155 · management and general $45,155

  • 11g · Fees: other

    total $1,342,111 · program services $1,290,004 · management and general $31,264 · fundraising $20,843

  • 12 · Advertising and promotion

    total $10,641 · program services $10,641

  • 13 · Office expenses

    total $287,872 · program services $271,127 · management and general $10,048 · fundraising $6,697

  • 14 · Information technology

    total $81,269 · program services $77,310 · management and general $2,375 · fundraising $1,584

  • 16 · Occupancy

    total $66,955 · program services $45,569 · management and general $12,832 · fundraising $8,554

  • 17 · Travel

    total $63,576 · program services $52,933 · management and general $6,386 · fundraising $4,257

  • 19 · Conferences, conventions and meetings

    total $455,057 · program services $455,057

  • 20 · Interest

    total $92 · program services $54 · management and general $38

  • 22 · Depreciation, depletion and amortization

    total $52,786 · program services $50,147 · management and general $1,583 · fundraising $1,056

  • 23 · Insurance

    total $9,384 · management and general $9,384

  • 24a · Other expenses: STAFF MEALS AND EVENTS

    total $79,659 · program services $79,659

  • 24b · Other expenses: MISCELLANEOUS

    total $36,739 · management and general $33,731 · fundraising $3,008

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $34,245 · fundraising $34,245

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $159,153 · end of year $615,596

  • 2 · Savings and temporary cash investments

    beginning of year $304,183 · end of year $1,046,127

  • 9 · Prepaid expenses and deferred charges

    beginning of year $100,108 · end of year $106,246

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

    $679,976

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

    $152,433

  • 10c · Land, buildings and equipment, net

    beginning of year $575,089 · end of year $527,543

  • 15 · Other assets

    beginning of year $4,036,494 · end of year $3,513,844

  • 17 · Accounts payable and accrued expenses

    beginning of year $369,741 · end of year $233,897

  • 24 · Unsecured notes and loans payable

    beginning of year $200,000 · end of year $200,000

  • 25 · Other liabilities

    beginning of year $3,272,513 · end of year $3,119,539

  • 27 · Net assets without donor restrictions

    beginning of year $1,332,773 · end of year $2,255,920

Mission and programs · 2024

Mission

TO PROVIDE COMPREHENSIVE MANAGEMENT SERVICES TO THE BROOKLYN PROSPECT CHARTER SCHOOL AND OTHER POTENTIAL SCHOOLS IN ITS NETWORK AND TO RAISE FUNDS IN SUPPORT OF NEW YORK CHARTER SCHOOLS.

Activities or mission (Part I)

TO PROVIDE COMPREHENSIVE MANAGEMENT SERVICES TO BROOKLYN PROSPECT CHARTER SCHOOL AND TO RAISE FUNDS IN SUPPORT OF THE SCHOOL.

  • PROSPECT SCHOOLS, INC. WAS FORMED ON JUNE 4, 2007 UNDER THE LAWS OF NEW YORK. THE ORGANIZATION PROVIDES COMPREHENSIVE MANAGEMENT SERVICES AND RAISES FUNDS TO SUPPORT BROOKLYN PROSPECT CHARTER SCHOOL, AN EDUCATIONAL CORPORATION THAT OPERATES THREE CHARTER SCHOOLS IN THE BOROUGH OF BROOKLYN, NY.

    Expenses $9,338,874 · Grants $525,311 · Revenue $10,306,851

As filed on the 2024 return.

Listed in Part VII

  • PENNY MARZULLI

    CHAIR/ SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • AHMED HAQUE

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • KATE WALKER

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • STEPHEN BAILEY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • ELDRIDGE GILBERT III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • TRESHA WARD

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $356,733
    From this org
    $329,706
    From related orgs
    $0
    Other
    $27,027
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $329,706
    Bonus
    $0
    Other
    $0
    Deferred
    $13,315
    Nontaxable benefits
    $13,712
    Filer's total
    $356,733

  • HILLARY PRINCE

    CHIEF FINANCIAL OFFICER

    Total calculated
    $293,996
    From this org
    $242,034
    From related orgs
    $0
    Other
    $51,962
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $242,034
    Bonus
    $0
    Other
    $0
    Deferred
    $9,986
    Nontaxable benefits
    $41,976
    Filer's total
    $293,996

  • YEHONATAN SAMUEL-SIEGEL

    CHIEF OPERATING OFFICER

    Total calculated
    $276,938
    From this org
    $209,969
    From related orgs
    $0
    Other
    $66,969
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,969
    Bonus
    $0
    Other
    $0
    Deferred
    $22,234
    Nontaxable benefits
    $44,735
    Filer's total
    $276,938

  • KECIA CLARK

    CHIEF ACADEMIC OFFICER

    Total calculated
    $228,624
    From this org
    $209,969
    From related orgs
    $0
    Other
    $18,655
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $199,969
    Bonus
    $10,000
    Other
    $0
    Deferred
    $6,834
    Nontaxable benefits
    $11,821
    Filer's total
    $228,624

  • PAUL ASTUTO

    CHIEF OF STAFF

    Total calculated
    $261,912
    From this org
    $199,616
    From related orgs
    $0
    Other
    $62,296
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $199,616
    Bonus
    $0
    Other
    $0
    Deferred
    $23,000
    Nontaxable benefits
    $39,296
    Filer's total
    $261,912

  • SARAH ANN CANEY

    DEPUTY CHIEF OF SCHOOLS

    Total calculated
    $212,306
    From this org
    $190,897
    From related orgs
    $0
    Other
    $21,409
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,897
    Bonus
    $0
    Other
    $0
    Deferred
    $2,281
    Nontaxable benefits
    $19,128
    Filer's total
    $212,306

  • STACY-ANN BRISSETT-ROSE

    DEPUTY CHIEF OF SCHOOLS

    Total calculated
    $183,679
    From this org
    $157,651
    From related orgs
    $0
    Other
    $26,028
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,151
    Bonus
    $7,500
    Other
    $0
    Deferred
    $3,221
    Nontaxable benefits
    $22,807
    Filer's total
    $183,679

  • NOAH HELLMAN

    DEPUTY CHIEF OF SCHOOLS

    Total calculated
    $234,569
    From this org
    $170,498
    From related orgs
    $0
    Other
    $64,071
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,350
    Bonus
    $32,148
    Other
    $0
    Deferred
    $7,364
    Nontaxable benefits
    $56,707
    Filer's total
    $234,569

  • SOUNG HO PARK

    DIRECTOR OF FINANCE

    Total calculated
    $139,503
    From this org
    $133,898
    From related orgs
    $0
    Other
    $5,605
    Hours/week
    40

  • TINA DASS

    DIRECTOR OF SCHOOL OPERATIONS

    Total calculated
    $170,769
    From this org
    $140,540
    From related orgs
    $0
    Other
    $30,229
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,040
    Bonus
    $2,500
    Other
    $0
    Deferred
    $4,374
    Nontaxable benefits
    $25,855
    Filer's total
    $170,769

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 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 7 · Other non-fixed payments

Answered no

  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4A
LISA CHEN, FORMER CHIEF PEOPLE OFFICER, RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $16,952.10 FOR FY25.
PART I, LINE 7
THE ORGANIZATION AWARDED A DISCRETIONARY BONUS TO A PERSON LISTED ON PART VII OF THE 990, AND IS REPORTED IN PART II, COLUMN B(II).

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

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2026
IRS schema version
2024v5.5
Source object
202601369349300900

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