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Nonprofiteer
← SOMERSET ACADEMY INC

Form 990 for tax year 2022

Filed by SOMERSET ACADEMY INC.

Totals

Total revenue
$372,140,972
Total expenses
$355,265,196
Contributions and grants received
$343,078,830
Grants paid
$80,000
Program service revenue
$25,346,401
Investment income
$2,637,490
Other revenue
$1,078,251
Total assets, end of year
$546,057,670
Total liabilities, end of year
$424,978,816
Net assets or fund balances, end of year
$121,078,854
Program services expenses (Part IX)
$320,721,865
Management and general expenses
$34,543,331
Fundraising expenses
$0
Program service expenses (Part III)
$320,721,865

Program services were 90.3% 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)

    $342,448,984

  • 1f · All other contributions, gifts and grants

    $629,846

  • 2a · Program service revenue: PROGRAM SVCS: INSTRUCTION SERVICE

    total $16,612,593 · related or exempt $16,612,593

  • 2b · Program service revenue: COMMUNITY SERVICES

    total $4,042,111 · related or exempt $4,042,111

  • 2c · Program service revenue: PROGRAM SVCS: LUNCH FEES

    total $1,865,919 · related or exempt $1,865,919

  • 2d · Program service revenue: PROGRAM SVCS: VIRTUAL FEES

    total $1,630,818 · related or exempt $1,630,818

  • 2e · Program service revenue: PROGRAM SVCS: E RATE REBATE

    total $749,108 · related or exempt $749,108

  • 2f · All other program service revenue

    total $445,852 · related or exempt $445,852

  • 3 · Investment income

    total $2,637,490 · related or exempt $2,637,490

  • 11a · Other revenue: OTHER INCOME

    total $923,867 · related or exempt $923,867

  • 11b · Other revenue: GAIN ON DISPOSAL OF ROU

    total $154,384 · related or exempt $154,384

  • 11e · Other revenue, total

    $1,078,251

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $80,000 · program services $80,000

  • 7 · Other salaries and wages

    total $154,412,362 · program services $135,229,957 · management and general $19,182,405

  • 8 · Pension plan contributions

    total $4,160,193 · program services $3,560,434 · management and general $599,759

  • 9 · Other employee benefits

    total $25,680,647 · program services $22,528,099 · management and general $3,152,548

  • 11a · Fees: management

    total $12,939,075 · program services $8,564,898 · management and general $4,374,177

  • 11b · Fees: legal

    total $318,998 · program services $65,223 · management and general $253,775

  • 11c · Fees: accounting

    total $934,140 · program services $4,300 · management and general $929,840

  • 11g · Fees: other

    total $13,201,373 · program services $13,007,594 · management and general $193,779

  • 12 · Advertising and promotion

    total $307,170 · program services $306,391 · management and general $779

  • 14 · Information technology

    total $1,841,174 · program services $1,835,724 · management and general $5,450

  • 16 · Occupancy

    total $52,535,233 · program services $52,168,264 · management and general $366,969

  • 17 · Travel

    total $605,976 · program services $516,063 · management and general $89,913

  • 20 · Interest

    total $2,303,279 · program services $2,303,229 · management and general $50

  • 22 · Depreciation, depletion and amortization

    total $9,389,302 · program services $9,067,166 · management and general $322,136

  • 23 · Insurance

    total $3,687,489 · program services $3,668,898 · management and general $18,591

  • 24a · Other expenses: COMMUNITY ENRICHMENT AC

    total $7,897,679 · program services $7,897,679

  • 24b · Other expenses: AFTERCARE EXPENSES

    total $7,629,640 · program services $7,629,640

  • 24c · Other expenses: STUDENT LUNCH EXPENSES

    total $7,607,471 · program services $7,579,945 · management and general $27,526

  • 24d · Other expenses: PUBLIC UTILITY SERVICE

    total $7,255,396 · program services $7,253,403 · management and general $1,993

  • 24e · All other expenses

    total $42,478,599 · program services $37,454,958 · management and general $5,023,641

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $82,515,659 · end of year $99,036,562

  • 4 · Accounts receivable

    beginning of year $176,218 · end of year $946,043

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,599,504 · end of year $5,656,606

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

    $128,233,163

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

    $45,834,393

  • 10c · Land, buildings and equipment, net

    beginning of year $84,919,619 · end of year $82,398,770

  • 15 · Other assets

    beginning of year $342,955,798 · end of year $358,019,689

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,806,735 · end of year $18,134,343

  • 19 · Deferred revenue

    beginning of year $808,663 · end of year $4,271,738

  • 20 · Tax-exempt bond liabilities

    beginning of year $52,308,889 · end of year $51,224,241

  • 23 · Secured mortgages and notes payable

    beginning of year $4,155,875 · end of year $2,589,793

  • 25 · Other liabilities

    beginning of year $330,883,558 · end of year $348,758,701

  • 27 · Net assets without donor restrictions

    beginning of year $94,969,352 · end of year $109,917,106

  • 28 · Net assets with donor restrictions

    beginning of year $9,233,726 · end of year $11,161,748

Mission and programs · 2022

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, 2023 31,600 STUDENTS WERE ENROLLED.

    Expenses $320,721,865 · Grants $80,000 · Revenue $29,112,142

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

Listed in Part VII

  • Todd German

    DIRECTOR,CHAIRMAN,TREASURE

    Total calculated
    $0
    Hours/week
    2

  • Ana Diaz

    DIRECTOR, SECRETARY, VICEC

    Total calculated
    $0
    Hours/week
    2

  • Brian Matthew Cox

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • David Concepcion

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Bernardo Montero

    PRESIDENT

    Total calculated
    $227,380
    From this org
    $227,380
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $227,380
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $227,380

  • Suzette Ruiz

    VICE-PRESIDENT

    Total calculated
    $159,495
    From this org
    $159,495
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

    Schedule J breakdown matched by us

    Base
    $159,495
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $159,495

  • Athena Guillen

    EMPLOYEE

    Total calculated
    $140,767
    From this org
    $140,767
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Donyale McGhee

    EMPLOYEE

    Total calculated
    $143,447
    From this org
    $143,447
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Dennis Mulrooney

    EMPLOYEE

    Total calculated
    $128,288
    From this org
    $128,288
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Dina Miller

    EMPLOYEE

    Total calculated
    $126,210
    From this org
    $126,210
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • George Groezinger

    EMPLOYEE

    Total calculated
    $117,928
    From this org
    $117,928
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Christina Bovo-Camus

    EMPLOYEE

    Total calculated
    $111,090
    From this org
    $111,090
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Lisa Santiago

    EMPLOYEE

    Total calculated
    $103,253
    From this org
    $103,253
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Clint Duvo

    EMPLOYEE

    Total calculated
    $144,331
    From this org
    $144,331
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Cecilia Guilarte

    EMPLOYEE

    Total calculated
    $152,402
    From this org
    $152,402
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,402
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $152,402

  • Saili Hernandez

    EMPLOYEE

    Total calculated
    $108,313
    From this org
    $108,313
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Lisa Klein

    EMPLOYEE

    Total calculated
    $101,197
    From this org
    $101,197
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Anthony Marucci

    EMPLOYEE

    Total calculated
    $123,332
    From this org
    $123,332
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kionnie Maura

    EMPLOYEE

    Total calculated
    $114,878
    From this org
    $114,878
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Jessica Mesa

    EMPLOYEE

    Total calculated
    $110,534
    From this org
    $110,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Angela Nunez

    EMPLOYEE

    Total calculated
    $104,703
    From this org
    $104,703
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Sonia Andreu

    EMPLOYEE

    Total calculated
    $104,759
    From this org
    $104,759
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Christina Ayo

    EMPLOYEE

    Total calculated
    $101,037
    From this org
    $101,037
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kerri Ann

    EMPLOYEE

    Total calculated
    $183,333
    From this org
    $183,333
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,333
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $183,333

  • Walkiria Soberon

    EMPLOYEE

    Total calculated
    $124,175
    From this org
    $124,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Mary Stuart

    EMPLOYEE

    Total calculated
    $110,289
    From this org
    $110,289
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Lisa Alamo

    EMPLOYEE

    Total calculated
    $112,238
    From this org
    $112,238
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Thomas Rompella

    EMPLOYEE

    Total calculated
    $102,508
    From this org
    $102,508
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Williams Olatunji

    EMPLOYEE

    Total calculated
    $121,395
    From this org
    $121,395
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Andre Gainey

    EMPLOYEE

    Total calculated
    $125,191
    From this org
    $125,191
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Daniel Shourds

    EMPLOYEE

    Total calculated
    $119,560
    From this org
    $119,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Michael Amendola

    EMPLOYEE

    Total calculated
    $114,689
    From this org
    $114,689
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Erika Rains

    EMPLOYEE

    Total calculated
    $141,479
    From this org
    $141,479
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

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

  • SOMERSET VIRTUAL ACADEMY INC

    $80,000

    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.

Provenance

Return type
form_990
Tax year
2022
Filed
20 March 2024
IRS schema version
2022v5.0
Source object
202440809349300819

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