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← VERTEX PARTNERSHIP ACADEMIES INC

Form 990 for tax year 2022

Filed by VERTEX PARTNERSHIP ACADEMIES INC.

Totals

Total revenue
$2,200,086
Total expenses
$2,170,906
Contributions and grants received
$2,420,752
Grants paid
$1,270,110
Program service revenue
$400,976
Investment income
$8,358
Other revenue
-$630,000
Total assets, end of year
$5,595,498
Total liabilities, end of year
$3,264,320
Net assets or fund balances, end of year
$2,331,178
Program services expenses (Part IX)
$1,774,464
Management and general expenses
$347,123
Fundraising expenses
$49,319
Program service expenses (Part III)
$1,774,464

Program services were 81.7% 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

    $2,420,752

  • 2a · Program service revenue: CHARTER MANAGEMENT FEES

    total $400,976 · related or exempt $400,976

  • 3 · Investment income

    total $8,358 · excluded $8,358

  • 6a · Gross rents

    real property $570,000

  • 6b · Less rental expenses

    real property $1,200,000

  • 6c · Rental income or loss

    real property -$630,000

  • 6d · Net rental income or loss

    total -$630,000 · related or exempt -$630,000

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,270,110 · program services $1,270,110

  • 5 · Compensation of officers, directors and key employees

    total $150,000 · management and general $105,000 · fundraising $45,000

  • 7 · Other salaries and wages

    total $80,852 · program services $58,013 · management and general $22,839

  • 8 · Pension plan contributions

    total $4,325 · program services $1,087 · management and general $2,395 · fundraising $843

  • 10 · Payroll taxes

    total $17,835 · program services $4,483 · management and general $9,876 · fundraising $3,476

  • 11b · Fees: legal

    total $11,381 · management and general $11,381

  • 11c · Fees: accounting

    total $169,413 · management and general $169,413

  • 11g · Fees: other

    total $3,341 · program services $3,341

  • 12 · Advertising and promotion

    total $19,541 · program services $19,541

  • 13 · Office expenses

    total $5,107 · management and general $5,107

  • 14 · Information technology

    total $978 · management and general $978

  • 16 · Occupancy

    total $78,353 · program services $78,353

  • 20 · Interest

    total $6,667 · management and general $6,667

  • 22 · Depreciation, depletion and amortization

    total $99,342 · program services $99,342

  • 23 · Insurance

    total $12,020 · management and general $12,020

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $238,488 · program services $238,488

  • 24b · Other expenses: OTHER

    total $3,153 · program services $1,706 · management and general $1,447

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,154,808 · end of year $648,633

  • 3 · Pledges and grants receivable

    beginning of year $725,000 · end of year $225,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $112,991 · end of year $5,400

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

    $3,291,655

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

    $99,342

  • 10c · Land, buildings and equipment, net

    beginning of year $744,477 · end of year $3,192,313

  • 15 · Other assets

    beginning of year $200,000 · end of year $1,524,152

  • 17 · Accounts payable and accrued expenses

    beginning of year $635,278 · end of year $654,012

  • 24 · Unsecured notes and loans payable

    end of year $1,000,000

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,610,308

  • 27 · Net assets without donor restrictions

    beginning of year $2,301,998 · end of year $2,331,178

Mission and programs · 2022

Mission

VERTEX PARTNERSHIP ACADEMIES STUDENT SCHOLARS WILL BE IMMEERSED IN A CULTURE OF DEMOCRATIC DISCOURSE GUIDED BY THE FOUR CARDINAL VIRTUES OF COURAGE, JUSTICE, TEMPERANCE, AND WISDOM. THROUGH SOCRATIC SEMINARS, STUDY GROUPS, ACADEMIC RITUALS, INDIVIDUAL AND COLLECTIVE ASSIGNMENTS, EACH VERTEX PARTNERSHIP ACADEMIES STUDENT SCHOLAR WILL BE EXPECTED TO ADOPT THE TEN ATTRIBUTES THAT DEFINE THE INTERNATIONAL BACCALAUREATE PROGRAM LEARNER PROFILE.

Activities or mission (Part I)

VERTEX PARTNERSHIP ACADEMIES SEEKS TO BE THE FIRST-OF-ITS-KIND NETWORK OF CHARACTER-BASED, INTERNATIONAL BACCALAUREATE PUBLIC CHARTER HIGH SCHOOLS DEDICATED TO EQUALITY OF OPPORTUNITY, INDIVIDUAL DIGNITY, AND OUR COMMON HUMANITY.

  • EDUCATIONAL SERVICES AND POST-SECONDARY EDUCATION PREPAREDNESS FOR STUDENTS IN GRADES 9-12.

    Expenses $1,774,464 · Grants $1,270,110 · Revenue $400,976

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

Listed in Part VII

  • Stephanie Saroki Garcia

    BOARD CHAIR - RESIGNED DURING YEAR

    Total calculated
    $0
    Hours/week
    1

  • Eric J Grannis

    BOARD MEMBER - RESIGNED DURING YEAR

    Total calculated
    $0
    Hours/week
    1

  • David Sweeny

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Sarah Hawkins

    BOARD MEMBER - JOINED DURING YEAR

    Total calculated
    $0
    Hours/week
    1

  • Ian Rowe

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $150,000
    From this org
    $150,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

  • William Stroud

    CHIEF ACADEMIC OFFICER

    Total calculated
    $113,050
    From this org
    $113,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    50

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

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 VERTEX LLC

    TO HOLD AND MANAGE CERTAIN REAL ESTATE ASSETS · NY · income $0 · assets $1,000,000

    Directly controlled by VERTEX PARTNERSHIP ACADEMIES INC

Provenance

Return type
form_990
Tax year
2022
Filed
10 May 2024
IRS schema version
2022v5.0
Source object
202431349349307983

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