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Nonprofiteer
← VILLAGE ACADEMIES INC

Form 990 for tax year 2023

Filed by VILLAGE ACADEMIES INC.

What the amendment changed

Compared with the return it replaced , filed 15 May 2025. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$12,941,193 changed to $13,651,429
Contributions and grants received
$8,912,479 changed to $9,622,715
Total assets, end of year
$53,069,829 changed to $53,780,065
Net assets or fund balances, end of year
$40,523,381 changed to $41,233,617

Totals

Total revenue
$13,651,429
Total expenses
$11,998,940
Contributions and grants received
$9,622,715
Grants paid
$1,775,463
Program service revenue
$3,777,018
Investment income
$606,561
Other revenue
-$354,865
Total assets, end of year
$53,780,065
Total liabilities, end of year
$12,546,448
Net assets or fund balances, end of year
$41,233,617
Program services expenses (Part IX)
$10,370,246
Management and general expenses
$678,727
Fundraising expenses
$949,967
Program service expenses (Part III)
$10,370,246

Program services were 86.4% 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

    $1,799,373

  • 1e · Government grants (contributions)

    $710,236

  • 1f · All other contributions, gifts and grants

    $7,113,106

  • 1g · Noncash contributions included above

    $209,781

  • 2a · Program service revenue: MANAGEMENT FEES

    total $2,623,986 · related or exempt $2,623,986

  • 2b · Program service revenue: RENTAL INCOME- SCHOOL

    total $1,153,032 · related or exempt $1,153,032

  • 3 · Investment income

    total $591,410 · excluded $591,410

  • 7a · Gross sales of assets other than inventory

    securities $3,444,792

  • 7b · Less cost or other basis and sales expenses

    securities $3,429,641

  • 7c · Gain or loss

    securities $15,151

  • 7d · Net gain or loss

    total $15,151 · excluded $15,151

  • 8a · Fundraising events: gross income

    $31,000

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

    $1,799,373

  • 8b · Fundraising events: direct expenses

    $385,865

  • 8c · Net income from fundraising events

    total -$354,865 · excluded -$354,865

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,774,900 · program services $1,774,900

  • 2 · Grants to domestic individuals

    total $563 · program services $563

  • 5 · Compensation of officers, directors and key employees

    total $992,470 · program services $784,051 · management and general $89,322 · fundraising $119,097

  • 7 · Other salaries and wages

    total $3,603,279 · program services $2,830,003 · management and general $340,523 · fundraising $432,753

  • 8 · Pension plan contributions

    total $50,458 · program services $39,594 · management and general $4,803 · fundraising $6,061

  • 9 · Other employee benefits

    total $315,038 · program services $247,614 · management and general $29,592 · fundraising $37,832

  • 10 · Payroll taxes

    total $336,715 · program services $264,775 · management and general $31,507 · fundraising $40,433

  • 11b · Fees: legal

    total $13,688 · program services $10,764 · management and general $1,281 · fundraising $1,643

  • 11c · Fees: accounting

    total $114,731 · program services $76,081 · management and general $26,812 · fundraising $11,838

  • 11g · Fees: other

    total $831,641 · program services $590,757 · management and general $70,297 · fundraising $170,587

  • 12 · Advertising and promotion

    total $357,627 · program services $357,254 · management and general $163 · fundraising $210

  • 13 · Office expenses

    total $117,338 · program services $92,369 · management and general $10,946 · fundraising $14,023

  • 14 · Information technology

    total $340,042 · program services $267,391 · management and general $31,819 · fundraising $40,832

  • 16 · Occupancy

    total $64,676 · program services $31,353 · management and general $14,595 · fundraising $18,728

  • 17 · Travel

    total $30,465 · program services $23,956 · management and general $2,851 · fundraising $3,658

  • 20 · Interest

    total $472,676 · program services $472,676

  • 22 · Depreciation, depletion and amortization

    total $989,929 · program services $989,929

  • 23 · Insurance

    total $97,015 · program services $76,289 · management and general $9,077 · fundraising $11,649

  • 24a · Other expenses: STUDENT RECRUITING

    total $843,707 · program services $843,707

  • 24b · Other expenses: PROFESSIONAL DEVELOPMEN

    total $374,997 · program services $374,997

  • 24c · Other expenses: STUDENT ENRICHMENT

    total $161,791 · program services $127,224 · management and general $15,139 · fundraising $19,428

  • 24d · Other expenses: REPAIRS & MAINTENANCE

    total $91,287 · program services $91,287

  • 24e · All other expenses

    total $23,907 · program services $2,712 · fundraising $21,195

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,402,496 · end of year $2,501,708

  • 2 · Savings and temporary cash investments

    beginning of year $13,688,950 · end of year $11,035,227

  • 3 · Pledges and grants receivable

    beginning of year $1,438,077 · end of year $1,861,443

  • 5 · Loans and receivables from officers and key people

    beginning of year $838,079 · end of year $1,723,454

  • 9 · Prepaid expenses and deferred charges

    beginning of year $33,603 · end of year $11,491

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

    $44,257,972

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

    $10,064,181

  • 10c · Land, buildings and equipment, net

    beginning of year $35,119,271 · end of year $34,193,791

  • 15 · Other assets

    beginning of year $2,233,482 · end of year $2,452,951

  • 17 · Accounts payable and accrued expenses

    beginning of year $390,880 · end of year $728,292

  • 18 · Grants payable

    beginning of year $513,755 · end of year $442,569

  • 19 · Deferred revenue

    beginning of year $193,200 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $10,121,970 · end of year $9,875,587

  • 24 · Unsecured notes and loans payable

    beginning of year $1,500,000 · end of year $1,500,000

  • 27 · Net assets without donor restrictions

    beginning of year $41,346,076 · end of year $40,582,410

  • 28 · Net assets with donor restrictions

    beginning of year $688,077 · end of year $651,207

Mission and programs · 2023

Mission

TO PROMOTE THE COMMON GOOD THROUGH THE ADVANCEMENT OF EDUCATION FOR CHILDREN IN DISADVANTAGED AND LOW INCOME COMMUNITIES; SUCH ADVANCEMENT INCLUDES RESEARCH, DEVELOPMENT, AND TRAINING ON CURRICULUM AND INSTRUCTIONAL PRACTICE, THE PROVISION OF CHARITABLE AND EDUCATIONAL SERVICES, AND THE DESIGN OF A MODEL PUBLIC SCHOOL SYSTEM.

Activities or mission (Part I)

TO IMPROVE PUBLIC EDUCATION BY DEVELOPING A MODEL PUBLIC SCHOOL SYSTEM THAT CAN BE REPLICATED.

  • THE ORGANIZATION SUPPORTED THE NETWORK OF HARLEM VILLAGE ACADEMIES SCHOOLS THROUGH ENRICHMENT PROGRAMS, EDUCATIONAL MATERIALS, PROFESSIONAL DEVELOPMENT, TEACHER RECRUITING, CURRICULUM AND STANDARDS DEVELOPMENT, FAMILY AND COMMUNITY OUTREACH, AND OPERATIONAL SUPPORT SERVICES, INCLUDING FISCAL MANAGEMENT SUPPORT.

    Expenses $10,370,246 · Grants $1,775,463 · Revenue $3,777,018

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JEFFREY MAYER

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JOHN LEGEND

    VICE-CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • JEFFREY VERSCHLEISER

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • KOFI APPENTENG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT BARNETT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • KATIE COURIC

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JONATHAN GRAY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ELLEN HORING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • HUGH JACKMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • THOMAS L KEMPNER JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EDWARD LEWIS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LORI MOORE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JANE OCH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • FIONA RUDIN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SAMIRA SINE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JEFF WILPON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MELBA WILSON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEBORAH A KENNY

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $726,118
    From this org
    $696,243
    From related orgs
    $0
    Other
    $29,875
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $418,382
    Bonus
    $274,750
    Other
    $3,111
    Deferred
    $13,200
    Nontaxable benefits
    $16,675
    Filer's total
    $726,118

  • CHARLES KLEIN

    VICE PRESIDENT OF FINANCE

    Total calculated
    $255,453
    From this org
    $235,444
    From related orgs
    $0
    Other
    $20,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $235,186
    Bonus
    $0
    Other
    $258
    Deferred
    $9,542
    Nontaxable benefits
    $10,467
    Filer's total
    $255,453

  • PAUL LOMEDICO

    EXTERNAL AFFAIRS & ADMIN DIRECTOR

    Total calculated
    $206,233
    From this org
    $187,042
    From related orgs
    $0
    Other
    $19,191
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $186,952
    Bonus
    $0
    Other
    $90
    Deferred
    $7,552
    Nontaxable benefits
    $11,639
    Filer's total
    $206,233

  • INBAR SCHWARTZ

    COLLEGE ALUMNI DIRECTOR

    Total calculated
    $169,159
    From this org
    $148,687
    From related orgs
    $0
    Other
    $20,472
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,639
    Bonus
    $0
    Other
    $48
    Deferred
    $6,040
    Nontaxable benefits
    $14,432
    Filer's total
    $169,159

  • GAYLE AMATO

    EXECUTIVE ASSISTANT

    Total calculated
    $157,040
    From this org
    $150,201
    From related orgs
    $0
    Other
    $6,839
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,439
    Bonus
    $0
    Other
    $762
    Deferred
    $6,192
    Nontaxable benefits
    $647
    Filer's total
    $157,040

  • EDDIE FREEL

    SECURITY OFFICER

    Total calculated
    $143,938
    From this org
    $137,808
    From related orgs
    $0
    Other
    $6,130
    Hours/week
    40

  • GARRETT BLOCK

    MANAGING DIR. NETWORK OPERATIONS

    Total calculated
    $144,669
    From this org
    $128,008
    From related orgs
    $0
    Other
    $16,661
    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

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
THE ORGANIZATION PAID PERFORMANCE BASED BONUSES IN 2023, WHICH WERE INCLUDED IN THE EMPLOYEES W-2.

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

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.

  • HVA 125 LLC

    TO DEVELOP AND HOLD A REAL PROPERTY ASSET (HIGH SCHOOL FACILITY). · NY · income $0 · assets $6,882,694

    Directly controlled by VILLAGE ACADEMIES NETWORK INC

  • HVA 124 LLC

    TO DEVELOP AND HOLD A REAL PROPERTY ASSET (ELEMENTARY SCHOOL FACILITY). · NY · income $1,153,032 · assets $26,847,223

    Directly controlled by VILLAGE ACADEMIES NETWORK INC

  • HVA 60 WEST LLC

    TO DEVELOP AND HOLD A REAL PROPERTY ASSET (GRADUATE SCHOOL FACILITY 1). · NY · income $0 · assets $3,614,265

    Directly controlled by VILLAGE ACADEMIES NETWORK INC

  • HVA 126 LLC

    TO PAY PREMIUMS ON ONE OR MORE LIFE INSURANCE POLICIES. · NY · income $124,115 · assets $1,723,454

    Directly controlled by VILLAGE ACADEMIES NETWORK INC

  • HVA 2011 LLC

    TO DEVELOP AND HOLD A REAL PROPERTY ASSET (GRADUATE SCHOOL FACILITY 2). · NY · income $0 · assets $0

    Directly controlled by VILLAGE ACADEMIES NETWORK INC

Provenance

Return type
form_990
Tax year
2023
Filed
19 June 2025
IRS schema version
2023v6.0
Source object
202541709349300524

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