Form 990 for tax year 2024
Filed by FOUNDATION ACADEMY CHARTER SCHOOL.
Totals
- Total revenue
- $31,979,048
- Total expenses
- $32,425,259
- Contributions and grants received
- $30,170,697
- Grants paid
- $0
- Program service revenue
- $2,015,348
- Investment income
- $227,287
- Other revenue
- -$434,284
- Total assets, end of year
- $24,273,169
- Total liabilities, end of year
- $11,940,433
- Net assets or fund balances, end of year
- $12,332,736
- Program services expenses (Part IX)
- $27,203,593
- Management and general expenses
- $5,221,666
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $27,203,593
Program services were 83.9% 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)
$29,218,102
-
1f · All other contributions, gifts and grants
$952,595
-
2a · Program service revenue: OTHER PROGRAM REVENUE-LINE 2
total $2,015,348 · related or exempt $2,015,348
-
3 · Investment income
total $227,287 · related or exempt $227,287
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7d · Net gain or loss
total $0
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10a · Gross sales of inventory
-$434,284
-
10c · Net income from sales of inventory
total -$434,284 · related or exempt -$434,284
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
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 $1,986,787 · program services $1,666,841 · management and general $319,946
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $13,288,249 · program services $11,148,349 · management and general $2,139,900
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $5,298,719 · program services $4,445,429 · management and general $853,290
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $5,679,251 · program services $4,764,681 · management and general $914,570
-
11b · Fees: legal
total $115,659 · program services $97,034 · management and general $18,625
-
11c · Fees: accounting
total $46,013 · program services $38,603 · management and general $7,410
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $2,078,419 · program services $1,743,717 · management and general $334,702
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $2,758,454 · program services $2,314,241 · management and general $444,213
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $182,132 · program services $152,802 · management and general $29,330
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $991,576 · program services $831,896 · management and general $159,680
-
23 · Insurance
total $0
-
24e · All other expenses
total $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,385,173 · end of year $6,851,647
-
2 · Savings and temporary cash investments
beginning of year $1,465,589 · end of year $0
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $1,336,469 · end of year $1,887,008
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $480,000 · end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$10,206,260
-
10b · Land, buildings and equipment: accumulated depreciation
$2,214,777
-
10c · Land, buildings and equipment, net
beginning of year $7,449,271 · end of year $7,991,483
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $4,882,650 · end of year $7,543,031
-
17 · Accounts payable and accrued expenses
beginning of year $183,868 · end of year $146,038
-
19 · Deferred revenue
beginning of year $322,341 · end of year $114,373
-
25 · Other liabilities
beginning of year $10,713,996 · end of year $11,680,022
-
27 · Net assets without donor restrictions
beginning of year $12,758,588 · end of year $12,332,736
-
28 · Net assets with donor restrictions
beginning of year $20,359
Mission and programs · 2024
Mission
As a college-preparatory school, Foundation Academy Charter Schools mission is to ensure that all of their students secure the academic knowledge and skills to prepare them for the nations finest colleges, and to instill in them the core values of caring, respect, responsibility and honesty. Foundation Academy Charter Schools program is modeled after some of the highest performing urban charter schools in the country, and includes standardized classroom procedures, regular testing to track student progress, more time on task, a focus on values and building community, clear and innovative rewards and consequences designed to teach and emphasize positive academic and social behavior, school uniforms, 90-120 minutes of homework each night, and an overall rigorous academic program. Foundation Academy Charter School provides a longer school day and a longer school year which includes a two week summer session. Language arts and math classes are taught for more minutes each week than most sc
-
During the sixteenth year of operation, the 2024-2025 school year, Foundation Academy Charter School provided a full range of educational services appropriate for all students in grades Kindergarten through 12th Grade. The Educational program includes social, health and nutrition services that support the total education of the student. In addition, the educational services include regular, as well as special education instruction. Foundation Academy Charter School promotes the full involvement of parents in their childrens educational development. The Charter School completed the 2024-2025 school year with the following enrollment: 253 primary school students in Kindergarten, Grade 1 and Grade 2; 255 intermediate school students were enrolled in Grades 3 through 5; 252 middle school students in Grades 6 through 8; and 328 high school students were enrolled in grades 9 thru 12. The Average Daily Enrollment (ADE) for the entire charter school for the 2023-2024 school year was 1110 students.
Expenses $27,203,593
As filed on the 2024 return.
Listed in Part VII
-
Sheria McRaeSHERIA MCRAE
CEO
- Total calculated
- $202,854
- From this org
- $202,854
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Andre MooreANDRE MOORE
CFO
- Total calculated
- $184,183
- From this org
- $184,183
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Natasia CooperNATASIA COOPER
CHIEF OF ACADEMICS
- Total calculated
- $153,283
- From this org
- $153,283
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Shanesia DavisSHANESIA DAVIS
CHIEF OF TALENT
- Total calculated
- $140,863
- From this org
- $140,863
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Diana UbaldoDIANA UBALDO
BA
- Total calculated
- $137,275
- From this org
- $137,275
- From related orgs
- $0
- Other
- $0
- Hours/week
- 40
-
Sharida EdwardsSHARIDA EDWARDS
Trustee
- Total calculated
- $0
- Hours/week
- 2
-
Duncan HarrisDUNCAN HARRIS
Vice President
- Total calculated
- $0
- Hours/week
- 2
-
Howard PowersHOWARD POWERS
Trustee
- Total calculated
- $0
- Hours/week
- 2
-
Stacy DentonSTACY DENTON
BOARD SEC
- Total calculated
- $0
- Hours/week
- 2
-
Carl SiedenCARL SIEDEN
Trustee
- Total calculated
- $0
- Hours/week
- 2
-
Sheria McRaeSHERIA MCRAE
CEO
- Total calculated
- $0
- Hours/week
- 2
-
Dr Sonya NockDR SONYA NOCK
MIDDLE SCH PR
- Total calculated
- $0
- Hours/week
- 40
-
Richard Seigier-CarterRICHARD SEIGIER-CARTER
President
- Total calculated
- $0
- Hours/week
- 2
-
Natasia CooperNATASIA COOPER
CAO
- Total calculated
- $0
- Hours/week
- 2
-
Brittany GrecoBRITTANY GRECO
PRIM SCHOOL PRI
- Total calculated
- $0
- Hours/week
- 2
-
Jon BodnarJON BODNAR
CFO
- Total calculated
- $0
- Hours/week
- 2
-
Andre MooreANDRE MOORE
CFO
- Total calculated
- $0
- Hours/week
- 40
-
Diana UbaldoDIANA UBALDO
BUS. ADMIN.
- Total calculated
- $0
- Hours/week
- 40
-
Deanna ChestnutDEANNA CHESTNUT
HIGH SCHOOL PRI
- Total calculated
- $0
- Hours/week
- 2
-
Christopher MullinsCHRISTOPHER MULLINS
Treasurer
- Total calculated
- $0
- Hours/week
- 2
-
Stefani SchwartzSTEFANI SCHWARTZ
BOARD COUNSEL
- Total calculated
- $0
- Hours/week
- 2
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.
Schedule J
Itemized on Schedule J with no Part VII listing of the same name on this return:
-
Andre MooreANDRE MOORE
CFO
Schedule J breakdown
- Base
- $184,183
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $184,183
-
Natasia CooperNATASIA COOPER
CHIEF OF ACADEMICS
Schedule J breakdown
- Base
- $153,283
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $153,283
-
Sheria McRaeSHERIA MCRAE
CEO
Schedule J breakdown
- Base
- $202,854
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported
- Filer's total
- $202,854
Answered yes
None.
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 May 2026
- IRS schema version
- 2024v5.2
- Source object
- 202601349349309015
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