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Nonprofiteer
← TEAM ACADEMY CHARTER SCHOOL INC

Form 990 for tax year 2024

Filed by TEAM ACADEMY CHARTER SCHOOL INC.

Totals

Total revenue
$174,655,411
Total expenses
$175,584,499
Contributions and grants received
$171,802,721
Grants paid
$0
Program service revenue
$188,664
Investment income
$1,942,914
Other revenue
$721,112
Total assets, end of year
$282,966,837
Total liabilities, end of year
$248,752,758
Net assets or fund balances, end of year
$34,214,079
Program services expenses (Part IX)
$130,338,434
Management and general expenses
$44,249,062
Fundraising expenses
$997,003
Program service expenses (Part III)
$130,338,434

Program services were 74.2% 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.

  • 1e · Government grants (contributions)

    $169,095,286

  • 1f · All other contributions, gifts and grants

    $2,707,435

  • 2a · Program service revenue: FOOD SERVICE

    total $146,664 · related or exempt $146,664

  • 2b · Program service revenue: ANCILLARY SERVICES

    total $42,000 · related or exempt $42,000

  • 3 · Investment income

    total $1,942,914 · excluded $1,942,914

  • 6a · Gross rents

    real property $721,112

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $721,112

  • 6d · Net rental income or loss

    total $721,112 · excluded $721,112

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $72,854,595 · program services $60,441,393 · management and general $12,413,202

  • 8 · Pension plan contributions

    total $11,947,985 · program services $9,912,249 · management and general $2,035,736

  • 9 · Other employee benefits

    total $7,745,227 · program services $6,425,570 · management and general $1,319,657

  • 10 · Payroll taxes

    total $7,233,720 · program services $6,001,215 · management and general $1,232,505

  • 11a · Fees: management

    total $16,616,720 · management and general $15,619,717 · fundraising $997,003

  • 11b · Fees: legal

    total $55,199 · management and general $55,199

  • 11c · Fees: accounting

    total $121,460 · management and general $121,460

  • 11g · Fees: other

    total $3,809,542 · program services $509,095 · management and general $3,300,447

  • 16 · Occupancy

    total $2,826,772 · program services $2,345,137 · management and general $481,635

  • 20 · Interest

    total $5,950,218 · program services $4,936,401 · management and general $1,013,817

  • 22 · Depreciation, depletion and amortization

    total $8,921,556 · program services $7,401,472 · management and general $1,520,084

  • 23 · Insurance

    total $1,094,427 · program services $907,955 · management and general $186,472

  • 24a · Other expenses: SUPPLIES

    total $12,273,916 · program services $8,981,815 · management and general $3,292,101

  • 24b · Other expenses: TPAF EXPENSES

    total $9,725,309 · program services $8,068,279 · management and general $1,657,030

  • 24c · Other expenses: FOOD SERVICE

    total $7,321,168 · program services $7,321,168

  • 24d · Other expenses: OTHER PURCHASED SERVICE

    total $7,086,685 · program services $7,086,685

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $33,384,470 · end of year $33,056,522

  • 3 · Pledges and grants receivable

    beginning of year $13,535,763 · end of year $6,180,958

  • 9 · Prepaid expenses and deferred charges

    beginning of year $912,820 · end of year $651,304

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

    $36,031,433

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

    $8,731,143

  • 10c · Land, buildings and equipment, net

    beginning of year $23,960,409 · end of year $27,300,290

  • 11 · Investments: publicly traded securities

    beginning of year $14,452,160 · end of year $31,547,466

  • 15 · Other assets

    beginning of year $183,160,520 · end of year $184,230,297

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,034,103 · end of year $8,239,329

  • 19 · Deferred revenue

    beginning of year $865,502 · end of year $589,056

  • 23 · Secured mortgages and notes payable

    beginning of year $16,781,154 · end of year $18,130,483

  • 25 · Other liabilities

    beginning of year $210,582,216 · end of year $221,793,890

  • 29 · Capital stock, trust principal or current funds

    beginning of year $39,975,417 · end of year $41,155,460

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year -$4,832,250 · end of year -$6,941,381

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

THE CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF THE SECTION 501(C)(3) OF THE IRS REVENUE CODE OF 1986 TO OPERATE NONPROFIT EDUCATIONAL INSTITUTIONS, INCLUDING, BUT NOT LIMITED TO SCHOOLS WITHIN THE STATE OF NJ AND TO DEAL GENERALLY THEREIN.

Activities or mission (Part I)

TEAM ACADEMY CHARTER SCHOOL IS A FREE, OPEN ENROLLMENT, COLLEGE-PREPARATORY PUBLIC SCHOOL DEDICATED TO PREPARING STUDENTS IN UNDERSERVED COMMUNITIES FOR SUCCESS IN COLLEGE AND LIFE.

  • THE CORPORATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF THE SECTION 501(C)(3) OF THE IRS REVENUE CODE OF 1986 TO OPERATE NONPROFIT EDUCATIONAL INSTITUTIONS, INCLUDING, BUT NOT LIMITED TO SCHOOLS WITHIN THE STATE OF NJ AND TO DEAL GENERALLY THEREIN.

    Expenses $130,338,434 · Revenue $188,664

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • TIM CARDEN

    BOARD PRESIDENT

    Total calculated
    $0
    Hours/week
    2

  • JULIE KEENAN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KEVIN MORRISON

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • RASHEEN PEPPERS

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • VINCE MARIGNA

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • IHSAAN BROWN

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • TAFSHIER COSBY

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • KAREN LEACH-TOOMER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    2

  • ANDREW MARTIN

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    5

  • ERICA GROHMAN

    CFO

    Total calculated
    $0
    Hours/week
    10

  • ANTONIA O'SULLIVAN

    HEAD OF SCHOOLS

    Total calculated
    $216,729
    From this org
    $183,613
    From related orgs
    $0
    Other
    $33,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,613
    Bonus
    $0
    Other
    $0
    Deferred
    $1,500
    Nontaxable benefits
    $31,616
    Filer's total
    $216,729

  • LISA BONNIFIELD

    HEAD OF SCHOOLS

    Total calculated
    $204,554
    From this org
    $171,738
    From related orgs
    $0
    Other
    $32,816
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,738
    Bonus
    $0
    Other
    $0
    Deferred
    $1,200
    Nontaxable benefits
    $31,616
    Filer's total
    $204,554

  • JENNA MARCUS

    HEAD OF SCHOOLS

    Total calculated
    $201,716
    From this org
    $168,600
    From related orgs
    $0
    Other
    $33,116
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,600
    Bonus
    $0
    Other
    $0
    Deferred
    $1,500
    Nontaxable benefits
    $31,616
    Filer's total
    $201,716

  • KYLE MEACHAM

    CHIEF OF STAFF

    Total calculated
    $171,626
    From this org
    $170,426
    From related orgs
    $0
    Other
    $1,200
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,426
    Bonus
    $0
    Other
    $0
    Deferred
    $1,200
    Nontaxable benefits
    $0
    Filer's total
    $171,626

  • YEPPII ESTEBAN

    MANAGING DIRECTOR OF SCHOOL OPERATIONS

    Total calculated
    $167,150
    From this org
    $165,650
    From related orgs
    $0
    Other
    $1,500
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,650
    Bonus
    $0
    Other
    $0
    Deferred
    $1,500
    Nontaxable benefits
    $0
    Filer's total
    $167,150

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

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

The filer's explanations (Part III)

PART I, LINE 3
THE EXECUTIVE DIRECTOR IS COMPENSATED BY KIPP TEAM AND FAMILY SCHOOLS.

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.

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
2024
Filed
14 May 2026
IRS schema version
2024v5.5
Source object
202601359349302830

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