Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $14,461

• 3 · Investment income

  total $1,453 · excluded $1,453

• 6a · Gross rents

  real property $13,530,208

• 6b · Less rental expenses

  real property $11,404,597

• 6c · Rental income or loss

  real property $2,125,611

• 6d · Net rental income or loss

  total $2,125,611 · related or exempt $2,125,611

• 11a · Other revenue: FORGIVENESS OF RELATED PARTY DEBT

  total $30,578 · related or exempt $30,578

• 11e · Other revenue, total

  $30,578

Functional expenses

Part IX, the statement of functional expenses.

• 9 · Other employee benefits

  total $24,708 · program services $24,708

• 11a · Fees: management

  total $195,327 · program services $195,327

• 11b · Fees: legal

  total $11,802 · management and general $11,802

• 11c · Fees: accounting

  total $13,180 · management and general $13,180

• 13 · Office expenses

  total $9,689 · management and general $9,689

• 14 · Information technology

  total $2,274 · program services $2,274

• 24a · Other expenses: OTHER

  total $331,336 · management and general $331,336

• 24b · Other expenses: EQUIPMENT / FURNISHINGS

  total $101,397 · program services $101,397

• 24c · Other expenses: STAFF DEVELOPMENT

  total $408 · program services $408

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $2,023,802 · end of year $1,513,253

• 3 · Pledges and grants receivable

  beginning of year $2,592,127 · end of year $7,657,036

• 4 · Accounts receivable

  beginning of year $950,280 · end of year $950,280

• 9 · Prepaid expenses and deferred charges

  beginning of year $224,740 · end of year $281,991

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

  $17,173,525

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

  $3,047,870

• 10c · Land, buildings and equipment, net

  beginning of year $14,697,659 · end of year $14,125,655

• 15 · Other assets

  beginning of year $54,778,734 · end of year $142,779,313

• 17 · Accounts payable and accrued expenses

  beginning of year $853,044 · end of year $1,111,334

• 24 · Unsecured notes and loans payable

  beginning of year $6,130,743 · end of year $5,994,798

• 25 · Other liabilities

  beginning of year $67,529,986 · end of year $157,965,845

• 27 · Net assets without donor restrictions

  beginning of year $753,569 · end of year $2,235,551

The filer's explanations (Part III)

PART I, LINE 4A

EFFECTIVE IN AUGUST 2024, PUBLIC PREPARATORY NETWORK, INC. ENTERED INTO A SEPARATION AGREEMENT WITH JANELLE BRADSHAW, WHO WAS THE CEO. THE SEPARATION AGREEMENT WAS PUT IN PLACE OUTLINING SEVERANCE BENEFITS THAT PUBLIC PREPARATORY NETWORK, INC. WOULD BE PROVIDING DURING THE FOLLOWING TEN MONTHS (THE "SEVERANCE PERIOD") WHICH INCLUDED - -- TERMINATION OF GROUP HEALTH AND DENTAL INSURANCE COVERAGE. -- ABILITY TO CONTINUE INSURANCE COVERAGE UNDER COBRA DURING THE SEVERANCE PERIOD DURING WHICH PUBLIC PREPARATORY NETWORK, INC. WILL PAY ONE HUNDRED PERCENT OF THE MONTHLY PREMIUMS. -- WILL PROVIDE SEVERANCE PAY IN FORM OF A SALARY CONTINUATION FOR A PERIOD OF UP TO TEN MONTHS PAID OUT AT THE FORMER CEO'S THEN-CURRENT BASE SALARY IN ACCORDANCE TO PUBLIC PREPARATORY NETWORK'S REGULAR PAYROLL SCHEDULE.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• GIRLS PREP BRONX II LLC

  REAL ESTATE HOLDING COMPANY · NY · income $6,883,012 · assets $4,600,000

  Directly controlled by FRIENDS OF PUBLIC PREP ACADEMIES INC