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Nonprofiteer
← ACADEMY PREP FOUNDATION INC

Form 990 for tax year 2022

Filed by ACADEMY PREP FOUNDATION INC.

Totals

Total revenue
$5,822,433
Total expenses
$1,235,952
Contributions and grants received
$669,042
Grants paid
$476,940
Program service revenue
$0
Investment income
$5,153,391
Other revenue
$0
Total assets, end of year
$37,885,881
Total liabilities, end of year
$274,017
Net assets or fund balances, end of year
$37,611,864
Program services expenses (Part IX)
$944,549
Management and general expenses
$291,094
Fundraising expenses
$309
Program service expenses (Part III)
$944,549

Program services were 76.4% 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.

  • 1e · Government grants (contributions)

    $48,468

  • 1f · All other contributions, gifts and grants

    $620,574

  • 3 · Investment income

    total $521,287 · related or exempt $521,287

  • 7a · Gross sales of assets other than inventory

    securities $12,576,587

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

    securities $7,944,483

  • 7c · Gain or loss

    securities $4,632,104

  • 7d · Net gain or loss

    total $4,632,104 · related or exempt $4,632,104

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $476,940 · program services $476,940

  • 5 · Compensation of officers, directors and key employees

    total $127,129 · management and general $127,129

  • 7 · Other salaries and wages

    total $140,670 · management and general $140,670

  • 11c · Fees: accounting

    total $23,017 · program services $2,806 · management and general $20,211

  • 11f · Fees: investment management

    total $76,747 · program services $76,747

  • 13 · Office expenses

    total $1,187 · management and general $1,187

  • 17 · Travel

    total $1,340 · management and general $1,340

  • 22 · Depreciation, depletion and amortization

    total $388,056 · program services $388,056

  • 24a · Other expenses: MISCELLANEOUS

    total $866 · management and general $557 · fundraising $309

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $985,395 · end of year $576,500

  • 3 · Pledges and grants receivable

    beginning of year $93,208 · end of year $95,001

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

    $18,696,912

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

    $5,131,577

  • 10c · Land, buildings and equipment, net

    beginning of year $13,953,391 · end of year $13,565,335

  • 11 · Investments: publicly traded securities

    beginning of year $23,309,076 · end of year $23,610,559

  • 15 · Other assets

    beginning of year $12,600 · end of year $38,486

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,473 · end of year $24,017

  • 23 · Secured mortgages and notes payable

    beginning of year $250,000 · end of year $250,000

  • 27 · Net assets without donor restrictions

    beginning of year $33,387,972 · end of year $33,165,541

  • 28 · Net assets with donor restrictions

    beginning of year $4,702,225 · end of year $4,446,323

Mission and programs · 2022

Mission

OFFER ASSISTANCE AND SUPPORT TO ACADEMY PREP CENTERS TOWARD THEIR MISSION TO PROMOTE THE EDUCATIONAL, SOCIAL AND ETHICAL DEVELOPMENT OF MIDDLE SCHOOL STUDENTS THROUGH A RIGOROUS ACADEMIC PROGRAM.

  • FOUNDATION PROVIDES SERVICES RELATED TO THE DEVELOPMENT AND ENHANCEMENT OF EDUCATIONAL PROGRAMS TO EDUCATIONAL FACILITIES ALONG WITH OTHER ADMINISTRATIVE ASSISTANCE. FOUNDATION COORDINATES FUNDRAISING ACTIVITIES AND HOLDS INVESTMENTS, INCLUDING FUNDS THE BOARD DESIGNATED FOR THE SUPPORT OF ACADEMY PREP CENTER OF TAMPA, ACADEMY PREP CENTER OF ST. PETERSBURG AND ACADEMY PREP CENTER OF LAKELAND ("THE SCHOOLS"). THE FOUNDATION OWNS THE LAND AND IMPROVEMENTS THAT HOUSE THE EDUCATIONAL FACILITIES FOR THE SCHOOLS. THE SCHOOLS ARE SCHOLARSHIP SUPPORTED MIDDLE SCHOOLS FOR INNER CITY CHILDREN WHICH ALSO PROVIDE SUMMER AND EVENING CLASSES FOR STUDENT ENHANCEMENT AND EDUCATION.

    Expenses $944,549 · Grants $476,940

  • N/A

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • Tom Sansone

    CHAIR

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Paul L Whiting Sr

    TREASURER

    Total calculated
    $0
    Hours/week
    5 + 7 related

  • John Erik Savitsky

    SECRETARY

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Patricia Douglas

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Bryant Jones

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Oscar Horton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Susan Touchton

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Chris Barrott

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 5 related

  • Nick Barnett

    TRUSTEE

    Total calculated
    $0
    Hours/week
    5 + 2 related

  • Lincoln Tamayo

    COO

    Total calculated
    $217,852
    From this org
    $127,129
    From related orgs
    $90,723
    Other
    $0
    Hours/week
    5 + 40 related

    Schedule J breakdown matched by us

    Base
    $127,129 + $90,723 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $127,129 + $90,723 related

  • Terri Scarcelli

    CFO

    Total calculated
    $95,652
    From this org
    $95,652
    From related orgs
    $0
    Other
    $0
    Hours/week
    32.5 + 7.5 related

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

  • 3 · Approval by the board or compensation committee

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

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
2022
Filed
14 December 2023
IRS schema version
2022v5.0
Source object
202303499349300715

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