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← IVY PREPARATORY ACADEMY INCORPORATED

Form 990 for tax year 2023

Filed by IVY PREPARATORY ACADEMY INCORPORATED.

Totals

Total revenue
$7,632,680
Total expenses
$9,019,426
Contributions and grants received
$1,231,987
Grants paid
$0
Program service revenue
$5,772,413
Investment income
$0
Other revenue
$628,280
Total assets, end of year
$12,904,521
Total liabilities, end of year
$18,352,838
Net assets or fund balances, end of year
-$5,448,317
Program services expenses (Part IX)
$7,621,892
Management and general expenses
$1,397,534
Fundraising expenses
$0
Program service expenses (Part III)
$7,621,892

Program services were 84.5% 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)

    $1,231,987

  • 2a · Program service revenue: STATE QBE

    total $5,772,413 · related or exempt $5,772,413

  • 11a · Other revenue: OTHER REVENUE

    total $172,896 · related or exempt $172,896

  • 11b · Other revenue: RENTAL INCOME

    total $455,384 · related or exempt $455,384

  • 11e · Other revenue, total

    $628,280

Functional expenses

Part IX, the statement of functional expenses.

  • 20 · Interest

    total $561,972 · program services $561,972

  • 24a · Other expenses: BASIC INSTRUCTION

    total $4,145,754 · program services $4,145,754

  • 24b · Other expenses: SCHOOL ADMINISTRATION

    total $1,369,329 · management and general $1,369,329

  • 24c · Other expenses: FEDERAL GRANT ADMINISTRATION

    total $28,205 · management and general $28,205

  • 24d · Other expenses: PUPIL SERVICES

    total $602,056 · program services $602,056

  • 24e · All other expenses

    total $2,312,110 · program services $2,312,110

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,402,396 · end of year $635,977

  • 2 · Savings and temporary cash investments

    beginning of year $2,355,002 · end of year $2,535,858

  • 4 · Accounts receivable

    beginning of year $495,285 · end of year $458,703

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,750 · end of year $17,504

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

    $9,854,593

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

    $3,156,235

  • 10c · Land, buildings and equipment, net

    beginning of year $6,843,050 · end of year $6,698,358

  • 15 · Other assets

    beginning of year $4,065,756 · end of year $2,558,121

  • 17 · Accounts payable and accrued expenses

    beginning of year $92,014 · end of year -$3,264

  • 23 · Secured mortgages and notes payable

    beginning of year $10,920,000 · end of year $10,885,000

  • 25 · Other liabilities

    beginning of year $8,215,796 · end of year $7,471,102

  • 27 · Net assets without donor restrictions

    beginning of year -$4,061,571 · end of year -$5,448,317

Mission and programs · 2023

Mission

OPERATION OF CHARTER SCHOOL AND RELATED SUPPORT SERVICES.

  • PROVIDE EDUCATION AND RELATED SERVICES TO STUDENTS.

    Expenses $7,621,892

As filed on the 2023 return.

Listed in Part VII

  • CHARCIA NICHOLS

    HEAD OF SCHOOL

    Total calculated
    $151,000
    From this org
    $151,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $151,000

  • LATICIA SHARP

    CFO

    Total calculated
    $140,000
    From this org
    $140,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • TUNISIA CORNELIUS

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • DANIELLE HARRINGTON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    2

  • STEPHANIE D TWITTY-CARMON

    VICE-CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • RONNIE BANYARD

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • LESLIE PURIFOY-PLUNKETT

    SECRETARY

    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. 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

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
2023
Filed
26 August 2024
IRS schema version
2023v5.1
Source object
202403169349304405

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