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← MATER ACADEMY FOUNDATION INC

Form 990 for tax year 2024

Filed by MATER ACADEMY FOUNDATION INC.

Totals

Total revenue
$21,190,707
Total expenses
$39,420,167
Contributions and grants received
$73,868
Grants paid
$79,670
Program service revenue
$19,208,969
Investment income
$1,907,870
Other revenue
$0
Total assets, end of year
$314,916,537
Total liabilities, end of year
$311,085,090
Net assets or fund balances, end of year
$3,831,447
Program services expenses (Part IX)
$39,256,035
Management and general expenses
$164,132
Fundraising expenses
$0
Program service expenses (Part III)
$39,256,035

Program services were 99.6% 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.

  • 1f · All other contributions, gifts and grants

    $73,868

  • 2a · Program service revenue: RENTAL INCOME

    total $19,208,969 · related or exempt $19,208,969

  • 4 · Income from investment of tax-exempt bond proceeds

    total $1,907,870 · related or exempt $1,907,870

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $39,609 · program services $39,609

  • 2 · Grants to domestic individuals

    total $40,061 · program services $40,061

  • 5 · Compensation of officers, directors and key employees

    total $79,140 · management and general $79,140

  • 9 · Other employee benefits

    total $9,099 · management and general $9,099

  • 11b · Fees: legal

    total $64,413 · management and general $64,413

  • 11c · Fees: accounting

    total $35,780 · program services $35,780

  • 11g · Fees: other

    total $13,500 · program services $11,000 · management and general $2,500

  • 16 · Occupancy

    total $3,997,055 · program services $3,997,055

  • 20 · Interest

    total $10,494,624 · program services $10,494,624

  • 22 · Depreciation, depletion and amortization

    total $26,955 · program services $26,955

  • 24a · Other expenses: NON-CASH LEASE REMEASUR

    total $24,542,618 · program services $24,542,618

  • 24b · Other expenses: DUES & FEES

    total $37,460 · program services $28,480 · management and general $8,980

  • 24c · Other expenses: MISCELLAENOUS EXPENSES

    total $36,333 · program services $36,333

  • 24d · Other expenses: REPAIR AND MAINTENANCE

    total $3,520 · program services $3,520

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $51,113,537 · end of year $28,403,338

  • 4 · Accounts receivable

    beginning of year $2,803,563 · end of year $1,975,836

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,537 · end of year $14,537

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

    $8,540,371

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

    $80,865

  • 10c · Land, buildings and equipment, net

    beginning of year $1,645,996 · end of year $8,459,506

  • 15 · Other assets

    beginning of year $280,854,205 · end of year $276,063,320

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,733,178 · end of year $4,538,172

  • 20 · Tax-exempt bond liabilities

    beginning of year $253,238,580 · end of year $249,475,368

  • 25 · Other liabilities

    beginning of year $59,399,173 · end of year $57,071,550

  • 27 · Net assets without donor restrictions

    beginning of year $22,060,907 · end of year $3,831,447

Mission and programs · 2024

Mission

THE MISSION OF THE FOUNDATION IS TO ENHANCE THE ACADEMIC AND PERSONAL GROWTH OF MATER ACADEMY STUDENTS THROUGH A PARTNERSHIP BETWEEN THE FOUNDATION AND THE CHARTER SCHOOLS.

Activities or mission (Part I)

MATER ACADEMY FOUNDATION, INC. IS A NOT-FOR-PROFIT ORGANIZATION OPERATING IN SOUTH FLORIDA. THE ORGANIZATION PROVIDES FINANCIAL SUPPORT TO ALL MATER ACADEMY CHARTER SCHOOLS.

  • MATER ACADEMY FOUNDATION INC PROVIDES SUPPORT TO MATER ACADEMY CHARTER SCHOOL TO ENCHANCE AND MAXIMIZE THE EDUCATION EXPERIENCE FOR EVERY CHILD ENROLLED. THE MATER ACADEMY FOUNDATION STRIVES TO ENRICH THE LIVES OF MATER STUDENTS, TEACHERS AND PARENTS BY PROVIDING SCHOLARSHIP FOR ENHANCED EDUCATIONAL OPPORTUNITIES AND FUNDING FOR OUTREACH. MATER ACADEMY FOUNDATION PROVIDES FUNDING FOR COLLEGE SCHOLARSHIPS, SUMMER ENRICHMENT GRANTS, COLLEGE TOURS, TEACHER MINI-GRANTS, FIELD TRIPS, UNIFORM ASSISTANCE, BACKPACKS AND SCHOOL SUPPLIES, SPECIAL PROJECTS AND OTHER COMMUNITY INITIATIVES.

    Expenses $39,256,035 · Revenue $21,116,839

As filed on the 2024 return.

Listed in Part VII

  • Shannie Sadesky

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Christian C Crousillat

    DIRECTOR, VICE PRESIDENT, CHAIRMAN

    Total calculated
    $0
    Hours/week
    2

  • Idalia Suarez

    DIRECTOR, SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Maria Beatriz Nunez

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Roberto Blanch

    PRESIDENT

    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.

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
2024
Filed
19 February 2026
IRS schema version
2024v5.5
Source object
202600509349301410

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