Civic Intelligence

Freedom Prep Charter School

990 • Fiscal year 2023 • EIN 20-0683866

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 27, 2024

186 Columbia Turnpike 5145Florham Park, NJ 07932

(973) 296-7829

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

41st percentile

0.54x

Higher debt load relative to assets than 41% of similar nonprofits.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

35th percentile

0.30x

Higher debt load relative to revenue than 35% of similar nonprofits.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2023

Net Margin

28th percentile

-2.5%

Higher net margin than 28% of similar nonprofits.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

80th percentile

$228,771

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2023

Asset Growth

14th percentile

-6.1%

Faster asset growth than 14% of similar nonprofits.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

14th percentile

-2.5%

Faster revenue growth than 14% of similar nonprofits.

2023 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Down

$11,273,151

Down $733,096 (-6.1%) from 2022

Net Assets

Up

$5,220,446

Up $841,038 (+19%) from 2022

Liabilities

Down

$6,052,705

Down $1,574,134 (-21%) from 2022

Revenue

Down

$19,923,524

Down $510,818 (-2.5%) from 2022

Expenses

Up

$20,414,104

Up $1,124,333 (+5.8%) from 2022

Net Income

Down

-$490,580

Down $1,635,151 (-143%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0-$5.0MAssets 2010: $564,672Liabilities 2010: $353,478Net Assets 2010: $211,1942010Assets 2011: $678,848Liabilities 2011: $58,023Net Assets 2011: $620,8252011Assets 2012: $1,271,361Liabilities 2012: $192,835Net Assets 2012: $1,078,5262012Assets 2013: $1,045,950Liabilities 2013: $365,234Net Assets 2013: $680,7162013Assets 2014: $1,020,773Liabilities 2014: $283,524Net Assets 2014: $737,2492014Assets 2015: $2,659,862Liabilities 2015: $2,412,337Net Assets 2015: $247,5252015Assets 2016: $2,534,981Liabilities 2016: $2,236,642Net Assets 2016: $298,3392016Assets 2017: $5,454,864Liabilities 2017: $5,090,512Net Assets 2017: $364,3522017Assets 2018: $8,555,901Liabilities 2018: $8,929,619Net Assets 2018: -$373,7182018Assets 2019: $7,369,746Liabilities 2019: $8,284,465Net Assets 2019: -$914,7192019Assets 2020: $8,425,958Liabilities 2020: $8,920,433Net Assets 2020: -$494,4752020Assets 2021: $12,014,464Liabilities 2021: $8,749,893Net Assets 2021: $3,264,5712021Assets 2022: $12,006,247Liabilities 2022: $7,626,839Net Assets 2022: $4,379,4082022Assets 2023: $11,273,151Liabilities 2023: $6,052,705Net Assets 2023: $5,220,4462023

Highlighted filing

2023

Assets$11,273,151
Liabilities$6,052,705
Net Assets$5,220,446

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MExpenses 2010: $3,560,8412010Revenue 2011: $3,729,474Expenses 2011: $3,319,843Net Income 2011: $409,6312011Revenue 2012: $4,200,681Expenses 2012: $3,742,980Net Income 2012: $457,7012012Revenue 2013: $3,743,571Expenses 2013: $4,141,381Net Income 2013: -$397,8102013Revenue 2014: $4,191,875Expenses 2014: $4,135,342Net Income 2014: $56,5332014Revenue 2015: $10,642,124Expenses 2015: $10,296,487Net Income 2015: $345,6372015Revenue 2016: $13,979,434Expenses 2016: $13,928,620Net Income 2016: $50,8142016Revenue 2017: $14,953,925Expenses 2017: $14,887,912Net Income 2017: $66,0132017Revenue 2018: $16,110,390Expenses 2018: $16,848,460Net Income 2018: -$738,0702018Revenue 2019: $16,539,337Expenses 2019: $17,080,338Net Income 2019: -$541,0012019Revenue 2020: $15,874,940Expenses 2020: $15,455,123Net Income 2020: $419,8172020Revenue 2021: $18,736,177Expenses 2021: $14,984,124Net Income 2021: $3,752,0532021Revenue 2022: $20,434,342Expenses 2022: $19,289,771Net Income 2022: $1,144,5712022Revenue 2023: $19,923,524Expenses 2023: $20,414,104Net Income 2023: -$490,5802023

Highlighted filing

2023

Revenue$19,923,524
Expenses$20,414,104
Net Income-$490,580
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 27, 2024
Return Version
2022v5.0
Gross Receipts
$19,923,524
Mission and Program Overview

Mission

To educate responsible citizen-scholars for success in the college of their choice and a life of active citizenship.

To educate responsible citizenscholars for success in the college of their choice and a life of active citizenship.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$6,835,431$9,427,589▲ $2,592,158
Accounts Receivable$2,223,279$530,339▼ $1,692,940
Prepaid Expenses and Deferred Charges$108,825--
Savings and Temporary Cash Investments-$75,025-
Land, Buildings, and Equipment, Net$26,920$0▼ $26,920
Total Assets$12,006,247$11,273,151▼ $733,096
Other Assets Total$2,811,792$1,240,198▼ $1,571,594
Liabilities
Other Liabilities$7,218,976$5,137,382▼ $2,081,594
Deferred Revenue$268,380$502,995▲ $234,615
Accounts Payable and Accrued Expenses$139,483$412,328▲ $272,845
Total Liabilities$7,626,839$6,052,705▼ $1,574,134
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,379,408$5,220,446▲ $841,038
Total Net Assets Fund Balance$4,379,408$5,220,446▲ $841,038
Total Liabilities and Net Assets / Fund Balance$12,006,247$11,273,151▼ $733,096

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$558,277$558,277
Land$0--
Other Assets Org$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Wyomia ScottExecutive DirectorFT$224,101$4,670$228,771
Wyomia Scott--$224,101$4,670$228,771
Pia GarbuttPrincipalFT$149,003$5,765$154,768
Pia Garbutt--$149,003$5,765$154,768
Amanda TaylorPrincipalFT$148,459$3,037$151,496
Amanda Taylor--$148,459$3,037$151,496
Germaine TaryerPrincipalFT$124,778-$124,778
Kersteen ForsytheHr ManagerFT$115,119-$115,119

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Maschio's Food ServicesFood Service345 E MAIN STREET, Chester, NJ 07930$817,498
First StudentTransportationUS CORPORATE HEADQUARTERS 191 ROSA, Cincinnati, OH 45202$772,435
School Business OfficeSchool Business Services158 SOUTH MAIN STREET, Highstown, NJ 08520$191,178
Revenue and Support

Revenue Composition

Contributions and Grants
$4,887,188
Program Service Revenue
$14,644,043
Investment Income
$0
Other Revenue
$392,293
Change in Net Assets
$-490,580

Audited Revenue Reconciliation

Revenue per Audited Statements
$19,923,524
Total Revenue per Audited Statements
$19,923,524
Total Revenue per Form 990
$19,923,524
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$13,031,907
Other Expenses$7,382,197
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,504,990$2,671,149$0$7,176,139
Other Employee Benefits$1,987,201$1,391,137$0$3,378,338
Fees for Services Other$1,209,230$806,153$0$2,015,383
Current Officers, Directors, Trustees, and Key Employees$603,239$904,858$0$1,508,097
Occupancy$1,002,912$0$0$1,002,912
Depreciation Depletion$922,411$0$0$922,411
Other Expenses$817,498$0$0$817,498
Payroll Taxes$390,780$273,565$0$664,345
Pension Plan Contributions$121,995$182,993$0$304,988
Fees for Services Accounting$0$243,528$0$243,528
Insurance$88,316$0$0$88,316
Information Technology$44,444$29,629$0$74,073
Fees for Services Legal$0$10,327$0$10,327
Total Functional Expenses$13,670,067$6,744,037$0$20,414,104

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$20,414,104
Total Expenses per Audited Statements$20,414,104
Total Expenses per Form 990$20,414,104
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$3,521,087
Deferred Inflow of Resources$1,616,295
Lease Liability$0
Payable to State Government$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Freedom Prep Charter School
EIN
20-0683866
Phone
9732967829
Address
186 COLUMBIA TURNPIKE 5145, FLORHAM PARK, NJ 07932
Doing Business As
Co Scott J Loeffler CPA - Dissolution Trustee

Signing Officer

Name
Scott Loeffler
Title
Dissolution Trustee
Phone
9732967829
Signed
2024-03-27
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Scott Loeffler
Formed
2005
Legal Domicile
Nj
Voting Board Members
6
Independent Board Members
6
Employees
131
Volunteers
8

Preparer

Firm
Olugbenga Olabintan CPA Inc
Address
137 CAMDEN ST STE 3, NEWARK, NJ 07103
Preparer
Olugbenga Olabintan CPA
Phone
2012307518
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

The board of trustees and designated charter school officials review the irs form 990 prior to submission and filing with the irs.

Pt VI, Line 12C

Each school official and key employee and each member of the board of trustees must complete a mandated "school ethics/personal/relative disclosure statement" pursuant to applicable new jersey state law. These forms are filed with the appropriate governmental entities, also per applicable new jersey state law.

Pt VI, Line 15A

Salary and compensation of the chief executive officer/lead person of the charter school was reviewed and evaluated by the board of trustees of freedom prep charter school on an annual basis. In conducting such review and evaluation, factors such as personal strengths and weaknesses as well as goals and achievements of the charter school, and comparable salary data were given due weight and consideration. The ultimate compensation and recommendation was thereafter approved by the board of trustees of the charter school.

Pt VI, Line 15B

Salary and compensation of the chief executive officer/lead person of the charter school was reviewed and evaluated by the board of trustees of freedom prep charter school on an annual basis. In conducting such review and evaluation, factors such as personal strengths and weaknesses as well as goals and achievements of the charter school, and comparable salary data were given due weight and consideration. The ultimate compensation and recommendation was thereafter approved by the board of trustees of the charter school.

Pt VI, Line 18

The charter school makes its forms 1023 and 990 available to the public upon request from the dissolution trustee, scott j. Loeffler, cpa at their office at 186 columbia turnpike # 5145, florham park, nj 07932, tel: 973-296-7829 or 973-585-4989. The form 990 could also be obtained through other's website: www.guidestar.org

Pt VI, Line 19

The charter school makes its governing documents, conflict of interest policy and financial statements available to the public upon request from the dissolution trustee, scott j. Loeffler, cpa at their office at 186 columbia turnpike # 5145, florham park, nj 07932, tel: 973-296-7829 or 973-585-4989.

Pt XI

Part xi, line 9 - there was an increase in net assets of $1,331,618 resulting from the gasb 68 (pension) information incorporated into the financial statements.

Pt III, Line 3

It should be noted that effective june 30, 2023, the charter school's charter was revoked by the new jersey commissioner of education. The charter revocation was due to low student academic performance.

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IRS990/Desc0FREEDOM PREP CHARTER SCHOOL PROVIDED AN EXCEPTIONAL ALTERNATIVE FOR STUDENTS AND FAMILIES OTHERWISE SLATED TO ATTEND SCHOOLS THAT TOO OFTEN DO NOT MEET THEIR NEEDS. IT EMBODIED A REFINED NO EXCUSES APPROACH. IN ADDITION TO INCORPORATING THE TRADITIONAL ATTRIBUTES THAT RESEARCHERS HAVE PROVEN TO BE CORRELATED WITH IMPROVED STUDENT LEARNING OUTCOMES - EXTENDED SCHOOL DAYS AND YEARS, RIGOROUS COLLEGE-PREP ACADEMICS, ONGOING USE OF DATA TO INFORM INSTRUCTIONAL DECISIONS AND RESOURCE ALLOCATION, CONSISTENT CULTURAL AND ACADEMIC EXPECTATIONS, AND EXCEPTIONAL TALENT AT ALL LEVELS, FREEDOM PREP CHARTER SCHOOL WAS UNIQUE IN ITS COMMITMENT TO THREE OTHER KEY DESIGN ELEMENTS: A COMMITMENT TO EDUCATING ALL STUDENTS, IN ALL SUBJECTS IN ALL GRADES; AUTHENTIC CIVIC LEADERSHIP AND ENGAGEMENT; AND OPERATING ON PUBLIC FUNDS. THE CHARTER SCHOOL WAS AUTHORIZED TO SERVE A MAXIMUM OF 1,020 STUDENTS DURING THE 2022-2023 SCHOOL YEAR IN GRADES K-12. HOWEVER, IT ENDED THE 2022-2023 SCHOOL YEAR WITH AN ENROLLMENT OF 694 STUDENTS. IT SHOULD BE NOTED THAT EFFECTIVE JUNE 30, 2023, THE SCHOOL'S CHARTER WAS REVOKED BY THE NEW JERSEY COMMISSIONER OF EDUCATION. THEREFORE, THE CHARTER SCHOOL CEASED OPERATIONS EFFECTIVE JUNE 30, 2023.
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IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt8PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt10HR MANAGER
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt04504990
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IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
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IRS990/RelatedEntityInd0false
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1NET PENSION LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3PAYABLE TO STATE GOVERNMENT
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IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0FREEDOM PREP CHARTER SCHOOL MAINTAINED A RACIALLY NONDISCRIMINATORY POLICY TOWARDS ALL STUDENTS IN THAT THE CHARTER SCHOOL DID NOT DISCRIMINATE AGAINST ANY STUDENT OR EMPLOYEE, FOR REASONS OF RACE, COLOR, CREED, SEX, AGE, RELIGION, ETHNIC ORIGIN, FAMILY AFFILIATION, DISABILITIES,SOCIAL OR ECONOMIC STATUS, MARITAL STATUS, SEXUAL ORIENTATION, OR BECAUSE OF LIABILITY FOR SERVICE IN THE UNITED STATES ARMED FORCES. THE RACIAL NONDISCRIMINATORY POLICY IS CONTAINED IN THE CHARTER SCHOOL'S BY-LAWS AND WAS COMMUNICATED TO STUDENTS AND PARENTS. THE CHARTER SCHOOL HAD INTENDED TO PUBLISH THIS POLICY IN ITS BROCHURE AND ON ITS WEBSITE. IN ADDITION, FREEDOM PREP CHARTER SCHOOL CUSTOMARILY DREW ITS STUDENTS FROM LOCAL COMMUNITIES. FURTHER, THE CHARTER SCHOOL ENROLLED STUDENTS OF RACIAL MINORITY GROUPS IN MEANINGFUL NUMBERS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE CHARTER SCHOOL RECEIVED PUBLIC ASSISTANT BY WAY OF PERCENTAGE OF LOCAL TAX LEVY PURSUANT TO REGULATIONS PROMULGATED BY THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION. IN ADDITION, THE CHARTER SCHOOL RECEIVED FEDERAL ASSISTANCE BY WAY OF GRANTS FROM ESEA/TITLE IA AND IDEA PROGRAMS. OTHER FINANCIAL ASSISTANCE FROM GOVERNMENTAL PROGRAMS WAS ALSO AVAILABLE VIA APPLICATION.
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IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 6b
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$11.3$6.05$5.22$19.9$20.4$0.49
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.0$7.63$4.38$20.4$19.3$1.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.0$8.75$3.26$18.7$15.0$3.75
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.43$8.92$0.49$15.9$15.5$0.42
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.37$8.28$0.91$16.5$17.1$0.54
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.56$8.93$0.37$16.1$16.8$0.74
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.45$5.09$0.36$15.0$14.9$0.07
2016Detailed filing. Detailed filing data is available for this year.$2.53$2.24$0.30$14.0$13.9$0.05
2015Detailed filing. Detailed filing data is available for this year.$2.66$2.41$0.25$10.6$10.3$0.35
2014Summary only. Only limited summary data is available for this year.$1.02$0.28$0.74$4.19$4.14$0.06
2013Summary only. Only limited summary data is available for this year.$1.05$0.37$0.68$3.74$4.14$0.40
2012Summary only. Only limited summary data is available for this year.$1.27$0.19$1.08$4.20$3.74$0.46
2011Summary only. Only limited summary data is available for this year.$0.68$0.06$0.62$3.73$3.32$0.41
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.56$0.35$0.21$3.56