Civic Intelligence

Foundation Academy Charter School

990 • Fiscal year 2019 • EIN 20-4406909

Jul 01, 2018 to Jun 30, 2019 • Filed on Apr 23, 2020

363 West State StreetTrenton, NJ 08618

(609) 920-9200

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.64x

Higher debt load relative to assets than 72% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

65th percentile

0.54x

Higher debt load relative to revenue than 65% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Net Margin

53rd percentile

3.8%

Higher net margin than 53% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

46th percentile

$154,405

Higher top officer pay than 46% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2019 filings • NTEE B • $10M-$25M nonprofits • Source year 2019

Asset Growth

69th percentile

10%

Faster asset growth than 69% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

50th percentile

4.6%

Faster revenue growth than 50% of similar nonprofits.

2019 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2018 to 2019

Assets

Up

$15,260,068

Up $1,392,931 (+10%) from 2018

Net Assets

Up

$5,444,603

Up $690,154 (+15%) from 2018

Liabilities

Up

$9,815,465

Up $702,777 (+7.7%) from 2018

Revenue

Up

$18,340,757

Up $813,211 (+4.6%) from 2018

Expenses

Up

$17,650,603

Up $1,692,864 (+11%) from 2018

Net Income

Down

$690,154

Down $879,653 (-56%) from 2018

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2011: $1,281,359Liabilities 2011: $274,943Net Assets 2011: $1,006,4162011Assets 2012: $1,723,989Liabilities 2012: $338,828Net Assets 2012: $1,385,1612012Assets 2013: $1,462,681Liabilities 2013: $563,517Net Assets 2013: $899,1642013Assets 2014: $1,731,672Liabilities 2014: $467,416Net Assets 2014: $1,264,2562014Assets 2015: $3,719,978Liabilities 2015: $2,302,681Net Assets 2015: $1,417,2972015Assets 2016: $5,709,300Liabilities 2016: $5,181,886Net Assets 2016: $527,4142016Assets 2017: $11,362,149Liabilities 2017: $8,177,507Net Assets 2017: $3,184,6422017Assets 2018: $13,867,137Liabilities 2018: $9,112,688Net Assets 2018: $4,754,4492018Assets 2019: $15,260,068Liabilities 2019: $9,815,465Net Assets 2019: $5,444,6032019Assets 2020: $14,644,280Liabilities 2020: $7,605,805Net Assets 2020: $7,038,4752020Assets 2021: $16,120,573Liabilities 2021: $7,588,307Net Assets 2021: $8,532,2662021Assets 2022: $21,589,488Liabilities 2022: $12,830,251Net Assets 2022: $8,759,2372022Assets 2023: $21,356,618Liabilities 2023: $10,980,436Net Assets 2023: $10,376,1822023Assets 2024: $23,999,152Liabilities 2024: $11,220,205Net Assets 2024: $12,778,9472024

Highlighted filing

2019

Assets$15,260,068
Liabilities$9,815,465
Net Assets$5,444,603

Operations Trend

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

$30M$20M$10M$0-$10MExpenses 2011: $3,061,2412011Expenses 2012: $4,687,7592012Expenses 2013: $6,392,5582013Revenue 2014: $8,859,787Expenses 2014: $8,494,695Net Income 2014: $365,0922014Revenue 2015: $12,595,756Expenses 2015: $11,338,039Net Income 2015: $1,257,7172015Revenue 2016: $14,614,612Expenses 2016: $15,504,495Net Income 2016: -$889,8832016Revenue 2017: $16,602,337Expenses 2017: $15,128,157Net Income 2017: $1,474,1802017Revenue 2018: $17,527,546Expenses 2018: $15,957,739Net Income 2018: $1,569,8072018Revenue 2019: $18,340,757Expenses 2019: $17,650,603Net Income 2019: $690,1542019Revenue 2020: $19,355,944Expenses 2020: $17,762,072Net Income 2020: $1,593,8722020Revenue 2021: $21,345,321Expenses 2021: $19,876,625Net Income 2021: $1,468,6962021Revenue 2022: $21,687,703Expenses 2022: $20,837,506Net Income 2022: $850,1972022Revenue 2023: $23,642,745Expenses 2023: $22,025,800Net Income 2023: $1,616,9452023Revenue 2024: $29,462,595Expenses 2024: $27,059,830Net Income 2024: $2,402,7652024

Highlighted filing

2019

Revenue$18,340,757
Expenses$17,650,603
Net Income$690,154
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Apr 23, 2020
Return Version
2018v3.1
Gross Receipts
$19,055,239
Mission and Program Overview

Mission

As a college-preparatory school, Foundation Academy Charter School's mission is to ensure that all of their students secure the academic knowledge and skills to prepare them for the nation's finest colleges, and to instill in them the core values of caring, respect, responsibility and honesty. Foundation Academy Charter School's program is modeled after some of the highest performing urban charter schools in the country, and includes standardized classroom procedures, regular testing to track student progress, more time on task, a focus on values and building community, clear and innovative rewards and consequences designed to teach and emphasize positive academic and social behavior, school uniforms, 90-120 minutes of homework each night, and an overall rigorous academic program. Foundation Academy Charter School provides a longer school day and a longer school year which includes a two week summer session. Language arts and math classes are taught for more minutes each week than most

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$5,901,431$6,790,450▲ $889,019
Land, Buildings, and Equipment, Net$4,501,932$5,204,924▲ $702,992
Accounts Receivable$625,642$638,567▲ $12,925
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$13,867,137$15,260,068▲ $1,392,931
Other Assets Total$2,838,132$2,626,127▼ $212,005
Liabilities
Other Liabilities$5,825,860$6,462,653▲ $636,793
Mortgage Notes Payable Secured by Investment Property$2,729,950$2,641,355▼ $88,595
Accounts Payable and Accrued Expenses$339,086$556,885▲ $217,799
Deferred Revenue$217,792$154,572▼ $63,220
Total Liabilities$9,112,688$9,815,465▲ $702,777
Net Assets / Fund Balance
Unrestricted Net Assets$4,088,443$5,369,603▲ $1,281,160
Permanently Rstr Net Assets$666,006$75,000▼ $591,006
Total Net Assets Fund Balance$4,754,449$5,444,603▲ $690,154
Total Liabilities and Net Assets / Fund Balance$13,867,137$15,260,068▲ $1,392,931

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,169,483$307,864$4,477,347
Land$907,845-$907,845
Equipment$127,596$170,978$298,574
Other Assets Org$2,626,127--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Graig WeissCEOFT$154,405$154,405
Sheria Mc RaeMid Sch PrincFT$146,366$146,366
Natasia ShufordPrim Sch PrincFT$110,095$110,095
Nick CourtneyIntermed Sch PrFT$97,252$97,252
Tara PepeDirector FinancFT$79,700$79,700
Melissa CampbellHigh Sch PrincFT$59,096$59,096
Jonathan HoffmanCOOFT$41,817$41,817
Christopher LessardBus. Admin.PT$38,606$38,606
Markita FloydPrincipalFT$14,900$14,900

Board Members and Trustees

NameTitle
Allan KehrtPres-Trustees
Jacqui GriffithTrustee
Jessica GambleTrustee
Paris Mc LeanTrustee
Patrick HallTrustee
Stephen SilvermanTrustee
Todd KentTrustee
Grecia MonteroSec'y/Treasurer
Monique BonnierTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Maschios Food ServiceFood Service525 E MAIN STREET, Chester, NJ 07930$552,699
D & E WindowsBuilding Contractor200 N MILWAUKEE AVE, Vernon Hills, IL 60061$456,735
Ricasoli & SantinBuilding Contractor-$247,122
Cdw GovernmentVendor-$192,999
Revenue and Support

Revenue Composition

Contributions and Grants
$18,332,036
Program Service Revenue
$645,199
Investment Income
$0
Other Revenue
$-636,478
All Other Contributions
$221,964
Change in Net Assets
$690,154
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$11,043,562
Other Expenses$6,607,041
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,685,360$2,215,371-$7,900,731
Fees for Services Management$2,024,041$817,172-$2,841,213
Other Employee Benefits$1,710,150$690,444-$2,400,594
Occupancy$956,199$386,049-$1,342,248
Office Expenses$622,667$539,846-$1,162,513
Current Officers, Directors, Trustees, and Key Employees-$742,237-$742,237
Depreciation Depletion$127,861$51,622-$179,483
Other Expenses$109,186$44,082-$153,268
Insurance$28,679$11,579-$40,258
Fees for Services Accounting-$36,260-$36,260
Fees for Services Legal-$28,433-$28,433
Travel-$2,600-$2,600
Total Functional Expenses$11,848,845$5,801,758$0$17,650,603
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$4,803,305
Deferred Inflow$1,560,608
Other Current Liabilities$98,740
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
Yes
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The charter school finance committee reviews the form 990 return prior to submission and filing with the irs.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Each school official and key employee, and each member of the board of trustees must complete a "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.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

Salary and compensation of the ceo/lead person of the school is reviewed and evaluated by board of trustees of the foundation academy 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 are all given due weight and consideration. The ultimate compensation evaluation and recommendation is thereafter approved by the board of trustees of the charter school.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Salary and compensation of officers, key employees and all teachers are reviewed and evaluated by the charter school lead person and business adminstrator on an annual basis. In conducting such review and evaluation, factors such as teacher performance, education, experience, longevity and comparable area standards for the profession, are given due weight and consideration. All such compensation evaluations and recommendations are reviewed and approved by the board of trustees of the charter school.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

The minutes for the meetings of the board of trustees of the foundation academy charter school are available to the public on the school's website. Annual audit and financial reports of the charter school are available on the state of new jersey department of education website. Other charter school information is available on the school website, or will be provided upon request.

Filing and Contact Details

Filer

Filer Name
Foundation Academy Charter School
EIN
20-4406909
Phone
6099209200
Address
363 WEST STATE STREET, TRENTON, NJ 08618

Signing Officer

Name
Christopher Lessard
Title
Bus. Admin.
Signed
2020-04-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Graig Weiss
Legal Domicile
Nj
Voting Board Members
8
Independent Board Members
8
Employees
178

Preparer

Firm
Barre & Company LLC
Address
2204 MORRIS AVE STE 206, UNION, NJ 07083-5914
Preparer
Richard Barre
Phone
9086863484
Supplemental Narrative

Additional Explanations

Document Retention & Destruction Policy

Foundation academy charter school follows state and federal regulations and standards governing record retention and destruction.

Whistleblower Policy

While foundation academy charter school does not currently have a written whistleblower policy, procedures and practices are in place for the filing of complaints against any co-worker or against the school itself, if any such school employee reasonably believes that a co-worker, or the school itself, is conducting an illegal or wrongful act. School practice and policy also prohibits retaliation against any employee who submits any such complaint.

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IRS990/MissionDesc0As a college-preparatory school, Foundation Academy Charter School's mission is to ensure that all of their students secure the academic knowledge and skills to prepare them for the nation's finest colleges, and to instill in them the core values of caring, respect, responsibility and honesty. Foundation Academy Charter School's program is modeled after some of the highest performing urban charter schools in the country, and includes standardized classroom procedures, regular testing to track student progress, more time on task, a focus on values and building community, clear and innovative rewards and consequences designed to teach and emphasize positive academic and social behavior, school uniforms, 90-120 minutes of homework each night, and an overall rigorous academic program. Foundation Academy Charter School provides a longer school day and a longer school year which includes a two week summer session. Language arts and math classes are taught for more minutes each week than most
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$24.0$11.2$12.8$29.5$27.1$2.40
2023Detailed filing. Detailed filing data is available for this year.$21.4$11.0$10.4$23.6$22.0$1.62
2022Detailed filing. Detailed filing data is available for this year.$21.6$12.8$8.76$21.7$20.8$0.85
2021Detailed filing. Detailed filing data is available for this year.$16.1$7.59$8.53$21.3$19.9$1.47
2020Detailed filing. Detailed filing data is available for this year.$14.6$7.61$7.04$19.4$17.8$1.59
2019Detailed filing. Detailed filing data is available for this year.$15.3$9.82$5.44$18.3$17.7$0.69
2018Detailed filing. Detailed filing data is available for this year.$13.9$9.11$4.75$17.5$16.0$1.57
2017Detailed filing. Detailed filing data is available for this year.$11.4$8.18$3.18$16.6$15.1$1.47
2016Detailed filing. Detailed filing data is available for this year.$5.71$5.18$0.53$14.6$15.5$0.89
2015Detailed filing. Detailed filing data is available for this year.$3.72$2.30$1.42$12.6$11.3$1.26
2014Detailed filing. Detailed filing data is available for this year.$1.73$0.47$1.26$8.86$8.49$0.37
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.56$0.90$6.39
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.72$0.34$1.39$4.69
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.28$0.27$1.01$3.06