Civic Intelligence

Freedom Preparatory Academy Inc.

990 • Fiscal year 2015 • EIN 26-1342579

Jul 01, 2014 to Jun 30, 2015 • Filed on May 12, 2016

5132 Jonetta StreetMemphis, TN 38109

(901) 259-5959

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.68x

Higher debt load relative to assets than 82% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Liabilities / Revenue

56th percentile

0.24x

Higher debt load relative to revenue than 56% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Net Margin

70th percentile

11%

Higher net margin than 70% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Top Officer Pay

65th percentile

$154,264

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2015

Asset Growth

99th percentile

315%

Faster asset growth than 99% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Revenue Growth

95th percentile

117%

Faster revenue growth than 95% of similar nonprofits.

2015 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2014 to 2015

Assets

Up

$2,975,969

Up $2,258,740 (+315%) from 2014

Net Assets

Up

$957,144

Up $580,971 (+154%) from 2014

Liabilities

Up

$2,018,825

Up $1,677,769 (+492%) from 2014

Revenue

Up

$8,505,277

Up $4,590,240 (+117%) from 2014

Expenses

Up

$7,543,866

Up $3,742,395 (+98%) from 2014

Net Income

Up

$961,411

Up $847,845 (+747%) from 2014

Historical Trend

Balance Sheet Trend

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

$60M$40M$20M$0Assets 2012: $412,108Liabilities 2012: $56,372Net Assets 2012: $355,7362012Assets 2013: $498,817Liabilities 2013: $236,210Net Assets 2013: $262,6072013Assets 2014: $717,229Liabilities 2014: $341,056Net Assets 2014: $376,1732014Assets 2015: $2,975,969Liabilities 2015: $2,018,825Net Assets 2015: $957,1442015Assets 2016: $3,970,097Liabilities 2016: $2,660,876Net Assets 2016: $1,309,2212016Assets 2017: $6,869,085Liabilities 2017: $4,911,449Net Assets 2017: $1,957,6362017Assets 2018: $9,007,927Liabilities 2018: $4,587,008Net Assets 2018: $4,420,9192018Assets 2020: $24,937,095Liabilities 2020: $15,414,704Net Assets 2020: $9,522,3912020Assets 2021: $31,757,186Liabilities 2021: $16,894,830Net Assets 2021: $14,862,3562021Assets 2025: $57,153,273Liabilities 2025: $25,846,111Net Assets 2025: $31,307,1622025

Highlighted filing

2015

Assets$2,975,969
Liabilities$2,018,825
Net Assets$957,144

Operations Trend

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

$40M$30M$20M$10M$0Expenses 2012: $2,327,4952012Expenses 2013: $2,619,8612013Revenue 2014: $3,915,037Expenses 2014: $3,801,471Net Income 2014: $113,5662014Revenue 2015: $8,505,277Expenses 2015: $7,543,866Net Income 2015: $961,4112015Revenue 2016: $12,924,720Expenses 2016: $12,507,738Net Income 2016: $416,9822016Revenue 2017: $16,466,386Expenses 2017: $15,623,568Net Income 2017: $842,8182017Revenue 2018: $19,916,172Expenses 2018: $18,583,251Net Income 2018: $1,332,9212018Revenue 2020: $25,017,727Expenses 2020: $22,163,001Net Income 2020: $2,854,7262020Revenue 2021: $31,026,629Expenses 2021: $25,686,664Net Income 2021: $5,339,9652021Revenue 2025: $30,495,662Expenses 2025: $29,455,885Net Income 2025: $1,039,7772025

Highlighted filing

2015

Revenue$8,505,277
Expenses$7,543,866
Net Income$961,411
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 12, 2016
Return Version
2014v6.0
Gross Receipts
$8,505,277
Mission and Program Overview

Mission

Freedom preparatory academy prepares all students in grades k-12 to excel in college and in life. It's focus is a clear strategic and direct path to college for every student that enters our doors.

Freedom Preparatory Academy prepares all students in grades K-12 to excel in college and in life. Its focus is a clear, strategic and direct path to college for every student that enters our doors.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$197,960$1,950,424▲ $1,752,464
Accounts Receivable$342,339$708,575▲ $366,236
Land, Buildings, and Equipment, Net$162,602$264,898▲ $102,296
Prepaid Expenses and Deferred Charges$9,560$40,248▲ $30,688
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-
Total Assets$717,229$2,975,969▲ $2,258,740
Other Assets Total$4,768$11,824▲ $7,056
Liabilities
Other Liabilities-$1,768,608-
Accounts Payable and Accrued Expenses$198,806$207,545▲ $8,739
Mortgage Notes Payable Secured by Investment Property$142,250$42,672▼ $99,578
Total Liabilities$341,056$2,018,825▲ $1,677,769
Net Assets / Fund Balance
Unrestricted Net Assets$97,869$734,918▲ $637,049
Temporarily Rstr Net Assets$278,304$222,226▼ $56,078
Total Net Assets Fund Balance$376,173$957,144▲ $580,971
Total Liabilities and Net Assets / Fund Balance$717,229$2,975,969▲ $2,258,740

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$149,313$238,293$387,606
Leasehold Improvements$35,468$98,144$133,612
Other Land Buildings$80,117$42,684$122,801
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Roblin J WebbCEOFT$154,264$154,264

Board Members and Trustees

NameTitle
Cardell OrinBoard Chair
Michael LevinVice Chair
Athena TurnerMember
Cindy EttingoffMember
Mark WenderMember
Michael Jones JrMember
Russ FlemingMember
Bruce LandaySecretary
John CornesTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Motive Power Services INCEducation ServicesPO BOX 9280, Memphis, TN 38190-
Revenue and Support

Revenue Composition

Contributions and Grants
$8,501,228
Program Service Revenue
$0
Investment Income
$4,049
Other Revenue
$0
All Other Contributions
$2,123,086
Change in Net Assets
$961,411

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,505,277
Total Revenue per Audited Statements
$8,505,277
Total Revenue per Form 990
$8,505,277
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,730,501
Other Expenses$2,813,365
Total Fundraising Expense$1,614
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,004,040$1,572,197-$4,576,237
Occupancy$695,887--$695,887
Other Expenses$306,820$162,780$1,614$306,820
All Other Expenses$209,088--$209,088
Current Officers, Directors, Trustees, and Key Employees$154,264--$154,264
Depreciation Depletion$122,270--$122,270
Travel$60,164--$60,164
Insurance-$41,387-$41,387
Total Functional Expenses$5,221,355$2,320,897$1,614$7,543,866

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,543,866
Total Expenses per Audited Statements$7,543,866
Total Expenses per Form 990$7,543,866
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
Unavailable Revenue$1,738,000
Net Pension Costs$30,608
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
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

Edtec, ceo and treasurer review form and then submit to the board for review.

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

The policy is presented to all board members and key employees at the beginning of their association with the school.

Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection

These documents are available upon request.

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

These documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Freedom Preparatory Academy Inc
EIN
26-1342579
Phone
9012595959
Address
5132 JONETTA STREET, MEMPHIS, TN 38109

Signing Officer

Name
Roblin J Webb
Title
CEO
Signed
2016-05-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Cardell Orin
Formed
2008
Legal Domicile
Tn
Voting Board Members
9
Independent Board Members
9
Employees
93

Preparer

Firm
McLean Rotherham & Company
Address
11717 Bernardo Plaza Ct Suite 215, San Diego, CA 92128
Preparer
James A Rotherham CPA
Phone
8584875751
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IRS990/OtherExpensesGrp/Desc1PROFESSIONAL/CONSULTING SERV.
IRS990/OtherExpensesGrp/Desc2OFFICE EXPENSE
IRS990/OtherExpensesGrp/Desc3INSTRUCTIONAL
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0544533
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09560
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt040248
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IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
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IRS990ScheduleE/MaintainScholarshipsRecsInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0NONDISCRIMINATORY POLICY INCLUDED IN ALL ADVERTISEMENTS, ENROLLMENT MATERIALS, AND IN OUR CHARTER AS A PUBLIC SCHOOL.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EDTEC, CEO AND TREASURER REVIEW FORM AND THEN SUBMIT TO THE BOARD FOR REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE POLICY IS PRESENTED TO ALL BOARD MEMBERS AND KEY EMPLOYEES AT THE BEGINNING OF THEIR ASSOCIATION WITH THE SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THESE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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