Civic Intelligence

Freedom Preparatory Academy Inc.

990 • Fiscal year 2024 • EIN 26-1342579

Jul 01, 2023 to Jun 30, 2024 • Filed on Feb 20, 2025

Organization ProfileWWW.FREEDOMPREP.ORG
5132 Jonetta StreetMemphis, TN 38109

(901) 828-4590

Siviq Scores

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

Liabilities / Assets

70th percentile

0.46x

Higher debt load relative to assets than 70% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

70th percentile

0.75x

Higher debt load relative to revenue than 70% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

55th percentile

6.4%

Higher net margin than 55% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

41st percentile

$304,302

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 0.9% of source-year revenue.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

38th percentile

3.4%

Faster asset growth than 38% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

14th percentile

-11%

Faster revenue growth than 14% of similar nonprofits.

2024 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets70th percentile

Assets

Up

$57,538,612

Up $25,781,426 (+81%) from 2021

Net Assets

Up

$30,937,049

Up $16,074,693 (+108%) from 2021

Liabilities

Up

$26,601,563

Up $9,706,733 (+57%) from 2021

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin55th percentile

Revenue

Up

$35,371,672

Up $4,345,043 (+14%) from 2021

Expenses

Up

$33,105,342

Up $7,418,678 (+29%) from 2021

Net Income

Down

$2,266,330

Down $3,073,635 (-58%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth38th percentile

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 2024: $57,538,612Liabilities 2024: $26,601,563Net Assets 2024: $30,937,0492024Assets 2025: $57,153,273Liabilities 2025: $25,846,111Net Assets 2025: $31,307,1622025

Highlighted filing

2024

Assets$57,538,612
Liabilities$26,601,563
Net Assets$30,937,049
Open 2024 Filing

Operations Trend

Revenue Growth14th percentile

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 2024: $35,371,672Expenses 2024: $33,105,342Net Income 2024: $2,266,3302024Revenue 2025: $30,495,662Expenses 2025: $29,455,885Net Income 2025: $1,039,7772025

Highlighted filing

2024

Revenue$35,371,672
Expenses$33,105,342
Net Income$2,266,330
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 20, 2025
Return Version
2023v6.0
Gross Receipts
$35,371,672
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$31,980,190$35,525,381▲ $3,545,191
Cap Stk Tr Prin Current Funds$28,698,968$30,937,049▲ $2,238,081
Cash and Non-Interest-Bearing Accounts$14,325,973$14,174,693▼ $151,280
Pledges and Grants Receivable$312,991$974,682▲ $661,691
Intangible Assets$1,805,250$669,886▼ $1,135,364
Savings and Temporary Cash Investments$309,357--
Prepaid Expenses and Deferred Charges$289,190$49,972▼ $239,218
Accounts Receivable$999,570$3,648▼ $995,922
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$55,628,959$57,538,612▲ $1,909,653
Other Assets Total$5,606,438$6,140,350▲ $533,912
Liabilities
Mortgage Notes Payable Secured by Investment Property$21,573,263$21,173,860▼ $399,403
Other Liabilities$3,199,902$4,032,239▲ $832,337
Accounts Payable and Accrued Expenses$2,156,826$1,395,464▼ $761,362
Total Liabilities$26,929,991$26,601,563▼ $328,428
Net Assets / Fund Balance
Total Net Assets Fund Balance$28,698,968$30,937,049▲ $2,238,081
Total Liabilities and Net Assets / Fund Balance$55,628,959$57,538,612▲ $1,909,653

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$32,841,259$2,641,239$35,482,498
Equipment$1,616,167$3,792,425$5,408,592
Leasehold Improvements$1,040,226$370,522$1,410,748
Other Land Buildings$27,729-$27,729
Other Assets Org$15,523--
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Roblin WebbCEO/founderFT$221,571$82,731$304,302
Anika BaltimoreCFOFT$151,211$24,540$175,751
Natasha SmithHead of SchoolFT$102,625$17,407$120,032
Shayla MorganPrincipalFT$103,716$15,959$119,675
Roderick BarberHead of SchoolFT$102,371$16,972$119,343
Johnecia HowardCOOFT$98,089$13,483$111,572
Rhonda MylesCTOFT$78,449$8,242$86,691

Board Members and Trustees

NameTitle
Cardell OrrinChairman
Andre GibsonMember
John CornesMember
Kim PostMember
Michelle MercadoMember
Bruce LandauSecretary
Rich BillingsTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Dakota CorporationRoofing3121 SANDBROOK ST, Memphis, TN 38116$1,554,275
Sla Management INCFood Service Management3217 CORRINE DRIVE, Orlando, FL 32803$1,501,566
A&b ConstructionConstruction Services5091 FILFOND ROAD, Memphis, TN 39134$954,969
Harmony TransportationStudent Transportation2601 FRISCO AVE, Memphis, TN 38114$769,239
Abm Industries INCFacility Services3331 MILLBRANCH ROAD, Memphis, TN 38116$622,006
Revenue and Support

Revenue Composition

Contributions and Grants
$34,511,322
Program Service Revenue
$860,350
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,610,351
Change in Net Assets
$2,266,330

Audited Revenue Reconciliation

Revenue per Audited Statements
$35,371,672
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$35,371,672
Total Revenue per Form 990
$35,371,672
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$19,694,086
Other Expenses$13,411,256
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$12,673,347$2,642,264-$15,315,611
Fees for Services Other$686,494$2,298,262-$2,984,756
Depreciation Depletion$571,767$1,334,123-$1,905,890
Occupancy$458,302$1,069,372-$1,527,674
Other Employee Benefits$1,110,117$202,530-$1,312,647
Payroll Taxes$974,501$203,174-$1,177,675
Pension Plan Contributions$937,232$161,081-$1,098,313
Interest-$975,638-$975,638
Current Officers, Directors, Trustees, and Key Employees-$789,840-$789,840
Office Expenses$315,627$300,874-$616,501
Other Expenses$527,079$386,195-$527,079
All Other Expenses$511,149$5,163-$516,312
Information Technology$118,531$276,572-$395,103
Insurance-$338,055-$338,055
Travel-$124,115-$124,115
Fees for Services Accounting-$81,577-$81,577
Advertising-$51,418-$51,418
Fees for Services Legal-$26,651-$26,651
Total Functional Expenses$20,951,834$12,153,508$0$33,105,342

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$33,105,342
Total Expenses per Audited Statements$33,105,342
Total Expenses per Form 990$33,105,342
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Right to Use Lease Liability, Due in More Than One Year$2,198,423
Deferred Inflows Related to Pension$1,104,085
Right to Use Lease Liability, Due Within One Year$351,503
Retirement Contribution Payable$285,366
Accrued Compensated Absences$92,862

Bond Issues

BondIssuerIssuedIssue PricePurpose
AEquitable Facilities Fund Inc2020-09-16$22,000,000Refinance outstanding debt

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$22,000,000---

Bond Financing Compliance

Form 8038-T filed
Yes
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“It will be reviewed by cfo and disseminated to the financial committee for review.”

Form 990, Part VI, Section B, Line 15

“Ceo's compensation is determined by the board of directors. Compensation of other top management personnel is based on market studies, assessing the salary of comparable incomes of comparable size and composition of freedom prep academy. Studies are performed, similar to the process described above, however it is assessed by an independent person, outside of the organization's management.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Freedom Preparatory Academy Inc
EIN
26-1342579
Phone
9018284590
Address
5132 JONETTA STREET, MEMPHIS, TN 38109

Signing Officer

Name
Anika Baltimore
Title
CFO
Phone
9018284590
Signed
2025-02-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Anika Baltimore
Formed
2008
Legal Domicile
Tn
Voting Board Members
7
Independent Board Members
7
Employees
378
Volunteers
70

Preparer

Firm
Cliftonlarsonallen Llp
Address
2210 EAST ROUTE 66, GLENDORA, CA 91740
Preparer
Wade Mcmullen
Phone
6268577300
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The school is a not-for-profit school that is exempt from federal income taxes under the internal revenue code, classified by the internal revenue service as other than a private foundation and is similarly exempt from state income taxes. The school accounts for the effect of any uncertain tax positions based on a more likely than not threshold to the recognition of the tax positions being sustained based on the technical merits of the position under examination by the applicable taxing authority. If a tax position or positions are deemed to result in uncertainties of those positions, the unrecognized tax benefit is estimated based on a cumulative probability assessment that aggregates the estimated tax liability for all uncertain tax positions. Tax positions include, but are not limited to, the tax exempt status and determination of whether income is subject to unrelated business income tax; however, management has determined that such tax positions do not result in an uncertainty requiring recognition.”

Raw XML AppendixShowing 400 of 600 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0FREEDOM 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.
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IRS990/Desc0FREEDOM PREP ACCOMPLISHES THIS MISSION OF COLLEGE PREPARATION THROUGH A HIGHLY STRUCTURED, CADEMICALLY-CHALLENGING ENVIRONMENT WHERE STUDENTS MASTER THE CORE SUBJECTS, DEVELOP ADVANCED ACADEMIC SKILLS, PARTICIPATE IN CHARACTER-BUILDING EXTRA-CURRICULAR ACTIVITIES AND SPORTS, AND DEMONSTRATE THE SCHOOL'S CORE VALUES.
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IRS990/Form990PartVIISectionAGrp/PersonNm10ANIKA BALTIMORE
IRS990/Form990PartVIISectionAGrp/PersonNm11NATASHA SMITH
IRS990/Form990PartVIISectionAGrp/PersonNm12RODERICK BARBER
IRS990/Form990PartVIISectionAGrp/PersonNm13SHAYLA MORGAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt7CEO/FOUNDER
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IRS990/Form990PartVIISectionAGrp/TitleTxt9COO
IRS990/Form990PartVIISectionAGrp/TitleTxt10CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt11HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt12HEAD OF SCHOOL
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IRS990/InterestGrp/ManagementAndGeneralAmt0975638
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IRS990/InvestTaxExemptBondsInd00
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IRS990/LandBldgEquipCostOrOtherBssAmt042329567
IRS990/LegalDomicileStateCd0TN
IRS990/LoanOutstandingInd00
IRS990/LobbyingActivitiesInd00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0FREEDOM 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.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OccupancyGrp/TotalAmt01527674
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt0300874
IRS990/OfficeExpensesGrp/ProgramServicesAmt0315627
IRS990/OfficeExpensesGrp/TotalAmt0616501
IRS990/OfficerMailingAddressInd00
IRS990/OnBehalfOfIssuerInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt05606438
IRS990/OtherAssetsTotalGrp/EOYAmt06140350
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt0202530
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt01110117
IRS990/OtherEmployeeBenefitsGrp/TotalAmt01312647
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IRS990/OtherExpensesGrp/Desc1OTHER MISCELLANEOUS
IRS990/OtherExpensesGrp/Desc2REPAIRS AND MAINTENANCE
IRS990/OtherExpensesGrp/Desc3INSTRUCTIONAL MATERIALS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1386195
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IRS990/OtherExpensesGrp/ProgramServicesAmt1379974
IRS990/OtherExpensesGrp/ProgramServicesAmt2165512
IRS990/OtherExpensesGrp/ProgramServicesAmt3527079
IRS990/OtherExpensesGrp/TotalAmt01522202
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IRS990/PoliticalCampaignActyInd00
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IRS990ScheduleD/EquipmentGrp/DepreciationAmt03792425
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt05408592
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt11077298
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0NET PENSION ASSET
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1TCRS STABILIZATION RESERVE TRUST
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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$57,538,612
Liabilities
$26,601,563
Net assets
$30,937,049
Revenue
$35,371,672
Expenses
$33,105,342
Net income
$2,266,330
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.2$25.8$31.3$30.5$29.5$1.04
2024Detailed filing. Detailed filing data is available for this year.$57.5$26.6$30.9$35.4$33.1$2.27
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.8$16.9$14.9$31.0$25.7$5.34
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.9$15.4$9.52$25.0$22.2$2.85
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.01$4.59$4.42$19.9$18.6$1.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.87$4.91$1.96$16.5$15.6$0.84
2016Detailed filing. Detailed filing data is available for this year.$3.97$2.66$1.31$12.9$12.5$0.42
2015Detailed filing. Detailed filing data is available for this year.$2.98$2.02$0.96$8.51$7.54$0.96
2014Detailed filing. Detailed filing data is available for this year.$0.72$0.34$0.38$3.92$3.80$0.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.50$0.24$0.26$2.62
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.06$0.36$2.33