Civic Intelligence

Great Oaks Foundation Inc.

990 • Fiscal year 2019 • EIN 27-5281234

Jul 01, 2018 to Jun 30, 2019 • Filed on May 15, 2020

Organization ProfileGREATOAKSCHARTER.ORG

View Organization Page

200 BroadwayNew York, NY 10038

(212) 233-5152

Siviq Scores

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

Liabilities / Assets

79th percentile

0.56x

Higher debt load relative to assets than 79% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Liabilities / Revenue

44th percentile

0.12x

Higher debt load relative to revenue than 44% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Net Margin

41st percentile

0.5%

Higher net margin than 41% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Top Officer Pay

82nd percentile

$233,499

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2019

Asset Growth

92nd percentile

46%

Faster asset growth than 92% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Revenue Growth

62nd percentile

8.6%

Faster revenue growth than 62% of similar nonprofits.

2019 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets79th percentile

Assets

Up

$1,934,619

Up $612,959 (+46%) from 2018

Net Assets

Up

$849,390

Up $46,988 (+5.9%) from 2018

Liabilities

Up

$1,085,229

Up $565,971 (+109%) from 2018

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin41st percentile

Revenue

Up

$8,698,452

Up $685,778 (+8.6%) from 2018

Expenses

Up

$8,651,464

Up $773,320 (+9.8%) from 2018

Net Income

Down

$46,988

Down $87,542 (-65%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$30M$20M$10M$0Assets 2013: $339,651Liabilities 2013: $20,000Net Assets 2013: $319,6512013Assets 2014: $760,644Liabilities 2014: $149,646Net Assets 2014: $610,9982014Assets 2015: $936,229Liabilities 2015: $322,839Net Assets 2015: $613,3902015Assets 2016: $1,169,310Liabilities 2016: $765,302Net Assets 2016: $404,0082016Assets 2017: $1,181,380Liabilities 2017: $513,508Net Assets 2017: $667,8722017Assets 2018: $1,321,660Liabilities 2018: $519,258Net Assets 2018: $802,4022018Assets 2019: $1,934,619Liabilities 2019: $1,085,229Net Assets 2019: $849,3902019Assets 2020: $2,073,779Liabilities 2020: $1,165,415Net Assets 2020: $908,3642020Assets 2021: $2,451,527Liabilities 2021: $808,249Net Assets 2021: $1,643,2782021Assets 2022: $2,578,218Liabilities 2022: $1,078,961Net Assets 2022: $1,499,2572022Assets 2023: $3,509,020Liabilities 2023: $2,497,474Net Assets 2023: $1,011,5462023Assets 2024: $28,079,161Liabilities 2024: $27,101,343Net Assets 2024: $977,8182024

Highlighted filing

2019

Assets$1,934,619
Liabilities$1,085,229
Net Assets$849,390
Open 2019 Filing

Operations Trend

Revenue Growth62nd percentile

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

$15M$10M$5.0M$0-$5.0MExpenses 2013: $190,9522013Revenue 2014: $1,255,408Expenses 2014: $964,061Net Income 2014: $291,3472014Revenue 2015: $2,456,323Expenses 2015: $2,453,931Net Income 2015: $2,3922015Revenue 2016: $4,959,644Expenses 2016: $5,169,026Net Income 2016: -$209,3822016Revenue 2017: $7,730,139Expenses 2017: $7,466,275Net Income 2017: $263,8642017Revenue 2018: $8,012,674Expenses 2018: $7,878,144Net Income 2018: $134,5302018Revenue 2019: $8,698,452Expenses 2019: $8,651,464Net Income 2019: $46,9882019Revenue 2020: $9,230,122Expenses 2020: $9,171,148Net Income 2020: $58,9742020Revenue 2021: $9,169,233Expenses 2021: $8,434,319Net Income 2021: $734,9142021Revenue 2022: $10,108,472Expenses 2022: $10,252,493Net Income 2022: -$144,0212022Revenue 2023: $8,261,567Expenses 2023: $8,749,278Net Income 2023: -$487,7112023Revenue 2024: $12,341,108Expenses 2024: $12,374,836Net Income 2024: -$33,7282024

Highlighted filing

2019

Revenue$8,698,452
Expenses$8,651,464
Net Income$46,988
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 15, 2020
Return Version
2018v3.3
Gross Receipts
$8,698,452
Mission and Program Overview

Mission

The mission of the great oaks foundation is to launch and support a network of charter schools that prepare students for college success through high-dosage tutoring.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$604,229$835,865▲ $231,636
Pledges and Grants Receivable$339,711$626,973▲ $287,262
Cash and Non-Interest-Bearing Accounts$316,212$395,749▲ $79,537
Prepaid Expenses and Deferred Charges$38,183$51,296▲ $13,113
Land, Buildings, and Equipment, Net$8,925$10,336▲ $1,411
Savings and Temporary Cash Investments$0$0→ $0
Accounts Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,321,660$1,934,619▲ $612,959
Other Assets Total$14,400$14,400→ $0
Liabilities
Grants Payable$95,895$415,090▲ $319,195
Accounts Payable and Accrued Expenses$423,363$370,139▼ $53,224
Deferred Revenue$0$300,000▲ $300,000
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$519,258$1,085,229▲ $565,971
Net Assets / Fund Balance
Unrestricted Net Assets$502,402$849,390▲ $346,988
Temporarily Rstr Net Assets$300,000$0▼ $300,000
Permanently Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$802,402$849,390▲ $46,988
Total Liabilities and Net Assets / Fund Balance$1,321,660$1,934,619▲ $612,959

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$10,336$38,604$48,940
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael DuffyPresidentFT$198,964$34,535$233,499
Joshua ThomasesExecutive Vice PresidentFT$130,696$29,017$159,713
MICHAEL MCGREGORthrough 1018Chief Operations OfficerFT$122,065$5,548$127,613
Timberly WilsonDirector of CurriculumFT$100,684$14,897$115,581
Vanessa CeasChief Talent OfficerFT$104,373$8,138$112,511
Lauren PerkinsChief Operations OfficerFT$9,946-$9,946

Board Members and Trustees

NameTitle
Adam WeinsteinChair
Steve KlinskyChairman Emeritus
Benjamin ChanChief Financial Officer
Bill StephneyMember
David DrewesMember
Derrick DiggsMember
Gregorio MayersMember
Jay CrossMember
Liliana PoloMember
Mary BrabeckMember
Maureen SherryMember
Odd EikenMember
Peggy ShaughnessyMember
Susan AkselradSecretary
Gerald EspositoTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Symplicity CorpSoftware3003 WASHINGTON BLVD SUITE 900, Arlington, VA 22201$103,433
Revenue and Support

Revenue Composition

Contributions and Grants
$5,203,534
Program Service Revenue
$3,239,230
Investment Income
$0
Other Revenue
$255,688
All Other Contributions
$53,375
Change in Net Assets
$46,988

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,698,452
Total Revenue per Audited Statements
$8,698,452
Total Revenue per Form 990
$8,698,452
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,856,258
Grants and Similar Amounts Paid$1,608,000
Other Expenses$1,187,206
Total Fundraising Expense$181,784
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,607,282$121,244$121,244$4,849,770
Grants to Domestic Orgs$1,608,000--$1,608,000
Other Expenses$511,485--$511,485
Payroll Taxes$372,274$9,797$9,797$391,868
Current Officers, Directors, Trustees, and Key Employees$370,227$9,743$9,743$389,713
Fees for Services Other$154,350$18,865-$173,215
Other Employee Benefits$150,222$3,953$3,953$158,128
Fees for Services Accounting-$134,510-$134,510
Travel$93,077$10,950$5,475$109,502
Occupancy-$100,663-$100,663
Advertising$44,081$17,482$21,911$83,474
Pension Plan Contributions$63,439$1,670$1,670$66,779
Office Expenses-$58,599$7,991$66,590
Depreciation Depletion-$6,548-$6,548
Fees for Services Legal-$1,219-$1,219
Total Functional Expenses$7,974,437$495,243$181,784$8,651,464

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,651,464
Total Expenses per Audited Statements$8,651,464
Total Expenses per Form 990$8,651,464
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Great Oaks Charter SchoolBridgeport, CT501(c)(3)Support$798,000
Great Oaks Charter SchoolWilmington, DE501(c)(3)Support$470,000
Great Oaks Charter SchoolNewark, NJ501(c)(3)Support$170,000
Great Oaks Charter SchoolNyc, NY501(c)(3)Support$170,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $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 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

“The form 990 and related schedules is approved by the treasurer and then submitted to the board of directors for approval before the final return is filed with the irs. If there are questions, management will discuss with the tax preparer.”

Form 990, Part VI, Section B, Line 12C

“Each covered person shall annually sign a statement that affirms that such person: 1. Has received a copy of the policy. 2. Has read and understands the policy. 3. Has agreed to comply with the policy, and 4. Understands that the corporation is a charitable organization and that in order to maintain its federal tax exemption and the trust of the public it must diligently avoid conflicts of interest or the appearance of any conflict and engage primarily in activities that accomplish one or more of its tax-exempt purposes.”

Form 990, Part VI, Section B, Line 15A

“The compensation for the president is reviewed and approved by the board. The most recent review took place in 2019”

Form 990, Part VI, Section B, Line 15B

“The compensation for other officers is reviewed and approved by the board. The most recent review took place in 2019.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Great Oaks Foundation Inc
EIN
27-5281234
In Care Of
% MICHAEL DUFFY
Phone
2122335152
Address
200 Broadway, New York, NY 10038

Signing Officer

Name
Michael Duffy
Title
President
Phone
2122335152
Signed
2020-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Duffy
Formed
2011
Legal Domicile
Ny
Voting Board Members
15
Independent Board Members
14
Employees
28
Volunteers
15

Preparer

Firm
Bkd Llp
Address
1155 Avenue of the Americas 1200, New York, NY 10036
Preparer
Aaron Shapiro
Phone
2128674000
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“The process has not changed from the prior year.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt3Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt4Chairman Emeritus
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IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt14Member
IRS990/Form990PartVIISectionAGrp/TitleTxt15CHIEF OPERATIONS OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt16Chief Operations Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt17Chief Financial Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt18EXECUTIVE VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt19Chief Talent Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt20Director of Curriculum
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IRS990/PledgesAndGrantsReceivableGrp/BOYAmt0339711

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,934,619
Liabilities
$1,085,229
Net assets
$849,390
Revenue
$8,698,452
Expenses
$8,651,464
Net income
$46,988
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$28.1$27.1$0.98$12.3$12.4$0.03
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.51$2.50$1.01$8.26$8.75$0.49
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.58$1.08$1.50$10.1$10.3$0.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.45$0.81$1.64$9.17$8.43$0.73
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.07$1.17$0.91$9.23$9.17$0.06
2019Detailed filing. Detailed filing data is available for this year.$1.93$1.09$0.85$8.70$8.65$0.05
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.32$0.52$0.80$8.01$7.88$0.13
2017Detailed filing. Detailed filing data is available for this year.$1.18$0.51$0.67$7.73$7.47$0.26
2016Detailed filing. Detailed filing data is available for this year.$1.17$0.77$0.40$4.96$5.17$0.21
2015Detailed filing. Detailed filing data is available for this year.$0.94$0.32$0.61$2.46$2.45$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.76$0.15$0.61$1.26$0.96$0.29
2013Detailed filing. Detailed filing data is available for this year.$0.34$0.02$0.32$0.19