Civic Intelligence

Friends of the Academy Inc

EIN 47-3782216 • 501(c)3 • Hempstead, NY

Profile

The purpose of Friends is to create and support education enrichment programs geared to transforming under-served youth into well-rounded individuals who can make a sound contribution to society by raising funds and resources used to enhance the experience of every student in The Academy Charter School and The Academy Charter School 2.

117 N Franklin StreetHempstead, NY 11550

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.99x

Higher debt load relative to assets than 87% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

117.99x

Higher debt load relative to revenue than 98% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Net Margin

94th percentile

70%

Higher net margin than 94% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

NTEE B • $25M-$50M nonprofits • Source year 2024

Asset Growth

98th percentile

624%

Faster asset growth than 98% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$33,424,571

Up $28,808,203 (+624%) from 2023

Liabilities

Up

$33,226,563

Up $28,610,195 (+620%) from 2023

Net Assets

Up

$198,008

Up $198,008 from 2023

Operations
Liabilities / Revenue98th percentileNet Margin94th percentile

Revenue

Up

$281,600

Up $281,600 from 2023

Expenses

Up

$83,592

Up $83,592 from 2023

Net Income

Up

$198,008

Up $198,008 from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth98th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2023: $4,616,368Liabilities 2023: $4,616,368Net Assets 2023: $02023Assets 2024: $33,424,571Liabilities 2024: $33,226,563Net Assets 2024: $198,0082024

Highlighted filing

2024

Assets$33,424,571
Liabilities$33,226,563
Net Assets$198,008
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0Revenue 2023: $0Expenses 2023: $0Net Income 2023: $02023Revenue 2024: $281,600Expenses 2024: $83,592Net Income 2024: $198,0082024

Highlighted filing

2024

Revenue$281,600
Expenses$83,592
Net Income$198,008
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$33,424,571
Liabilities
$33,226,563
Net assets
$198,008
Revenue
$281,600
Expenses
$83,592
Net income
$198,008
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$33.4$33.2$0.20$0.28$0.08$0.20
2023Detailed filing. Detailed filing data is available for this year.$4.62$4.62$0.00$0.00$0.00$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 14, 2025
Return Version
2023v6.0
Gross Receipts
$281,600
Mission and Program Overview

Mission

The purpose of Friends is to create and support education enrichment programs geared to transforming under-served youth into well-rounded individuals who can make a sound contribution to society by raising funds and resources used to enhance the experience of every student in The Academy Charter School and The Academy Charter School 2.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$4,616,368$23,269,600▲ $18,653,232
Intangible Assets-$2,017,597-
Cash and Non-Interest-Bearing Accounts-$0-
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$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-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$4,616,368$33,424,571▲ $28,808,203
Other Assets Total-$8,137,374-
Liabilities
Tax Exempt Bond Liabilities-$32,875,037-
Other Liabilities$4,616,368$310,761▼ $4,305,607
Accounts Payable and Accrued Expenses-$40,765-
Total Liabilities$4,616,368$33,226,563▲ $28,610,195
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$198,008-
Total Net Assets Fund Balance$0$198,008▲ $198,008
Total Liabilities and Net Assets / Fund Balance$4,616,368$33,424,571▲ $28,808,203

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,269,600-$23,269,600
Other Assets Org$8,137,374--
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Janice StewartBoard Chair
Dawn WIlliamsTrustee
Judith GarrickTrustee
Felicia BarracksSecretary
Joel WatsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$281,600
Other Revenue
$0
Change in Net Assets
$198,008

Audited Revenue Reconciliation

Revenue per Audited Statements
$281,600
Total Revenue per Audited Statements
$281,600
Total Revenue per Form 990
$281,600
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$83,592
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion-$63,592-$63,592
Fees for Services Accounting-$20,000-$20,000
Total Functional Expenses$0$83,592$0$83,592

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$83,592
Total Expenses per Audited Statements$83,592
Total Expenses per Form 990$83,592
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
Due to affiliate$310,761

Bond Issues

BondIssuerIssuedIssue PricePurpose
CTOWN OF BABYLON LD Corp2023-07-27$22,515,000ACQ./CONST. SCHOOL BLDG
BTOWN OF BABYLON LD Corp2023-07-27$11,970,000ACQ./CONST. SCHOOL BLDG
ATOWN OF BABYLON LD Corp2023-07-27$4,765,000ACQ./CONST. SCHOOL BLDG

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$18,201,941--$237,178
B$9,676,981--$126,094
A$3,852,198--$50,195

Bond Financing Compliance

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

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Backup withholding compliance
No
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
No
Other officer compensation reviewed
No
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, Section B, Line 11B

“The draft is circulated to board members for their review and approval prior to filing the 990.”

Form 990, Part VI, Section C, Line 18

“All the public documents are available upon request.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Friends of the Academy Inc
EIN
47-3782216
Phone
5164082200
Address
117 N FRANKLIN STREET, HEMPSTEAD, NY 11550

Signing Officer

Name
Felicia Barracks
Title
Secretary
Signed
2025-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Janice Stewart
Formed
2015
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Ncheng Llp Certified Public Accountants
Address
40 WALL ST 32ND FL, NEW YORK, NY 10005
Preparer
Miaoling Lin
Phone
2127850100
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“FOTA is tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported corporation as described in IRC sections 509(A)(1) and 170(B)(1)(A)(II).Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if FOTA has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that, as of June 30, 2024, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the accompanying financial statements. Periods ending June 30, 2021 and subsequent remain subject to examination by the taxing authorities.”

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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0THE ACADEMY CHARTER SCHOOL
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1THE ACADEMY CHARTER SCHOOL 2
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FOTA is tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported corporation as described in IRC sections 509(A)(1) and 170(B)(1)(A)(II).Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if FOTA has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that, as of June 30, 2024, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the accompanying financial statements. Periods ending June 30, 2021 and subsequent remain subject to examination by the taxing authorities.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0On July 27, 2023, the Town of Babylon L.D. Corporation II provided financing through the issuance of $39,250,000 in Tax-Exempt Education Revenue Bonds (the Series 2023A Bonds), bearing interest from 5.75% to 6.65% per annum, with principal due at varying amounts annually through maturity on February 1, 2053, as well as a $805,000 Taxable Education Revenue Bond (the Series 2023B Bonds), bearing interest at 7.25% due at varying amounts annually through maturity on February 1, 2027.Of the total bond proceeds of $40,055,000, TACS2 was allocated $7,179,963 in order to refinance the loans obtained for the Early Learning Facility. $6,246,157 of the proceeds were used to repay TACS for the funds loaned to TACS2 for the costs of acquisition and renovation of an approximately 9,800 square feet 1-story building for the Early Learning Facility. $933,806 was used to pay off the outstanding mortgage balance on the Early Learning Facility. The remaining proceeds from the $40,055,000 bond issuance allocated to Friends of the Academy, Inc. were used for the acquisition of land, equipment, furnishings, and the construction costs of the New School Facility. The bonds were issued under Friends of the Academy, Inc. ("FOTA") to facilitate financing for the development of multi-site public charter school in Wyandanch, which is being developed in two phases. First phase consists of refinancing the outstanding mortgage under TACS2 incurred to acquire an existing building in Wyandanch NY and to reimburse certain expenditures to renovate and rehabilitate the said building for use by TACS2 ("early learn facility"). The next phase is to develop the New School facility for which FOTA acquired a sub-leasehold interest in 1.5 acre parcel of land and to construct a facility on that land. Upon construction completion the property to be transferred to TACS2 to operate as a public charter school. The bonds were issued under Friends of the Academy, Inc. ("FOTA") to facilitate financing for the development of multi-site public charter school in Wyandanch, which is being developed in two phases. First phase consists of refinancing the outstanding mortgage under TACS2 incurred to acquire an existing building in Wyandanch NY and to reimburse certain expenditures to renovate and rehabilitate the said building for use by TACS2 ("early learn facility"). THe next phase is to develop the New School facility for which FOTA acquired a sub-leasehold interest in 1.5 acre parcel of land and to construct a facility on that land. Upon construction completion the property to be transferred to TACS2 to operate as a public charter school.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0TOWN OF BABYLON LD Corp
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE DRAFT IS CIRCULATED TO BOARD MEMBERS FOR THEIR REVIEW AND APPROVAL PRIOR TO FILING THE 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL THE PUBLIC DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
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