Civic Intelligence

Prep Public Schools

990 • Fiscal year 2021 • EIN 81-3512812

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 28, 2022

Organization ProfileCHATTANOOGAPREP.COM
1802 Bailey AvenueChattanooga, TN 37404

(423) 664-5722

Siviq Scores

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

Liabilities / Assets

49th percentile

0.06x

Higher debt load relative to assets than 49% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

38th percentile

0.04x

Higher debt load relative to revenue than 38% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

27th percentile

0.8%

Higher net margin than 27% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

68th percentile

$95,409

Higher top officer pay than 68% of similar nonprofits.

Top officer pay equals 2.6% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

9th percentile

-9.2%

Faster asset growth than 9% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

60th percentile

22%

Faster revenue growth than 60% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets49th percentile

Assets

Down

$2,356,561

Down $237,546 (-9.2%) from 2020

Net Assets

Down

$2,204,746

Down $42,050 (-1.9%) from 2020

Liabilities

Down

$151,815

Down $195,496 (-56%) from 2020

Revenue And Expenses
Liabilities / Revenue38th percentileNet Margin27th percentile

Revenue

Up

$3,704,866

Up $679,773 (+22%) from 2020

Expenses

Up

$3,676,918

Up $860,330 (+31%) from 2020

Net Income

Down

$27,948

Down $180,557 (-87%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth9th percentile

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

$6.0M$4.0M$2.0M$0Assets 2018: $1,868,016Liabilities 2018: $82,647Net Assets 2018: $1,785,3692018Assets 2019: $2,110,272Liabilities 2019: $75,094Net Assets 2019: $2,035,1782019Assets 2020: $2,594,107Liabilities 2020: $347,311Net Assets 2020: $2,246,7962020Assets 2021: $2,356,561Liabilities 2021: $151,815Net Assets 2021: $2,204,7462021Assets 2022: $3,883,592Liabilities 2022: $648,276Net Assets 2022: $3,235,3162022Assets 2023: $3,014,774Liabilities 2023: $359,333Net Assets 2023: $2,655,4412023Assets 2024: $4,624,111Liabilities 2024: $608,652Net Assets 2024: $4,015,4592024

Highlighted filing

2021

Assets$2,356,561
Liabilities$151,815
Net Assets$2,204,746
Open 2021 Filing

Operations Trend

Revenue Growth60th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2018: $2,101,732Expenses 2018: $316,363Net Income 2018: $1,785,3692018Revenue 2019: $2,267,205Expenses 2019: $2,017,396Net Income 2019: $249,8092019Revenue 2020: $3,025,093Expenses 2020: $2,816,588Net Income 2020: $208,5052020Revenue 2021: $3,704,866Expenses 2021: $3,676,918Net Income 2021: $27,9482021Revenue 2022: $6,245,127Expenses 2022: $5,214,556Net Income 2022: $1,030,5712022Revenue 2023: $6,672,136Expenses 2023: $7,315,586Net Income 2023: -$643,4502023Revenue 2024: $10,992,814Expenses 2024: $9,386,954Net Income 2024: $1,605,8602024

Highlighted filing

2021

Revenue$3,704,866
Expenses$3,676,918
Net Income$27,948
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 28, 2022
Return Version
2020v4.1
Gross Receipts
$3,704,888
Mission and Program Overview

Mission

Chattanooga prep is an all-boys public charter school with a mission to engage young men in a rigorous yet supportive learning environment that nurtures resilience, promotes academic excellence, inspires leadership, and prepares critical thinkers. Chattanooga prep welcomed its first class of 66 sixth graders in august 2018 and will grow to serve 350 young men in grades 6-12 over the next seven years.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$1,613,181$1,686,310▲ $73,129
Pledges and Grants Receivable$1,007,063$1,023,577▲ $16,514
Cash and Non-Interest-Bearing Accounts$1,050,322$730,541▼ $319,781
Land, Buildings, and Equipment, Net$356,603$333,372▼ $23,231
Pd in Cap Srpls Land Bldg Eqp Fund$352,757$333,372▼ $19,385
Rtn Earn Endowment Incm Other Fnds$280,858$185,064▼ $95,794
Prepaid Expenses and Deferred Charges$25,116$38,563▲ $13,447
Total Assets$2,594,107$2,356,561▼ $237,546
Other Assets Total$155,003$230,508▲ $75,505
Liabilities
Other Liabilities$270,501$79,274▼ $191,227
Accounts Payable and Accrued Expenses$76,810$72,541▼ $4,269
Total Liabilities$347,311$151,815▼ $195,496
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,246,796$2,204,746▼ $42,050
Total Liabilities and Net Assets / Fund Balance$2,594,107$2,356,561▼ $237,546

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$310,291$198,229$508,520
Leasehold Improvements$23,081$4,311$27,392
Other Assets Org$79,232--
Compensation and Service Providers
Top Officer Pay68th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Brad ScottCEOFT$95,409$95,409

Board Members and Trustees

NameTitle
Ted AllingChair
Kelly AllingVice Chair
Aaron WebbDirector
Armando RodriguezDirector
Ashley AtkinsDirector
Daniel PackDirector
David Rice MdDirector
Joe MartinDirector
Moise BaptisteDirector
Natalie JacksonDirector
S Dave Bhattacharya MdDirector
Shewanee Howard-baptisteDirector
Sue Anne Wells PhdDirector
Susan MaclellanDirector
Ward DavenportDirector
Wonjen BagleyDirector
Edna VarnerSecretary
David CainesTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,703,319
Program Service Revenue
$1,569
Investment Income
$-22
Other Revenue
$0
All Other Contributions
$867,948
Change in Net Assets
$27,948

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,518,460
Revenue Not Reported on Financial Statements
$186,406
Revenue Not Reported on Form 990
$144,000
Other Revenue Adjustments
$186,406
Total Revenue per Audited Statements
$3,662,460
Total Revenue per Form 990
$3,704,866
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,504,522
Other Expenses$955,797
Grants and Similar Amounts Paid$216,599
Total Fundraising Expense$154,069
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,359,602$505,460$63,860$1,928,922
Fees for Services Other$159,697$213,983$54,786$428,466
Grants to Domestic Orgs$216,599--$216,599
Other Employee Benefits$139,401$71,154$2,930$213,485
Payroll Taxes$99,002$57,101$4,863$160,966
Current Officers, Directors, Trustees, and Key Employees$109,028--$109,028
Occupancy$94,555$11,403-$105,958
Pension Plan Contributions$38,996$43,738$9,387$92,121
Depreciation Depletion-$88,397-$88,397
Insurance-$36,161-$36,161
Other Expenses$27,067$117,096$17,207$27,067
Advertising-$18,637-$18,637
Office Expenses-$2,476$1,036$3,512
Travel-$1,709-$1,709
Total Functional Expenses$2,355,534$1,167,315$154,069$3,676,918

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$3,870,531
Total Expenses per Form 990$3,676,918
Expenses per Audited Statements$3,584,881
Expenses Not Reported on Form 990$285,650
Expenses Not Reported on Financial Statements$92,037
Other Expense Adjustments$92,037
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Friends of Chattanooga Prep IncChattanooga, TN501(c)(3)For the Support of the Organization$216,599
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
Deferred Inflows$79,274
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 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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Board members ted alling and kelly alling are married. Board members shewanee howard-baptiste and moise baptiste are married.”

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

“This return will be reviewed by the board before filed.”

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

“Each director must promptly and fully report to the board chair any situation that may create a conflict of interest. Chattanooga prep sends a copy of the policy statement and the conflict of interest disclosure statement annually to be signed by each director.”

Form 990, Part VI, Section C, Line 19

“No documents are made available to the public.”

Filing and Contact Details

Filer

Filer Name
Chattanooga Prep Inc
EIN
81-3512812
Phone
4236645722
Address
1802 BAILEY AVENUE, CHATTANOOGA, TN 37404

Signing Officer

Name
Ted Alling
Title
Chair
Phone
4236645722
Signed
2022-01-28

Organization Details

Principal Officer
Ted Alling
Formed
2017
Legal Domicile
Tn
Voting Board Members
18
Independent Board Members
18
Employees
63
Volunteers
113

Preparer

Firm
Johnson Hickey & Murchison Pc
Address
2215 OLAN MILLS DRIVE, CHATTANOOGA, TN 37421
Preparer
M Ethan Miller
Phone
4237560052
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracted services: program service expenses 159,697. Management and general expenses 213,983. Fundraising expenses 54,786. Total expenses 428,466.”

FORM 990, PART XI, LINE 9:

“Transition to internal school funds -69,998.”

Financial Statement Notes

PART X, LINE 2:

“The school is a nonprofit organization that is exempt from federal income taxes under the internal revenue code and classified by the internal revenue service as other than a private foundation and is similarly exempt from state income taxes. The school follows the requirements of professional literature regarding uncertain tax positions taken for tax return purposes when it is more likely than not the position will be sustained. The school does not believe there are any material uncertain tax positions and accordingly, it will not recognize any liability for unrecognized tax benefits. For the period ended june 30, 2021,there were no interest or penalties recorded and included in the these financial statements. The returns for the years ended june 30,2018 and beyond remain subject to examination.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Ppp debt forgiveness 186,428. Loss on disposal -22.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Capital outlay 65,190. Increase in pension liability 76,460.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Depreciation 88,397. Compensated absences 3,640.”

Raw XML AppendixShowing 400 of 563 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/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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IRS990/FormationYr02017
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IRS990/MissionDesc0CHATTANOOGA PREP IS AN ALL-BOYS PUBLIC CHARTER SCHOOL WITH A MISSION TO ENGAGE YOUNG MEN IN A RIGOROUS YET SUPPORTIVE LEARNING ENVIRONMENT THAT NURTURES RESILIENCE, PROMOTES ACADEMIC EXCELLENCE, INSPIRES LEADERSHIP, AND PREPARES CRITICAL THINKERS. CHATTANOOGA PREP WELCOMED ITS FIRST CLASS OF 66 SIXTH GRADERS IN AUGUST 2018 AND WILL GROW TO SERVE 350 YOUNG MEN IN GRADES 6-12 OVER THE NEXT SEVEN YEARS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/OfficeExpensesGrp/FundraisingAmt01036
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt02476
IRS990/OfficeExpensesGrp/TotalAmt03512
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherAssetsTotalGrp/BOYAmt0155003
IRS990/OtherAssetsTotalGrp/EOYAmt0230508
IRS990/OtherChangesInNetAssetsAmt0-69998
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt02930
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS A NONPROFIT ORGANIZATION THAT IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE INTERNAL REVENUE CODE AND CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION AND IS SIMILARLY EXEMPT FROM STATE INCOME TAXES. THE SCHOOL FOLLOWS THE REQUIREMENTS OF PROFESSIONAL LITERATURE REGARDING UNCERTAIN TAX POSITIONS TAKEN FOR TAX RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED. THE SCHOOL DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS AND ACCORDINGLY, IT WILL NOT RECOGNIZE ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. FOR THE PERIOD ENDED JUNE 30, 2021,THERE WERE NO INTEREST OR PENALTIES RECORDED AND INCLUDED IN THE THESE FINANCIAL STATEMENTS. THE RETURNS FOR THE YEARS ENDED JUNE 30,2018 AND BEYOND REMAIN SUBJECT TO EXAMINATION.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1PPP DEBT FORGIVENESS 186,428. LOSS ON DISPOSAL -22.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2CAPITAL OUTLAY 65,190. INCREASE IN PENSION LIABILITY 76,460.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3DEPRECIATION 88,397. COMPENSATED ABSENCES 3,640.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2PART XII, LINE 2D - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3PART XII, LINE 4B - OTHER ADJUSTMENTS:
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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$2,356,561
Liabilities
$151,815
Net assets
$2,204,746
Revenue
$3,704,866
Expenses
$3,676,918
Net income
$27,948
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.62$0.61$4.02$11.0$9.39$1.61
2023Detailed filing. Detailed filing data is available for this year.$3.01$0.36$2.66$6.67$7.32$0.64
2022Detailed filing. Detailed filing data is available for this year.$3.88$0.65$3.24$6.25$5.21$1.03
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.36$0.15$2.20$3.70$3.68$0.03
2020Detailed filing. Detailed filing data is available for this year.$2.59$0.35$2.25$3.03$2.82$0.21
2019Detailed filing. Detailed filing data is available for this year.$2.11$0.08$2.04$2.27$2.02$0.25
2018Detailed filing. Detailed filing data is available for this year.$1.87$0.08$1.79$2.10$0.32$1.79