Civic Intelligence

Friends of New World Prep Inc

EIN 83-2051523 • 501(c)3 • Staten Island, NY

Profile

Our mission is to support the educational purposes of new world preparatory charter school by acquiring, leasing, constructing, renovating and maintaining real estate and other facilities for the use of the students and faculty of new world preparatory charter school. And by undertaking or funding other activities and services that enhance, augment and complement new world preparatory chart school's educational programs and activities.

26 Sharpe AvenueStaten Island, NY 10302

n/A

Siviq Scores

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

Liabilities / Assets

74th percentile

0.81x

Higher debt load relative to assets than 74% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

98th percentile

26.41x

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

NTEE B • $50M-$100M nonprofits • Source year 2024

Net Margin

90th percentile

42%

Higher net margin than 90% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

13th percentile

$0

Higher top officer pay than 13% of similar nonprofits.

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

NTEE B • $50M-$100M nonprofits • Source year 2024

Asset Growth

48th percentile

3.1%

Faster asset growth than 48% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

3rd percentile

-62%

Faster revenue growth than 3% of similar nonprofits.

NTEE B • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets74th percentile

Assets

Up

$73,781,458

Up $2,240,281 (+3.1%) from 2023

Liabilities

Up

$59,429,984

Up $1,301,591 (+2.2%) from 2023

Net Assets

Up

$14,351,474

Up $938,690 (+7.0%) from 2023

Operations
Liabilities / Revenue98th percentileNet Margin90th percentile

Revenue

Down

$2,250,120

Down $3,693,687 (-62%) from 2023

Expenses

Up

$1,311,430

Up $258,486 (+25%) from 2023

Net Income

Down

$938,690

Down $3,952,173 (-81%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth48th percentile

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

$80M$60M$40M$20M$0Assets 2019: $3,690,715Liabilities 2019: $3,690,715Net Assets 2019: $02019Assets 2020: $4,723,539Liabilities 2020: $4,393,137Net Assets 2020: $330,4022020Assets 2021: $64,103,072Liabilities 2021: $59,569,751Net Assets 2021: $4,533,3212021Assets 2022: $66,670,232Liabilities 2022: $58,148,311Net Assets 2022: $8,521,9212022Assets 2023: $71,541,177Liabilities 2023: $58,128,393Net Assets 2023: $13,412,7842023Assets 2024: $73,781,458Liabilities 2024: $59,429,984Net Assets 2024: $14,351,4742024

Highlighted filing

2024

Assets$73,781,458
Liabilities$59,429,984
Net Assets$14,351,474
Open 2024 Filing

Operations Trend

Revenue Growth3rd percentile

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

$6.0M$4.0M$2.0M$0Revenue 2019: $0Expenses 2019: $0Net Income 2019: $02019Revenue 2020: $375,000Expenses 2020: $44,598Net Income 2020: $330,4022020Revenue 2021: $4,247,091Expenses 2021: $44,172Net Income 2021: $4,202,9192021Revenue 2022: $4,092,380Expenses 2022: $103,780Net Income 2022: $3,988,6002022Revenue 2023: $5,943,807Expenses 2023: $1,052,944Net Income 2023: $4,890,8632023Revenue 2024: $2,250,120Expenses 2024: $1,311,430Net Income 2024: $938,6902024

Highlighted filing

2024

Revenue$2,250,120
Expenses$1,311,430
Net Income$938,690
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$73,781,458
Liabilities
$59,429,984
Net assets
$14,351,474
Revenue
$2,250,120
Expenses
$1,311,430
Net income
$938,690
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$73.8$59.4$14.4$2.25$1.31$0.94
2023Detailed filing. Detailed filing data is available for this year.$71.5$58.1$13.4$5.94$1.05$4.89
2022Detailed filing. Detailed filing data is available for this year.$66.7$58.1$8.52$4.09$0.10$3.99
2021Detailed filing. Detailed filing data is available for this year.$64.1$59.6$4.53$4.25$0.04$4.20
2020Detailed filing. Detailed filing data is available for this year.$4.72$4.39$0.33$0.38$0.04$0.33
2019Detailed filing. Detailed filing data is available for this year.$3.69$3.69$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 15, 2025
Return Version
2023v6.0
Gross Receipts
$2,250,120
Mission and Program Overview

Mission

Our mission is to support the educational purposes of new world preparatory charter school by acquiring, leasing, constructing, renovating and maintaining real estate and other facilities for the use of the students and faculty of new world preparatory charter school. And by undertaking or funding other activities and services that enhance, augment and complement new world preparatory chart school's educational programs and activities.

Our mission is to support the educational purposes of new world preparatory charter school by acquiring, leasing, constructing, renovating and maintaining real estate and other facilities for the use of the students and faculty of new world preparatory charter school. And by undertaking or funding other activities and services that enhance, augment and complement new world preparatory charter school's educational programs and activities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,780,196$2,755,598▼ $24,598
Intangible Assets$1,935,533$1,876,880▼ $58,653
Savings and Temporary Cash Investments-$150,659-
Cash and Non-Interest-Bearing Accounts$1,899,631$1,000▼ $1,898,631
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$71,541,177$73,781,458▲ $2,240,281
Other Assets Total$64,925,817$68,997,321▲ $4,071,504
Liabilities
Tax Exempt Bond Liabilities$55,614,748$54,733,998▼ $880,750
Other Liabilities$2,448,961$4,660,986▲ $2,212,025
Accounts Payable and Accrued Expenses$64,684$35,000▼ $29,684
Total Liabilities$58,128,393$59,429,984▲ $1,301,591
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$13,412,784$14,351,474▲ $938,690
Total Net Assets Fund Balance$13,412,784$14,351,474▲ $938,690
Total Liabilities and Net Assets / Fund Balance$71,541,177$73,781,458▲ $2,240,281

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,919,232-$1,919,232
Buildings$836,366$122,990$959,356
Other Assets Org$8,532,962--
Compensation and Service Providers
Top Officer Pay13th percentile

Board Members and Trustees

NameTitle
Colleen SorrentinoBoard President
Larry MiraldiVice President
Henry SalmonTrustee
Terry TroiaSecretary
Angelo AponteTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,077,426
Investment Income
$1,172,694
Other Revenue
$0
Change in Net Assets
$938,690
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,311,430
Total Fundraising Expense$120,000
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$1,004,002$73,424-$1,077,426
Fees for Services Other--$120,000$120,000
Interest$58,653--$58,653
Depreciation Depletion$24,598--$24,598
Fees for Services Management$20,000--$20,000
Fees for Services Accounting$10,000--$10,000
Office Expenses$753--$753
Total Functional Expenses$1,118,006$73,424$120,000$1,311,430
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
Construction costs payable$3,182,022
Operating lease liabilities$1,428,964
Refundable advances$50,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
CBuild Nyc Resource Corp2021-06-15$19,155,000ACQ./CONST. SCHOOL BLDG
BBuild Nyc Resource Corp2021-06-15$12,940,000ACQ./CONST. SCHOOL BLDG
DBuild Nyc Resource Corp2021-06-15$12,790,000ACQ./CONST. SCHOOL BLDG
ABuild Nyc Resource Corp2021-06-15$6,275,000ACQ./CONST. SCHOOL BLDG

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$20,540,798--$410,104
B$13,876,164--$277,042
D$13,715,312--$273,831
A$6,728,974--$134,346
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
Yes
Other officer compensation reviewed
Yes
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 B, Line 11B

“THE TAX RETURNS ARE prepared by accountants and REVIEWED BY THE BOARD MEMBERS.”

Form 990, Part VI, Section C, Line 18

“All financial statements and tax returns are open for public inspection upon request.”

Form 990, Part VI, Section C, Line 19

“Governing documents, organizational policies and financial statements will be made availble for public inspection upon request.”

Filing and Contact Details

Filer

Filer Name
Friends of New World Prep Inc
EIN
83-2051523
Phone
7187058990
Address
26 SHARPE AVENUE, STATEN ISLAND, NY 10302

Signing Officer

Name
Angelo Aponte
Title
Treasurer
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Angelo Aponte
Formed
2018
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

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

“TAX STATUSThe Organization is tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported organization 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 the organization 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.The Organization is no longer subject to income tax examination by federal, state or local tax authorities for years before June 30, 2021.”

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IRS990ScheduleD/OtherAssetsOrgGrp/Desc1DEFERRED RENT RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Due from related party
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3OPerating leases
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4restricted reserves and debt service
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Operating lease liabilities
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Refundable advances
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0TAX STATUSThe Organization is tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported organization 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 the organization 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.The Organization is no longer subject to income tax examination by federal, state or local tax authorities for years before June 30, 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0USE OF SERIES 2021 BOND PROCEEDSPROCEEDS DERIVED FROM THE SALE OF THE SERIES 2021 BONDS WILL BE USED BY THE INSTITUTIONS FOR THE PURPOSE OF FINANCING OR REFINANCING A PORTION OF: (1) THE ACQUISITION OF PARCELS OF LAND TOTALING APPROXIMATELY 1.38 ACRES LOCATED AT 19 TREADWELL AVENUE, 26 SHARPE AVENUE AND 2230 RICHMOND TERRACE, STATEN ISLAND, NY AND THE FIVE BUILDINGS AND IMPROVEMENTS THEREON; (2) THE DEMOLITION OF FOUR OF SUCH BUILDINGS THEREON, WITH THE FOLLOWING SQUARE FOOTAGE: A CHURCH BUILDING CONSISTING OF APX 5700 GSF, A GYMNASIUM/CAFETERIA BUILDING CONSISTING OF APX. 8200 GSF AND AN OFFICE BUILDING CONSISTING OF APX. 9600 GSF; (3) THE DESIGN CONSTRUCTION, RENOVATION, EQUIPPING AND FURNISHING OF APX. 91,300 GSF THREE-STOREY (PLUS BASEMENT LEVEL) BUILDING, CONSISTING OF THE EXISTING BUILDING AT 26 SHARPE AVENUE, AND A NEW 17,300 GSF ADDITION OF RENOVATION AND IMPROVEMENT THERETO, ALL FOR GENERAL CLASSROOM AND ADMINISTRATIVE USE, TOGETHER WITH 37,700 GSF OF RELATED SITE IMPROVEMENTS (COLLECTIVELY, THE "FACILITY"). THE FACILITY IS LEASED TO A PUBLIC CHARTER SCHOOL PROVIDING EDUCATIONAL SERVICES TO STUDENTS IN KINDERGARTEN THROUGH GRADE 8 (4) FUNDING DEBT SERVICE RESERVE FUNDS AND CAPPITALIZED INTEREST; AND (5) PAYING FOR CERTAIN COSTS RELATED TO THE ISSUANCE OF THE SERIES 2021 BONDS.THE BOND PROCEEDS INCLUDE BOND PREMIUM OF 3,701,247.70 THAT IS BEING AMORTIZED OVER THE TERM OF THE RELATED BONDS.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0BUILD NYC RESOURCE CORP
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1BUILD NYC RESOURCE CORP
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt2BUILD NYC RESOURCE CORP
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt3BUILD NYC RESOURCE CORP
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