Civic Intelligence

Folsom Prep Academy

990 • Fiscal year 2022 • EIN 84-2257483

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 30, 2022

Organization Profilewww.folsomprep.com
650 Willard DrFolsom, CA 95630

(916) 353-0185

Siviq Scores

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

Liabilities / Assets

48th percentile

0.05x

Higher debt load relative to assets than 48% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

27th percentile

0.01x

Higher debt load relative to revenue than 27% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

70th percentile

19%

Higher net margin than 70% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

58th percentile

$76,337

Higher top officer pay than 58% of similar nonprofits.

Top officer pay equals 3.6% of source-year revenue.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2022

Asset Growth

89th percentile

57%

Faster asset growth than 89% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2022

Revenue Growth

77th percentile

37%

Faster revenue growth than 77% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2022

Balance Sheet
Liabilities / Assets48th percentile

Assets

Up

$477,095

Up $282,731 (+145%) from 2020

Net Assets

Up

$450,920

Up $436,430 (+3012%) from 2020

Liabilities

Down

$26,175

Down $153,699 (-85%) from 2020

Revenue And Expenses
Liabilities / Revenue27th percentileNet Margin70th percentile

Revenue

Up

$2,098,970

Up $988,041 (+89%) from 2020

Expenses

Up

$1,690,675

Up $594,236 (+54%) from 2020

Net Income

Up

$408,295

Up $393,805 (+2718%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$800K$600K$400K$200K$0Assets 2020: $194,364Liabilities 2020: $179,874Net Assets 2020: $14,4902020Assets 2022: $477,095Liabilities 2022: $26,175Net Assets 2022: $450,9202022Assets 2023: $654,351Liabilities 2023: $11,111Net Assets 2023: $643,2402023Assets 2024: $788,081Liabilities 2024: $13,125Net Assets 2024: $774,9562024Assets 2025: $759,718Liabilities 2025: $4,724Net Assets 2025: $754,9942025

Highlighted filing

2022

Assets$477,095
Liabilities$26,175
Net Assets$450,920
Open 2022 Filing

Operations Trend

Revenue Growth77th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2020: $1,110,929Expenses 2020: $1,096,439Net Income 2020: $14,4902020Revenue 2022: $2,098,970Expenses 2022: $1,690,675Net Income 2022: $408,2952022Revenue 2023: $2,154,365Expenses 2023: $1,962,045Net Income 2023: $192,3202023Revenue 2024: $2,191,148Expenses 2024: $2,059,432Net Income 2024: $131,7162024Revenue 2025: $2,160,626Expenses 2025: $2,180,588Net Income 2025: -$19,9622025

Highlighted filing

2022

Revenue$2,098,970
Expenses$1,690,675
Net Income$408,295
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 30, 2022
Return Version
2021v4.1
Gross Receipts
$2,098,970
Mission and Program Overview

Mission

Folsom Prep Academy is renowned for providing academic excellence in K-5 grade levels while also developing necessary leadership and life skills in our students. Using an enriched and diverse curriculum, our teachers place personalized attention on every child, instill in them critical skills to excel to their full potential, and develop them to become compassionate, confident, and creative student leaders for the 21st century.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$170,705$412,141▲ $241,436
Land, Buildings, and Equipment, Net$8,659$38,232▲ $29,573
Prepaid Expenses and Deferred Charges$2,598$0▼ $2,598
Intangible Assets-$1,977-
Accounts Receivable-$1,745-
Savings and Temporary Cash Investments-$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-
Total Assets$204,962$477,095▲ $272,133
Other Assets Total$23,000$23,000→ $0
Liabilities
Unsecured Notes Loans Payable$157,558--
Accounts Payable and Accrued Expenses$4,779$26,175▲ $21,396
Total Liabilities$162,337$26,175▼ $136,162
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$42,625$450,920▲ $408,295
Total Net Assets Fund Balance$42,625$450,920▲ $408,295
Total Liabilities and Net Assets / Fund Balance$204,962$477,095▲ $272,133

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$38,232$9,012$47,244
Compensation and Service Providers
Top Officer Pay58th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Candis MurawskiDirectorFT$76,337$76,337
Andrew SmithDirectorFT$69,272$69,272
Melissa YatesDirectorFT$54,579$54,579
Karen MayerDirectorFT$51,234$51,234

Board Members and Trustees

NameTitle
Rebecca NeilonPresident
Anjali RaoVice President
Gowan JoslinDirector
Jaya BadigaDirector
Jennifer LoganDirector
Priya BalakrishnanDirector
Shahnaz JoslinDirector
Chukwunenye NnebeSecretary
Jason RamosTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$25,643
Program Service Revenue
$2,073,327
Investment Income
$0
Other Revenue
$0
All Other Contributions
$25,643
Change in Net Assets
$408,295
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$892,962
Other Expenses$797,713
Total Fundraising Expense$14,001
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$543,009--$543,009
Occupancy$336,389$37,377-$373,766
Current Officers, Directors, Trustees, and Key Employees$251,422--$251,422
All Other Expenses$63,627$14,396$14,001$92,024
Payroll Taxes$65,346--$65,346
Insurance$34,778--$34,778
Other Employee Benefits$33,185--$33,185
Other Expenses$30,779$25,461-$25,461
Office Expenses$5,772$8,245-$14,017
Fees for Services Legal$8,890$2,963-$11,853
Information Technology$9,094--$9,094
Advertising$8,394--$8,394
Depreciation Depletion$7,405--$7,405
Total Functional Expenses$1,588,232$88,442$14,001$1,690,675
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et

“Erick Watkins and Leah Watkins are spouses.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 provided to management and board of directors for review in advance of filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Conflict of interest is reevaluated by the organization and documented annually. Officers, directors, trustees, and key employees are required to report any intra-year changes in conflicts once known.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Board of directors reviews compensation of top management prior to approval of compensation adjustments on a fiscal year basis.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Board of directors reviews compensation of key employees prior to approval of compensation adjustments on a fiscal year basis.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Folsom Prep Academy
EIN
84-2257483
Phone
9163530185
Address
650 Willard Dr, Folsom, CA 95630

Signing Officer

Name
Rebecca Neilon
Title
President
Signed
2022-11-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Rebecca Neilon
Formed
2019
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
5
Employees
12

Preparer

Firm
Marshall D Gunn III CPA Firm PLLC
Address
10755 John Randolph Dr, Jacksonville, FL 32257
Preparer
Marshall D Gunn III CPA
Phone
9042038351
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IRS990/MissionDesc0Folsom Prep Academy is renowned for providing academic excellence in K-5 grade levels while also developing necessary leadership and life skills in our students. Using an enriched and diverse curriculum, our teachers place personalized attention on every child, instill in them critical skills to excel to their full potential, and develop them to become compassionate, confident, and creative student leaders for the 21st century.
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IRS990/NetAssetsOrFundBalancesBOYAmt042625
IRS990/NetAssetsOrFundBalancesEOYAmt0450920
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt042625
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0450920
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IRS990/OccupancyGrp/ManagementAndGeneralAmt037377
IRS990/OccupancyGrp/ProgramServicesAmt0336389
IRS990/OccupancyGrp/TotalAmt0373766
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt08245
IRS990/OfficeExpensesGrp/ProgramServicesAmt05772
IRS990/OfficeExpensesGrp/TotalAmt014017
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt023000
IRS990/OtherAssetsTotalGrp/EOYAmt023000
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt033185
IRS990/OtherEmployeeBenefitsGrp/TotalAmt033185
IRS990/OtherExpensesGrp/Desc0Returns and Allowances
IRS990/OtherExpensesGrp/Desc1Educational Supplies
IRS990/OtherExpensesGrp/Desc2Repairs and Maintenance
IRS990/OtherExpensesGrp/Desc3Office Equipment
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt025461
IRS990/OtherExpensesGrp/ProgramServicesAmt0139985
IRS990/OtherExpensesGrp/ProgramServicesAmt150157
IRS990/OtherExpensesGrp/ProgramServicesAmt230779
IRS990/OtherExpensesGrp/TotalAmt0139985
IRS990/OtherExpensesGrp/TotalAmt150157
IRS990/OtherExpensesGrp/TotalAmt230779
IRS990/OtherExpensesGrp/TotalAmt325461
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0543009
IRS990/OtherSalariesAndWagesGrp/TotalAmt0543009
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt065346
IRS990/PayrollTaxesGrp/TotalAmt065346
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt02598
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Rebecca Neilon
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/Desc0Education
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt02073327
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02073327
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt027538
IRS990/PYExcessBenefitTransInd0false
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt0666450
IRS990/PYProgramServiceRevenueAmt01609744
IRS990/PYRevenuesLessExpensesAmt028135
IRS990/PYSalariesCompEmpBnftPaidAmt0942697
IRS990/PYTotalExpensesAmt01609147
IRS990/PYTotalRevenueAmt01637282
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0408295
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt02073328
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/BookValueAmt038232
IRS990ScheduleD/EquipmentGrp/DepreciationAmt09012
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt047244
IRS990ScheduleD/TotalBookValueLandBuildingsAmt038232
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Erick Watkins and Leah Watkins are spouses.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Form 990 provided to management and board of directors for review in advance of filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Conflict of interest is reevaluated by the organization and documented annually. Officers, directors, trustees, and key employees are required to report any intra-year changes in conflicts once known.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Board of directors reviews compensation of top management prior to approval of compensation adjustments on a fiscal year basis.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Board of directors reviews compensation of key employees prior to approval of compensation adjustments on a fiscal year basis.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0204962
IRS990/TotalAssetsEOYAmt0477095
IRS990/TotalAssetsGrp/BOYAmt0204962
IRS990/TotalAssetsGrp/EOYAmt0477095
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt025643
IRS990/TotalEmployeeCnt012
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt014001
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt088442
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01588232
IRS990/TotalFunctionalExpensesGrp/TotalAmt01690675
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0162337
IRS990/TotalLiabilitiesEOYAmt026175
IRS990/TotalLiabilitiesGrp/BOYAmt0162337
IRS990/TotalLiabilitiesGrp/EOYAmt026175
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt042625

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$477,095
Liabilities
$26,175
Net assets
$450,920
Revenue
$2,098,970
Expenses
$1,690,675
Net income
$408,295
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$0.76$0.00$0.75$2.16$2.18$0.02
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.79$0.01$0.77$2.19$2.06$0.13
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.65$0.01$0.64$2.15$1.96$0.19
2022Detailed filing. Detailed filing data is available for this year.$0.48$0.03$0.45$2.10$1.69$0.41
2020Summary only. Only limited summary data is available for this year.$0.19$0.18$0.01$1.11$1.10$0.01
Peer Organizations

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