Civic Intelligence

Folsom Prep Academy

990 • Fiscal year 2024 • EIN 84-2257483

Jul 01, 2023 to Jun 30, 2024 • Filed on Nov 03, 2024

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

36th percentile

0.02x

Higher debt load relative to assets than 36% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

26th percentile

0.01x

Higher debt load relative to revenue than 26% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

53rd percentile

6.0%

Higher net margin than 53% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

79th percentile

20%

Faster asset growth than 79% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

38th percentile

1.7%

Faster revenue growth than 38% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets36th percentile

Assets

Up

$788,081

Up $133,730 (+20%) from 2023

Net Assets

Up

$774,956

Up $131,716 (+20%) from 2023

Liabilities

Up

$13,125

Up $2,014 (+18%) from 2023

Revenue And Expenses
Liabilities / Revenue26th percentileNet Margin53rd percentile

Revenue

Up

$2,191,148

Up $36,783 (+1.7%) from 2023

Expenses

Up

$2,059,432

Up $97,387 (+5.0%) from 2023

Net Income

Down

$131,716

Down $60,604 (-32%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth79th 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

2024

Assets$788,081
Liabilities$13,125
Net Assets$774,956
Open 2024 Filing

Operations Trend

Revenue Growth38th 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

2024

Revenue$2,191,148
Expenses$2,059,432
Net Income$131,716
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Nov 3, 2024
Return Version
2023v5.1
Gross Receipts
$2,191,148
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
Savings and Temporary Cash Investments-$397,190-
Cash and Non-Interest-Bearing Accounts$601,065$347,528▼ $253,537
Land, Buildings, and Equipment, Net$28,783$19,334▼ $9,449
Intangible Assets$1,503$1,029▼ $474
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$654,351$788,081▲ $133,730
Other Assets Total$23,000$23,000→ $0
Liabilities
Accounts Payable and Accrued Expenses$11,111$13,125▲ $2,014
Total Liabilities$11,111$13,125▲ $2,014
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$643,240$774,956▲ $131,716
Total Net Assets Fund Balance$643,240$774,956▲ $131,716
Total Liabilities and Net Assets / Fund Balance$654,351$788,081▲ $133,730

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$19,334$27,910$47,244
Compensation and Service Providers
Top Officer Pay40th percentile

Board Members and Trustees

NameTitle
Gowan JoslinPresident
Shahnaz JoslinVice President
Jason RamosDirector
Chukwunenye NnebeSecretary
Steve AshfordTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,487
Program Service Revenue
$2,178,519
Investment Income
$9,142
Other Revenue
$0
All Other Contributions
$3,487
Change in Net Assets
$131,716
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,209,522
Other Expenses$849,910
Total Fundraising Expense$9,931
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,079,887--$1,079,887
Occupancy$346,523$38,503-$385,026
All Other Expenses$124,168$24,414$9,931$158,513
Payroll Taxes$88,439--$88,439
Other Employee Benefits$41,196--$41,196
Insurance$37,606--$37,606
Other Expenses$26,715$24,885-$24,885
Fees for Services Legal$15,354$5,118-$20,472
Advertising$19,835--$19,835
Information Technology$16,942--$16,942
Depreciation Depletion$9,923--$9,923
Conferences and Meetings$1,670--$1,670
Total Functional Expenses$1,956,581$92,920$9,931$2,059,432
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, Section A, Line 2

“Erick Watkins and Leah Watkins are spouses.”

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

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

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

“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, Section B, Line 15A

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

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

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

Form 990, Part VI, Section C, Line 19

“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
Gowan Joslin
Title
President
Signed
2024-11-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gowan Joslin
Formed
2019
Legal Domicile
CA
Voting Board Members
5
Independent Board Members
5
Employees
32

Preparer

Firm
Marshall D Gunn III CPA Firm PLLC
Address
14600 Whirlwind Ave Ste 221, Jacksonville, FL 32218
Preparer
Marshall D Gunn III CPA
Phone
9042038351
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IRS990/Desc0Folsom Prep Academy is a non-profit private school serving students in Folsom, California and its surrounding areas. The school is open to all students entering grades kindergarten through fifth utilizing standards-based curricula. Students attending Folsom Prep Academy receive instruction in math, language arts, science, and social studies as well as supplemental enrichment classes. Folsom Prep Academy believes that building leadership skills and character education are also important parts of a child's education and incorporates them into their comprehensive program. As the premier primary-grade educational institution in its community, Folsom Prep Academy successfully prepares all of its students to become contributing members of society and future leaders of the communities in which they live.
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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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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, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section B, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Section B, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0654351
IRS990/TotalAssetsEOYAmt0788081
IRS990/TotalAssetsGrp/BOYAmt0654351
IRS990/TotalAssetsGrp/EOYAmt0788081
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt03487
IRS990/TotalEmployeeCnt032
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt09931
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt092920
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01956581
IRS990/TotalFunctionalExpensesGrp/TotalAmt02059432
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011111
IRS990/TotalLiabilitiesEOYAmt013125
IRS990/TotalLiabilitiesGrp/BOYAmt011111
IRS990/TotalLiabilitiesGrp/EOYAmt013125
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0643240
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0774956
IRS990/TotalProgramServiceExpensesAmt01956581
IRS990/TotalProgramServiceRevenueAmt02178519
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02187661
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02191148
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0654351
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0788081
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0650 Willard Dr
IRS990/USAddress/CityNm0Folsom
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd095630
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0www.folsomprep.com
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Gowan Joslin
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Folsom Prep Academy
ReturnHeader/Filer/BusinessNameControlTxt0FOLS
ReturnHeader/Filer/EIN0842257483
ReturnHeader/Filer/PhoneNum09163530185
ReturnHeader/Filer/USAddress/AddressLine1Txt0650 Willard Dr
ReturnHeader/Filer/USAddress/CityNm0Folsom
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd095630
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0464629627
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Marshall D Gunn III CPA Firm PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt014600 Whirlwind Ave Ste 221
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Jacksonville
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd032218
ReturnHeader/PreparerPersonGrp/PhoneNum09042038351
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Marshall D Gunn III CPA
ReturnHeader/ReturnTs02024-11-04T09:33:06-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$788,081
Liabilities
$13,125
Net assets
$774,956
Revenue
$2,191,148
Expenses
$2,059,432
Net income
$131,716
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
2024Detailed filing. Detailed filing data is available for this year.$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
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$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