Civic Intelligence

Providence Preparatory Charter School

990 • Fiscal year 2022 • EIN 85-2193353

Jul 01, 2021 to Jun 30, 2022 • Filed on May 09, 2023

155 Harrison StreetProvidence, RI 02907

(401) 900-1900

Siviq Scores

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

Liabilities / Assets

74th percentile

0.28x

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

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

Liabilities / Revenue

44th percentile

0.06x

Higher debt load relative to revenue than 44% of similar nonprofits.

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

Net Margin

59th percentile

12%

Higher net margin than 59% of similar nonprofits.

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

Top Officer Pay

52nd percentile

$62,500

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

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

Asset Growth

92nd percentile

76%

Faster asset growth than 92% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

699%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Up

$663,816

Up $285,871 (+76%) from 2021

Net Assets

Up

$478,020

Up $369,603 (+341%) from 2021

Liabilities

Down

$185,796

Down $83,732 (-31%) from 2021

Revenue

Up

$3,314,834

Up $2,899,737 (+699%) from 2021

Expenses

Up

$2,922,797

Up $2,616,117 (+853%) from 2021

Net Income

Up

$392,037

Up $283,620 (+262%) from 2021

Historical Trend

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0Assets 2021: $377,945Liabilities 2021: $269,528Net Assets 2021: $108,4172021Assets 2022: $663,816Liabilities 2022: $185,796Net Assets 2022: $478,0202022Assets 2023: $2,120,769Liabilities 2023: $1,261,786Net Assets 2023: $858,9832023Assets 2024: $2,397,871Liabilities 2024: $1,544,904Net Assets 2024: $852,9672024

Highlighted filing

2022

Assets$663,816
Liabilities$185,796
Net Assets$478,020

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2021: $415,097Expenses 2021: $306,680Net Income 2021: $108,4172021Revenue 2022: $3,314,834Expenses 2022: $2,922,797Net Income 2022: $392,0372022Revenue 2023: $4,449,805Expenses 2023: $4,068,842Net Income 2023: $380,9632023Revenue 2024: $5,972,101Expenses 2024: $5,978,117Net Income 2024: -$6,0162024

Highlighted filing

2022

Revenue$3,314,834
Expenses$2,922,797
Net Income$392,037
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 9, 2023
Return Version
2021v4.2
Gross Receipts
$3,314,834
Mission and Program Overview

Mission

The mission of pvd prep is to prepare a diverse group of providence middle school students for college preparatory high schools.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$158,576$373,461▲ $214,885
Accounts Receivable-$119,933-
Pledges and Grants Receivable$26,510$117,877▲ $91,367
Prepaid Expenses and Deferred Charges-$25,069-
Cash and Non-Interest-Bearing Accounts$182,859$17,476▼ $165,383
Total Assets$377,945$663,816▲ $285,871
Other Assets Total$10,000$10,000→ $0
Liabilities
Unsecured Notes Loans Payable$208,852--
Accounts Payable and Accrued Expenses$60,676$185,796▲ $125,120
Total Liabilities$269,528$185,796▼ $83,732
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$108,417$478,020▲ $369,603
Total Net Assets Fund Balance$108,417$478,020▲ $369,603
Total Liabilities and Net Assets / Fund Balance$377,945$663,816▲ $285,871

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$181,328$12,751$194,079
Equipment$120,206$26,887$147,093
Other Land Buildings$71,927$6,844$78,771
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Toby ShepherdHead of SchoolFT$62,500$62,500
Jayar SantosDirectorFT$34,957$34,957

Board Members and Trustees

NameTitle
Chace BaptistaBoard Chair
Shante RossVice Chair
Brittany OrtizDirector
Garry BlissDirector
Irene YibirinDirector
Laura Rijo FlorimonDirector
Luis VargasDirector
Lynn JohnsonDirector
Ted LongSecretary
Peter AsenTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$501,032
Program Service Revenue
$2,813,802
Investment Income
$0
Other Revenue
$0
All Other Contributions
$101,032
Change in Net Assets
$392,037

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,314,834
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,314,834
Total Revenue per Form 990
$3,314,834
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,747,307
Other Expenses$1,175,490
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,142,292$250,747-$1,393,039
Occupancy$191,037$30,885-$221,922
Pension Plan Contributions$154,700$33,959-$188,659
Other Expenses$123,339$27,074-$150,413
Other Employee Benefits$96,480$21,179-$117,659
All Other Expenses$59,278$13,012-$72,290
Fees for Services Accounting$43,481$9,545-$53,026
Payroll Taxes$39,319$8,631-$47,950
Depreciation Depletion$36,079$7,920-$43,999
Advertising$31,832$6,987-$38,819
Information Technology$28,256$6,203-$34,459
Insurance$23,520$5,163-$28,683
Fees for Services Other$14,784$3,245-$18,029
Fees for Services Legal$8,743$1,919-$10,662
Total Functional Expenses$2,438,838$483,959$0$2,922,797

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,922,797
Total Expenses per Audited Statements$2,922,797
Total Expenses per Form 990$2,922,797
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
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 B, Line 11B

Board of directors reviews form 990 before filing.

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

Board of directors submit the annual ethics disclosure with the rhode island ethics commission.

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

The board of directors is directly responsible for determining the compensation of the head of school/executuve director.

Form 990, Part VI, Section C, Line 19

Governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Providence Preparatory Charter School
EIN
85-2193353
Phone
4019001900
Address
155 HARRISON STREET, PROVIDENCE, RI 02907

Signing Officer

Name
Toby Shepherd
Title
Executive Director
Phone
4019001900
Signed
2023-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Toby Shepherd
Formed
2021
Legal Domicile
Ri
Voting Board Members
11
Independent Board Members
11
Employees
21
Volunteers
0

Preparer

Firm
Marcum Llp
Address
155 SOUTH MAIN STREET SUITE 100, PROVIDENCE, RI 02903
Preparer
David Fontaine
Phone
4016004500
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

Process has not changed from the prior year.

Financial Statement Notes

PART X, LINE 2:

Pvd prep qualifies as a tax-exempt organization, under section 501(c)(3) of the internal revenue code. In addition, pvd prep qualifies for the charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization other than a private foundation under section 509(a)(2). Pvd prep is also exempt from rhode island income taxes. However, income from certain activities not directly related to pvd prep's tax-exempt purpose may besubject to taxation as unrelated business income at both the state and federal levels. For the year ended june 30, 2022, pvd prep had no such income. Pvd prep evaluates all significant tax positions as required by gaap. As of june 30, 2022, pvd prep does not believe that it has taken any tax positions that would require the recording of any additional tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. Pvd prep's income tax returns are subject to examination by the appropriate taxing jurisdictions. Pvd prep's federal and state tax returns generally remain open for the last three years. There are currently no examinations pending or in progress.

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IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0117877
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt025069
IRS990/PrincipalOfficerNm0TOBY SHEPHERD
IRS990/PriorPeriodAdjustmentsAmt0-22434
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611110
IRS990/ProgramServiceRevenueGrp/BusinessCd1611110
IRS990/ProgramServiceRevenueGrp/BusinessCd2611110
IRS990/ProgramServiceRevenueGrp/BusinessCd3611710
IRS990/ProgramServiceRevenueGrp/BusinessCd4611110
IRS990/ProgramServiceRevenueGrp/Desc0TUITION STATE AID
IRS990/ProgramServiceRevenueGrp/Desc1OTHER STATE AID
IRS990/ProgramServiceRevenueGrp/Desc2TUITION FROM OTHER DIS
IRS990/ProgramServiceRevenueGrp/Desc3MEDICARE REIMBURSEMENT
IRS990/ProgramServiceRevenueGrp/Desc4STATE AID FOR MEALS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01550019
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1531833
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2508959
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt3118105
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt4104886
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01550019
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1531833
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2508959
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt3118105
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt4104886
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0415097
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0306680
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt0108417
IRS990/PYSalariesCompEmpBnftPaidAmt00
IRS990/PYTotalExpensesAmt0306680
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0415097
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0392037
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt02813802
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt0120206
IRS990ScheduleD/EquipmentGrp/DepreciationAmt026887
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0147093
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02922797
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0181328
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt012751
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0194079
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt071927
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt06844
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt078771
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03314834
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0PVD PREP QUALIFIES AS A TAX-EXEMPT ORGANIZATION, UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. IN ADDITION, PVD PREP QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION OTHER THAN A PRIVATE FOUNDATION UNDER SECTION 509(A)(2). PVD PREP IS ALSO EXEMPT FROM RHODE ISLAND INCOME TAXES. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO PVD PREP'S TAX-EXEMPT PURPOSE MAY BESUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME AT BOTH THE STATE AND FEDERAL LEVELS. FOR THE YEAR ENDED JUNE 30, 2022, PVD PREP HAD NO SUCH INCOME. PVD PREP EVALUATES ALL SIGNIFICANT TAX POSITIONS AS REQUIRED BY GAAP. AS OF JUNE 30, 2022, PVD PREP DOES NOT BELIEVE THAT IT HAS TAKEN ANY TAX POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY ADDITIONAL TAX LIABILITY NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT WOULD EITHER INCREASE OR DECREASE WITHIN THE NEXT TWELVE MONTHS. PVD PREP'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTIONS. PVD PREP'S FEDERAL AND STATE TAX RETURNS GENERALLY REMAIN OPEN FOR THE LAST THREE YEARS. THERE ARE CURRENTLY NO EXAMINATIONS PENDING OR IN PROGRESS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0373461
IRS990ScheduleD/TotalExpensesPerForm990Amt02922797
IRS990ScheduleD/TotalRevenuePerForm990Amt03314834
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03314834
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02922797
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0PROVIDENCE PREPARATORY CHARTER SCHOOL IS COMMITTED TO MAINTAINING A WORK AND LEARNING ENVIRONMENT FREE FROM DISCRIMINATION ON THE BASIS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, PREGNANCY, GENDER IDENTITY, SEXUAL ORIENTATION, MARITAL/CIVIL UNION STATUS, ANCESTRY, PLACE OF BIRTH, AGE, CITIZENSHIP STATUS, VETERAN STATUS, POLITICAL AFFILIATION, GENETIC INFORMATION OR DISABILITY, AS DEFINED AND REQUIRED BY STATE AND FEDERAL LAWS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL RECEIVES FINANCIAL SUPPORT FROM THE STATE OF RHODE ISLAND, RHODE ISLAND DEPARTMENT OF EDUCATION, AND FEDERAL GRANTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD OF DIRECTORS REVIEWS FORM 990 BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD OF DIRECTORS SUBMIT THE ANNUAL ETHICS DISCLOSURE WITH THE RHODE ISLAND ETHICS COMMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS IS DIRECTLY RESPONSIBLE FOR DETERMINING THE COMPENSATION OF THE HEAD OF SCHOOL/EXECUTUVE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0377945
IRS990/TotalAssetsEOYAmt0663816
IRS990/TotalAssetsGrp/BOYAmt0377945
IRS990/TotalAssetsGrp/EOYAmt0663816
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0501032
IRS990/TotalEmployeeCnt021
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0483959

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