Civic Intelligence

Friends of Valence Prep Inc

EIN 85-3616971 • 501(c)3 • Queens, NY

Profile

See schedule othe organization was established to provide financial and technical support to, and further the educational and charitable purposes of valence college prep charter school in the state of new york

97-29 64th RdQueens, NY 11374

www.valencecollegeprep.org

Siviq Scores

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

Liabilities / Assets

85th percentile

0.99x

Higher debt load relative to assets than 85% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

13.28x

Higher debt load relative to revenue than 94% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Net Margin

52nd percentile

5.8%

Higher net margin than 52% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

NTEE B • $25M-$50M nonprofits • Source year 2024

Asset Growth

36th percentile

0.3%

Faster asset growth than 36% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

37th percentile

2.9%

Faster revenue growth than 37% of similar nonprofits.

NTEE B • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$46,244,872

Up $145,428 (+0.3%) from 2023

Liabilities

Down

$45,555,532

Down $127,232 (-0.3%) from 2023

Net Assets

Up

$689,340

Up $272,660 (+65%) from 2023

Operations
Liabilities / Revenue94th percentileNet Margin52nd percentile

Revenue

Up

$3,430,406

Up $97,947 (+2.9%) from 2023

Expenses

Up

$3,232,588

Up $114,283 (+3.7%) from 2023

Net Income

Down

$197,818

Down $16,336 (-7.6%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth36th percentile

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

$60M$40M$20M$0Assets 2022: $1,442,930Liabilities 2022: $1,235,404Net Assets 2022: $207,5262022Assets 2023: $46,099,444Liabilities 2023: $45,682,764Net Assets 2023: $416,6802023Assets 2024: $46,244,872Liabilities 2024: $45,555,532Net Assets 2024: $689,3402024

Highlighted filing

2024

Assets$46,244,872
Liabilities$45,555,532
Net Assets$689,340
Open 2024 Filing

Operations Trend

Revenue Growth37th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2022: $3,132,834Expenses 2022: $2,925,308Net Income 2022: $207,5262022Revenue 2023: $3,332,459Expenses 2023: $3,118,305Net Income 2023: $214,1542023Revenue 2024: $3,430,406Expenses 2024: $3,232,588Net Income 2024: $197,8182024

Highlighted filing

2024

Revenue$3,430,406
Expenses$3,232,588
Net Income$197,818
Open 2024 Filing

Filings

Most recent year

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

Open filing
Assets
$46,244,872
Liabilities
$45,555,532
Net assets
$689,340
Revenue
$3,430,406
Expenses
$3,232,588
Net income
$197,818
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$46.2$45.6$0.69$3.43$3.23$0.20
2023Detailed filing. Detailed filing data is available for this year.$46.1$45.7$0.42$3.33$3.12$0.21
2022Detailed filing. Detailed filing data is available for this year.$1.44$1.24$0.21$3.13$2.93$0.21
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Apr 25, 2025
Return Version
2023v6.0
Gross Receipts
$3,430,406
Mission and Program Overview

Mission

The organization was established to provide financial and technical support to, and further the educational and charitable purposes of valence college prep charter school in the state of new york

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$159,209$278,497▲ $119,288
Prepaid Expenses and Deferred Charges$164,363--
Total Assets$46,099,444$46,244,872▲ $145,428
Other Assets Total$45,775,872$45,966,375▲ $190,503
Liabilities
Other Liabilities$45,681,714$45,531,870▼ $149,844
Accounts Payable and Accrued Expenses$1,050$23,662▲ $22,612
Total Liabilities$45,682,764$45,555,532▼ $127,232
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$416,680$689,340▲ $272,660
Total Net Assets Fund Balance$416,680$689,340▲ $272,660
Total Liabilities and Net Assets / Fund Balance$46,099,444$46,244,872▲ $145,428

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$3,501,832--
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Luke De GrossiChair
Angela GuerreroSecretary
Besk PryorTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$3,430,406
Change in Net Assets
$197,818
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,232,588
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$2,768,423--$2,768,423
Fees for Services Other$149,718--$149,718
Fees for Services Legal-$30,650-$30,650
Other Expenses$27,090$79-$79
All Other Expenses-$23-$23
Total Functional Expenses$3,201,836$30,752$0$3,232,588
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
Operating Leases Payable - Long-term$45,531,870
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
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
No
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

“Management reviewed a draft of the form 990 and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the irs.”

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

“Directors, officers and key persons shall disclose in good faith all material facts of any financial interest, potential related party transaction or other potential conflict of interest to the board for its review. Any director, officer or key person involved in such matter shall leave the room in which deliberations are conducted and shall not vote, act or attempt to influence improperly the deliberations on such matter. Any financial interest, related party transaction or other conflict of interest shall be approved by not less than a majority vote of the remaining board members present and voting at the meeting”

Form 990, Part VI, Section C, Line 19

“Documents available upon request.”

Filing and Contact Details

Filer

Filer Name
Friends of Valence Prep Inc
EIN
85-3616971
Phone
6468548414
Address
97-29 64TH RD, QUEENS, NY 11374

Signing Officer

Name
Luke De Grossi
Title
Board Chair
Phone
6468548414
Signed
2025-04-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Luke De Grossi
Formed
2021
Legal Domicile
Ny
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Sax Llp
Address
1040 AVENUE OF THE AMERICAS-16TH FL, NEW YORK, NY 10018
Preparer
Marqus White
Phone
2126857000
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The organization does not believe its financial statements include any material, uncertain tax positions. Tax filings for periods ending june 30, 2022, the organization's initial filing, and later are subject to examination by applicable taxing authorities.”

Raw XML Appendix310 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.

Path#Value
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT REVIEWED A DRAFT OF THE FORM 990 AND PROVIDED EDITS TO THE TAX PREPARER. AFTER THIS PROCESS WAS PERFORMED, THE FORM 990 WAS SENT TO THE FULL BOARD OF DIRECTORS PRIOR TO BEING FILED WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1DIRECTORS, OFFICERS AND KEY PERSONS SHALL DISCLOSE IN GOOD FAITH ALL MATERIAL FACTS OF ANY FINANCIAL INTEREST, POTENTIAL RELATED PARTY TRANSACTION OR OTHER POTENTIAL CONFLICT OF INTEREST TO THE BOARD FOR ITS REVIEW. ANY DIRECTOR, OFFICER OR KEY PERSON INVOLVED IN SUCH MATTER SHALL LEAVE THE ROOM IN WHICH DELIBERATIONS ARE CONDUCTED AND SHALL NOT VOTE, ACT OR ATTEMPT TO INFLUENCE IMPROPERLY THE DELIBERATIONS ON SUCH MATTER. ANY FINANCIAL INTEREST, RELATED PARTY TRANSACTION OR OTHER CONFLICT OF INTEREST SHALL BE APPROVED BY NOT LESS THAN A MAJORITY VOTE OF THE REMAINING BOARD MEMBERS PRESENT AND VOTING AT THE MEETING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DOCUMENTS AVAILABLE UPON REQUEST.
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum06468548414
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-04-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FRIENDS OF VALENCE PREP INC
ReturnHeader/Filer/BusinessNameControlTxt0FRIE
ReturnHeader/Filer/EIN0853616971
ReturnHeader/Filer/PhoneNum06468548414
ReturnHeader/Filer/USAddress/AddressLine1Txt097-29 64TH RD
ReturnHeader/Filer/USAddress/CityNm0QUEENS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd011374
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0812950760
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SAX LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01040 AVENUE OF THE AMERICAS-16TH FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010018
ReturnHeader/PreparerPersonGrp/PhoneNum02126857000
ReturnHeader/PreparerPersonGrp/PreparationDt02025-04-21
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MARQUS WHITE
ReturnHeader/ReturnTs02025-04-25T11:00:24-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

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