Bright Schoolhouse

“Nicholas Morton and Allison Morton, who are both officers, are married. Cynthia Goodman, who is the third officer, is the mother of Allison Morton.”

“This Form 990 was prepared by Nicholas Morton, who is a director, so he has reviewed the Form 990 in detail, both while preparing the 990, as well as upon completion of the 990.”

“Our website, which is no longer functional since the decision to wind-up Bright Schoolhouse was made, stated that governing documents were available for review upon request.”

“We had been planning on opening our doors as a functional K-5 microschool in September 2025 and our leased building was finished and ready to acomodate the opening. However, over the course of 2025 it was recognized that this concept was not going to work and the market would not support it. We are in the process of winding-up the operations of Bright Schoolhouse and we will be permanently closing down in the first half of 2026. In the second half of 2025 we were able to find a replacement tenant that the landlord signed a direct lease with, so Bright Schoolhouse no longer has a lease obligation (we had approximately four years remaining on our lease), although we did have to pay for the replacement tenant's tenant improvement allowance. We were also able to negotiate reduced interest on a loan and then pay off the principal of that loan. Additionally, we sold off all of Bright Schoolhouse's FF&E. These funds, along with significant new funds donated by Nicholas Morton and Allison Morton, who are officers and board members of Bright Schoolhouse, were used to pay off all outstanding liabilities and as of the end of 2025, Bright Schoolhouse has no liabilities and assets of less than $200. Nicholas Morton and Allison Morton have agreed to personally pay any wind-up costs that exceed Bright Schoolhouse's current assets.”

“The -$277,586 in "other changes in net assets or fund balances" included on Line 9 of Part XI is related to the early termination of our lease, as part of the winding-up of Bright Schoolhouse, as more fully described elsewhere in this 990. The -$277,586 is comprised of the following: -$179,682 in "Loss on Leasehold Improvements at Lease Termination" as well as -$97,904 in "Loss on Early Lease Termination." These are more fully described and broken down below: The -$179,682 in "Loss on Leasehold Improvements at Lease Termination" is further broken down into -$164,244 allocated to a loss on the remaining net book value of leasehold improvements that were put in place in 2024 and -$15,438 allocated to a loss on the remaining net book value of leasehold improvements that were put in place in 2023. The -$97,904 in "Loss on Early Lease Termination" is further broken down into -$75,272 in tenant improvement allowance paid to the new tenant that took over our leased space (the landlord was willing to and did sign a new lease directly with this tenant (Cath Consulting LLC), but required us to pay for their tenant improvement allowance as part of the deal allowing us out of our lease). The -$97,904 also includes -$22,632 in leasing commissions, split evenly between the new tenant's broker and our broker.”