New Beginnings Family Academy Inc
- Assets
- $6.9m
- Revenue
- $8.1m
- Investments
- $0.0
- Employees
- 135
- Location
- Bridgeport, CT
- Founding
- 03/2002
- Data as of
- 06/2021
- EIN
- 06-1578214
Organization Overview
New Beginnings Family Academy Inc is located in Bridgeport, CT. The organization was established in 2002. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, New Beginnings Family Academy Inc employed 135 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Beginnings Family Academy Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, New Beginnings Family Academy Inc generated $8.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $7.4m during the year ending 06/2021. While expenses have increased by 2.2% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NEW BEGINNINGS FAMILY ACADEMY PROVIDES ITS STUDENTS A MEANINGFUL, HIGH-QUALITY EDUCATION THROUGH EXPERIENCE-BASED LEARNING THAT HELPS DEVELOP ESSENTIAL SOCIAL, EMOTIONAL AND CRITICAL-THINKING SKILLS. THIS GIVES ALL CHILDREN A FOUNDATION TO ACHIEVE THEIR FULL POTENTIAL AT EVERY STAGE OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A CHARTER SCHOOL PROVIDING FULL DAY PRE-K, KINDERGARTEN AND GRADES 1-8.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronelle P Swagerty CEO | Officer | 37.5 | $165,153 |
Luis Cartagena COO & CFO | Officer | 37.5 | $98,495 |
Donald Foley President | OfficerTrustee | 4 | $0 |
David Schlakman Vice President | OfficerTrustee | 4 | $0 |
Mylena Teixeira Treasurer/secretary | OfficerTrustee | 4 | $0 |
Lashea Hall Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loretta Lacasse It Services | 6/29/21 | $133,288 |
Castro's Construction Llc Construction Services | 6/29/21 | $128,049 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,484,414 |
| All other contributions, gifts, grants, and similar amounts not included above | $607,561 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,091,975 |
| Total Program Service Revenue | $0 |
| Investment income | $2,955 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $29,948 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,124,878 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $438,273 |
| Compensation of current officers, directors, key employees. | $299,898 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,071,486 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $875,080 |
| Payroll taxes | $260,068 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,478 |
| Fees for services: Accounting | $32,449 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $141,551 |
| Advertising and promotion | $0 |
| Office expenses | $300,409 |
| Information technology | $109,671 |
| Royalties | $0 |
| Occupancy | $300,452 |
| Travel | $180 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $949 |
| Interest | $64,695 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $482,314 |
| Insurance | $66,795 |
| All other expenses | $0 |
| Total functional expenses | $7,371,170 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,967,484 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $57,398 |
| Accounts receivable, net | $7,529 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $229,009 |
| Net Land, buildings, and equipment | $4,520,206 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $133,059 |
| Total assets | $6,914,685 |
| Accounts payable and accrued expenses | $699,821 |
| Grants payable | $0 |
| Deferred revenue | $197,528 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,045,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $97,728 |
| Total liabilities | $3,040,077 |
| Net assets without donor restrictions | $3,219,391 |
| Net assets with donor restrictions | $655,217 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,914,685 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that New Beginnings Family Academy Inc has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Newcity Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Our World Neighborhood Charter School Astoria, NY | $8,035,800 | $19,394,981 |
Zeta Charter Schools - New York City Bronx, NY | $8,294,050 | $24,042,847 |
Tapestry Charter School Buffalo, NY | $42,673,326 | $19,036,142 |
Riverton Street Charter School Jamaica, NY | $876,028 | $18,020,045 |
Community Partnership Charter School Brooklyn, NY | $6,697,823 | $17,421,510 |
New World Preparatory Charter School Staten Island, NY | $11,039,877 | $15,891,688 |
Goodwin College Magnet Schools Inc East Hartford, CT | $5,402,152 | $17,501,870 |
Achievement First Hartford Academy Inc New Haven, CT | $6,951,433 | $17,053,937 |
Bedford Stuyvesant New Beginnings Charter School Brooklyn, NY | $7,126,356 | $16,606,341 |
Challenge Preparatory Charter School Far Rockaway, NY | $9,906,286 | $17,577,725 |
Voice Charter School Of New York Long Island City, NY | $8,980,851 | $16,324,260 |
Williamsburg Charter School Brooklyn, NY | $19,883,143 | $18,075,301 |