Prep For Prep is located in New York, NY. The organization was established in 1968. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. As of 06/2024, Prep For Prep employed 225 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prep For Prep 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 06/2022, Prep For Prep generated $10.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $12.2m during the year ending 06/2022. While expenses have increased by 1.4% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PREP FOR PREP ENVISIONS A NATION GUIDED BY ETHICAL AND EFFECTIVE LEADERS WHO REFLECT OUR DIVERSE SOCIETY. AFTER 45 YEARS OF SERVICE, PREP IS NOW MORE THAN 5,000 STUDENTS AND ALUMNI STRONG, CREATING GENERATIONS OF DIVERSE LEADERS WHO ARE INSPIRING CHANGE, SHAPING OUR DEMOCRACY, AND CONTRIBUTING TO AND GROWING OUR GLOBAL ECONOMY.
Describe the Organization's Program Activity:
PREPARATORY PROGRAMS: PREP REDEFINES OPPORTUNITY FOR TOP STUDENTS OF COLOR IN NYC PUBLIC SCHOOLS THROUGH EXCEPTIONAL ACADEMIC AND SOCIAL PREPAREDNESS PROGRAMMING - A RIGOROUS 14-MONTH COURSE OF STUDY - THAT RESULTS IN PLACING APPROXIMATELY 200 STUDENTS ANNUALLY IN LEADING NYC INDEPENDENT SCHOOLS (IN 7TH GRADE) AND NORTHEASTERN BOARDING SCHOOLS (IN 9TH GRADE). OUR ORGANIZATIONAL BUDGET INVESTMENT IN OUR STUDENTS LEVERAGES ROUGHLY $35 MILLION IN FINANCIAL AID FOR OVER 700 STUDENTS (GRADES 7-12) ANNUALLY COMMITTED BY OUR PARTNER SCHOOLS TO MEET STUDENTS' NEEDS BASED ON FAMILY HOUSEHOLD INCOME.
TALENT SEARCH : OUR ADMISSIONS TEAM IDENTIFIES 200 STUDENTS EACH YEAR FOR ADMISSION TO PREP FOR PREP, SELECTED AMONG NEARLY 4,000 ANNUAL INQUIRIES FROM STUDENTS OF COLOR IN NYC PUBLIC SCHOOLS. THE ADMISSIONS PROCESS IS EXTENSIVE AND HIGHLY COMPETITIVE. STUDENTS ARE CHOSEN FOR THEIR ACADEMIC POTENTIAL AND INTELLECTUAL CAPACITY, THEIR COMMITMENT TO LEARNING AND GROWTH, THEIR COURAGE AND INTEGRITY, THEIR DETERMINATION TO SUCCEED, AND THEIR RESILIENCE. ALUMNI AFFAIRS: FOR PREP'S ALUMNI, NOW 4,223 STRONG AND GROWING, WE BUILD COMMUNITY THROUGH A VARIETY OF ENGAGEMENT PROGRAMS THAT ENCOURAGE A LIFE-LONG COMMITMENT TO PREP AND ITS MISSION. ONGOING NETWORKING, PROFESSIONAL DEVELOPMENT, AND SOCIAL GATHERINGS, ALONG WITH OPPORTUNITIES TO GIVE BACK THEIR TIME, KNOWLEDGE, AND TREASURE, ENSURE THAT OUR STUDENTS HAVE ROLE MODELS, MENTORS, AND CHAMPIONS TO HELP THEM REACH THEIR FULL POTENTIAL AND FOLLOW IN THE FOOTSTEPS OF THEIR FELLOW ALUMNI.EDUCATIONAL EQUITY - EXPERTISE & LEADERSHIP IMPACT : PREP HAS A LONGSTANDING COMMITMENT TO SHARING ITS PROGRAM MODEL AND EXPERIENCE AND BOASTS A GROWING LIST OF MORE THAN 250 ORGANIZATIONS AND SOCIAL ENTREPRENEURS WHO HAVE BENEFITED FROM OUR KNOWLEDGE, METHODS, AND APPROACHES. ADDITIONALLY, PREP SUPPORTS ITS PARTNER SCHOOLS WITH INFORMATION-SHARING AND PROFESSIONAL ADVICE AND SUPPORT.
COUNSELING: PREP PROVIDES INDIVIDUAL COUNSELING FOR APPROXIMATELY 700 STUDENTS ANNUALLY THROUGHOUT THEIR TIME (RANGING FROM 4-6 YEARS) IN INDEPENDENT DAY AND BOARDING SCHOOLS. OUR COUNSELING TEAM MONITORS STUDENTS' ACADEMIC AND SOCIAL-EMOTIONAL PROGRESS AND PROVIDES ASSISTANCE, INCLUDING TUTORING AND EMERGENCY FUND SUPPORT, TO STUDENTS AND THEIR FAMILIES AS NEEDED. THE TEAM WORKS TO EQUIP STUDENTS, WHO ARE ALSO NAVIGATING ADOLESCENCE, TO ADDRESS ISSUES RANGING FROM IMPOSTER SYNDROME TO MICRO-AGGRESSIONS; FROM PERFECTIONISM TO ANXIETY AND DEPRESSION; FROM CULTURAL DIVIDES TO ASSIMILATION AND GENDER IDENTITY. SERVICES AND SUPPORT ARE ALSO MADE AVAILABLE TO APPROXIMATELY 600 COLLEGE STUDENTS ANNUALLY THROUGH OUR UNDERGRADUATE AFFAIRS TEAM.
LEADERSHIP DEVELOPMENT: PREP OFFERS LEADERSHIP DEVELOPMENT AND PROFESSIONAL ADVANCEMENT OPPORTUNITIES DURING HIGH SCHOOL AND COLLEGE TO ROUGHLY 1,300 STUDENTS ANNUALLY. ACTIVITIES INCLUDE: SLEEP-AWAY CAMP; A PREP-SOTHEBY'S PARTNERSHIP FOR OUR SUMMER ARTS ACADEMY; A PREP-GOOGLE PARTNERSHIP FOR OUR INSTITUTE FOR ENTREPRENEURSHIP (IFE); A NEW ENTREPRENEURSHIP CAMP FOR MIDDLE SCHOOL STUDENTS; COLLEGE GUIDANCE (INCLUDING CAMPUS VISITS); STUDENT LEADERSHIP RETREATS; SUMMER INTERNSHIPS AND CAREER SEMINARS WITH LEADING FIRMS, COMPANIES, NONPROFITS, AND PUBLIC SERVICE AGENCIES; EXPOSURE TO STEM FIELDS AND COMPUTER CODING; TRAVEL ABROAD, INTERNATIONAL LIVING, AND EXPERIENTIAL LEARNING; AND OTHER PROGRAMS AIMED AT EXPANDING STUDENT HORIZONS. THESE OPPORTUNITIES INCREASE STUDENTS' SENSE OF BELONGING, BROADEN UNDERSTANDING OF LIFE'S POSSIBILITIES, AND BUILD A STRONGER SELF-IDENTITY.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Martin Lipton Chair Emeritus (nonvoting) | Trustee | 1 | $0 |
John L Vogelstein Chair Emeritus (nonvoting) | Trustee | 1 | $0 |
Scott L Bok Chair Emeritus | Trustee | 1 | $0 |
Lisa Smith Cashin Chair | OfficerTrustee | 1 | $0 |
Yahonnes Cleary President | OfficerTrustee | 1 | $0 |
Christopher James President | OfficerTrustee | 1 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Total Charter Corp Transportation | 6/29/23 | $442,992 |
Akin Gump Strauss Hauer & Feld Llp Legal Services | 6/29/23 | $250,762 |
Kiwi Partners Inc Accounting Services | 6/29/23 | $138,250 |
Arabella Advisors Llc Accounting Services | 6/29/23 | $317,145 |
Inez Weinstein Special Events Inc Special Events | 6/29/23 | $128,767 |
Statement of Revenue | |
---|---|
Total Revenue from Contributions, Gifts, Grants & Similar | $9,322,028 |
Investment income | $573,293 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $789,003 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $10,691,357 |
Statement of Expenses | |
---|---|
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. | $1,968,084 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $5,029,347 |
Pension plan accruals and contributions | $197,654 |
Other employee benefits | $562,573 |
Payroll taxes | $543,262 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $397,617 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $46,350 |
Fees for services: Other | $209,515 |
Advertising and promotion | $21,572 |
Office expenses | $457,940 |
Information technology | $337,170 |
Royalties | $0 |
Occupancy | $565,167 |
Travel | $66,986 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $162,666 |
Insurance | $118,016 |
All other expenses | $0 |
Total functional expenses | $12,199,010 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $3,903,238 |
Savings and temporary cash investments | $1,203,868 |
Pledges and grants receivable | $3,620,516 |
Accounts receivable, net | $0 |
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 | $365,379 |
Investments—publicly traded securities | $22,386,201 |
Investments—other securities | $24,175,438 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $57,748,705 |
Accounts payable and accrued expenses | $718,964 |
Grants payable | $0 |
Deferred revenue | $0 |
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 | $913,979 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $1,632,943 |
Net assets without donor restrictions | $52,042,779 |
Net assets with donor restrictions | $4,072,983 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $0 |
Total liabilities and net assets/fund balances | $56,115,762 |