Hovnanian School Inc
- Assets
- $10.6m
- Revenue
- $10.3m
- Investments
- $2.2m
- Employees
- 62
- Location
- New Milford, NJ
- Founding
- 02/1977
- Data as of
- 06/2022
- EIN
- 22-2126689
Organization Overview
Hovnanian School Inc is located in New Milford, NJ. The organization was established in 1977. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Hovnanian School Inc employed 62 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hovnanian School 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 06/2022, Hovnanian School Inc generated $10.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 19.9% each year . All expenses for the organization totaled $3.5m during the year ending 06/2022. While expenses have increased by 3.6% per year over the past 7 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
TO PROVIDE INSTRUCTION TO ENROLLED STUDENTS AND ENRICH THEM WITH THE ARMENIAN CULTURE AND HISTORY
Describe the Organization's Program Activity:
DAYTIME INSTRUCTION GIVEN TO APPROXIMATELY 131 STUDENTS, INCLUDING REGULAR PUBLIC SCHOOL CURRICULUM WITH ADDITIONAL ARMENIAN LANGUAGE AND HISTORY CLASSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nazar Altun ESQ Chairman | Trustee | 2 | $0 |
Siranoush Dervogormiyaciyan Vice-Chairman | Trustee | 2 | $0 |
Vicken Arslanian Treasurer | Trustee | 2 | $0 |
Lena Derohannessian Secretary | Trustee | 2 | $0 |
Berta Zakian Advisor | Trustee | 2 | $0 |
Avak Uzatmaciyan Advisor | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $433,312 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,415,643 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,848,955 |
| Total Program Service Revenue | $2,174,220 |
| Investment income | $10,098 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,590 |
| Net Gain/Loss on Asset Sales | $57,661 |
| Net Income from Fundraising Events | $179,927 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,280,451 |
| 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. | $86,875 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,879,619 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $53,862 |
| Payroll taxes | $173,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,000 |
| Fees for services: Accounting | $43,122 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $38,500 |
| Advertising and promotion | $87,784 |
| Office expenses | $33,450 |
| Information technology | $60,776 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $33,345 |
| Interest | $57,678 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $151,715 |
| Insurance | $92,220 |
| All other expenses | $118,184 |
| Total functional expenses | $3,473,114 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $665,152 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $5,293,608 |
| Accounts receivable, net | $85,971 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,378 |
| Prepaid expenses and deferred charges | $30,405 |
| Net Land, buildings, and equipment | $2,360,456 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,198,624 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,637,594 |
| Accounts payable and accrued expenses | $356,806 |
| Grants payable | $0 |
| Deferred revenue | $149,701 |
| 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 | $1,357,490 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,863,997 |
| Net assets without donor restrictions | $1,773,331 |
| Net assets with donor restrictions | $7,000,266 |
| 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 | $10,637,594 |