Preschool Advantage Inc
- Assets
- $1.9m
- Revenue
- $947.2k
- Investments
- $0.0
- Employees
- 4
- Location
- Morristown, NJ
- Founding
- 10/1995
- Data as of
- 12/2022
- EIN
- 22-3360099
Organization Overview
Preschool Advantage Inc is located in Morristown, NJ. The organization was established in 1995. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, Preschool Advantage Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preschool Advantage 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 12/2022, Preschool Advantage Inc generated $947.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.3% each year . All expenses for the organization totaled $955.6k during the year ending 12/2022. While expenses have increased by 9.4% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FUND TUITIONS TO PRESCHOOLS FOR LOW INCOME FAMILIES IN MORRIS AND SOMERSET COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRESCHOOL ASSISTANCE: THE FIRST YEARS OF A CHILD'S LIFE ARE CRITICAL TO LAYING THE FOUNDATION FOR A LIFETIME LOVE OF LEARNING. EARLY CHILDHOOD EDUCATION SETS THE STAGE FOR FUTURE GROWTH AND PROPELS CHILDREN ONTO THEIR EDUCATIONAL PATHS. DESPITE THE UNDENIABLE IMPORTANCE OF A SOLID EDUCATIONAL START, MANY LOCAL CHILDREN HAVE NO MEANS TO ATTEND PRESCHOOL. PRESCHOOL ADVANTAGE SERVES THE POPULATION OF STRUGGLING FAMILIES WHO DO NOT QUALIFY FOR GOVERNMENT FUNDED PROGRAMS BECAUSE THEY EARN ABOVE THE POVERTY LEVEL, BUT ARE STILL EARNING BELOW THE LEVEL OF SUSTAINABILITY FOR OUR REGION. THESE FAMILIES SIMPLY CANNOT AFFORD THE COST OF A PRESCHOOL FOR THEIR CHILD THUS HINDERING THE CHILD'S SUCCESS AND OPPORTUNITIES LATER IN LIFE. THE LACK OF SOURCES OF ASSISTANCE FOR WORKING FAMILIES UNABLE TO SUPPORT THE COST OF PRESCHOOL LED TO THE FOUNDING OF PRESCHOOL ADVANTAGE IN MORRISTOWN IN 1995. TO DATE, WE HAVE FUNDED ALMOST 1,850 HALF-DAY PRESCHOOL TUITIONS FOR OVER 1,350 CHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adrienne Kirby Immediate Past President | Trustee | 2 | $0 |
Bette Simmons Vice President | OfficerTrustee | 2 | $0 |
Ray Hawkins President | OfficerTrustee | 8 | $0 |
Gail Reuther Secretary | OfficerTrustee | 2 | $0 |
Lauren Diemar Trustee | Trustee | 2 | $0 |
Carolyn Simpson Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $328,990 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $598,428 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $927,418 |
| Total Program Service Revenue | $0 |
| Investment income | $5,381 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,416 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $12,000 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $947,215 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $570,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $100,164 |
| Compensation of current officers, directors, key employees. | $20,033 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $160,394 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,598 |
| Payroll taxes | $21,232 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $383 |
| Fees for services: Accounting | $13,138 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,097 |
| Advertising and promotion | $873 |
| Office expenses | $22,562 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,441 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,737 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,600 |
| Insurance | $1,587 |
| All other expenses | $94 |
| Total functional expenses | $955,602 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17 |
| Savings and temporary cash investments | $444,232 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $350 |
| Investments—publicly traded securities | $1,441,448 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,008 |
| Other assets | $4,000 |
| Total assets | $1,893,055 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,893,055 |
| Net assets with donor restrictions | $0 |
| 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 | $1,893,055 |