Gray Charter
- Assets
- $3.3m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 46
- Location
- Newark, NJ
- Founding
- 08/1999
- Data as of
- 06/2023
- EIN
- 22-3626543
Organization Overview
Gray Charter is located in Newark, NJ. The organization was established in 1999. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Gray Charter employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gray Charter 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 06/2023, Gray Charter generated $8.2m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $7.7m during the year ending 06/2023. While expenses have increased by 4.9% per year over the past 4 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CHARTER SCHOOL'S MISSION IS TO PROVIDE ITS DIVERSE STUDENT BODY THE BEST POSSIBLE EDUCATION BY FOCUSING ON THE FUNDAMENTAL ACADEMIC DISCIPLINES IN AN ATMOSPHERE THAT AFFIRMS ACADEMIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHARTER SCHOOL PROVIDES A FULL RANGE OF EDUCATIONAL SERVICES APPROPRIATE TO GRADE LEVELS K TO 8. THE SERVICES (THAT INCLUDE SPECIAL EDUCATION STUDENTS) ARE PROVIDED WITH THE GOAL OF ACHIEVING HIGH LEVEL OF EXCELLENCE, IMPROVE STUDENT ACHIEVEMENTS AND BROADEN THE BASE OF THE COMMUNITY. DURING THE YEAR ENDED JUNE 30, 2023, THE CHARTER SCHOOL HAD ENROLLMENT OF APPROXIMATELY 337 STUDENTS IN GRADES K TO 8.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paulo Dasilveira Board President | Trustee | 1 | $0 |
Rashidah Sabur Board Member | Trustee | 1 | $0 |
Jacquelyn Lake Board Memeber | Trustee | 1 | $0 |
Charles Hall Jr Board Member | Trustee | 1 | $0 |
Verna Gray Founder/executive Director | Officer | 35 | $242,767 |
Christopher Pringle Assistant Executive Director/board Secretary | Officer | 35 | $204,863 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,162,396 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,162,396 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $8,202,315 |
| 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. | $444,535 |
| Compensation of current officers, directors, key employees. | $266,721 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,082,248 |
| Pension plan accruals and contributions | $189,908 |
| Other employee benefits | $1,531,968 |
| Payroll taxes | $269,799 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,448 |
| Fees for services: Accounting | $62,301 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $556,436 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $795,360 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $46,074 |
| All other expenses | $207,188 |
| Total functional expenses | $7,707,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,379,352 |
| Savings and temporary cash investments | $212,146 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $689,792 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,000 |
| Total assets | $3,321,290 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $255,351 |
| 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 | $14,337 |
| Total liabilities | $269,688 |
| Net assets without donor restrictions | $3,051,602 |
| 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 | $3,321,290 |