Freedom Preparatory Academy Inc
- Assets
- $55.6m
- Revenue
- $39.7m
- Investments
- $0.0
- Employees
- 404
- Location
- Memphis, TN
- Founding
- 12/2008
- Data as of
- 06/2023
- EIN
- 26-1342579
Organization Overview
Freedom Preparatory Academy Inc is located in Memphis, TN. The organization was established in 2008. 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 06/2023, Freedom Preparatory Academy Inc employed 404 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freedom Preparatory 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 06/2023, Freedom Preparatory Academy Inc generated $39.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $29.0m during the year ending 06/2023. While expenses have increased by 11.1% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FREEDOM PREPARATORY ACADEMY PREPARES ALL STUDENTS IN GRADES K-12 TO EXCEL IN COLLEGE AND IN LIFE. IT'S FOCUS IS A CLEAR STRATEGIC AND DIRECT PATH TO COLLEGE FOR EVERY STUDENT THAT ENTERS OUR DOORS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FREEDOM PREP ACCOMPLISHES THIS MISSION OF COLLEGE PREPARATION THROUGH A HIGHLY STRUCTURED, ACADEMICALLY-CHALLENGING ENVIRONMENT WHERE STUDENTS MASTER THE CORE SUBJECTS, DEVELOP ADVANCED ACADEMIC SKILLS, PARTICIPATE IN CHARACTER-BUILDING EXTRA-CURRICULAR ACTIVITIES AND SPORTS, AND DEMONSTRATE THE SCHOOL'S CORE VALUES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cortney Cook Head Of School | Trustee | 1 | $47,500 |
Jasmine Howard Head Of School | Trustee | 1 | $77,955 |
Larry Thompson Head Of School | Trustee | 1 | $73,214 |
Natasha Smith Head Of School | Trustee | 1 | $103,600 |
Roderick Barber Head Of School | Trustee | 1 | $59,953 |
Shunskis Hamilton Head Of School | Trustee | 1 | $47,620 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sla Management Inc Foodservice Management | 6/29/23 | $1,608,575 |
Harmony Transportation Llc Student Transportation | 6/29/23 | $712,675 |
Quinton Cox Substitute Teacher Provider | 6/29/23 | $676,995 |
Porter-leath Pre-k Provider | 6/29/23 | $514,060 |
A&b Construction Co Inc Construction Services | 6/29/23 | $7,922,875 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,148,980 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,652,526 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $16,801,506 |
| Total Program Service Revenue | $22,870,556 |
| 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 | $39,672,062 |
| 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. | $1,219,841 |
| Compensation of current officers, directors, key employees. | $256,166 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $12,808,436 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,752,337 |
| Payroll taxes | $33,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,524 |
| Fees for services: Accounting | $114,036 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,050,777 |
| Advertising and promotion | $4,601 |
| Office expenses | $157,418 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $25,354 |
| Travel | $100,967 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $922,651 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,329,205 |
| Insurance | $303,844 |
| All other expenses | $1,617,037 |
| Total functional expenses | $28,987,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,325,973 |
| Savings and temporary cash investments | $309,357 |
| Pledges and grants receivable | $312,991 |
| Accounts receivable, net | $999,570 |
| 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 | $289,190 |
| Net Land, buildings, and equipment | $31,980,190 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $1,805,250 |
| Other assets | $5,606,438 |
| Total assets | $55,628,959 |
| Accounts payable and accrued expenses | $2,156,826 |
| 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 | $21,573,263 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,199,902 |
| Total liabilities | $26,929,991 |
| Net assets without donor restrictions | $0 |
| 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 | $28,698,968 |
| Total liabilities and net assets/fund balances | $55,628,959 |