Friends Of Foundation Academy Inc
- Assets
- $16.8m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Trenton, NJ
- Founding
- 04/2011
- Data as of
- 06/2023
- EIN
- 27-2091277
Organization Overview
Friends Of Foundation Academy Inc is located in Trenton, NJ. The organization was established in 2011. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Foundation 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, Friends Of Foundation Academy Inc generated $1.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $1.1m during the year ending 06/2023. 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
SUPPORT FOUNDATION ACADEMIES BY RAISING FUNDS & DELIVERING SERVICES, PROGRAMS, ACQUISITIONS, AND PARTNERSHIPS THAT EQUITABLY SERVE THE BEST INTERESTS OF OUR SCHOOL COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UNDER NJ LAW, CHARTER SCHOOLS MAY NOT BUILD FACILITIES WITH PUBLIC FUNDS. TO EXPAND AND IMPROVE OUR HIGH SCHOOL FACILITIES, THE FRIENDS OF FOUNDATION ACADEMIES PURCHASED THE NEIGHBORING VACANT HOLY CROSS RECTORY SITE AND SPENT THE BETTER PART OF THE 2018-19 SCHOOL YEAR CONSTRUCTING A NEW 10,217 SQUARE FOOT ADDITION IN THE CITY'S SOUTH WARD. THE EXISTING SCHOOL BUILDING RECEIVED A COMPLETE HVAC, ELECTRICAL, AND INTERIOR UPGRADE. THE FRIENDS OF FA PROUDLY OWNS AND MAINTAINS THE HIGH SCHOOL CAMPUS AND LEASES IT BACK TO THE SCHOOL.
THROUGHOUT COLLEGE, THERE ARE SEVERAL CRUCIAL MOMENTS THAT CAN PUT A STUDENT AT RISK OF LEAVING SCHOOL. THE PURPOSE OF THE FRIENDS OF FOUNDATION ACADEMY KNIGHT FUND IS TO ASSIST FAC ALUMNI, CURRENTLY ENROLLED IN COLLEGE OR POST-SECONDARY INSTITUTIONS, IN MANAGING FINANCIAL HARDSHIPS THAT CAN HINDER STUDENTS FROM ENTERING OR PERSISTING THROUGH THEIR POST-SECONDARY SCHOOLING AND CAREERS. THROUGH DONATIONS TO THE FRIENDS OF FOUNDATION ACADEMY, INC, THE KNIGHT FUND PROVIDES AWARDS, PERSISTENCE GRANTS AND SCHOLARSHIPS TO DESERVING ALUMNI.
FUNDS RAISED BY THE FRIENDS OF FA HELP TO FILL THE STARK PUBLIC FUNDING GAP BETWEEN FA AND OUR DISTRICT COUNTERPARTS. SUPPORT FROM DONATIONS TO THE FRIENDS PROVIDES HIGH-QUALITY ENRICHMENT OPPORTUNITIES FOR STUDENTS AND DRIVES THE TRAINING, DEVELOPMENT, AND CELEBRATION OF OUR REMARKABLE FACULTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Howie Powers Chairperson - Board Member | OfficerTrustee | 4 | $0 |
Reid Mccarthy Treasurer - Board Member | OfficerTrustee | 4 | $0 |
Anthony Klockenbrink Secretary - Board Member | OfficerTrustee | 4 | $0 |
Betsy Rendall Board Member | Trustee | 1 | $0 |
Joanna Herrera Board Member | Trustee | 1 | $0 |
Dr Fitzroy Dawkins Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $617,692 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $617,692 |
| Total Program Service Revenue | $790,112 |
| Investment income | $42,024 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,491 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,454,319 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $96,793 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,552 |
| Fees for services: Accounting | $31,296 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,897 |
| Advertising and promotion | $16,577 |
| Office expenses | $11,354 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,828 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $642,325 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,882 |
| All other expenses | $0 |
| Total functional expenses | $1,073,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $647,528 |
| Savings and temporary cash investments | $813,058 |
| Pledges and grants receivable | $213,712 |
| Accounts receivable, net | $250 |
| 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 | $19,234 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,467,169 |
| Intangible assets | $0 |
| Other assets | $1,633,066 |
| Total assets | $16,794,017 |
| Accounts payable and accrued expenses | $347,236 |
| Grants payable | $181,216 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $13,459,192 |
| 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 | $13,987,644 |
| Net assets without donor restrictions | $2,526,027 |
| Net assets with donor restrictions | $280,346 |
| 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 | $16,794,017 |