Somerset Academy Inc
- Assets
- $514.2m
- Revenue
- $324.3m
- Investments
- $0.0
- Employees
- 3,822
- Location
- Miami, FL
- Founding
- 01/1998
- Data as of
- 06/2022
- EIN
- 31-1569428
Organization Overview
Somerset Academy Inc is located in Miami, FL. The organization was established in 1998. 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 06/2022, Somerset Academy Inc employed 3,822 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset 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 06/2022, Somerset Academy Inc generated $324.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $320.7m during the year ending 06/2022. While expenses have increased by 12.9% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
ESTABLISHED AS CHARTER SCHOOL OPERATOR IN DISTRICT SCHOOL BOARDS OF MIAMI-DADE, BROWARD COUNTY, PALM BEACH COUNTY, DUVAL COUNTY, ST. LUCIE COUNTY, AND TEXAS STATE BOARD OF EDUCATION. SOMERSET ACADEMY, INC. IS DEDICATED TO PROVIDING EQUITABLE, HIGH-QUALITY EDUCATION FOR ALL STUDENTS, AND PROMOTES A CULTURE THAT MAXIMIZES STUDENT ACHIEVEMENT AND FOSTERS THE DEVELOPMENT OF ACCOUNTABLE, 21ST CENTURY LEARNERS IN A SAFE AND ENRICHING ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES EDUCATION FOR CHILDREN FROM PRE-KINDERGARTEN THROUGH TWELFTH GRADE. FOR THE FISCAL YEAR ENDED JUNE 30, 2022 30,500 STUDENTS WERE ENROLLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bernardo Montero President | Officer | 2 | $227,380 |
Cecilia Guilarte Employee | 40 | $152,402 | |
Clint Duvo Employee | 40 | $144,331 | |
Donyale Mcghee Employee | 40 | $143,447 | |
Athena Guillen Employee | 40 | $140,767 | |
Dina Miller Employee | 40 | $126,210 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Adp Total Source 10200 Sw Sunset Drive | 6/29/22 | $132,940,423 |
Academica Broward Llc Educational Support Provider | 6/29/22 | $13,099,256 |
It Sawy Llc Educational Support Provider | 6/29/22 | $12,814,903 |
Academica Dade Llc Educational Support Provider | 6/29/22 | $9,487,095 |
Cheney Brothers Inc Food Provider | 6/29/22 | $6,763,786 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $301,500,102 |
| All other contributions, gifts, grants, and similar amounts not included above | $667,634 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $302,167,736 |
| Total Program Service Revenue | $21,367,735 |
| Investment income | $69,574 |
| 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 | $324,310,430 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $269,796 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $138,465,028 |
| Pension plan accruals and contributions | $3,741,048 |
| Other employee benefits | $24,304,989 |
| Payroll taxes | $0 |
| Fees for services: Management | $12,835,850 |
| Fees for services: Legal | $811,496 |
| Fees for services: Accounting | $279,769 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,643,289 |
| Advertising and promotion | $127,943 |
| Office expenses | $0 |
| Information technology | $1,935,208 |
| Royalties | $0 |
| Occupancy | $47,461,540 |
| Travel | $454,741 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,485,545 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,643,712 |
| Insurance | $3,545,460 |
| All other expenses | $35,523,563 |
| Total functional expenses | $320,728,209 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $82,515,659 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $176,218 |
| 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 | $3,599,504 |
| Net Land, buildings, and equipment | $84,919,619 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $342,955,798 |
| Total assets | $514,166,798 |
| Accounts payable and accrued expenses | $21,806,735 |
| Grants payable | $0 |
| Deferred revenue | $808,663 |
| Tax-exempt bond liabilities | $52,308,889 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,155,875 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $330,883,558 |
| Total liabilities | $409,963,720 |
| Net assets without donor restrictions | $94,969,352 |
| Net assets with donor restrictions | $9,233,726 |
| 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 | $514,166,798 |
Grants Awarded
Over the last fiscal year, Somerset Academy Inc has awarded $269,796 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SOMERSET VIRTUAL ACADEMY INC PURPOSE: TO SUPPORT EDUCATION | $211,000 |
Phoenix, AZ PURPOSE: TO SUPPORT EDUCATION | $58,796 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Somerset Academy Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
Project Lead The Way Inc Indianapolis, IN PURPOSE: Program Implementation | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Somerset Academy Inc Miami, FL | $514,166,798 | $324,310,430 |
Pensacola Christian College Inc Pensacola, FL | $644,308,862 | $135,086,506 |
Florida Charter Educational Foundation Inc Ft Lauderdale, FL | $156,543,730 | $97,506,587 |
Pine Crest Preparatory School Inc Fort Lauderdale, FL | $333,237,666 | $117,032,606 |
Woodward Academy Inc College Park, GA | $297,987,009 | $85,209,091 |
Westminster Schools Inc Atlanta, GA | $596,739,021 | $99,709,851 |
Gulliver Preparatory School Inc Miami, FL | $217,883,947 | $98,038,609 |
Lovett School Atlanta, GA | $255,570,564 | $63,708,553 |
Ransom Everglades School Inc Miami, FL | $255,259,179 | $68,191,853 |
Bolles School Jacksonville, FL | $131,930,396 | $55,866,326 |
Miami Country Day School Inc Miami, FL | $132,305,093 | $52,562,056 |
Greater Atlanta Christian Schools Inc Norcross, GA | $104,910,212 | $44,897,863 |