Ideal Education A Nj Nonprofit Corporation
- Assets
- $9.2m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 22
- Location
- Mays Landing, NJ
- Founding
- 03/2013
- Data as of
- 12/2023
- EIN
- 46-1389640
Organization Overview
Ideal Education A Nj Nonprofit Corporation, operating under the name Ideal Institute Of Technology, is located in Mays Landing, NJ. The organization was established in 2013. According to its NTEE Classification (B90) the organization is classified as: Educational Services, under the broad grouping of Education and related organizations. As of 12/2023, Ideal Institute Of Technology employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ideal Institute Of Technology 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 12/2023, Ideal Institute Of Technology generated $3.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 40.5% each year . All expenses for the organization totaled $2.4m during the year ending 12/2023. While expenses have increased by 30.6% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
IDEAL EDUCATION DBA IDEAL INSTITUTE OF TECHNOLOGY IS A 501 (C) 3 NON-PROFIT PRIVATE CAREER SCHOOL THAT IS LICENSED BY THE STATE OF NEW JERSEY DEPARTMENT OF EDUCATION AND THE DEPARTMENT OF LABOR AND WORKFORCE DEVELOPMENT. IDEAL EDUCATION IS FULLY ACCREDITED BY THE MIDDLE STATES ASSOCIATION. IDEAL INSTITUTE OPERATES TWO CAMPUSES IN ATLANTIC COUNTY, NEW JERSEY. THE MAIN CAMPUS IS HEADQUARTERED AT 4403 BLACK HORSE PIKE, UNIT 2141, MAYS LANDING; AND THE SECOND CAMPUS IS LOCATED AT 121-123 S. MAIN STREET, PLEASANTVILLE. A FUTURE HOME FOR IDEAL IS UNDERWAY AT 1000 W. WASHINGTON AVE., PLEASANTVILLE. IDEAL, FOUNDED BY DHIREN AND MITAL PARIKH, OPENED ITS DOORS IN 2016 IN ABSECON, NJ. SINCE THE SERVICE INDUSTRY DOMINATED ATLANTIC COUNTY, THE FOUNDERS WANTED TO BRING TECHNOLOGY AND BUSINESS PROGRAMS TO ADULTS TO HELP THEM FIND SUSTAINABLE, HIGH PAYING EMPLOYMENT. MICROSOFT OFFICE, COMPUTER PROGRAMS, WEB DEVELOPMENT, AND ENTREPRENEURSHIP PROGRAMS ARE AMONG THE MOST POPULAR PROGRAMS OF STUDY. MANY A
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATION ON BUSINESS AND TECHNOLOGY CAREER TRAINING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mital Parikh President | Trustee | 10 | $0 |
Dhiren Parikh Program Director | Trustee | 40 | $156,000 |
Chirag Patel Director | Trustee | 5 | $0 |
Sunny Bhardwaj Director | Trustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,744,012 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,758,252 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,502,264 |
| 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 | $3,502,264 |
| 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. | $156,000 |
| Compensation of current officers, directors, key employees. | $39,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $523,527 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $95,529 |
| Payroll taxes | $250,708 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,288 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $155 |
| Office expenses | $254,588 |
| Information technology | $34,098 |
| Royalties | $0 |
| Occupancy | $324,984 |
| Travel | $6,312 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,414 |
| Interest | $47,782 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $231,363 |
| Insurance | $46,004 |
| All other expenses | $352,733 |
| Total functional expenses | $2,372,485 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,197,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $699,467 |
| 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 | $37,418 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,363,989 |
| Investments—publicly traded securities | $52,500 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,869,489 |
| Other assets | $0 |
| Total assets | $9,220,039 |
| Accounts payable and accrued expenses | $182,903 |
| 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 | $361,677 |
| Unsecured mortgages and notes payable | $7,004,587 |
| Other liabilities | $0 |
| Total liabilities | $7,549,167 |
| Net assets without donor restrictions | $1,670,872 |
| 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 | $9,220,039 |