Somerset Academy Foundation Inc
- Assets
- $29.1m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Pembroke Pines, FL
- Founding
- 03/2016
- Data as of
- 06/2022
- EIN
- 46-4129017
Organization Overview
Somerset Academy Foundation Inc is located in Pembroke Pines, FL. The organization was established in 2016. 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. Somerset Academy Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SOMERSET ACADEMY FOUNDATION, INC. SERVES AS A TYPE 1 SUPPORTING ORGANIZATION FOR SOMERSET ACADEMY, INC., A SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION THAT OPERATES CHARTER SCHOOLS IN MIAMI-DADE COUNTY, FLORIDA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOMERSET ACADEMY FOUNDATION, INC. IS A SUPPORTING ORGANIZATION TO THE OPERATIONS OF SOMERSET ACADEMY CHARTER SCHOOLS AND THE DEVELOPMENT OF THEIR NEW SCHOOL FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suzette Ruiz President,chairman, Direct | OfficerTrustee | 2 | $0 |
David Concepcion Director, Secretary | OfficerTrustee | 2 | $0 |
Bernie Montero Vice President, Director | OfficerTrustee | 2 | $0 |
Tony Morales Treasurer, Director | OfficerTrustee | 2 | $0 |
Todd German Director | Trustee | 2 | $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 | $218,400 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $218,400 |
| Total Program Service Revenue | $1,535,301 |
| Investment income | $337 |
| 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 | $1,771,098 |
| 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. | $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 | $9,874 |
| 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 | $29,370 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $576,228 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $371,907 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,454,136 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,115,168 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Prepaid expenses and deferred charges | $250,000 |
| Net Land, buildings, and equipment | $26,714,769 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $340,000 |
| Intangible assets | $257,990 |
| Other assets | $407,735 |
| Total assets | $29,085,662 |
| Accounts payable and accrued expenses | $208,768 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $7,763,082 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,412,471 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,550,398 |
| Total liabilities | $27,934,719 |
| 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 | $1,150,943 |
| Total liabilities and net assets/fund balances | $29,085,662 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Miami Dade College Foundation Inc Miami, FL | $203,072,980 | $26,102,618 |
Oxbridge Academy Foundation Inc West Palm Beach, FL | $65,288,192 | $19,905,008 |
University Of West Florida Foundation Inc Pensacola, FL | $164,565,433 | $23,515,652 |
Gator Boosters Inc Gainesville, FL | $35,445,358 | $17,089,938 |
The University Of North Florida Foundation Inc Jacksonville, FL | $189,463,504 | $37,925,600 |
Usf Health Professions Conferencing Corporation Tampa, FL | $17,834,474 | $17,025,476 |
Florida Agricultural & Mechanical Univ Foundation Inc Tallahassee, FL | $165,576,820 | $45,594,915 |
Jessie Ball Dupont Religious Charitable & Educational Fund Jacksonville, FL | $0 | $23,306,581 |
Avant Garde Academy Foundation Inc Hollywood, FL | $46,079,616 | $17,259,977 |
Florida State University Research Foundation Inc Tallahassee, FL | $238,210,385 | $28,107,542 |
Georgia Tech Facilities Inc Atlanta, GA | $407,064,936 | $14,504,049 |
Fsu Financial Assistance Inc Tallahassee, FL | $147,384,832 | $12,995,500 |