Bright Futures Academy Charter School Inc
- Assets
- $462.0k
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 15
- Location
- Palm Beach Gardens, FL
- Founding
- 05/2001
- Data as of
- 06/2022
- EIN
- 65-1088412
Organization Overview
Bright Futures Academy Charter School Inc, operating under the name Bright Futures Academy Charter School, is located in Palm Beach Gardens, FL. The organization was established in 2001. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Bright Futures Academy Charter School employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bright Futures Academy Charter School 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, Bright Futures Academy Charter School generated $1.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.7%) each year. All expenses for the organization totaled $1.8m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (11.2%) per year over the past 7 years. 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
TO OPERATE A CHARTER PUBLIC SCHOOL FROM 9TH TO 12TH GRADE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY OPERATED PUBLIC CHARTER SCHOOL FOR 189 STUDENTS FROM KINDERGARDEN TO 8TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Henry Digiacinto Chief Executive Officer | Officer | 40 | $78,000 |
Fhelt Brown Vice Chairman | Officer | 2 | $0 |
Lawrence Larmer Chairman | Officer | 2 | $0 |
Irma Vicuna Director | Trustee | 2 | $0 |
Reginald Maton Director | Trustee | 2 | $0 |
Nickolas Panarella Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lighthouse Baptist Church Rental Facilities | 6/29/18 | $304,598 |
Riverside Commercial Enterprises Llc Rental Facilities | 6/29/18 | $144,084 |
Riverside Partners Llc Rental Facilities | 6/29/18 | $114,400 |
Adp Total Source Employee Leasing | 6/29/18 | $1,675,878 |
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 | $1,622,361 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,622,361 |
| Total Program Service Revenue | $61,720 |
| 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 | $1,684,081 |
| 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. | $99,770 |
| Compensation of current officers, directors, key employees. | $99,770 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $799,920 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,138 |
| Payroll taxes | $64,524 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $950 |
| Office expenses | $7,184 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $502,049 |
| Travel | $3,680 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,545 |
| Insurance | $0 |
| All other expenses | $55,422 |
| Total functional expenses | $1,756,157 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $305,626 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $65,160 |
| 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 | $0 |
| Net Land, buildings, and equipment | $62,313 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,946 |
| Total assets | $462,045 |
| Accounts payable and accrued expenses | $5,283 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $50,551 |
| Total liabilities | $55,834 |
| Net assets without donor restrictions | $343,898 |
| Net assets with donor restrictions | $62,313 |
| 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 | $462,045 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Foundation For Osceola Education Inc Kissimmee, FL | $17,231,201 | $18,787,939 |
Lake Technical College Inc Eustis, FL | $17,510,446 | $18,253,168 |
Northstar Academies Inc Fort Lauderdale, FL | $8,255,029 | $17,151,740 |
Global Outreach Charter Academys Jacksonville, FL | $28,025,971 | $16,215,591 |
Coastal Plains Education Center Inc Metter, GA | $21,944,449 | $17,839,473 |
National Ben Gamla Charter Schoolfoundation Inc Miami, FL | $11,814,149 | $15,804,589 |
Lincoln Marti Charter Schools Inc Miami, FL | $12,862,040 | $15,316,634 |
Ridgeview Global Studies Academy Inc Davenport, FL | $23,553,699 | $16,444,024 |
Wesley International Academy Inc Atlanta, GA | $9,201,005 | $14,194,787 |
City Of Belle Isle Charter Schools Inc Miami, FL | $12,550,374 | $14,274,361 |
Sarasota Military Academy Inc Sarasota, FL | $22,680,421 | $14,952,313 |
Minneola Charter Schools Inc Minneola, FL | $14,329,481 | $14,463,653 |