Detroit Achievement Academy Foundation
- Assets
- $15.0m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Detroit, MI
- Founding
- 07/2016
- Data as of
- 12/2022
- EIN
- 81-2771468
Organization Overview
Detroit Achievement Academy Foundation is located in Detroit, MI. 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. Detroit Achievement Academy Foundation 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 12/2022, Detroit Achievement Academy Foundation generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.2% each year . All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 19.0% 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
A. TO RECEIVE AND ADMINISTER FUNDS AND PROPERTY AND TO OPERATE EXCLSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY, AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND, IN PARTICULAR, TO MAKE GRANTS TO BENEFIT DETROIT ACHIEVEMENT ACADEMY OR ANY OF ITS SCHOOLS, SO LONG AS SUCH PURPOSE IS A PERMISSABLE PURPOSE FOR AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, BUT IF SUCH PURPOSE IS NOT SUCH A PERMISSIBLE PURPOSE, THEN TO MAKE GRANTS TO BENEFIT EDUCATIONAL INSTITUTIONS FOR SCHOOL CHILDREN LOCATED IN DETROIT OR OTHER URBAN CITIES. B. TO ACQUIRE, OWN, DISPOSE OF AND DEAL WITH REAL AND PERSONAL PROPERTY AND INTERESTS THEREIN AND TO APPLY GIFTS, GRANTS, BEQUESTS AND DEVISES AND THEIR PROCEEDS IN FURTHERANCE OF THE PURPOSES OF THE CORPORATION. C. TO DO SUCH THINGS AND TO PERFORM SUCH ACTS TO ACCOMPLISH ITS PURPOSES AS THE BOARD OF DIRECTORS MAY DETERMINE TO BE APPROPRIATE AND AS ARE NOT FORBIDDEN BY SECTION 501(C)(3) OF
Describe the Organization's Program Activity:
Part 3 - Line 4a
AWARDED GRANTS AND INCURRED EXPENSES TO SUPPORT THE OPERATIONS OF DETROIT ACHIEVEMENT ACADEMY AND DETROIT PREPATORY ACADEMY FOR THE BENEFIT OF SCHOOL CHILDREN LOCATED IN DETROIT.
THE FOUNDATION PARTICIPATED IN THE PURCHASE OF A BUILDING THROUGH THE USE OF A NEW MARKET TAX CREDIT FOR THE PURCHASE OF A SCHOOL BUILDING FOR THE DETROIT PREPATORY ACADEMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lenora Hanks Member | Officer | 0.5 | $0 |
Alison Lapetina Member | Officer | 0.5 | $0 |
Frances Piccirilli Member | Officer | 0.5 | $0 |
Kyle Smitley President | Officer | 5 | $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 | $1,051,628 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,051,628 |
| Total Program Service Revenue | $0 |
| Investment income | $722,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $34,582 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,808,998 |
| 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 | $9,452 |
| Fees for services: Accounting | $6,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $780,602 |
| 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 | $658,907 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,354 |
| Insurance | $11,486 |
| All other expenses | $0 |
| Total functional expenses | $1,472,976 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $222,962 |
| Savings and temporary cash investments | $203,079 |
| 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 | $14,137,200 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $261,353 |
| Investments—publicly traded securities | $109,845 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $77,517 |
| Other assets | $0 |
| Total assets | $15,011,956 |
| Accounts payable and accrued expenses | $131,239 |
| 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 | $11,189,735 |
| Unsecured mortgages and notes payable | $214,210 |
| Other liabilities | $0 |
| Total liabilities | $11,535,184 |
| Net assets without donor restrictions | $3,444,152 |
| Net assets with donor restrictions | $32,620 |
| 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 | $15,011,956 |
Grants Awarded
Over the last fiscal year, Detroit Achievement Academy Foundation has awarded $484,190 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
DETROIT PREPATORY ACADEMY PURPOSE: BENEFIT DPA EDUCAT | $175,072 |
DETROIT ACHIEVEMENT ACADEMY PURPOSE: BENEFIT DAA EDUCAT. | $309,118 |