Prep Public Schools
- Assets
- $3.0m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 81
- Location
- Chattanooga, TN
- Founding
- 08/2017
- Data as of
- 06/2023
- EIN
- 81-3512812
Organization Overview
Prep Public Schools is located in Chattanooga, TN. The organization was established in 2017. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2023, Prep Public Schools employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Prep Public Schools 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 06/2023, Prep Public Schools generated $6.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 21.2% each year . All expenses for the organization totaled $7.3m during the year ending 06/2023. 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
PREP PUBLIC SCHOOLS IS AN ALL-BOYS PUBLIC CHARTER SCHOOL WITH A MISSION TO ENGAGE YOUNG MEN IN A RIGOROUS YET SUPPORTIVE LEARNING ENVIRONMENT THAT NURTURES RESILIENCE, PROMOTES ACADEMIC EXCELLENCE, INSPIRES LEADERSHIP, AND PREPARES CRITICAL THINKERS. PREP PUBLIC SCHOOLS WELCOMED ITS FIRST CLASS OF 66 SIXTH GRADERS IN AUGUST 2018 AND WILL GROW TO SERVE 350 YOUNG MEN IN GRADES 6-12 OVER THE NEXT SEVEN YEARS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PRIMARY SERVICE ACCIMPLISHMENT IS PROVIDING QUALITY EDUCATION TO THE COMMUNITY'S MOST VULNERABLE POPULATIONS. THE COMPREHENSIVE,COLLEGE PREPARATORY CURRICULUM IS CENTERED AROUND THEMES OF INNOVATION AND LEADERSHIP DEVELOPMENT, WHICH ARE INFUSED ACROSS RIGOROUS COURSEWORK IN LITERACY AND COMMUNICATION, SCIENCE, TECHNOLOGY, ENGINEERING, MATHEMATICS, THE ARTS, AND SOCIAL/CULTURAL STUDIES. THE CURRICULUM HAS BEEN CAREFULLY AND INTENTIONALLY DESIGNED TO AMELIORATE SPECIFIC BARRIERS THAT NEGATIVELY IMPACT STUDENT ACHIEVEMENT AMONG BOYS AND YOUNG MEN EXPERIENCING POVERTY WITHIN HAMILTON COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Webb Chair | OfficerTrustee | 5 | $0 |
Ward Davenport Vice Chair | OfficerTrustee | 5 | $0 |
David Caines Treasurer | OfficerTrustee | 5 | $0 |
Edna Varner Secretary | OfficerTrustee | 5 | $0 |
Tricia Allen Director | Trustee | 1 | $0 |
Ted Alling Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chattanooga Bus Company Transportation | 6/29/23 | $172,689 |
Impact Facility Solutions Llc Commercial Cleaning | 6/29/23 | $141,792 |
Laviniaa Group Llc Education | 6/29/23 | $111,773 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $92,324 |
| Related organizations | $0 |
| Government grants | $4,443,455 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,802,502 |
| Noncash contributions included in lines 1a–1f | $8,408 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,338,281 |
| Total Program Service Revenue | $342,998 |
| Investment income | $12,541 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$21,684 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,672,136 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $892,775 |
| 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. | $145,222 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,112,059 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $473,346 |
| Payroll taxes | $243,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $1,233,780 |
| Advertising and promotion | $14,188 |
| Office expenses | $5,029 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $192,584 |
| Travel | $47,052 |
| 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 | $116,321 |
| Insurance | $64,845 |
| All other expenses | $0 |
| Total functional expenses | $7,315,586 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,115,279 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $675,297 |
| Accounts receivable, net | $70,183 |
| 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 | $91,267 |
| Net Land, buildings, and equipment | $301,083 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $761,665 |
| Total assets | $3,014,774 |
| Accounts payable and accrued expenses | $172,520 |
| 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 | $186,813 |
| Total liabilities | $359,333 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $1,410,405 |
| Paid-in or capital surplus, or land, building, or equipment fund | $301,083 |
| Retained earnings, endowment, accumulated income, or other funds | $943,953 |
| Total liabilities and net assets/fund balances | $3,014,774 |