Lorain Bilingual Preparatory Academy
- Assets
- $4.0m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Lorain, OH
- Founding
- 05/2019
- Data as of
- 06/2023
- EIN
- 82-5246755
Organization Overview
Lorain Bilingual Preparatory Academy is located in Lorain, OH. The organization was established in 2019. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, 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. Lorain Bilingual Preparatory Academy 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, Lorain Bilingual Preparatory Academy generated $3.7m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 31.2% each year . All expenses for the organization totaled $3.8m during the year ending 06/2023. While expenses have increased by 23.9% per year over the past 5 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
TO PROVIDE OPPORTUNITIES FOR EDUCATIONAL CHOICE TO STUDENTS AND FAMILIES OF THIS COMMUNITY. THE ORGANIZATION IS PRIMARILY ENGAGED IN PROVIDING INSTRUCTIONAL SERVICES TO ENROLLED STUDENTS IN GRADES K-8.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LBA IS A LEARNING COMMUNITY WHICH VALUES HIGH EXPECTATIONS FOR BOTH ACADEMICS AND BEHAVIOR. LBA STAFF EMBRACES STUDENTS, FAMILIES, AND COMMUNITIES TO BUILD AND DEVELOP WELL-ROUNDED INDIVIDUALS WHO ARE INDEPENDENT CRITICAL THINKERS AND INTRINSICALLY MOTIVATED TO BE LIFE-LONG LEARNERS. WE BELIEVE THAT ALL CHILDREN CAN LEARN AS WE SEEK TO MAKE A DIFFERENCE IN THE LIVES OF OUR STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Kubasak Board Member | Trustee | 1 | $1,250 |
Marcelo Torres Board Member | Trustee | 1 | $1,250 |
Pastor Terrance Bivins Board Member | Trustee | 1 | $1,125 |
David Arrendondo Board Member | Trustee | 1 | $1,125 |
Kimberly Bartlett Board Member | Trustee | 1 | $875 |
Anthony Alto Board Member | Trustee | 1 | $625 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Accel Schools Management Services | 6/29/23 | $589,147 |
St Mary Church Rent | 6/29/23 | $189,655 |
Arlenes Cuisine Student Food Service | 6/29/23 | $172,333 |
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 | $3,719,889 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,719,889 |
| 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 | $3,719,889 |
| 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 | $1,368,449 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $687,650 |
| Payroll taxes | $0 |
| Fees for services: Management | $458,131 |
| Fees for services: Legal | $42,000 |
| Fees for services: Accounting | $33,445 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $283,409 |
| Advertising and promotion | $46,189 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $177,414 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $56,303 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $162,989 |
| Insurance | $14,094 |
| All other expenses | $12,901 |
| Total functional expenses | $3,761,902 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,239,373 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $119,770 |
| Accounts receivable, net | $1,545 |
| 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 | $1,115,381 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,521,495 |
| Total assets | $3,997,564 |
| Accounts payable and accrued expenses | $325,967 |
| 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 | $3,455,418 |
| Total liabilities | $3,781,385 |
| Net assets without donor restrictions | $216,179 |
| 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 | $3,997,564 |