Somerset Academy Arizona Inc
- Assets
- $1.5m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 31
- Location
- Phoenix, AZ
- Founding
- 09/2019
- Data as of
- 06/2024
- EIN
- 83-3041155
Organization Overview
Somerset Academy Arizona Inc is located in Phoenix, AZ. 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. As of 06/2024, Somerset Academy Arizona Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset Academy Arizona Inc 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 06/2024, Somerset Academy Arizona Inc generated $2.5m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $2.3m during the year ending 06/2024. While expenses have increased by 12.5% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF SOMERSET ACADEMY SKYWAY CAMPUS IS TO PROMOTE A TRANSFORMATIONAL CULTURE THAT MAXIMIZES STUDENT ACHIEVEMENT AND THE DEVELOPMENT OF ACCOUNTABLE, GLOBAL LEARNERS IN A SAFE AND ENRICHING ENVIRONMENT THAT FOSTERS HIGH-QUALITY EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SOMERSET ACADEMY OF ARIZONA IS DEDICATED TO PROVIDING A WELL-ROUNDED, ACADEMIC CURRICULUM IN A 'FAMILY-LIKE' ENVIRONMENT THAT IS RIGOROUS, CREATIVELY STIMULATING, AND NURTURING. SOMERSET ACADEMY OF ARIZONA WILL PROVIDE OPPORTUNITIES FOR ACTIVE INVOLVEMENT OF STUDENTS, FAMILIES, AND COMMUNITIES; PROVIDE A RIGOROUS COLLEGE-PREPARATORY PROGRAM WITH EMPHASIS ON STUDENT-CENTERED INSTRUCTION; ENHANCE CLASSROOM STUDIES WITH TECHNOLOGY AND ROBUST EXTRA-CURRICULAR PROGRAMS AND PROVIDE A NURTURING 'FAMILY-LIKE ENVIRONMENT TO FOSTER SUCCESSFUL LIFE-LONG LEARNING. FOR THE FISCAL YEAR ENDED JUNE 30, 2024, 160 STUDENTS WERE ENROLLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lourdes Isla Director, Chairman | OfficerTrustee | 2 | $0 |
Todd German Director, Vice Chairman | OfficerTrustee | 2 | $0 |
Ana Diaz Director, Secretary | OfficerTrustee | 2 | $0 |
Taylor Smith Director | Trustee | 2 | $0 |
Shelly Murphy Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Skyway Church Facility Leasing | 6/29/22 | $249,505 |
School Specialty Educational Support | 6/29/22 | $113,734 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,494,406 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,083 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,536,489 |
| Total Program Service Revenue | $9,601 |
| 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 | $2,548,516 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $150,000 |
| 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 | $1,016,377 |
| Pension plan accruals and contributions | $203 |
| Other employee benefits | $90,086 |
| Payroll taxes | $0 |
| Fees for services: Management | $72,083 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,869 |
| Advertising and promotion | $24,899 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $207,065 |
| Travel | $6,038 |
| 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 | $42,047 |
| Insurance | $17,682 |
| All other expenses | $208,530 |
| Total functional expenses | $2,265,909 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,119,344 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,460 |
| 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 | $17,392 |
| Net Land, buildings, and equipment | $263,162 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $53,602 |
| Total assets | $1,455,960 |
| Accounts payable and accrued expenses | $148,580 |
| 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 | $81,325 |
| Other liabilities | $404,603 |
| Total liabilities | $634,508 |
| Net assets without donor restrictions | $439,215 |
| Net assets with donor restrictions | $382,237 |
| 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 | $1,455,960 |