Rex And Margaret Fortune School Of Education
- Assets
- $30.8m
- Revenue
- $42.2m
- Investments
- $0.0
- Employees
- 469
- Location
- Sacramento, CA
- Founding
- 09/1993
- Data as of
- 06/2022
- EIN
- 94-3187528
Organization Overview
Rex And Margaret Fortune School Of Education is located in Sacramento, CA. The organization was established in 1993. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2022, Rex And Margaret Fortune School Of Education employed 469 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rex And Margaret Fortune School Of Education 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, Rex And Margaret Fortune School Of Education generated $42.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $37.2m during the year ending 06/2022. While expenses have increased by 10.0% 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
THE PROMOTION OF EDUCATION IN CALIFORNIA AND OTHER AREAS WITHIN THE UNITED STATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
K-12 CHARTER SCHOOL OPERATIONS: FORTUNE SCHOOL AND HARDY BROWN COLLEGE PREP ARE COLLEGE PREPARATORY CHARTER SCHOOLS THAT HAVE BEEN AUTHORIZED TO SERVE GRADES KINDERGARTEN THROUGH GRADE 12. DURING 2021-22 FORTUNE SCHOOL SERVED STUDENTS IN GRADES K-12 WHILE HARDY BROWN COLLEGE PREP SERVED STUDENTS IN GRADES K-8 GRADE. FOUNDED BY CIVIC AND COMMUNITY LEADERS FROM SACRAMENTO, CALIFORNIA, THE SCHOOLS ARE HIGH ACHIEVING AND ACADEMICALLY RIGOROUS THAT SERVE PREDOMINATELY LOW INCOME, AFRICAN AMERICAN STUDENTS. WHILE THE FOCUS OF OUR TUITION FREE PUBLIC CHARTER SCHOOLS IS TO CLOSE THE ACHIEVEMENT GAP FOR AFRICAN AMERICAN STUDENTS, THE SCHOOLS ARE OPEN TO ALL STUDENTS.
DISTRICT INTERN CREDENTIAL PROGRAM THAT PROVIDES AN ALTERNATIVE PATH TO TEACHER CERTIFICATION FOR SINGLE SUBJECT - MIDDLE SCHOOL/HIGH SCHOOL (GRADES 7-12) GENERAL EDUCATION TEACHERS, A MILD, MODERATE DISABILITIES LEVELS I & II CREDENTIAL FOR EDUCATION SPECIALIST TEACHERS AND A MULTIPLE SUBJECT CREDENTIAL FOR GRADES K-8 TEACHERS IN SELF CONTAINED CLASSES. THE PROGRAMS INCLUDE TWO YEARS OF PROFESSIONAL DEVELOPMENT COURSEWORK COMPLETED ON WEEKENDS FROM SEPTEMBER THROUGH JUNE OF EACH YEAR WHILE SIMULTANEOUSLY TEACHING ON AN INTERN CREDENTIAL.
PRESERVICE PROGRAM - 160 CLOCK HOURS OF TRAINING IS PROVIDED PRIOR TO ENTERING THE CLASSROOM AS A TEACHER INTERN. THIS COURSEWORK WAS PREVIOUSLY TAKEN AS PART OF THE DISTRICT INTERN PROGRAM, BUT IS NOW BEING OPERATED AS A STAND ALONE PROGRAM THAT IS A PRE-REQUISITE FOR THE DISTRICT INTERN PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Board Member | Trustee | 1 | $0 |
Name Not Listed Chief Financial Officer | Officer | 50 | $230,235 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Caliber Networks Corp It Services | 6/29/22 | $457,516 |
Jbs Builders Inc Construction | 6/29/22 | $1,278,277 |
50can Inc (Pace Education Strategies) Outreach And Marketing Campaigns | 6/29/22 | $198,959 |
Achievement First Inc Coaching/professional Development | 6/29/22 | $203,000 |
Childcare Careers Temporary Staffing | 6/29/22 | $271,211 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $37,406,485 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,009,104 |
| Noncash contributions included in lines 1a–1f | $84,219 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $41,415,589 |
| Total Program Service Revenue | $412,170 |
| Investment income | $8,986 |
| 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 | $42,193,426 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $238,759 |
| 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. | $864,946 |
| Compensation of current officers, directors, key employees. | $863,120 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,122,268 |
| Pension plan accruals and contributions | $161,762 |
| Other employee benefits | $1,902,955 |
| Payroll taxes | $1,450,756 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $137,137 |
| Fees for services: Accounting | $77,649 |
| Fees for services: Lobbying | $12,750 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,858,473 |
| Advertising and promotion | $248,010 |
| Office expenses | $0 |
| Information technology | $516,288 |
| Royalties | $0 |
| Occupancy | $7,226,351 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $398,616 |
| Interest | $243,689 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $746,842 |
| Insurance | $198,356 |
| All other expenses | $0 |
| Total functional expenses | $37,248,060 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,807,007 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,686,946 |
| 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 | $270,432 |
| Net Land, buildings, and equipment | $12,049,526 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $30,813,911 |
| Accounts payable and accrued expenses | $1,885,514 |
| Grants payable | $0 |
| Deferred revenue | $2,975,038 |
| 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 | $7,943,915 |
| Unsecured mortgages and notes payable | $250,000 |
| Other liabilities | $3,672,149 |
| Total liabilities | $16,726,616 |
| Net assets without donor restrictions | $13,638,482 |
| Net assets with donor restrictions | $448,813 |
| 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 | $30,813,911 |
Grants Awarded
Over the last fiscal year, Rex And Margaret Fortune School Of Education has awarded $238,759 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
LEE PUBLISHING COMPANY INC PURPOSE: PUBLICATION OF REPORTS AND COLUMNS REGARDING BLACK EDUCATION | $50,000 |
50CAN INC PURPOSE: Pass through of Freedom Coalition for Charter Schools unspent funds to new fiscal agent | $188,759 |