New Beginnings Family Academy Inc
- Assets
- $5.9m
- Revenue
- $7.8m
- Investments
- $0.0
- Employees
- 137
- Location
- Bridgeport, CT
- Founding
- 03/2002
- Data as of
- 06/2023
- EIN
- 06-1578214
Organization Overview
New Beginnings Family Academy Inc is located in Bridgeport, CT. The organization was established in 2002. 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, New Beginnings Family Academy Inc employed 137 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Beginnings Family Academy 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 06/2023, New Beginnings Family Academy Inc generated $7.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $8.1m during the year ending 06/2023. While expenses have increased by 1.6% per year over the past 6 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
NEW BEGINNINGS FAMILY ACADEMY PROVIDES ITS STUDENTS A MEANINGFUL, HIGH-QUALITY EDUCATION THROUGH EXPERIENCE-BASED LEARNING THAT HELPS DEVELOP ESSENTIAL SOCIAL, EMOTIONAL AND CRITICAL-THINKING SKILLS. THIS GIVES ALL CHILDREN A FOUNDATION TO ACHIEVE THEIR FULL POTENTIAL AT EVERY STAGE OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A CHARTER SCHOOL PROVIDING FULL DAY PRE-K, KINDERGARTEN AND GRADES 1-8 FOR 406 STUDENTS BY 29 TEACHERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Foley President | OfficerTrustee | 4 | $0 |
Lashea Hall Vice President | OfficerTrustee | 4 | $0 |
Mylena Teixeira Treasurer | OfficerTrustee | 4 | $0 |
Kevin Knight Secretary | OfficerTrustee | 4 | $0 |
Craig Johnson Director | Trustee | 4 | $0 |
Mindy Fox Pritchard Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loretta Lacasse Ics-ct Llc It Services | 6/29/23 | $193,216 |
Castro's Construction Llc Cleaning Maintenance & Repair Services | 6/29/23 | $439,023 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $67,553 |
| Related organizations | $0 |
| Government grants | $7,293,836 |
| All other contributions, gifts, grants, and similar amounts not included above | $444,004 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,805,393 |
| Total Program Service Revenue | $27,302 |
| Investment income | $24,113 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $31,442 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$43,491 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,844,759 |
| 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. | $417,834 |
| Compensation of current officers, directors, key employees. | $315,788 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,493,033 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $728,194 |
| Payroll taxes | $248,731 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,631 |
| Fees for services: Accounting | $33,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $103,287 |
| Advertising and promotion | $0 |
| Office expenses | $317,746 |
| Information technology | $149,949 |
| Royalties | $0 |
| Occupancy | $421,776 |
| Travel | $29 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,649 |
| Interest | $60,675 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $527,173 |
| Insurance | $75,432 |
| All other expenses | $0 |
| Total functional expenses | $8,107,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,224,682 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $193,818 |
| Accounts receivable, net | $108,119 |
| 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 | $252,839 |
| Net Land, buildings, and equipment | $4,113,787 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,724 |
| Total assets | $5,899,969 |
| Accounts payable and accrued expenses | $782,573 |
| 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 | $2,045,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,227 |
| Total liabilities | $2,843,800 |
| Net assets without donor restrictions | $2,608,599 |
| Net assets with donor restrictions | $447,570 |
| 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 | $5,899,969 |