Hope Academy Charter School
- Assets
- $9.0m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 56
- Location
- Asbury Park, NJ
- Founding
- 01/2012
- Data as of
- 06/2021
- EIN
- 22-3785563
Organization Overview
Hope Academy Charter School is located in Asbury Park, NJ. The organization was established in 2012. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Hope Academy Charter School employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope Academy Charter School 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 06/2021, Hope Academy Charter School generated $5.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.5% each year. All expenses for the organization totaled $4.5m during the year ending 06/2021. While expenses have increased by 5.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF HOPE ACADEMY CHARTER SCHOOL IS AS FOLLOWS: THE PRODUCTION OF INTELLIGENT, COMPETENT, COMPASSIONATE AND COMMUNITY-MINDED CITIZENS, WHO WILL TEACH OTHERS TO BE, TO KNOW, AND TO DO LIKE WISE. THE EDUCATIONAL PHILOSOPHY IS EMBEDDED IN OUR CORE VALUES. HARD WORK OPEN AND HONEST COMMUNICATIONS PERSONAL COMMITMENT EXCELLENCE WE AT HOPE ACADEMY BELIEVE THAT FAILURE IS NOT AN OPTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Davisha Pratt Head Of School | Officer | 40 | $175,154 |
Donna Torres Business Administrator | Officer | 40 | $118,596 |
Dwayne Mcneil Business Adminstrator | Officer | 40 | $45,153 |
Sheree Jones Vice President | Officer | 3 | $0 |
Claudia Morgan President | Officer | 3 | $0 |
Kevin Elam Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,283,412 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,126 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,295,538 |
| Total Program Service Revenue | $0 |
| Investment income | $2,195 |
| 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 | -$121,609 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,176,124 |
| 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. | $338,903 |
| Compensation of current officers, directors, key employees. | $338,903 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,115,905 |
| Pension plan accruals and contributions | $474,139 |
| Other employee benefits | $440,525 |
| Payroll taxes | $52,391 |
| Fees for services: Management | $283,428 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $194,166 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $238,293 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $139,368 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $142,459 |
| Insurance | $74,502 |
| All other expenses | $0 |
| Total functional expenses | $4,538,060 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,471,896 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $723,141 |
| 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 | $41,097 |
| Net Land, buildings, and equipment | $5,678,240 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $91,006 |
| Total assets | $9,005,380 |
| Accounts payable and accrued expenses | $423,629 |
| Grants payable | $0 |
| Deferred revenue | $18,278 |
| 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 | $4,375,348 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $670,841 |
| Total liabilities | $5,488,096 |
| Net assets without donor restrictions | $3,517,284 |
| 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 | $9,005,380 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Hope Academy Charter School has recieved totaling $76,902.
| Awarding Organization | Amount |
|---|---|
New Jersey Charter Public Schools Association A New Jersey Non-Profi Hamilton, NJ PURPOSE: CSP GRANT | $61,902 |
Mary Owen Borden Memorial Fund Rumson, NJ PURPOSE: FOR OPERATIONS | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Our World Neighborhood Charter School Astoria, NY | $8,035,800 | $19,394,981 |
Zeta Charter Schools - New York City Bronx, NY | $8,294,050 | $24,042,847 |
Tapestry Charter School Buffalo, NY | $42,673,326 | $19,036,142 |
Belmont Charter School Philadelphia, PA | $6,922,339 | $21,008,354 |
Riverton Street Charter School Jamaica, NY | $876,028 | $18,020,045 |
Community Partnership Charter School Brooklyn, NY | $6,697,823 | $17,421,510 |
University Heights Charter School Of Excellence Inc Newark, NJ | $19,966,425 | $19,377,888 |
Propel Charter School Sunrise Pittsburgh, PA | $9,914,076 | $19,454,226 |
West Oak Lane Charter School Philadelphia, PA | $9,484,536 | $17,633,515 |
New World Preparatory Charter School Staten Island, NY | $11,039,877 | $15,891,688 |
Central Jersey College Preparatory Charter School Somerset, NJ | $11,475,546 | $18,846,415 |
Mast Community Charter School Iii Philadelphia, PA | $53,124,349 | $21,172,350 |