Friends Of Veritas Preparatory Charter School Inc
- Assets
- $6.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 09/2011
- Data as of
- 06/2022
- EIN
- 27-3800650
Organization Overview
Friends Of Veritas Preparatory Charter School Inc is located in Springfield, MA. The organization was established in 2011. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, 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. Friends Of Veritas Preparatory Charter School 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 06/2022, Friends Of Veritas Preparatory Charter School Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 74.1% each year . All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 41.8% 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
TO ASSIST IN THE ESTABLISHMENT, DEVELOPMENT, IMPROVEMENT AND EXPANSION OF EDUCATIONAL OPPORTUNITIES, FACILITIES AND PROGRAMS OF VERITAS PREPARATORY CHARTER SCHOOL AND TO ASSIST ATTENDING STUDENTS AND TEACHERS IN REALIZING THEIR EDUCATIONAL GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ASSIST IN THE ESTABLISHMENT, DEVELOPMENT, IMPROVEMENT AND EXPANSION OF EDUCATIONAL OPPORTUNITIES, FACILITIES AND PROGRAMS OF VERITAS PREPARATORY CHARTER SCHOOL AND TO ASSIST ATTENDING STUDENTS AND TEACHERS IN REALIZING THEIR EDUCATIONAL GOALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Doherty Clerk | OfficerTrustee | 1 | $0 |
Aaron Mendelson Treasurer | OfficerTrustee | 1 | $0 |
Rachel Romano President | OfficerTrustee | 20 | $0 |
Lindsay Haldeman Director | Trustee | 1 | $0 |
Carl Wistreich Director | Trustee | 1 | $0 |
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 | $66,105 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $66,105 |
| Total Program Service Revenue | $1,091,970 |
| Investment income | $310 |
| 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 | $1,161,573 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,378 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $223,684 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,989 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $104,897 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,748 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,079,570 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $229,362 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $260,128 |
| 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 | $2,933,344 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,842,793 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,265,627 |
| Accounts payable and accrued expenses | $3,253 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $2,840,511 |
| 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 | $2,825,146 |
| Total liabilities | $5,668,910 |
| Net assets without donor restrictions | $590,586 |
| Net assets with donor restrictions | $6,131 |
| 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 | $6,265,627 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Friends Of Veritas Preparatory Charter School Inc has recieved totaling $502,012.
| Awarding Organization | Amount |
|---|---|
Barr Foundation Boston, MA PURPOSE: EDUCATION: TO SUPPORT THE FINAL DESIGN YEAR AND LAUNCH OF VERITAS HIGH SCHOOL | $450,000 |
One8 Foundation Boston, MA PURPOSE: EDUCATION | $52,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $12 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hunter College Foundation Inc New York, NY | $144,509,988 | $37,248,838 |
The American Friends Of Winchester College New York, NY | $259,900 | $15,435,931 |
Friends Of@ascend Charter Schools Inc Brooklyn, NY | $51,013,536 | $16,135,870 |
Equitable Facilities Fund Inc New York, NY | $843,754,758 | $34,535,002 |
Dudley Square Realty Corporation Boston, MA | $98,074,702 | $123 |
Auxiliary Campus Enterprises And Services State University College Alfred, NY | $11,814,689 | $16,740,654 |
College Of Staten Island Auxiliary Services Corp Inc Staten Island, NY | $62,695,629 | $9,780,570 |
American Friends Of The National Gallery London Inc New York, NY | $305,852,204 | $2,300,126 |
Auxiliary Services Corporation Of Suny Cortland Cortland, NY | $19,099,097 | $10,450,642 |
The Roosevelt Institute New York, NY | $39,947,474 | $14,561,739 |
Empire Commons Student Housing Inc Albany, NY | $47,889,992 | $16,000,956 |
Prep For Prep New York, NY | $67,702,952 | $11,458,262 |