Somerset Academy Inc
- Assets
- $546.1m
- Revenue
- $372.1m
- Investments
- $0.0
- Employees
- 4,334
- Location
- Miami, FL
- Founding
- 01/1998
- Data as of
- 06/2023
- EIN
- 31-1569428
Organization Overview
Somerset Academy Inc is located in Miami, FL. The organization was established in 1998. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Somerset Academy Inc employed 4,334 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset 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, Somerset Academy Inc generated $372.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.2% each year . All expenses for the organization totaled $355.3m during the year ending 06/2023. While expenses have increased by 12.6% per year over the past 8 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
ESTABLISHED AS CHARTER SCHOOL OPERATOR IN DISTRICT SCHOOL BOARDS OF MIAMI-DADE, BROWARD COUNTY, PALM BEACH COUNTY, DUVAL COUNTY, ST. LUCIE COUNTY, AND TEXAS STATE BOARD OF EDUCATION. SOMERSET ACADEMY, INC. IS DEDICATED TO PROVIDING EQUITABLE, HIGH-QUALITY EDUCATION FOR ALL STUDENTS, AND PROMOTES A CULTURE THAT MAXIMIZES STUDENT ACHIEVEMENT AND FOSTERS THE DEVELOPMENT OF ACCOUNTABLE, 21ST CENTURY LEARNERS IN A SAFE AND ENRICHING ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES EDUCATION FOR CHILDREN FROM PRE-KINDERGARTEN THROUGH TWELFTH GRADE. FOR THE FISCAL YEAR ENDED JUNE 30, 2023 31,600 STUDENTS WERE ENROLLED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd German Director,chairman,treasure | OfficerTrustee | 2 | $0 |
Ana Diaz Director, Secretary, Vicec | OfficerTrustee | 2 | $0 |
Brian Matthew Cox Director | Trustee | 2 | $0 |
David Concepcion Director | Trustee | 2 | $0 |
Bernardo Montero President | Officer | 40 | $227,380 |
Suzette Ruiz Vice-President | Officer | 2 | $159,495 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Adp Total Source Payroll Provider | 6/29/23 | $155,944,242 |
Academica Broward Llc Educational Support Provider | 6/29/23 | $7,277,531 |
It Sawy Llc It Services Provider | 6/29/23 | $6,304,583 |
Cheney Brothers Inc Food Provider | 6/29/23 | $4,201,636 |
Academica Dade Llc Educational Support Provider | 6/29/23 | $4,197,833 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $342,448,984 |
| All other contributions, gifts, grants, and similar amounts not included above | $629,846 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $343,078,830 |
| Total Program Service Revenue | $25,346,401 |
| Investment income | $2,637,490 |
| 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 | $372,140,972 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $80,000 |
| 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 | $154,412,362 |
| Pension plan accruals and contributions | $4,160,193 |
| Other employee benefits | $25,680,647 |
| Payroll taxes | $0 |
| Fees for services: Management | $12,939,075 |
| Fees for services: Legal | $318,998 |
| Fees for services: Accounting | $934,140 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,201,373 |
| Advertising and promotion | $307,170 |
| Office expenses | $0 |
| Information technology | $1,841,174 |
| Royalties | $0 |
| Occupancy | $52,535,233 |
| Travel | $605,976 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,303,279 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,389,302 |
| Insurance | $3,687,489 |
| All other expenses | $42,478,599 |
| Total functional expenses | $355,265,196 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $99,036,562 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $946,043 |
| 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 | $5,656,606 |
| Net Land, buildings, and equipment | $82,398,770 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $358,019,689 |
| Total assets | $546,057,670 |
| Accounts payable and accrued expenses | $18,134,343 |
| Grants payable | $0 |
| Deferred revenue | $4,271,738 |
| Tax-exempt bond liabilities | $51,224,241 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,589,793 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $348,758,701 |
| Total liabilities | $424,978,816 |
| Net assets without donor restrictions | $109,917,106 |
| Net assets with donor restrictions | $11,161,748 |
| 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 | $546,057,670 |
Grants Awarded
Over the last fiscal year, Somerset Academy Inc has awarded $269,796 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
SOMERSET ACADEMY ARIZONA INC PURPOSE: TO SUPPORT EDUCATION | $58,796 |
SOMERSET VIRTUAL ACADEMY INC PURPOSE: TO SUPPORT EDUCATION | $211,000 |