Ace Preparatory Inc
- Assets
- $3.8m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 33
- Location
- Indianapolis, IN
- Founding
- 04/2015
- Data as of
- 06/2023
- EIN
- 47-3128337
Organization Overview
Ace Preparatory Inc is located in Indianapolis, IN. The organization was established in 2015. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Ace Preparatory Inc employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ace Preparatory 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, Ace Preparatory Inc generated $2.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 41.7% each year . All expenses for the organization totaled $2.4m during the year ending 06/2023. While expenses have increased by 22.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH RIGOROUS ACADEMICS, POSITIVE CHARACTER DEVELOPMENT, AND EXCELLENCE IN EVERYTHING WE DO, ACE PREPARATORY ACADEMY CHARTER SCHOOL EDUCATES KINDERGARTEN THROUGH GRADE 5 STUDENTS FOR SCHOOL SUCCESS AND LIVES OF OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR SCHOLARS HAVE CONTINUED TO MAKE SUBSTANTIAL ACADEMIC PROGRESS. 71% WERE AT OR ABOVE GRADE LEVEL IN READING PER THEIR END OF YEAR IREADY SCORES, WHICH IS A NATIONALLY NORMED ASSESSMENT. OF THE 29% OF SCHOLARS WHO WERE BELOW GRADE LEVEL, 80% OF THESE SCHOLARS MADE SIGNIFICANT GROWTH TOWARDS THEIR END OF YEAR GROWTH GOAL. IN MATH, 80% OF SCHOLARS WERE AT OR ABOVE GRADE LEVEL PER THEIR END OF YEAR IREADY SCORES. OF THE 20% BELOW GRADE LEVEL, 89% MADE SIGNIFICANT GROWTH TOWARDS THEIR END OF YEAR GROWTH GOAL.OUR STATE TEST SCORES FOR IREAD-3 AND ILEARN ALL INDICATE IMPROVEMENT. OUR IREAD-3 PASSAGE RATE IN 2023 WAS 76% UP FROM 62% IN 2022 AND 52% IN 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitchell Gauger Chair | OfficerTrustee | 1.5 | $0 |
Tatiana Day Vice Chair | OfficerTrustee | 1.5 | $0 |
Latoya Ashe' Treasurer | OfficerTrustee | 1 | $0 |
Charles Ibrahim Board Member | Trustee | 1 | $0 |
Jordan Oliver Board Member | Trustee | 0 | $0 |
John Shertzer Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,286,623 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,332 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,296,955 |
| Total Program Service Revenue | $0 |
| Investment income | $6,828 |
| 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 | $2,328,140 |
| 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. | $177,000 |
| Compensation of current officers, directors, key employees. | $19,961 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,059,758 |
| Pension plan accruals and contributions | $12,181 |
| Other employee benefits | $84,905 |
| Payroll taxes | $91,516 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,549 |
| Fees for services: Accounting | $49,485 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $136,628 |
| Advertising and promotion | $13,552 |
| Office expenses | $95,439 |
| Information technology | $29,106 |
| Royalties | $0 |
| Occupancy | $380,143 |
| Travel | $5,529 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $59,889 |
| Insurance | $20,143 |
| All other expenses | $0 |
| Total functional expenses | $2,360,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $402,696 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $77,866 |
| Accounts receivable, net | $0 |
| 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 | $13,664 |
| Net Land, buildings, and equipment | $60,392 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,257,438 |
| Total assets | $3,812,056 |
| Accounts payable and accrued expenses | $63,316 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,308,945 |
| Total liabilities | $3,372,261 |
| Net assets without donor restrictions | $439,795 |
| 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 | $3,812,056 |