Rainier Prep
- Assets
- $5.0m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 49
- Location
- Seattle, WA
- Founding
- 07/2014
- Data as of
- 08/2023
- EIN
- 80-0956961
Organization Overview
Rainier Prep is located in Seattle, WA. The organization was established in 2014. 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 08/2023, Rainier Prep employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rainier Prep 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 08/2023, Rainier Prep generated $5.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $5.8m during the year ending 08/2023. While expenses have increased by 15.1% 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
RAINIER PREP IS A RIGOROUS, COLLEGE PREPARATORY, PUBLIC 5TH - 8TH GRADE CHARTER SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAINIER PREP PROVIDES PUBLIC EDUCATION TO STUDENTS IN GRADES 5-8 IN THE HIGHLINE AREA NEAR SEATTLE/TACOMA. RAINIER PREP SEEKS TO PREPARE STUDENTS FOR COLLEGE, CAREER READINESS, AND TO BECOME LEADERS IN THEIR COMMUNITIES. 332 STUDENTS WERE ENROLLED IN THE 2022/2023 SCHOOL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Jassy Board Chair | OfficerTrustee | 5 | $0 |
Guy Palumbo Secretary | OfficerTrustee | 5 | $0 |
Robin Mendelson Treasurer From 04/23 | OfficerTrustee | 5 | $0 |
Sean Boyle Treasurer Thru 07/23 | OfficerTrustee | 5 | $0 |
Ed Taylor Trustee | Trustee | 5 | $0 |
Bob Kimbal Trustee | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $321,127 |
| Related organizations | $0 |
| Government grants | $546,721 |
| All other contributions, gifts, grants, and similar amounts not included above | $446,019 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,313,867 |
| Total Program Service Revenue | $4,342,227 |
| Investment income | $77,767 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$23,313 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,710,548 |
| 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. | $250,478 |
| Compensation of current officers, directors, key employees. | $195,491 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,948,596 |
| Pension plan accruals and contributions | $102,643 |
| Other employee benefits | $408,489 |
| Payroll taxes | $218,939 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $109,693 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $22,201 |
| Office expenses | $110,706 |
| Information technology | $75,686 |
| Royalties | $0 |
| Occupancy | $310,844 |
| Travel | $0 |
| 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 | $0 |
| Insurance | $22,940 |
| All other expenses | $0 |
| Total functional expenses | $5,831,034 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $842,586 |
| Savings and temporary cash investments | $511,288 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,652 |
| 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 | $65,989 |
| Net Land, buildings, and equipment | $247,189 |
| Investments—publicly traded securities | $1,898,323 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,414,465 |
| Total assets | $4,990,492 |
| Accounts payable and accrued expenses | $670,169 |
| 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 | $1,389,481 |
| Total liabilities | $2,059,650 |
| Net assets without donor restrictions | $0 |
| 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 | $2,930,842 |
| Total liabilities and net assets/fund balances | $4,990,492 |