Parallel Hope Schools Inc
- Assets
- $5.9k
- Revenue
- $5.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Rockville, MD
- Founding
- 02/2019
- Data as of
- 06/2024
- EIN
- 82-3717614
Organization Overview
Parallel Hope Schools Inc is located in Rockville, MD. The organization was established in 2019. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, 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. Parallel Hope Schools 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 06/2024, Parallel Hope Schools Inc generated $5.7k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 43.7% each year . All expenses for the organization totaled $7.4k during the year ending 06/2024. While expenses have increased by 41.5% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PARALLEL HOPE SCHOOLS, INC. WILL BE A PLACE FOR THE PURPOSEFUL EDUCATION OF CHILDREN AND WILL WORK TO ESTABLISH SCHOOLS DESIGNED TO TRAIN AND EDUCATE CHILDREN FOR SUCCESS IN THEIR OWN PURPOSE, USING THE TOOLS THROUGH WHICH THEY BEST LEARN, AND WILL EDUCATE AND PREPARE STUDENTS FOR A CAREER OR COLLEGE AND LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESTABLISH AN OPERATIONAL SCHOOL PROGRAM, INCLUDING RAISING PUBLIC AWARENESS OF THE NEW SCHOOL PROGRAM. THIS IS BEING ACCOMPLISHED USING VOLUNTEERS, WITH THE EXCEPTION OF THE ZONING PROCESS AND THE WEBSITE REBUILD. WORK BEING DONE IS: - FILING APPROPRIATE PAPERWORK FOR OPERATION; - ATTEMPT TO SECURE ZONING FOR THE SCHOOL LOCATION; - RAISING FUNDS FOR THE INITIAL OPERATING EXPENSES AND LOCATION
ESTABLISH A CURRICULUM AND LIBRARY FOR THE EDUCATIONAL PROGRAM. THIS INCLUDES EXPENSES DELAYED FROM THE 2021-2022 FISCAL YEAR.
CONTINUE TO ESTABLISH FOUNDATIONAL REGULATIONS, ROLES, AND BYLAWS. COMPLETED BY VOLUNTEERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jill Freund Secretary | OfficerTrustee | 1 | $0 |
Frank Clark Chair | OfficerTrustee | 1 | $0 |
Pius Ogbewe Vice Chair | OfficerTrustee | 1 | $0 |
Robert Silberman Board Member | Trustee | 1 | $0 |
Annette Laguerre Administrator And Treasurer | OfficerTrustee | 40 | $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 | $5,700 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,700 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $5,700 |
| 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 | $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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $7,379 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,875 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,875 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $5,875 |
| 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 | $5,875 |