Precious Gems Academy Inc
- Assets
- $26.6k
- Revenue
- $600.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Flemington, NJ
- Founding
- Data as of
- 12/2021
- EIN
- 84-2031980
Organization Overview
Precious Gems Academy Inc is located in Flemington, NJ. According to its NTEE Classification (P33) the organization is classified as: Child Day Care, under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Precious Gems 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 12/2021, Precious Gems Academy Inc generated $600.5k in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 13.0% each year . All expenses for the organization totaled $645.5k during the year ending 12/2021. While expenses have increased by 8.4% per year over the past 2 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE A CHILD CARE CENTER THAT PROVIDES AFFORDABLE BUT QUALITY CHILD CARE TO LOW TO MODERATE INCOME FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHILD CARE TO LOW TO MODERATE INCOME FAMILIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Colavito Director | Trustee | $0 | |
Brett Colavito Secretary | Trustee | $0 | |
Raquel Gonzalez Treasurer | Trustee | $0 | |
Sergio Gonzalez Vice President | Trustee | $0 | |
Mark Mastrolia President | Trustee | $0 | |
Kim Grande Trustee | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $105,644 |
| All other contributions, gifts, grants, and similar amounts not included above | $129,465 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $235,109 |
| Total Program Service Revenue | $365,405 |
| 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 | $600,514 |
| 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 | $366,340 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,118 |
| Payroll taxes | $40,192 |
| 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 | $210,567 |
| Advertising and promotion | $5,000 |
| Office expenses | $5,000 |
| 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 | $7,280 |
| All other expenses | $0 |
| Total functional expenses | $645,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,842 |
| Savings and temporary cash investments | $5,001 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $17,709 |
| 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 | $26,552 |
| Accounts payable and accrued expenses | $3,842 |
| 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 | $17,709 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $21,551 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $5,001 |
| 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 | $26,552 |
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|---|---|---|
Friends Of Crown Heights Educational Centers Inc Brooklyn, NY | $13,044,302 | $39,783,189 |
Butler County Childrens Center Inc Butler, PA | $4,755,863 | $35,804,322 |
Northeast Parent And Child Society Inc Albany, NY | $28,822,787 | $39,619,614 |
Day Care Council Of New York Inc New York, NY | $9,552,378 | $29,439,995 |
Local 1199 Employer Child Care Fund New York, NY | $9,599,746 | $26,390,532 |
Child Development Centers Inc Erie, PA | $22,860,787 | $26,993,736 |
All My Children Day Care And Nursery School Jamaica Estates, NY | $13,560,786 | $26,442,381 |
Bradford Child Care Services Inc Bridgeville, PA | $6,738,908 | $20,770,769 |
Child Development And Family Council Of Centre County State College, PA | $3,508,640 | $21,304,471 |
New York State Federation Of Growers And Processors Association Schenectady, NY | $7,958,271 | $18,035,490 |
Northeast Bronx Day Care Center Inc Bronx, NY | $8,075,172 | $11,718,803 |
United Bronx Parents Inc Bronx, NY | $29,568,734 | $11,638,478 |