Erie Preparatory Academy

Nonprofit profile at a glance

EIN
922403652
IRS 990 coverage
2023–2023
Forms available
Form 990 2023
Location
Waterford, PA, USA
Phone
8144909012
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Secondary, High School

Reported finances

Revenue
$614,738
Expenses
$648,499
Assets
$52,757
Liabilities
$86,518

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • CASSONDRA ENTERLINE (Vice President)
  • PHILLIP GERNOVICH (President)

Highest reported compensation

  • STEPHEN RHOADES (Director): $16,540 total reported compensation
  • CASSONDRA ENTERLINE (Vice President): $13,308 total reported compensation
  • PHILLIP GERNOVICH (President): $4,038 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Erie Preparatory Academy, which is organized exclusively for charitable and educational purposes, is committed to providing academic excellence, character development and community leadership through its programs by providing a structured, college-preparatory education designed to equip students with the knowledge, discipline and values necessary for lifelong success. The Academy uses a holistic approach integrating rigorous academics with extracurricular enrichment, personal mentorship and service learning.

What it reported doing in 2023

Providing high quality academic and spiritual education in a multi-cultural environment comprised of 30-40% international students. During this fiscal year, thirty percent of our students received assistance through need based tuition discounts. 100% of our graduating class went on to attend college.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 90
  • Accountability: 34
  • Sustainability: 20
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.9%; rating input score 96
  • Program expense ratio: 90.9%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 11th percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 12
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -5.5%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 0.08; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 1.64; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 5.2%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 95.9% of revenue deployed · 90.9% of spending went to programs
  • Governance: 3 of 6 board members independent · 1 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $590K in reported program spending
  • Leadership: top reported pay $17K · 9 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 6 of 7 not reported.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Review — Sustainability: Officer compensation ratio scored 53/100.