Fine Arts Preparatory School
Nonprofit profile at a glance
- EIN
- 881156332
- IRS 990 coverage
- 2022–2022
- Forms available
- Form 990 2022, Form 990-EZ 2021
- Location
- Moore, SC, USA
- Phone
- 8644359993
- Rating
- 53
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Charter Schools
Reported finances
- Revenue
- $349,285
- Expenses
- $393,074
- Assets
- $96,878
- Liabilities
- $140,667
Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.
Leadership & pay
2 people listed
People named in this filing
- MR DK JONES (CHAIR)
- JAMEZ DUDLEY (FOUNDER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Fine arts preparatory school (faps) is committed to sparking family and community collaboration to meet the non-academic needs of our students, enabling them to excel academically, artistically, and continually.collaboration and community involvement: faps believes that the support and involvement of families and the broader community are essential components of a successful educational experience. We actively encourage collaboration between parents, guardians, educators, staff, and community members to collectively support the holistic development of our students. Non-academic support: recognizing the importance of addressing non-academic needs, fps is dedicated to providing comprehensive support and resources to ensure our students' ell-being, emotional growth, and social development. We acknowledge that fostering a positive and and supportive environment enhances the overall learning experience and contributes to the academic success of our students.
What it reported doing in 2022
Sparking family and community collaboration to meet the non-academic needs of students, so they excel academically, artistically, and continually.
Operating model
- Revenue model
- Grant-funded. 97% of the money available for current operations came from government grants.
- 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
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 13
- Transparency & Controls: 92
- Accountability: 82
- Sustainability: 22
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 14.8%; rating input score 15
- Program expense ratio: 13.2%; rating input score 13
- 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: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 4 of 7 controls in place; rating input score 57
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- 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: -12.5%; rating input score 22; 22nd percentile among comparable filings
- Total-asset coverage ratio: 0.25; rating input score 12; 12th percentile among comparable filings
- Liabilities to assets ratio: 1.45; rating input score 3; 3rd percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 70; 70th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
- Asset growth: 200% per year; rating input score 100; 100th percentile among comparable filings
Details
- Where the money goes: 14.8% of revenue deployed · 13.2% of spending went to programs
- Governance: 2 of 2 board members independent · 4 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $52K in reported program spending
- Leadership: top reported pay $0 · 2 people listed
- Consistency: 22 of 22 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Contacts: How to reach this organization
- 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 — Financial Efficiency: Mission deployment rate scored 15/100.
- High — Financial Efficiency: Program expense ratio scored 13/100.
- Review — Accountability: Governance controls: 2 of 6 not reported.
- High — Sustainability: Operating margin scored 22/100.
- High — Sustainability: Total-asset coverage ratio scored 12/100.
- High — Sustainability: Liabilities to assets ratio scored 3/100.