Foundation Preparatory Charter School

Nonprofit profile at a glance

EIN
464910477
IRS 990 coverage
2015–2019
Forms available
Form 990 2019, Form 990-EZ 2014
Location
New Orleans, LA, USA
Phone
5044340521
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Secondary, High School

Official website

Reported finances

Revenue
$4,373,116
Expenses
$3,720,650
Assets
$1,164,762
Liabilities
$248,775

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • Brooke Wyatt (President)

Highest reported compensation

  • Myrialis King (School Leader): $63,215 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide an excellent, equitable education to all students, regardless of demographic profile or previous academic history.

What it reported doing in 2019

Public charter school

Operating model

Revenue model
Earned-program. 63% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 88% 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. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 94
  • Accountability: 24
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.1%; rating input score 76
  • Program expense ratio: 89.4%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 71st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.9%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 11; 11th percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 1.7%; rating input score 78; 78th percentile among comparable filings

Growth

  • Program expense growth: 30.4% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 37.4% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: 31.3% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 76.1% of revenue deployed · 89.4% of spending went to programs
  • Governance: 0 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $3.3M in reported program spending
  • Leadership: top reported pay $63K · 10 people listed
  • Highest-paid contractors: 3 contractors listed · $616K reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2015 to 2019
  • Contacts: How to reach this organization
  • Money network: 3 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Independent voting board scored 0/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 11/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.