Freedom Preparatory Academy Inc

Nonprofit profile at a glance

EIN
261342579
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Memphis, TN, USA
Phone
9018284590
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Primary, Elementary Schools

Official website

Reported finances

Revenue
$30,495,662
Expenses
$29,455,885
Assets
$57,153,273
Liabilities
$25,846,111

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • ROBLIN WEBB (CEO/FOUNDER)

Highest reported compensation

  • ROBLIN WEBB (CEO/FOUNDER): $231,733 total reported compensation
  • RHONDA MYLES (CHIEF PEOPLE OFFICER): $208,418 total reported compensation
  • ANIKA BALTIMORE (CFO): $194,146 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Freedom preparatory academy prepares all students in grades k-12 to excel in college and in life. It's focus is a clear strategic and direct path to college for every student that enters our doors.

What it reported doing in 2024

Freedom prep accomplishes this mission of college preparation through a highly structured, cademically-challenging environment where students master the core subjects, develop advanced academic skills, participate in character-building extra-curricular activities and sports, and demonstrate the school's core values.

Operating model

Revenue model
Grant-funded. 91% 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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 74
  • Accountability: 95
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.3%; rating input score 64
  • Program expense ratio: 66.5%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • 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; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.4%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 1.94; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0.45; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 5.1%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 10.5% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 14.6% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 23.5% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 64.3% of revenue deployed · 66.5% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $19.6M in reported program spending
  • Leadership: top reported pay $232K · 16 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1.2M reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Sustainability: Operating margin scored 48/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
  • Moderate — Sustainability: Officer compensation ratio scored 49/100.