Friends of Excel Academy Charter Schools Inc

Nonprofit profile at a glance

EIN
300211613
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2009
Location
East Boston, MA, USA
Phone
6178744080
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$8,413,246
Expenses
$8,890,742
Assets
$47,237,273
Liabilities
$26,915,185

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

Leadership & pay

16 people listed

Executive titles in this filing

  • OWEN STEARNS (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • OWEN STEARNS (CHIEF EXECUTIVE OFFICER): $308,836 total reported compensation
  • NINA KEOUGH (CHIEF SCHOOL OFFICER): $254,394 total reported compensation
  • ANDREW SOLOMON (CHIEF FINANCIAL OFFICER): $201,679 total reported compensation

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

Overview

Mission

To raise funds and support the functions of and carry out the purposes of excel academy charter school and excel academy Rhode Island; to engage in activities and perform functions that the schools would otherwise have to perform; to own, lease and maintain the sites at which the schools are located and to otherwise benefit the schools through provision of financial support and services.

What it reported doing in 2024

To raise funds and support the functions of excel academy charter school and excel academy Rhode Island.

Operating model

Revenue model
Earned-program. 81% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 83
  • Accountability: 100
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.6%; rating input score 69
  • Program expense ratio: 70.2%; rating input score 70
  • Fundraising efficiency: $3.82 raised per $1 spent on fundraising; rating input score 12; 12th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • 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: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -5.7%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 5.31; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 18.6%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 14.5% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 13% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 15.5% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 68.6% of revenue deployed · 70.2% of spending went to programs
  • Governance: 6 of 6 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.2M in reported program spending
  • Leadership: top reported pay $309K · 16 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $1.5M reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 11 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Financial Efficiency: Fundraising efficiency scored 12/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.