Friends of Marion P Thomas Charter School Inc

Nonprofit profile at a glance

EIN
020731318
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Newark, NJ, USA
Phone
9736210015
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$5,721,940
Expenses
$3,537,011
Assets
$70,780,945
Liabilities
$49,422,762

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

Leadership & pay

6 people listed

Executive titles in this filing

  • WILLIE BLALOCK III (PRESIDENT)

Highest reported compensation

  • REV GARVEY INCE (EXEC DIR UNT): $32,927 total reported compensation

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

Overview

Mission

Friends of marion p. Thomas (friends) was incorporated for the purpose of providing support, through assets and resources, the academic, social and financial initiatives of newark students and families who are part of the marion p. Thomas charter school.

What it reported doing in 2024

Friends provided the marion p. Thomas charter school with well-maintained multiple buildings for its charter school operations. During fy 2015, five operating leases were executed between the friends and the charter school. The school facilities meet the requirements of the charter school to provide a suitable school environment for its 1,600 pre-k to high school children. Friends continue to explore development and expansion options in anticipation of the charter school's growing expansion needs. Throughout fy 2025, friends maintained the facilities and carried out necessary inspections, repairs and met compliance with building codes applicable to schools.

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 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

STRONG - 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.6%; rating input score 58
  • Program expense ratio: 73.8%; rating input score 74
  • 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: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 38.2%; rating input score 88; 88th percentile among comparable filings
  • Total-asset coverage ratio: 20.01; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.7; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 80; 80th percentile among comparable filings

Growth

  • Program expense growth: 0.1% per year; rating input score 100; 14th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 10.6% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 57.6% of revenue deployed · 73.8% of spending went to programs
  • Governance: 5 of 5 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.6M in reported program spending
  • Leadership: top reported pay $33K · 6 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes related organizations
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

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

  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.