Preschool Advantage Inc
Nonprofit profile at a glance
- EIN
- 223360099
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Morristown, NJ, USA
- Phone
- 9735322501
- Rating
- 85
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Scholarships, Student Financial Aid Services, Awards
Reported finances
- Revenue
- $1,051,915
- Expenses
- $1,183,944
- Assets
- $2,121,222
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- BETTE SIMMONS (VICE PRESIDENT)
- RAY HAWKINS (PRESIDENT)
- MATT MIRETT (VICE PRESIDENT)
- NANCY BANGIOLA (EXECUTIVE DIRECTOR)
Highest reported compensation
- NANCY BANGIOLA (EXECUTIVE DIRECTOR): $140,207 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Preschool advantage provides funding for qualified children to attend our partner preschools.
What it reported doing in 2024
Preschool assistance: the first years of a child's life are critical to laying the foundation for a lifetime love of learning. Early childhood education sets the stage for future growth and propels children onto their educational paths. Despite the undeniable importance of a solid educational start, many local children have no means to attend preschool. Preschool advantage serves the population of struggling families who do not qualify for government funded programs because they earn above the poverty level, but are still earning below the level of sustainability for our region. These families simply cannot afford the cost of a preschool for their child thus hindering the child's success and opportunities later in life. The lack of sources of assistance for working families unable to support the cost of preschool led to the founding of preschool advantage in morristown in 1995. To date, we have funded almost 2,000 half-day preschool tuitions for just under $1,500 children.
Operating model
- Revenue model
- Donor-supported. 92% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 75% of its reported program spending out as grants.
The verdict
STRONG - 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: 79
- Transparency & Controls: 90
- Accountability: 96
- Sustainability: 39
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 90.2%; rating input score 90
- Program expense ratio: 78.7%; rating input score 79
- Fundraising efficiency: $6.97 raised per $1 spent on fundraising; rating input score 26; 26th percentile among comparable filings
Transparency & Controls
- Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 93.3%; rating input score 93; 25th 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: Pass
- 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: -12.6%; rating input score 14; 14th percentile among comparable filings
- Total-asset coverage ratio: 1.79; rating input score 61; 61st percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
- Officer compensation ratio: 11.8%; rating input score 31; 31st percentile among comparable filings
Growth
- Program expense growth: 9.5% per year; rating input score 100; 61st percentile among comparable filings
- Revenue growth: 6.6% per year; rating input score 100; 53rd percentile among comparable filings
- Asset growth: 6.2% per year; rating input score 100; 44th percentile among comparable filings
Details
- Where the money goes: 90.2% of revenue deployed · 78.7% of spending went to programs
- Governance: 14 of 15 board members independent · 8 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $932K in reported program spending
- Leadership: top reported pay $140K · 15 people listed
- Consistency: 29 of 30 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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: Fundraising efficiency scored 26/100.
- High — Sustainability: Operating margin scored 14/100.
- Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
- Moderate — Sustainability: Officer compensation ratio scored 31/100.