Somerset Academy Foundation Inc

Nonprofit profile at a glance

EIN
464129017
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-EZ 2015
Location
Pembroke Pines, FL, USA
Phone
3056692906
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$3,310,109
Expenses
$2,149,402
Assets
$40,247,277
Liabilities
$35,851,976

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

Leadership & pay

5 people listed

Executive titles in this filing

  • SUZETTE RUIZ (PRESIDENT,CHAIRMAN, DIRECTOR)
  • BERNIE MONTERO (VICE PRESIDENT, DIRECTOR)

People named in this filing

  • DAVID CONCEPCION (DIRECTOR, SECRETARY)
  • SUZETTE RUIZ (PRESIDENT,CHAIRMAN, DIRECTOR)
  • BERNIE MONTERO (VICE PRESIDENT, DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Somerset academy foundation, inc. Serves as a type 1 supporting organization for somerset academy, inc., a section 501(c)(3) tax-exempt organization that operates charter schools in miami-dade county, Florida.

What it reported doing in 2024

Somerset academy foundation, inc. Is a supporting organization to the operations of somerset academy charter schools and the development of their new school facilities.

Operating model

Revenue model
Earned-program. 92% 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 a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.1%; rating input score 59
  • Program expense ratio: 98.9%; rating input score 99
  • 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 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: 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: 35.1%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 18.72; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 19.8% per year; rating input score 100; 85th percentile among comparable filings
  • Revenue growth: 24.3% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: 21% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 59.1% of revenue deployed · 98.9% of spending went to programs
  • Governance: 5 of 5 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $2.1M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Highest-paid contractors: 2 contractors listed · $426K reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.