Somerset Academy Inc

Nonprofit profile at a glance

EIN
311569428
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Miami, FL, USA
Phone
3056692906
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$429,843,272
Expenses
$395,085,035
Assets
$665,247,185
Liabilities
$389,647,431

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

Leadership & pay

12 people listed

Executive titles in this filing

  • BERNARDO MONTERO (PRESIDENT)
  • SUZETTE RUIZ (VICE-PRESIDENT)

Highest reported compensation

  • BERNARDO MONTERO (PRESIDENT): $245,726 total reported compensation
  • KERRI ANN O'SULLIVAN (EMPLOYEE): $224,000 total reported compensation
  • SUZETTE RUIZ (VICE-PRESIDENT): $210,250 total reported compensation

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

Overview

Mission

Established as charter school operator in district school boards of miami-dade, broward county, palm beach county, duval county, st. Lucie county, and Texas state board of education. Somerset academy, inc. Is dedicated to providing equitable, high-quality education for all students, and promotes a culture that maximizes student achievement and fosters the development of accountable, 21st century learners in a safe and enriching environment.

What it reported doing in 2024

Provides education for children from pre-kindergarten through twelfth grade. For the fiscal year ended june 30, 2025 33,000 students were enrolled.

Operating model

Revenue model
Grant-funded. 92% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 79
  • Accountability: 100
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 82.4%; rating input score 82
  • Program expense ratio: 89.2%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th 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: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th 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; 77th 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: 8.1%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 1.68; rating input score 57; 57th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 0.3%; rating input score 87; 87th percentile among comparable filings

Growth

  • Program expense growth: 12% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 12.8% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 24.4% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 82.4% of revenue deployed · 89.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $352.3M in reported program spending
  • Leadership: top reported pay $246K · 12 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $216.5M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 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.

Key Signals

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

  • Review — Sustainability: Total-asset coverage ratio scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.