The Friends of King School
Nonprofit profile at a glance
- EIN
- 510619611
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- New Orleans, LA, USA
- Phone
- 5049402243
- Rating
- 77
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Charter Schools
Reported finances
- Revenue
- $11,942,881
- Expenses
- $12,738,737
- Assets
- $2,817,105
- Liabilities
- $1,110,455
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
13 people listed
Executive titles in this filing
- DR EARTHA LEE JOHNSON (PRESIDENT)
- BOBBIE BRENT-CORNISH (VICE PRESIDENT)
- VELTA SIMMS (CHIEF EXECUTIVE OFFICER)
Highest reported compensation
- DR DORIS R HICKS (CHIEF ACADEMIC OFFICER): $226,240 total reported compensation
- VELTA SIMMS (CHIEF EXECUTIVE OFFICER): $185,430 total reported compensation
- RODNEY LILLEY (CHIEF FINANCIAL OFFICER): $154,758 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 create and maintain an orderly, trusting environment where teaching and learning are innovative and exciting, where students are taught to read, write, compute, and think critically according to their fullest potential.
What it reported doing in 2024
The dr. Martin luther king charter school for science and technology provides educational services according to the educational standards established by law, the charter contract and the charter application/proposal; measures pupil progress toward stated goals; and participates in pupil assessment required by law, regulation and bese policy.
Operating model
- Revenue model
- Grant-funded. 99% 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.
- Includes noncash contributions: Reported contributions include donated property or goods.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 73
- Transparency & Controls: 74
- Accountability: 100
- Sustainability: 17
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 83.9%; rating input score 84
- Program expense ratio: 78.6%; rating input score 79
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd 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: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th 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: -6.7%; rating input score 14; 14th percentile among comparable filings
- Total-asset coverage ratio: 0.22; rating input score 5; 5th percentile among comparable filings
- Liabilities to assets ratio: 0.39; rating input score 37; 37th percentile among comparable filings
- Officer compensation ratio: 6.6%; rating input score 38; 38th percentile among comparable filings
Growth
- Program expense growth: 2.4% per year; rating input score 100; 22nd percentile among comparable filings
- Revenue growth: 2% per year; rating input score 100; 18th percentile among comparable filings
- Asset growth: 1.9% per year; rating input score 100; 17th percentile among comparable filings
Details
- Where the money goes: 83.9% of revenue deployed · 78.6% of spending went to programs
- Governance: 8 of 8 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $10M in reported program spending
- Leadership: top reported pay $226K · 13 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $699K reported
- Consistency: 30 of 30 current checks pass
- Schedules: 7 filed schedules · includes major donors and executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- Related organizations: Filed and resolved organization relationships.
- 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 — Sustainability: Operating margin scored 14/100.
- High — Sustainability: Total-asset coverage ratio scored 5/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 37/100.
- Moderate — Sustainability: Officer compensation ratio scored 38/100.