2025-04-18T10:15:42-05:00 2024-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2023-07-01 300211613 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS INC FRIE 6178744080 58 MOORE STREET EAST BOSTON MA 02128 SETH REYNOLDS PRESIDENT 6175611371 2025-04-17 1 1 CAITLIN LIMOGES CPA P01633588 5083669100 2025-04-17 2023 2025-03-06 01:10:19Z SETH REYNOLDS 58 MOORE STREET EAST BOSTON MA 02128 8130290 0 X N/A X 2004 MA TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOLS WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOLS ARE LOCATED AND TO OTHERWISE BENEFIT THE SCHOOLS THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 6 6 32 6 0 0 8212165 931581 5769485 6526434 419303 665931 -66104 6344 14334849 8130290 1795990 1588535 0 0 3854718 3682237 0 0 182817 3248166 2865114 8898874 8135886 5435975 -5596 49738891 48903477 28395179 27740658 21343712 21162819 X TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOLS WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOLS ARE LOCATED AND TO OTHERWISE BENEFIT THE SCHOOLS THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 0 0 5858072 1588535 6532778 TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND. 5858072 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 45 0 1 32 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X ANDREW M SOLOMON 6178744080 58 MOORE STREET EAST BOSTON MA 02128 X SETH REYNOLDS PRESIDENT 0.80 X X 0 0 0 MEGAN PREINER TREASURER 0.80 X X 0 0 0 DONALD CASS CLERK 0.80 X X 0 0 0 SHIRLEY VERONICA CARDONA MEMBER 0.80 X 0 0 0 CHRISTOPHER SATTI MEMBER 0.80 X 0 0 0 TIMONTHY WELLER MEMBER 0.80 X 0 0 0 OWEN STEARNS CHIEF EXECUTIVE OFFICER 40.00 X 263486 0 23409 NINA KEOUGH CHIEF SCHOOL OFFICER 40.00 X 220842 0 23493 ANDREW SOLOMON CHIEF FINANCIAL OFFICER 40.00 X 201015 0 8108 STEPHANIE PATTON DEPUTY CHIEF SCHOOLS OFFICER 40.00 X 175847 0 187 SARAH B KANTROWITZ MANAGING DIRECTOR: STUDENT SUPPORT 40.00 X 155160 0 23493 STEVIE ROBERTS MANAGING DIRECTOR: OPERATIONS 40.00 X 139835 0 420 AARON STELSON SENIOR DIRECTOR: FINANCE 40.00 X 131969 0 485 TSVETELINA TSANKOVA DIRECTOR OF ACCOUNTING 40.00 X 121376 0 11958 KATHRYN MEGRIAN MANAGING DIRECTOR OF ACADEMICS 40.00 X 102672 0 12577 1512202 0 104130 12 0 1 0 ARROWSTREET INC 10 POST OFFICE SQUARE SUITE 700N BOSTON MA 02109 ARCHITECTURE SERVICES 178192 CASE CONSTRUCTION COMPANY 225 WAMPANOAG TRAIL EAST PROVIDENCE MA 02915 CONSTRUCTION SERVICES 138012 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 ACCOUNTING SERVICES 135913 KAYNOR CONSULTING LLC 361 MAVERICK STREET 3 BOSTON MA 02128 CONSULTING SERVICES 104230 4 931581 24700 931581 MANAGEMENT FEE 561000 5331406 5331406 CAPITAL LEASE INTEREST 900099 771944 771944 RENTAL INCOME 532289 423084 423084 6526434 665931 665931 MISCELLANEOUS 900099 6344 6344 6344 8130290 6532778 0 665931 1581135 1581135 7400 7400 989766 558717 299171 131878 2272830 1416513 828318 27999 213599 127147 79827 6625 206042 121864 73812 10366 84856 84856 211627 211627 58500 58500 578705 336088 242617 207594 189356 18238 33848 22937 10911 56052 7619 48163 270 37639 37639 26184 15208 8693 2283 1000337 1000337 161427 161427 113393 113393 STAFF RECRUITMENT 113083 104318 8765 STUDENT COSTS 86610 86424 186 STAFF DEVELOPMENT 67988 60014 6992 982 MISCELLANEOUS 27271 3068 21789 2414 8135886 5858072 2094997 182817 410354 366890 10339912 9715647 75469 53977 762532 775057 450000 750000 107099 102962 5279535 322854 4168735 4956681 33424790 32182263 49738891 48903477 374074 515049 24124783 23300015 3547344 3398271 348978 527323 28395179 27740658 X 12907633 14082812 8436079 7080007 21343712 21162819 49738891 48903477 X -5596 34899 -210196 X X 0 1 X 1 0 X 957448 1747774 5354597 8212165 931581 17203565 957448 1747774 5354597 8212165 931581 17203565 1335976 15867589 740566 182590 176421 419303 665931 2184811 220822 2970 57079 6344 287215 19675591 17237817 0.80650 0.79230 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2020 AMOUNT: $ 220,822. 2021 AMOUNT: $ 2,970. 2022 AMOUNT: $ 57,079. 2023 AMOUNT: $ 6,344. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 58500 0 0 58500 0 172695 172695 3692343 185697 3506646 450124 137157 312967 964373 964373 4956681 INVESTMENT IN LEASE 32182263 32182263 DUE TO EXCEL ACADEMY CHARTER SCHOOL 527323 527323 X 7954993 34899 -210196 -175297 8130290 0 8130290 8135886 0 8135886 0 8135886 PART X, LINE 2: THE FOUNDATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2024. HOWEVER, THE INFORMATIONAL RETURNS FOR THE FOUNDATION ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE JURISDICTIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FACILITY SEARCH AND DEVELOPMENT COSTS -210,196. 1 EXCEL ACADEMY RHODE ISLAND 622 WOONASQUATUCKET AVE NORTH PROVIDENCE RI 02911 874129135 170(B)(1)(A)(II) 943396 0 TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND EXCEL ACADEMY CHARTER SCHOOL 58 MOORE STREET EAST BOSTON MA 02128 432002251 170(B)(1)(A)(II) 637738 0 TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL. 2 SCHOLARSHIP GRANTS 26 7400 PART I, LINE 2: THE BOARD OF TRUSTEES APPROVE GRANT AWARDS TO THE SCHOOLS. FOR DIRECT GRANTS TO STUDENTS AND ALUMNI (SCHOLARSHIPS) AND GRANTS TO THE FAMILIES OF STUDENTS AND ALUMNI, THE FOUNDATION HAS DEVELOPED SYSTEMS FOR IDENTIFYING GRANT CANDIDATES BASED ON ESTABLISHED CRITERIA THAT ARE THEN ADMINISTERED BY DESIGNATED TEAMS OF STAFF AT THE SCHOOLS. THESE PROCEDURES ARE OVERSEEN BY THE SCHOOL'S FINANCE TEAM FOR ADHERENCE TO CONTROLS AND PURPOSE RESTRICTIONS. X X X 0 0 0 0 0 0 0 0 0 OWEN STEARNS CHIEF EXECUTIVE OFFICER 263486 0 0 0 0 0 0 0 23409 0 286895 0 0 0 NINA KEOUGH CHIEF SCHOOL OFFICER 220842 0 0 0 0 0 0 0 23493 0 244335 0 0 0 ANDREW SOLOMON CHIEF FINANCIAL OFFICER 201015 0 0 0 0 0 0 0 8108 0 209123 0 0 0 SARAH B KANTROWITZ MANAGING DIRECTOR: STUDENT SUPPORT 155160 0 0 0 0 0 0 0 23493 0 178653 0 0 0 STEPHANIE PATTON DEPUTY CHIEF SCHOOLS OFFICER 175847 0 0 0 0 0 0 0 187 0 176034 0 0 0 A MDFA SERIES 2015 REVENUE BONDS 043431814 2015-04-30 16500000 TO FUND CAPITAL PROJECTS 0 0 0 B MDFA SERIES 2019 REVENUE BONDS 043431814 2019-10-31 12000000 TO FUND CAPITAL PROJECTS 0 0 0 A 3757999 16500000 471026 16028974 2016 0 0 1 1 B 1441986 12000000 15485 8036741 3947774 2021 1 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 1 B 1 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WERE AMENDED DURING FISCAL YEAR 2024. THE SUMMARY OF UPDATES: 1. FRIENDS' MISSION IS UPDATED TO INCLUDE ITS SUPPORT FOR EXCEL ACADEMY RHODE ISLAND. 2. INCORPORATE FRIENDS BOARD OVERSIGHT OF CEO, WHO OVERSEES NETWORK TEAM STAFF. 3. CLARIFY INDEMNIFICATION TERMS SO AS NOT TO INCLUDE INDEPENDENT CONTRACTORS OR VENDORS WHOSE SPECIFIC CONTRACTS/SERVICES DON'T REQUIRE INDEMNIFICATION. 4. UPDATE TO REFLECT JUNE RATHER THAN DECEMBER ANNUAL MEETING. 5. MINOR EDITS TO REMOVE OUTDATED LANGUAGE (E.G. REFERENCES TO "TELECOPIER COMMUNICATIONS"), SIMPLIFY USE OF PRONOUNS THROUGHOUT, AND CLARIFY LANGUAGE RELATED TO APPLICABILITY OF MA AND RI LAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR REVIEW AND COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY REVIEW THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO IS BASED ON BENCHMARKING THROUGH REVIEW OF 990S OF OTHER ORGANIZATIONS AND COMPENSATION SURVEYS OF OTHER ORGANIZATIONS. THE COMPENSATION OF THE CEO IS APPROVED BY THE FRIENDS OF EXCEL BOARD OF DIRECTORS. THE COMPENSATION OF OTHER OFFICERS OR KEY EMPLOYEES ARE DETERMINED IN THE SAME WAY AS THE COMPENSATION OF THE CEO. FORM 990, PART VI, SECTION C, LINE 19 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII, SECTION A: FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. HAD NO EMPLOYEES BEFORE JULY 1, 2022. ACCORDINGLY, FOR THE TAX YEAR ENDING JUNE 30, 2023, FORM 990, PART VII, SECTION A REPORTS COMPENSATION FOR THE SIX MONTHS ENDING DECEMBER 31, 2022, WHILE FOR THE YEAR ENDING JUNE 30, 2024, IT REFLECTS COMPENSATION FOR THE 12 MONTHS ENDING DECEMBER 31, 2023. FORM 990, PART XI, LINE 9: FACILITY SEARCH AND DEVELOPMENT COSTS -210,196. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS OVERSEES THE AUDIT OF THE FINANCIAL STATEMENTS. THIS PROCESS HAS NOT CHANGED IN FISCAL YEAR 2024.