2023-05-11T18:04:11+00:00 2022-06-30 350921680 CROWE LLP 575 Market Street Suite 3300 San Francisco CA 941055829 990 2021-07-01 943187528 Rex and Margaret Fortune School of Education REXA 9169248633 2890 Gateway Oaks Drive 100 Sacramento CA 95833 Margaret G Fortune President/CEO 2023-05-11 true Margaret G Fortune 999009999 Diane Kirmaci P01578407 4155761100 2021 2023-04-26 12:10:37Z Margaret G Fortune 2890 Gateway Oaks Drive 100 Sacramento CA 95833 42193426 false X www.fortuneschool.us X 1993 CA THE PROMOTION OF EDUCATION IN CALIFORNIA AND OTHER AREAS WITHIN THE UNITED STATES. 5 5 469 5 0 0 35403288 41415589 403330 412170 63 8986 104728 356681 35911409 42193426 110000 238759 0 17577143 19502687 0 0 12926614 17506614 30613757 37248060 5297652 4945366 24584950 30813911 15461090 16726616 9123860 14087295 X THE PROMOTION OF EDUCATION IN CALIFORNIA AND OTHER AREAS WITHIN THE UNITED STATES AND TO GRADUATE HIGH-ACHIEVING STUDENTS OF GOOD CHARACTER PREPARED FOR COLLEGE AND CITIZENSHIP IN A DEMOCRATIC SOCIETY. true false 33915896 238759 201990 K-12 CHARTER SCHOOL OPERATIONS: FORTUNE SCHOOL AND HARDY BROWN COLLEGE PREP ARE COLLEGE PREPARATORY CHARTER SCHOOLS THAT HAVE BEEN AUTHORIZED TO SERVE GRADES KINDERGARTEN THROUGH GRADE 12. DURING 2021-22 FORTUNE SCHOOL SERVED STUDENTS IN GRADES K-12 WHILE HARDY BROWN COLLEGE PREP SERVED STUDENTS IN GRADES K-8 GRADE. FOUNDED BY CIVIC AND COMMUNITY LEADERS FROM SACRAMENTO, CALIFORNIA, THE SCHOOLS ARE HIGH ACHIEVING AND ACADEMICALLY RIGOROUS THAT SERVE PREDOMINATELY LOW INCOME, AFRICAN AMERICAN STUDENTS. WHILE THE FOCUS OF OUR TUITION FREE PUBLIC CHARTER SCHOOLS IS TO CLOSE THE ACHIEVEMENT GAP FOR AFRICAN AMERICAN STUDENTS, THE SCHOOLS ARE OPEN TO ALL STUDENTS. 491256 0 307681 DISTRICT INTERN CREDENTIAL PROGRAM THAT PROVIDES AN ALTERNATIVE PATH TO TEACHER CERTIFICATION FOR SINGLE SUBJECT - MIDDLE SCHOOL/HIGH SCHOOL (GRADES 7-12) GENERAL EDUCATION TEACHERS, A MILD, MODERATE DISABILITIES LEVELS I & II CREDENTIAL FOR EDUCATION SPECIALIST TEACHERS AND A MULTIPLE SUBJECT CREDENTIAL FOR GRADES K-8 TEACHERS IN SELF CONTAINED CLASSES. THE PROGRAMS INCLUDE TWO YEARS OF PROFESSIONAL DEVELOPMENT COURSEWORK COMPLETED ON WEEKENDS FROM SEPTEMBER THROUGH JUNE OF EACH YEAR WHILE SIMULTANEOUSLY TEACHING ON AN INTERN CREDENTIAL. 119964 0 68020 PRESERVICE PROGRAM - 160 CLOCK HOURS OF TRAINING IS PROVIDED PRIOR TO ENTERING THE CLASSROOM AS A TEACHER INTERN. THIS COURSEWORK WAS PREVIOUSLY TAKEN AS PART OF THE DISTRICT INTERN PROGRAM, BUT IS NOW BEING OPERATED AS A STAND ALONE PROGRAM THAT IS A PRE-REQUISITE FOR THE DISTRICT INTERN PROGRAM. 114775 0 146976 The Fortune Excursions After School Program is a service offered to our charter school families to provide affordable after school care to their children. Our goal is to provide an exciting and dynamic experience for the well-being of the children. We strive to provide the highest standard of enrichment and to develop young people into leaders. Our After School Program focuses on fun activities in the arts, recreation, and the outdoors and includes the following courses: * Sports * Art (Drawing - Painting - Arts & Crafts) * Dance * Theater * Martial Arts * Urban Gardening * Vocal 137186 0 0 FORTUNE PRESCHOOL OPENED IN SAN BERNARDINO IN JANUARY 2023 AND IN ELK GROVE IN APRIL 2023 TO SERVE STUDENTS AGED 2-4 YEARS OLD IN A REGGIO EMILIA ENVIRONMENT. 46925 0 44184 School Leadership Program which results in the California Administrative Services Credential or Charter School Leader Certificate. This program is focused on producing charter school leaders who will develop and lead high-quality charter schools in high need areas. This 1-year, intensive leadership program is open to charter school educators who want to earn a Preliminary Administrative Services Credential and charter school developers who want to develop a charter school petition in a small cohort environment. Participants will be under the guidance of Fortune School of Education faculty with deep expertise in charter school development and operations. This is the ideal program for charter school developers who seek a supportive environment in which to create new schools or grow schools within an existing charter school network. 17455 0 0 Fortune is developing an Early Childhood Education program which will launch in the 2022-23 school year. 316341 191160 34843457 true false false true false false false false false true false false false true true true false true false false false false false false false false true false true false false false false false false false true true false false false true false false false false true 45 0 true 469 true false false false false false false false false false false false false X 5 5 false false false false false false false true false false false true true true true true true true true false CA X BONNIE BENSEN 9169248633 2890 GATEWAY OAKS DRIVE SUITE 100 SACRAMENTO CA 95833 BERTHA GORMAN BOARD MEMBER 1.0 X 0 0 0 Eleanor Brown Board Member 1.0 X 0 0 0 OLLIE WATSON BOARD MEMBER 1.0 X 0 0 0 PAULETTE BROWN-HINDS BOARD MEMBER 1.0 X 0 0 0 SCOTT LOEHR BOARD MEMBER 1.0 X 0 0 0 BONNIE BENSEN CHIEF FINANCIAL OFFICER 50.0 X 230235 0 28887 MARGARET G FORTUNE PRESIDENT/CEO 50.0 X 275220 0 26091 MICHELLE GRACE SECRETARY 50.0 X 194776 0 26234 Christian Entezari Senior Advisor 50.0 X 110555 0 5396 Joseph Gambino Principal 50.0 X 111519 0 14760 Rick Rubino HR Consultant 25.0 X 164018 0 0 Tamara Williams Principal 50.0 X 114659 0 15335 Wesley Pepper Chief Academic Officer 50.0 X 139055 0 17608 1340037 0 134311 14 false true false JBS Builders Inc 3853 Taylor Rd Suite 400 Loomis CA 95650 Construction 1278277 Caliber Networks Corp 200 Carrizo Court Roseville CA 95747 IT Services 457516 ChildCare Careers 2000 Sierra Point Parkway Ste 702 Brisbane CA 94005 Temporary staffing 271211 Achievement First Inc 370 James St Suite 404 New Haven CT 06513 Coaching/Professional Development 203000 50Can Inc (PACE Education Strategies) 1380 Moroe St NW 413 Washington DC 20010 Outreach and marketing campaigns 198959 9 37406485 4009104 84219 41415589 TUITION 611710 412170 412170 0 0 0 0 412170 8986 8986 0 0 0 0 OTHER FEES 900099 306827 306827 STUDENT EVENTS 900099 49854 49854 0 0 0 0 356681 42193426 768851 0 8986 238759 238759 0 0 0 0 0 0 864946 1826 863120 0 0 0 15122268 12287215 2835053 161762 128039 33723 1902955 1448682 454273 1450756 1144259 306497 137137 108463 28674 77649 47708 29941 12750 0 12750 2858473 6158396 -3299923 0 248010 5470 242540 516288 389806 126482 7226351 7047594 178757 398616 91119 307497 243689 237254 6435 746842 741821 5021 198356 175545 22811 BOOKS AND SUPPLIES 3225786 3133374 92412 NON CAPITAL FURNITURE AND EQUIPMENT 1171209 1096503 74706 COMMUNICATIONS 378523 306994 71529 DUES AND MEMBERSHIPS 66935 54630 12305 0 0 0 0 37248060 34843457 2404603 0 12109781 13807007 0 0 8746274 4686946 0 0 0 0 380545 270432 16654320 4604794 3348350 12049526 0 0 0 0 24584950 30813911 1885177 1885514 1517039 2975038 0 0 5806528 7943915 3470100 250000 2782246 3672149 15461090 16726616 X 8946704 13638482 177156 448813 9123860 14087295 24584950 30813911 X 4945366 18069 X false true X false true true X 22164408 22732082 26145232 35403288 41415589 147860599 0 0 0 0 0 0 0 0 0 0 0 0 22164408 22732082 26145232 35403288 41415589 147860599 0 147860599 69 12 1 63 8986 9131 0 0 0 0 0 0 0 0 0 0 0 0 147869730 3861333 0.9999 1.0000 X 0 12750 12750 37235310 37248060 1000000 0 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 17500 60000 84000 12750 174250 250000 250000 250000 250000 1000000 1500000 0 0 0 0 0 2300000 2300000 5545000 94786 5450214 7793408 3721111 4072297 999019 788897 210122 16893 0 16893 12049526 Deferred Rent 3672149 3672149 X 42211495 0 0 42211495 -18069 -18069 42193426 37248060 0 0 37248060 0 0 37248060 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote FSE is exempt from income taxes under Internal Revenue Code (IRC) Section 501(c)(3) and California Revenue and Tax Code Section 23701e. FSE is subject to income taxes from activities unrelated to its tax-exempt purposes. FSE has accounted for uncertainty in income taxes as required by the Accounting for Uncertainty in Income Taxes Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification. FSE uses a comprehensive model for recognizing, measuring, presenting and disclosing in the financial statements tax positions taken or expected to be taken on a tax return. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. The effect of applying this model and the resulting identification of uncertain tax positions, if any, were not considered significant for financial reporting purposes. Management does not expect the total amount of unrecognized tax benefits to significantly change in the next 12 months. FSE's policy is to recognize interest and penalties related to unrecognized tax benefits, if any, in interest and income tax expense, respectively. FSE has no amounts accrued for interest or penalties as of June 30, 2022. Due to its tax-exempt status, FSE is not subject to U.S. federal income tax or state income tax. The tax years which remain subject to examination are the years ending June 30, 2019, 2020, 2021 and 2022. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Donated Equipment - -18069 true true true true true true true false false false false false false false true false true Schedule E, Part I, Line 3 RACIALLY NONDISCRIMINATORY POLICY THE COMPANY DOES NOT DISCRIMINATE BASED ON RACE; A POLICY STATEMENT HAS BEEN PUBLISHED ON OUR RECRUITMENT AND APPLICATION MATERIALS AND ON OUR WEBSITE, BUT NOT THROUGH NEWSPAPERS OR BROADCAST MEDIA Schedule E, Part I, Line 6(a) FINANCIAL AID OR ASSISTANCE FROM A GOVERNMENT OUR PUBLIC CHARTER SCHOOLS RECEIVE THE BULK OF THEIR FUNDING FROM THE STATE AND FEDERAL GOVERNMENT. Schedule E, Part I, Line 4(a) EXPLANATION OF RECORDS NON-MAINTENANCE THE COMPANY DOES MAINTAIN RECORDS OF THE RACIAL COMPOSITION OF OUR STUDENT BODY. WE DO NOT MAINTAIN THAT INFORMATION ON OUR FACULTY AND ADMINISTRATIVE STAFF AS IT IS OUR BELIEF THAT WE CAN'T ASK THAT INFORMATION WHEN WE ARE HIRING. OUR EMPLOYEE HANDBOOK DOES SPECIFICALLY STATE THAT WE ARE AN EQUAL OPPORTUNITY EMPLOYER. true Lee Publishing Company Inc 1825 Del Paso Blvd Sacramento CA 95815 942372499 50000 PUBLICATION OF REPORTS AND COLUMNS REGARDING BLACK EDUCATION 50Can Inc 1380 Monroe St NW 413 Washington DC 20010 273069592 501(c)3 188759 Pass through of Freedom Coalition for Charter Schools unspent funds to new fiscal agent 1 1 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. Grantees are required to meet specific milestones and must provide proof the milestones have been achieved to receive subsequent installments of the grant award. X X false false false false false false false false false MARGARET G FORTUNE PRESIDENT/CEO 275220 0 0 0 0 0 11009 0 15082 0 301311 0 0 0 BONNIE BENSEN CHIEF FINANCIAL OFFICER 230235 0 0 0 0 0 9209 0 19678 0 259122 0 0 0 MICHELLE GRACE SECRETARY 194776 0 0 0 0 0 7791 0 18443 0 221010 0 0 0 Wesley Pepper Chief Academic Officer 139055 0 0 0 0 0 0 0 17608 0 156663 0 0 0 Rick Rubino HR Consultant 164018 0 0 0 0 0 0 0 0 0 164018 0 0 0 FORTUNE AND ASSOCIATES SEE PART V 110000 BOOKS AND RESEARCH SERVICES false Schedule L, Part IV, Column (b) RELATIONSHIP BETWEEN INTERESTED PERSON AND THE ORGANIZATION ENTITY MORE THAN 35% OWNED BY DR. REX FORTUNE, FORMER BOARD MEMBER AND FAMILY MEMBER OF MARGARET FORTUNE, PRESIDENT/CEO of the filing organization. X Apple computer equipment 2 84219 Market value 0 false false false Schedule M, Part I Explanations of reporting method for number of contributions Other - Apple computer equipment Number of contributions Form 990, Part III, Line 2 New program services The organization formed a disregarded entity, Fortune Facilities LLC, of which Rex and Margaret Fortune School of Education is the Sole Member. The Company is organized and will operate a) exclusively to support the charter schools operated by Rex and Margaret Fortune School of Education; (b) for the specific purpose of holding title to property, including real and personal property located at 3300 Stockton Boulevard and 4545 9th Avenue in the City of Sacramento, managing, operating, leasing and otherwise dealing with the Property and collecting the income therefrom and turning over the entire amount of said income, less expenses, to the Sole Member; (c) to do any and all things and to engage in any and all other activities and transactions necessary, convenient, appropriate or incidental to the accomplishment of the foregoing purposes or otherwise for the protection and benefit of the Company. Additionally the organization began development of an Early Childhood Education Credential program which will launch in the 2022-23 school year. Form 990, Part III, Line 4d Description of other program services (Expenses $ 114,775 including grants of $ 0)(Revenue $ 146,976) The Fortune Excursions After School Program is a service offered to our charter school families to provide affordable after school care to their children. Our goal is to provide an exciting and dynamic experience for the well-being of the children. We strive to provide the highest standard of enrichment and to develop young people into leaders. Our After School Program focuses on fun activities in the arts, recreation, and the outdoors and includes the following courses: * Sports * Art (Drawing - Painting - Arts & Crafts) * Dance * Theater * Martial Arts * Urban Gardening * Vocal Form 990, Part III, Line 4d Description of other program services (Expenses $ 137,186 including grants of $ 0)(Revenue $ 0) FORTUNE PRESCHOOL OPENED IN SAN BERNARDINO IN JANUARY 2023 AND IN ELK GROVE IN APRIL 2023 TO SERVE STUDENTS AGED 2-4 YEARS OLD IN A REGGIO EMILIA ENVIRONMENT. Form 990, Part III, Line 4d Description of other program services (Expenses $ 46,925 including grants of $ 0)(Revenue $ 44,184) School Leadership Program which results in the California Administrative Services Credential or Charter School Leader Certificate. This program is focused on producing charter school leaders who will develop and lead high-quality charter schools in high need areas. This 1-year, intensive leadership program is open to charter school educators who want to earn a Preliminary Administrative Services Credential and charter school developers who want to develop a charter school petition in a small cohort environment. Participants will be under the guidance of Fortune School of Education faculty with deep expertise in charter school development and operations. This is the ideal program for charter school developers who seek a supportive environment in which to create new schools or grow schools within an existing charter school network. Form 990, Part III, Line 4d Description of other program services (Expenses $ 17,455 including grants of $ 0)(Revenue $ 0) Fortune is developing an Early Childhood Education program which will launch in the 2022-23 school year. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body There were no committees with authority to act on behalf of the Board of Directors. Form 990, Part VI, Line 11b Review of form 990 by governing body ONCE THE DRAFT IS APPROVED BY THE CFO, A FINAL RETURN IS REVIEWED BY THE PRESIDENT/CEO AND THE CFO PRIOR TO THE PRESIDENT/CEO SIGNING THE RETURN. THE 2020-21 990 WILL BE PROVIDED TO THE BOARD VIA E-MAIL IN ADVANCE OF BEING SENT TO THE IRS AS THERE IS NOT A MEETING SCHEDULED PRIOR TO THE RETURN DUE DATE. HOWEVER, THE RETURN WILL BE INCLUDED AS AN INFORMATION ITEM FOR THE NEXT SOONEST BOARD MEETING SO THAT THE BOARD HAS AN OPPORTUNITY TO DISCUSS ANY QUESTIONS THEY MAY HAVE REGARDING THE RETURN. Form 990, Part VI, Line 12c Conflict of interest policy Individuals holding designated positions shall file their statements of economic interests with Fortune. As consistent with current FPPC guidance, Fortune shall retain the original statements at Fortune, and shall make and forward copies to its charter schools' authorizers, as requested. Designated positions include: Members of the Board of Directors, President/Chief Executive Officer, Chief of Staff/Director of Operations, Chief Financial Officer, Director of Human Resources, Vice President of Academic Affairs, and Principals. All listed positions are assigned to disclosure categories I, II, and III. Designated positions assigned to Category I must report: a. Interests in real property which are located in whole or in part within the boundaries (and a two mile radius) of any county in which Fortune operates. b. Investments in, income, including gifts, loans, and travel payments, from, and business positions in any business entity of the type which engages in the acquisition or disposal of real property or are engaged in building construction or design. c. Investments in, income, including gifts, loans, and travel payments, from, and business positions in any business entity of the type which engages in, the manufacture, sale, repair, rental or distribution of school supplies, books, materials, school furnishings or equipment to be utilized by Fortune. Designated positions assigned to Category II must report: Investments in, income, including gifts, loans, and travel payments, from, and business positions in any business entity of the type which engages in the manufacture, sale, repair, rental or distribution of school supplies, books, materials, school furnishings or equipment to be utilized by Fortune, its parents, teachers and students for educational purposes. This includes, but is not limited to, educational supplies, textbooks and items used for extra-curricular courses. Category III designated positions must report: Investments in, income, including gifts, loans, and travel payments, from, sources which are engaged in the performance of work or services of the type to be utilized by Fortune, its parents, teachers and students for educational purposes. This includes, but is not limited to, student services commonly provided in public schools such as speech therapists and counselors. Form 990, Part VI, Line 15a Process to establish compensation of top management official IN JUNE 2021 THE BOARD WAS PRESENTED WITH AN EXECUTIVE COMPENSATION STUDY FOR THE PRESIDENT/CEO, CFO AND THE COO IN PUBLIC SESSION AND VOTED TO APPROVE RESOLUTIONS FOR THE RECOMMENDED COMPENSATION FOR THE 2021-22 FISCAL YEAR. DOCUMENTS SUBSTANTIATING THE RECOMMENDED COMPENSATION ARE INCLUDED IN THE PUBLIC BOARD PACKET AND THE PROCEEDINGS ARE DOCUMENTED IN THE BOARD MINUTES. THIS AN ANNUAL PROCESS. Form 990, Part VI, Line 15b Process to establish compensation of other employees IN JUNE 2021, THE BOARD WAS PRESENTED WITH AN EXECUTIVE COMPENSATION STUDY FOR THE PRESIDENT/CEO, CFO AND THE COO IN PUBLIC SESSION AND VOTED TO APPROVE RESOLUTIONS FOR THE RECOMMENDED COMPENSATION FOR THE 2021-22 FISCAL YEAR. DOCUMENTS SUBSTANTIATING THE RECOMMENDED COMPENSATION ARE INCLUDED IN THE PUBLIC BOARD PACKET AND THE PROCEEDINGS ARE DOCUMENTED IN THE BOARD MINUTES. THIS IS AN ANNUAL PROCESS. Form 990, Part VI, Line 19 Required documents available to the public THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNANCE DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Donated Equipment - 18069; Fortune Facilities LLC Rex and Margaret Fortune School of 2890 Gateway Oaks Dr Suite 100 Sacramento CA 95833 Support the charter schools and hold title to property both real and personal. CA 320715 7762451 REX AND MARGARET FORTUNE SCHOOL OF EDUCATION Schedule R, Part II, Column (b) PRIMARY ACTIVITY TO OVERSEE, MAINTAIN AND SUPPORT CALIFORNIA PUBLIC CHARTER SCHOOLS AND A COMPREHENSIVE EDUCATOR PREPARATION INSTITUTION.