HARLEM CHILDRENS ZONE PROMISE ACADEMY CHARTER SCHOOL: Form 990, tax year 2018
View the entire original 990 at ProPublica ↗
- Organization
- HARLEM CHILDRENS ZONE PROMISE ACADEMY CHARTER SCHOOL (EIN 76-0756768)
- Tax period
- 2018-07-01 to 2019-06-30
- Filed
- 2020-05-09
- IRS object ID
- 202011309349300201
- Schema version
- 2018v3.3
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule E
- Schedule J
- Schedule M
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2020-05-09T06:52:06-05:00 | ReturnTs |
| Tax Period End | 2019-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GRANT THORNTON LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 757 THIRD AVENUE 3RD FLOOR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 100172013 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2018-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 760756768 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HARLEM CHILDREN'S ZONE PROMISE ACADEMY | BusinessNameLine1Txt |
| Business Name Line2 | charter school | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of | % SARA ALVARADO | InCareOfNm |
| Business Name Control | HARL | BusinessNameControlTxt |
| Phone | 2123603255 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 245 W 129th Street | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10027 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JAMES D HUTTER | PersonNm |
| Person Title | cfo | PersonTitleTxt |
| Phone | 3474737400 | PhoneNum |
| Signature | 2020-05-08 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Scott Thompsett | PreparerPersonNm |
| PTIN | P00741490 | PTIN |
| Phone | 2125990100 | PhoneNum |
Filing Security Information FilingSecurityInformation
IP Address IPAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| I Pv4 Address | 142.105.63.144 | IPv4AddressTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Federal Original Submission Id | 26377520201305000000 | FederalOriginalSubmissionId |
| Federal Original Submission Id | 2020-05-09 | FederalOriginalSubmissionIdDt |
| Filing License Type | P | FilingLicenseTypeCd |
| At Submission Creation Device Id | 8AD3A003972A0FFAB7AABDBC572466F87D231599 | AtSubmissionCreationDeviceId |
| At Submission Filing Device Id | B6B9A4069768E68F2B23E91CFAE117586AF327BC | AtSubmissionFilingDeviceId |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2018 | TaxYr |
| Build TS | 2020-09-23 17:36:50Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | ANNE WILLIAMS-ISOM | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 245 W 129th Street | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10027 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $24,587,261 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.HCZPROMISE.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2004 | FormationYr |
| Legal Domicile State | NY | LegalDomicileStateCd |
| Activity Or Mission | To provide high quality, standards-based academic programs for students, grades k-12, from under-served communities and under-performing school districts. | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 5 | VotingMembersIndependentCnt |
| Total Employee | 270 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| PY Contributions Grants | $23,364,824 | PYContributionsGrantsAmt |
| CY Contributions Grants | $24,558,469 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $0 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $34 | PYInvestmentIncomeAmt |
| CY Investment Income | $35 | CYInvestmentIncomeAmt |
| PY Other Revenue | $155,676 | PYOtherRevenueAmt |
| CY Other Revenue | $28,757 | CYOtherRevenueAmt |
| PY Total Revenue | $23,520,534 | PYTotalRevenueAmt |
| CY Total Revenue | $24,587,261 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $17,652,857 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $18,197,342 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $6,604,328 | PYOtherExpensesAmt |
| CY Other Expenses | $6,611,887 | CYOtherExpensesAmt |
| PY Total Expenses | $24,257,185 | PYTotalExpensesAmt |
| CY Total Expenses | $24,809,229 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$736,651 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$221,968 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $75,968,037 | TotalAssetsBOYAmt |
| Total Assets EOY | $75,848,222 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $6,232,770 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $6,334,923 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $69,735,267 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $69,513,299 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | THE MISSION OF HARLEM CHILDREN'S ZONE PROMISE ACADEMY CHARTER SCHOOL IS TO ENSURE THAT CHILDREN FROM UNDER-SERVED COMMUNITIES ARE ACADEMICALLY, SOCIALLY AND EMOTIONALLY READY TO SUCCEED IN COLLEGE AND TOMORROW'S WORKPLACE. THE SCHOOL'S COMMITTED, CARING STAFF PROVIDE COMPREHENSIVE SERVICES TO CHILDREN IN KINDERGARTEN THROUGH 12TH GRADE - AS WELL AS TO THEIR FAMILIES - SO THEY ARE WELL EQUIPPED FOR THE OPPORTUNITIES AHEAD. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $23,734,518 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $0 | RevenueAmt |
| Desc | IN 2018, PROMISE ACADEMY STUDENTS HAD HIGHER AGGREGATE SCORES ON THE ENGLISH LANGUAGE ARTS TEST THAN STUDENTS IN THE LOCAL DISTRICT 5, NEW YORK CITY AS A WHOLE, NEW YORK STATE AS A WHOLE AND NEW YORK STATE WHITE AND BLACK STUDENTS. ON THE MATH EXAM THEY OUTPERFORMED THE LOCAL DISTRICT, NEW YORK CITY, NEW YORK STATE, NEW YORK CITY BLACK STUDENTS, NEW YORK CITY AND NEW YORK STATE WHITE STUDENTS. 94% OF STUDENTS IN THE CLASS OF 2018 ENROLLED IN POSTSECONDARY EDUCATION WITHIN SIX MONTHS OF HIGH SCHOOL GRADUATION.THE PROMISE ACADEMY HIGH SCHOOL WORKS WITH BARD EARLY COLLEGE TO OFFER PRE-COLLEGE AND COLLEGE-LEVEL CLASSES TO OUR STUDENTS, SO THAT MANY STUDENTS WILL GRADUATE WITH COLLEGE-LEVEL SKILLS AND WILL HAVE EARNED COLLEGE CREDITS. THE SCHOOL HAS AN EXTENDED SCHOOL DAY TO GIVE STUDENTS MORE TIME ON-TASK TO MASTER BASIC SUBJECTS AND HAVE ENOUGH TIME TO PURSUE SCIENCE, SOCIAL STUDIES, THE ARTS AND PHYSICAL EDUCATION. THE STUDENTS ALSO HAVE ACCESS TO A FREE AFTER-SCHOOL PROGRAM THAT WORKS HAND IN HAND WITH THE DAY SCHOOL AS WELL AS OFFERING STUDENTS ENRICHMENT CLASSES IN A VARIETY OF DISCIPLINES SUCH AS DANCE, PHOTOGRAPHY, CHESS AND FASHION DESIGN. THE SCHOOL ALSO HAS A MULTI-FACETED PROGRAM TO MAKE SURE STUDENTS ARE READY FOR COLLEGE, WHICH INCLUDES SAT PREPARATION CLASSES, COLLEGE COUNSELING AND CAMPUS VISITS, AS WELL AS SUPPORT FOR THE COLLEGE APPLICATION AND SELECTION PROCESSES. THE SCHOOL'S INSTITUTIONAL PARTNER, HARLEM CHILDREN'S ZONE, ALSO HAS A SOCIAL-WORK TEAM TO ADDRESS ANY EMOTIONAL/SOCIAL ISSUES THAT MAY GET FLAGGED BY TEACHERS OR SCHOOL STAFF. WE ALSO MAKE SURE THAT CHILDREN HAVE ACCESS TO UP-TO-DATE TECHNOLOGY: EACH CLASSROOM IS EQUIPPED WITH AN INTERACTIVE WHITEBOARD AND STUDENTS HAVE ACCESS TO LAPTOP COMPUTERS. THE OVERALL GOAL IS TO MAKE SURE EACH CHILD GETS WHAT HE OR SHE NEEDS IN ORDER TO SUCCEED ACADEMICALLY AND BECOME WELL-ROUNDED AND PUBLIC SPIRITED, READY FOR COLLEGE AND ADULTHOOD. | Desc |
| Total Program Service Expenses | $23,734,518 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (true) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (true) | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | Yes (true) | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | Yes (true) | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | false | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | Yes (true) | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 44 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 270 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | false | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 5 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | false | MembersOrStockholdersInd |
| Election Of Board Members | false | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | false | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | false | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Own Website | Yes (X) | OwnWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | SARA ALVARADO | PersonNm |
| Phone | 2123603255 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 35 E 125TH STREET | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10035 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (16 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| Kenneth Langone | ||||||||
| Chairman Emeritus | 2.0 | 2.0 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Geoffrey Canada | ||||||||
| Chairman | 40.0 | 2.0 | Yes (X) | Yes (X) | $0 | $195,944 | $33,651 | |
| Mitch Kurz | ||||||||
| Treasurer/secretary | 2.0 | 2.0 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Aisha Tomlinson | ||||||||
| Parent Represent. (non-voting) | 2.0 | 0.0 | Yes (X) | $0 | $0 | $0 | ||
| Stanley Druckenmiller | ||||||||
| TRUSTEE | 2.0 | 2.0 | Yes (X) | $0 | $0 | $0 | ||
| Denise Fuller | ||||||||
| trustee (non-voting) | 2.0 | 2.0 | Yes (X) | $0 | $0 | $0 | ||
| Alfonso Wyatt | ||||||||
| Trustee | 2.0 | 2.0 | Yes (X) | $0 | $0 | $0 | ||
| Willie Mae Lewis | ||||||||
| Trustee | 2.0 | 2.0 | Yes (X) | $0 | $0 | $0 | ||
| Anne williams-isom | ||||||||
| Chief Exec Officer & President | 2.0 | 40.0 | Yes (X) | Yes (X) | $0 | $568,326 | $143,903 | |
| Ellanor Bodie Brizendine | ||||||||
| trustee (non-voting) | 2.0 | 2.0 | Yes (X) | $0 | $0 | $0 | ||
| James D Hutter | ||||||||
| Chief Financial Officer | 2.0 | 40.0 | Yes (X) | $0 | $363,182 | $94,464 | ||
| Achil Petit | ||||||||
| Superintendent | 40.0 | 2.0 | $339,624 | $0 | $95,425 | Yes (X) | ||
| Kiki Walton thru 082018 | ||||||||
| Principal - Lower Elementary | 40.0 | 0.0 | $375,701 | $0 | $13,184 | Yes (X) | ||
| Joseph Cordero | ||||||||
| Principal - upper elementary | 40.0 | 0.0 | $199,841 | $0 | $76,366 | Yes (X) | ||
| Zahida Aminy | ||||||||
| Principal - High School | 40.0 | 0.0 | $195,910 | $0 | $53,410 | Yes (X) | ||
| Natalie Batchelor | ||||||||
| Asst. Principal (thru 08/2018) | 40.0 | 0.0 | $199,854 | $0 | $27,548 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,310,930 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $1,127,452 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $537,951 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 28 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | A-LIST SERVICES | PersonNm |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 29 WEST 36TH STREET 7TH FLR | AddressLine1Txt |
| City | NEW YORK | CityNm |
| State Abbreviation | NY | StateAbbreviationCd |
| ZIP | 10018 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | SAT PREP | ServicesDesc |
| Compensation | $118,730 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
| Related Organizations | $2,522,898 | RelatedOrganizationsAmt |
| Government Grants | $20,688,403 | GovernmentGrantsAmt |
| All Other Contributions | $1,347,168 | AllOtherContributionsAmt |
| Noncash Contributions | $87,168 | NoncashContributionsAmt |
| Total Contributions | $24,558,469 | TotalContributionsAmt |
| Total Program Service Revenue | $0 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $35 | TotalRevenueColumnAmt |
| Exclusion | $35 | ExclusionAmt |
Incm From Invest Bond Proceeds IncmFromInvestBondProceedsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Royalties Revenue RoyaltiesRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Fundraising Gross Income | $0 | FundraisingGrossIncomeAmt |
| Fundraising Direct Expenses | $0 | FundraisingDirectExpensesAmt |
Net Incm From Fundraising Evt NetIncmFromFundraisingEvtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gaming Gross Income | $0 | GamingGrossIncomeAmt |
| Gaming Direct Expenses | $0 | GamingDirectExpensesAmt |
Net Income From Gaming NetIncomeFromGamingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Sales Of Inventory | $0 | GrossSalesOfInventoryAmt |
| Cost Of Goods Sold | $0 | CostOfGoodsSoldAmt |
Net Income Or Loss NetIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
Other Revenue Misc OtherRevenueMiscGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt |
|---|---|---|---|
| NYC E-RATE DISCOUNTS | 900099 | $17,712 | $17,712 |
| MISCELLANEOUS INCOME | 900099 | $11,045 | $11,045 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $28,757 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $24,587,261 | TotalRevenueColumnAmt |
| Exclusion | $28,792 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Foreign Grants ForeignGrantsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Comp Disqual Persons CompDisqualPersonsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,344,062 | TotalAmt |
| Program Services | $13,654,902 | ProgramServicesAmt |
| Management And General | $689,160 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $358,937 | TotalAmt |
| Program Services | $342,067 | ProgramServicesAmt |
| Management And General | $16,870 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,273,281 | TotalAmt |
| Program Services | $2,166,437 | ProgramServicesAmt |
| Management And General | $106,844 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,221,062 | TotalAmt |
| Program Services | $1,163,672 | ProgramServicesAmt |
| Management And General | $57,390 | ManagementAndGeneralAmt |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $69,165 | TotalAmt |
| Program Services | $65,914 | ProgramServicesAmt |
| Management And General | $3,251 | ManagementAndGeneralAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $905,448 | TotalAmt |
| Program Services | $862,892 | ProgramServicesAmt |
| Management And General | $42,556 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $254,286 | TotalAmt |
| Program Services | $242,335 | ProgramServicesAmt |
| Management And General | $11,951 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $233,087 | TotalAmt |
| Program Services | $222,132 | ProgramServicesAmt |
| Management And General | $10,955 | ManagementAndGeneralAmt |
Royalties RoyaltiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,209,722 | TotalAmt |
| Program Services | $2,105,865 | ProgramServicesAmt |
| Management And General | $103,857 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $26,464 | TotalAmt |
| Program Services | $25,220 | ProgramServicesAmt |
| Management And General | $1,244 | ManagementAndGeneralAmt |
Pymt Travel Entrtnmnt Pub Ofcl PymtTravelEntrtnmntPubOfclGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Payments To Affiliates PaymentsToAffiliatesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,029 | TotalAmt |
| Program Services | $981 | ProgramServicesAmt |
| Management And General | $48 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $79,889 | TotalAmt |
| Program Services | $76,134 | ProgramServicesAmt |
| Management And General | $3,755 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| FOOD | $1,275,826 | $1,275,826 | |
| SPECIAL SERVICES/INCENTIVES | $403,037 | $403,037 | |
| STUDENT TRAVEL | $192,954 | $192,954 | |
| EQUIP RENTAL & MAINTENANCE | $196,544 | $187,306 | $9,238 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $764,436 | TotalAmt |
| Program Services | $746,844 | ProgramServicesAmt |
| Management And General | $17,592 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,809,229 | TotalAmt |
| Program Services | $23,734,518 | ProgramServicesAmt |
| Management And General | $1,074,711 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $304,283 | BOYAmt |
| EOY | $1,698,363 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $70,755 | BOYAmt |
| EOY | $70,790 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,656,194 | BOYAmt |
| EOY | $473,384 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $64,248 | BOYAmt |
| EOY | $108,927 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $367,874 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $367,874 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,029 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $73,871,528 | BOYAmt |
| EOY | $73,496,758 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $75,968,037 | BOYAmt |
| EOY | $75,848,222 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,027,148 | BOYAmt |
| EOY | $2,318,437 | EOYAmt |
Grants Payable GrantsPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Escrow Account Liability EscrowAccountLiabilityGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Loans From Officers Directors LoansFromOfficersDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,205,622 | BOYAmt |
| EOY | $4,016,486 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $6,232,770 | BOYAmt |
| EOY | $6,334,923 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows SFAS117 | Yes (X) | OrganizationFollowsSFAS117Ind |
Unrestricted Net Assets UnrestrictedNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,784,021 | BOYAmt |
| EOY | $5,394,032 | EOYAmt |
Temporarily Rstr Net Assets TemporarilyRstrNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $65,951,246 | BOYAmt |
| EOY | $64,119,267 | EOYAmt |
Permanently Rstr Net Assets PermanentlyRstrNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $69,735,267 | BOYAmt |
| EOY | $69,513,299 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $75,968,037 | BOYAmt |
| EOY | $75,848,222 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | -$221,968 | ReconcilationRevenueExpnssAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | Yes (true) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (true) | FederalGrantAuditPerformedInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School | Yes (X) | SchoolInd |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amounts | ArtPublicExhibitionAmountsGrp | |
| Held Works Art | HeldWorksArtGrp | |
| CY Minus3 Yr Endwmt Fund | CYMinus3YrEndwmtFundGrp | |
| CY Minus4 Yr Endwmt Fund | CYMinus4YrEndwmtFundGrp | |
| Land | LandGrp | |
| Buildings | BuildingsGrp | |
| Leasehold Improvements | LeaseholdImprovementsGrp |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $348,297 | OtherCostOrOtherBasisAmt |
| Depreciation | $348,297 | DepreciationAmt |
| Book Value | $0 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $19,577 | OtherCostOrOtherBasisAmt |
| Depreciation | $19,577 | DepreciationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Other Assets Org OtherAssetsOrgGrp (2 entries)
| DescDesc | Book ValueBookValueAmt |
|---|---|
| DUE FROM RELATED PARTIES | $9,377,491 |
| CONTRIBUTION REC. (SPACE) | $64,119,267 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Other Assets | $73,496,758 | TotalBookValueOtherAssetsAmt |
| Federal Income Tax Liability | $0 | FederalIncomeTaxLiabilityAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | 457(F) PLAN LIABILITY | Desc |
| Amt | $4,016,486 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $4,016,486 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $25,077,975 | TotalRevEtcAuditedFinclStmtAmt |
| Donated Services And Use Fclts | $490,714 | DonatedServicesAndUseFcltsAmt |
| Revenue Not Reported | $490,714 | RevenueNotReportedAmt |
| Revenue Subtotal | $24,587,261 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $24,587,261 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $25,299,943 | TotExpnsEtcAuditedFinclStmtAmt |
| Donated Services Use Fclts | $490,714 | DonatedServicesUseFcltsAmt |
| Expenses Not Reported | $490,714 | ExpensesNotReportedAmt |
| Expenses Subtotal | $24,809,229 | ExpensesSubtotalAmt |
| Total Expenses Per Form990 | $24,809,229 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule D, Fin 48 statement | FormAndLineReferenceDesc |
| Explanation | The School recognizes the tax effects from an uncertain tax position in the financial statements only if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. The School is exempt from federal income tax under Internal Revenue Code ("IRC") section 501(c)(3), though it is subject to tax on income unrelated to its exempt purpose, unless that income is otherwise excluded by the IRC. The school has processes presently in place to ensure the maintenance of its tax-exempt status; to identify and report unrelated income; to determine its filing and tax obligations in jurisdictions for which it has nexus; and to identify and evaluate other matters that may be considered tax positions. The school has determined that there are no material uncertain tax positions that require recognition or disclosure in the financial statements for the years ending June 30, 2019 or 2018. | ExplanationTxt |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | Yes (true) | NondiscriminatoryPolicyStmtInd |
| Policy Stmt In Brochures Etc | Yes (true) | PolicyStmtInBrochuresEtcInd |
| Plcy Pblczd Via Broadcast Media | Yes (true) | PlcyPblczdViaBroadcastMediaInd |
| Maintain Racial Comp Recs | Yes (true) | MaintainRacialCompRecsInd |
| Maintain Scholarships Recs | Yes (true) | MaintainScholarshipsRecsInd |
| Maintain Cpy Of Brochures Etc | Yes (true) | MaintainCpyOfBrochuresEtcInd |
| Maintain Cpy Of All Sol | Yes (true) | MaintainCpyOfAllSolInd |
| Discriminate Race Stdnts Rghts | false | DiscriminateRaceStdntsRghtsInd |
| Discriminate Race Admiss Plcy | false | DiscriminateRaceAdmissPlcyInd |
| Discriminate Race Emplm Fculty | false | DiscriminateRaceEmplmFcultyInd |
| Discriminate Race Schs | false | DiscriminateRaceSchsInd |
| Discriminate Race Educ Plcy | false | DiscriminateRaceEducPlcyInd |
| Discriminate Race Use Of Fclts | false | DiscriminateRaceUseOfFcltsInd |
| Discriminate Race Athlt Prog | false | DiscriminateRaceAthltProgInd |
| Discriminate Race Other Acty | false | DiscriminateRaceOtherActyInd |
| Government Financial Aid Rcvd | Yes (true) | GovernmentFinancialAidRcvdInd |
| Government Financial Aid Rvkd | false | GovernmentFinancialAidRvkdInd |
| Compliance With Rev Proc7550 | Yes (true) | ComplianceWithRevProc7550Ind |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Form 990, Schedule E, Line 3 | FormAndLineReferenceDesc |
| Explanation | THE HARLEM CHILDREN'S ZONE PROMISE ACADEMY CHARTER SCHOOL DOES NOT DISCRIMINATE ON THE BASIS OF PRIOR ACADEMIC ACHIEVEMENT, ATHLETIC ABILITY, DISABILITY, RACE, CREED, NATIONAL ORIGIN, GENDER, RELIGION, OR ANY OTHER GROUNDS THAT WOULD BE UNLAWFUL. THE SCHOOL'S ADMISSIONS PROCEDURES ARE CONSISTENT WITH THE PROVISIONS OF NEW YORK EDUCATION LAW 2854(2). FORM 990, SCHEDULE E, LINE 6A UNDER THE SCHOOL'S CHARTER SCHOOL AGREEMENT AND THE CHARTER SCHOOLS ACT, THE SCHOOL IS ENTITLED TO RECEIVE FUNDING FROM FEDERAL, STATE AND LOCAL SOURCES THAT ARE AVAILABLE TO PUBLIC SCHOOLS. THESE FUNDS INCLUDE STATE PUPIL ENROLLMENT FUNDS, FEDERAL FOOD SUBSIDIES AND TITLES I, II and iv FUNDING. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | Yes (true) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (true) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | false | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | false | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | false | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | false | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | Yes (true) | AnyNonFixedPaymentsInd |
| Initial Contract Exception | false | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Geoffrey Canada | ||||||||||||||
| Chairman | $0 | $120,944 | $0 | $75,000 | $0 | $0 | $4,236 | $0 | $29,415 | $0 | $229,595 | $0 | $0 | |
| Achil Petit | ||||||||||||||
| Superintendent | $239,693 | $0 | $99,931 | $0 | $0 | $83,624 | $0 | $11,801 | $0 | $435,049 | $0 | $49,931 | $0 | $0 |
| James D Hutter | ||||||||||||||
| Chief Financial Officer | $0 | $323,182 | $0 | $40,000 | $0 | $0 | $69,149 | $0 | $25,315 | $0 | $457,646 | $0 | $0 | |
| Anne williams-isom | ||||||||||||||
| Chief Exec Officer & President | $0 | $288,463 | $0 | $279,863 | $0 | $0 | $134,149 | $0 | $9,754 | $0 | $712,229 | $0 | $99,863 | |
| Kiki Walton thru 082018 | ||||||||||||||
| Principal - Lower Elementary | $86,664 | $0 | $241,330 | $0 | $47,707 | $5,428 | $0 | $7,756 | $0 | $388,885 | $0 | $178,830 | $0 | $0 |
| Joseph Cordero | ||||||||||||||
| Principal - upper elementary | $152,372 | $0 | $47,469 | $0 | $0 | $42,815 | $0 | $33,551 | $0 | $276,207 | $0 | $22,469 | $0 | $0 |
| Zahida Aminy | ||||||||||||||
| Principal - High School | $140,951 | $0 | $54,959 | $0 | $0 | $42,968 | $0 | $10,442 | $0 | $249,320 | $0 | $29,959 | $0 | $0 |
| Natalie Batchelor | ||||||||||||||
| Asst. Principal (thru 08/2018) | $69,243 | $0 | $91,375 | $0 | $39,236 | $4,158 | $0 | $23,390 | $0 | $227,402 | $0 | $53,875 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule J, Part 1, Line 4(a) | FormAndLineReferenceDesc |
| Explanation | Principal, Lower Elementary, Kiki Walton and assistant principal, Natalie Batchelor, received severance payments in the calendar year 2018. The Amount paid in severance has been reported in Schedule J, Part II, Column B(III). Schedule J, Part 1, Line 4(b) HARLEM CHILDREN'S ZONE maintains A SECTION 457(F) PLAN and a supplemental Bonus plan FOR CERTAIN ELIGIBLE EMPLOYEES of the school. These plans ("THE PLANs") are TAX-DEFERRED EMPLOYEE SAVINGS PLANS THAT AIM TO SERVE AS A RETENTION TOOL FOR DIRECTORS, OFFICERS, PRINCIPALS AND SENIOR STAFF. HARLEM CHILDREN'S ZONE MAKES AN ANNUAL DEPOSIT INTO THE PLAN THAT IS VALUED AT 150% OF THE INDIVIDUAL EMPLOYEE'S BONUS FOR THE CURRENT YEAR THE EMPLOYEE'S ACCOUNT ACCUMULATES ASSOCIATED EARNINGS OR LOSSES ON THE INVESTMENT OF THE CONTRIBUTED AMOUNT IN THE NO MARGIN SENIOR GROWTH FUND, WHICH IS MANAGED BY THE DUQUESNE FAMILY OFFICE, AT NO COST TO HARLEM CHILDREN'S ZONE OR THE EMPLOYEE. THE AMOUNTS CONTRIBUTED BY HARLEM CHILDREN'S ZONE, ALONG WITH THE ASSOCIATED EARNINGS OR LOSSES, VEST AFTER FIVE YEARS FROM THE DATE OF THE INITIAL CONTRIBUTION AND WILL BE PAID TO ELIGIBLE EMPLOYEES WHEN VESTED. Beginning fiscal year 2016, the vesting period was bifurcated between teachers and administrative staff, such that amounts contributed to the Plan now vest three and five years after the date of the initial contribution for eligible teachers and administrative staff, respectively. TERMINATED EMPLOYEES BECOME VESTED IMMEDIATELY AT THE DATE OF THEIR TERMINATION. EMPLOYEES WHO MEET THE AGE AND SERVICE PROVISIONS OF THE PLAN (AGE VESTING) ARE VESTED IMMEDIATELY UPON MEETING THOSE PROVISIONS. HOWEVER, IF A PARTICIPATING EMPLOYEE LEAVES VOLUNTARILY, INCLUDING RETIREMENT IF THEY HAVE NOT REACHED THE AGE VESTING PROVISIONS, THEN THEIR CUMULATIVE UNVESTED CONTRIBUTION MADE BY HCZ AND ASSOCIATED EARNINGS OR LOSSES ARE FORFEITED. FOR CALENDAR YEAR 2018, EMPLOYEES RECEIVED A PAYOUT OF DEFERRED COMPENSATION FROM THE PLAN AND THOSE AMOUNTS HAVE BEEN RECORDED IN SCHEDULE J, PART II, COLUMN (B)(II) AND, BECAUSE THAT PAYOUT REPRESENTS COMPENSATION THAT WAS REPORTED ON PREVIOUS FORMS 990 AS DEFERRED COMPENSATION IN SCHEDULE J, PART II, COLUMN (C), IT IS RECORDED IN SCHEDULE J, PART II COLUMN (F). Geoffrey Canada, an officer of HCZ, met the age and service provisions of the 457 (F) Plan (Age Vesting) for calendar year 2018 that resulted in immediate vesting of HCZ's Growth Fund contribution. This amount is included in Form 990, Schedule J, Column B (ii). The following individual reported as Highly Compensated Employees on the Promise Academy's Form 990 received a payout of their accumulated earnings in the Harlem Children's Zone Growth Fund Plan in calendar year 2018: Kiki Walton, Principal - Lower Elementary, Natalie Batchelor - Assistant Principal. This Growth Fund payout is disclosed in Form 990, Schedule J, Part II, Column (b)(ii). SCHEDULE J, PART 1, LINE 7 AS NOTED IN THE NARRATIVE TO FORM 990, PART VI, LINE 15, ALL BONUSES OR MERIT PAY INCREASES ISSUED TO PROMISE ACADEMY EMPLOYEES ARE DETERMINED BY THE CEO, ANNE WILLIAMS-ISOM, with input from the superintendent. ALL BONUSES ARE PERFORMANCE-BASED AND THE RECIPIENTS DO NOT HAVE ANY INPUT INTO THE AMOUNT OF THE BONUS THEY RECEIVE. | ExplanationTxt |
Schedule M IRS990ScheduleM
| Field | Value | IRS element (for citing) |
|---|---|---|
| Works Of Art | WorksOfArtGrp | |
| Art Historical Treasures | ArtHistoricalTreasuresGrp | |
| Art Fractional Interest | ArtFractionalInterestGrp | |
| Books And Publications | BooksAndPublicationsGrp | |
| Clothing And Household Goods | ClothingAndHouseholdGoodsGrp | |
| Cars And Other Vehicles | CarsAndOtherVehiclesGrp | |
| Boats And Planes | BoatsAndPlanesGrp | |
| Intellectual Property | IntellectualPropertyGrp | |
| Securities Publicly Traded | SecuritiesPubliclyTradedGrp | |
| Securities Closely Held Stock | SecuritiesCloselyHeldStockGrp | |
| Secur Prtnrshp Trust Intrsts | SecurPrtnrshpTrustIntrstsGrp | |
| Securities Miscellaneous | SecuritiesMiscellaneousGrp | |
| Qualified Contrib Hist Struct | QualifiedContribHistStructGrp | |
| Qualified Contrib Other | QualifiedContribOtherGrp | |
| Real Estate Residential | RealEstateResidentialGrp | |
| Real Estate Commercial | RealEstateCommercialGrp | |
| Real Estate Other | RealEstateOtherGrp | |
| Collectibles | CollectiblesGrp | |
| Food Inventory | FoodInventoryGrp | |
| Drugs And Medical Supplies | DrugsAndMedicalSuppliesGrp | |
| Taxidermy | TaxidermyGrp | |
| Historical Artifacts | HistoricalArtifactsGrp | |
| Scientific Specimens | ScientificSpecimensGrp | |
| Archaeological Artifacts | ArchaeologicalArtifactsGrp |
Other Non Cash Contri Table OtherNonCashContriTableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Non Cash Checkbox | Yes (X) | NonCashCheckboxInd |
| Desc | education materials | Desc |
| Contribution | 1 | ContributionCnt |
| Noncash Contributions Rpt F990 | $87,168 | NoncashContributionsRptF990Amt |
| Method Of Determining Revenues | fmv | MethodOfDeterminingRevenuesTxt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Any Property That Must Be Held | false | AnyPropertyThatMustBeHeldInd |
| Review Process Unusual NC Gifts | Yes (true) | ReviewProcessUnusualNCGiftsInd |
| Third Parties Used | false | ThirdPartiesUsedInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI | POLICIES LINE 11 - PROCESS USED TO REVIEW FORM 990 THE FORM 990 WAS PREPARED BY A NATIONALLY RENOWNED ACCOUNTING FIRM IN CONJUNCTION WITH THE ORGANIZATION'S FINANCE DEPARTMENT. A COPY OF THE DRAFT FORM 990 WAS CIRCULATED TO THE BOARD OF TRUSTEES FOR DISCUSSION AND COMMENT. EACH BOARD OF TRUSTEES MEMBER WAS PROVIDED AN OPPORTUNITY TO COMMENT ON THE INFORMATION CONTAINED IN THE 990 PRIOR TO ITS FILING WITH THE INTERNAL REVENUE SERVICE. LINE 12 - ENFORCEMENT OF CONFLICT OF INTEREST POLICY THE PROMISE ACADEMY OPERATES UNDER THE CONFLICT-OF-INTEREST POLICY OF ITS INSTITUTIONAL PARTNER, HARLEM CHILDREN'S ZONE. ALL EMPLOYEES ARE EXPECTED TO USE HONESTY, GOOD JUDGEMENT AND HIGH ETHICAL STANDARDS IN ALL PROFESSIONAL DEALINGS. ALL EMPLOYEES MUST AVOID ANY ACTIONS THAT COULD CREATE A CONFLICT OF INTEREST OR THE APPEARANCE OF SUCH A CONFLICT OR REFLECT UNFAVORABLY ON THEM OR ON HARLEM CHILDREN'S ZONE PROMISE ACADEMY. AN EMPLOYEE MUST DISCLOSE IF SHE/HE OR AN IMMEDIATE FAMILY MEMBER HAS ANY POTENTIAL CONFLICT OF INTEREST SUCH AS A RELATIONSHIP TO A THIRD-PARTY VENDOR WHO SEEKS OR HAS A BUSINESS RELATIONSHIP WITH HARLEM CHILDREN'S ZONE PROMISE ACADEMY. AN EMPLOYEE'S VIOLATION OF THIS POLICY, ESPECIALLY A FAILURE TO REPRESENT ACCURATELY HIS OR HER CONNECTION OR ACTION ON BEHALF OF HARLEM CHILDREN'S ZONE PROMISE ACADEMY AND A THIRD PARTY WILL CONSTITUTE GROUNDS FOR DISCIPLINARY ACTION, UP TO AND INCLUDING TERMINATION OF EMPLOYMENT. LINE 13 & 14 - WHISTLEBLOWER AND DOCUMENT RETENTION POLICY THE PROMISE ACADEMY OPERATES UNDER THE WHISTLEBLOWER AND DOCUMENT RETENTION POLICY OF ITS INSTITUTIONAL PARTNER, HARLEM CHILDREN'S ZONE. LINE 15 - PROCESS FOR DETERMINING COMPENSATION THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL IS ANNE WILLIAMS-ISOM. THE PROCEDURES FOR DETERMINING MS. WILLIAMS-ISOM'S COMPENSATION PACKAGE ARE DOCUMENTED IN HARLEM CHILDREN'S ZONE FORM 990 AS THAT ORGANIZATION PAYS HER COMPENSATION. MS. WILLIAMS-ISOM MAKES ALL COMPENSATION DECISIONS, with input from the superintendent, FOR THE EMPLOYEES AT THE PROMISE ACADEMY, INCLUDING THE PRINCIPALS. TO THE EXTENT THAT ANY MERIT PAY OR BONUSES ARE WARRANTED, THE superintendent and PRINCIPALS WILL MAKE RECOMMENDATIONS FOR TEACHERS AND ADMINISTRATORS. ALL BONUSES ARE STRICTLY TIED TO EMPLOYEE PERFORMANCE, USUALLY DETERMINED BY STUDENT ACADEMIC SUCCESS AND WELL-BEING. THE ORGANIZATION MAKES A CONSCIOUS EFFORT TO COMPENSATE ITS EXECUTIVES COMMENSURATE WITH THE MARKET. |
| Form 990, Part VI | LINE 19 - AVAILABILITY OF DOCUMENTS TO THE PUBLIC THE ACADEMY MAKES ITS FORM 990 AVAILABLE TO THE PUBLIC BY RETAINING A COPY AT ITS PLACE OF BUSINESS. THE FORM 990 IS LIKEWISE PUBLISHED ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ORGANIZATION'S FINANCIAL STATEMENTS AND FORM 990 ARE PUBLISHED ON ITS WEBSITE; ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT ORDINARILY MADE AVAILABLE TO THE PUBLIC, BUT, IF REQUESTED, WILL BE PROVIDED AT MANAGEMENT'S DISCRETION. FORM 990, PART VII Top Five Highest Paid Employee, Dr. Achil Petit, is employed as the Superintendent of both Harlem Children's Zone Promise Academy I and Harlem Children's Zone Promise Academy II. Dr. Petit spends half of his time at Promise Academy I and Promise Academy II; however, he receives his W-2 from Promise Academy I for the services rendered to both Academies (and his compensation is reported in Form 990, Part VII, Column (d) accordingly). |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|---|
| HARLEM CHILDREN'S ZONE | ||||||||||
| 35 EAST 125TH STREET | NEW YORK | NY | 10035 | 237112974 | Social Svcs | NY | 501(c)(3) | 7 | NA | false |
| HARLEM CHILDRENS ZONE PROMISE ACADEMY II | ||||||||||
| 35 EAST 125TH STREET | NEW YORK | NY | 10035 | 342049530 | education | NY | 501(c)(3) | 2 | NA | false |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | false | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | Yes (true) | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | false | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | false | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | Yes (true) | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (true) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (true) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (true) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (true) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | Yes (true) | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | Yes (true) | TransferToOtherOrgInd |
| Transfer From Other Org | Yes (true) | TransferFromOtherOrgInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Form 990, Schedule R, Part V, Line 2 | FormAndLineReferenceDesc |
| Explanation | PURSUANT TO THE TERMS OF A COMMITMENT LETTER BETWEEN HARLEM CHILDREN'S ZONE (HCZ) AND PROMISE ACADEMY, HCZ, AS THE SCHOOL'S INSTITUTIONAL PARTNER, COMMITTED TO PROVIDE THE ACADEMY, DURING THE INITIAL FIVE-YEAR TERM OF ITS CHARTER, CERTAIN SERVICES AT NO COST. THE CHARTER SCHOOL HAS RENEWED ITS COMMITMENT LETTER WITH HARLEM CHILDREN'S ZONE FOR AN ADDITIONAL FIVE YEAR PERIOD THAT RUNS THROUGH JUNE 30, 2024. THESE SERVICES INCLUDE FINANCIAL MANAGEMENT, SOCIAL, TECHNOLOGY, FUNDRAISING, PUBLIC RELATIONS, AND TEACHING ASSISTANCE SERVICES. THE VALUE OF THE CONTRIBUTED SERVICES RENDERED TO THE ACADEMY FOR THE YEAR ENDING JUNE 30, 2019 IS $490,714. IN ADDITION TO CONTRIBUTED SERVICES, THE ACADEMY RECEIVED THE USE OF SPACE AT HARLEM CHILDREN ZONE'S RECENTLY CONSTRUCTED BUILDING LOCATED AT 245 W. 129TH STREET, NEW YORK, NEW YORK. UPON EXECUTION OF THE SUBLEASE AGREEMENT IN FISCAL 2015, THE ACADEMY RECORDED A $73,279,162 CONTRIBUTION RECEIVABLE, WHICH REPRESENTS THE IMPUTED FAIR VALUE OF THE SPACE UNDER THE LEASE. THE RECEIVABLE IS BEING AMORTIZED TO RENT EXPENSE, AND THE RELATED TEMPORARILY RESTRICTED NET ASSETS ARE RELEASED FROM RESTRICTIONS, OVER THE TERM OF THE LEASE. THE CURRENT CONTRIBUTION RECEIVABLE, AS REPORTED ON THE BALANCE SHEET, IS $64,119,267. HCZ MAINTAINS A 457(F) PLAN FOR CERTAIN ELIGIBLE EMPLOYEES OF THE SCHOOL. EMPLOYEES BECOME ELIGIBLE TO PARTICIPATE IN THIS PLAN BASED SOLELY AT THE DISCRETION OF THE SCHOOL'S BOARD OF TRUSTEES. The amounts contributed will vest in either three or five years. HCZ PROVIDES THE SCHOOL WITH AN ANNUAL SUBSIDY TO COVER THIS COST BY CONTRIBUTING TO A HCZ INVESTMENT ACCOUNT. DURING FISCAL 2019, HCZ PROVIDED A SUBSIDY OF $1,380,123 FOR THE FISCAL 2019 CONTRIBUTION TO THE 457(F) PLAN. | ExplanationTxt |
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