New Foundations Charter School FY2023 filing

Tax-deductible

Philadelphia, PA501(c)(3)Since 1999EducationEIN 23-3040993

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The mission is to provide students with the academic, social and emotional Foundations and skills necessary to become high achieving, socially competent stewards of their communities. The founders of the New Foundations Charter School will ensure a commitment to lifelong learning and achievement of all our students by creating an atmosphere of caring that pervades every aspect of School life, and promotes attachment to and responsibility for all members of our School community.

501(c)(3) charity; gifts are tax-deductible.
67¢ of each $1 spent went to programs.
$653K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
5 of 6
filings with a surplus
Average surplus $1.7M a year · 6% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
67%
of spending
Fine: 67% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$653K
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Looks good: 4.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $20K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$42.1M
104% of total assets
Concern: liabilities are 104% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$28.9M
+10% vs prior year
Spent
$28.3M
To programs
67%
Net assets
−$1.5M
By yearFY2020–FY2025
Revenue
$28.9M
FY2023▲ +10%
Revenue by fiscal year
FY2020$21.7M
FY2021$23.2M
FY2022$26.2M
FY2023$28.9M
FY2024$32.0M
FY2025$33.6M
Expenses
$28.3M
FY2023▲ +24%
Expenses by fiscal year
FY2020$18.8M
FY2021$20.0M
FY2022$22.8M
FY2023$28.3M
FY2024$31.6M
FY2025$33.8M
Net assets
−$1.5M
FY2023▲ +27%
Net assets by fiscal year
FY2020−$8.9M
FY2021−$5.4M
FY2022−$2.0M
FY2023−$1.5M
FY2024−$1.1M
FY2025−$1.4M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2001.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

67 cents of each dollar spent went to programs.

Program services 67% · $19.1M Management & general 33% · $9.2M

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

14 people listed on the 990; $653K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Principal
$130,161Pt VII · Sec A
Director of Athletics & Ac
$110,708Pt VII · Sec A
Vice Principal
$105,988Pt VII · Sec A
Director of Special Ed
$105,114Pt VII · Sec A
Music Teacher
$102,929Pt VII · Sec A
$97,719Pt VII · Sec A
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Christopher Zagacki’s $206K as CEO is at the 39th percentile of top reported officer pay among 3683 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Christopher Zagacki$206,124$184,867$97,719———
Ron Brady————$188,401$176,457
Frances Daly$150,962$138,083$130,161———
Lydia Glassie———$147,033——
Erin Herschberger$132,692$120,843————
Shira Woolf-Cohen—————$128,110
Kevin Ouellette$125,897—————
Sarnetta Sumner$123,497$112,502$105,988$100,426$107,053—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See New Foundations Charter School executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Equips students with academic, social, and emotional skills for community leadership and lifelong learning.

Provided by the organization

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1 program · $19.1M · in their own filed words · FY2022
01

Charter school providing education instruction to students in the city of philadelphia serving grades k-12.

$19.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 1 funder$20K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$28.9M
Ln 12
Fees for servicesLn 2g$19.2M
Gifts and grantsLn 1h$9.4M
Other incomeLn 4–11$93K
Money outPt IX
$28.3M
Ln 25
Programscol B$19.1M
Managementcol C$9.2M
Owns and owesPt X
−$1.5M
net assets · Ln 32
Cash and savingsLn 1–2$10.2M
Total assetsLn 16$40.6M
LiabilitiesLn 26$42.1M
PeoplePt VI, VII
14
listed · VII A
PaidVII A6
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$9.4M
Government grantsLn 1e$9.3M
Noncash giftsLn 1g$42K
Fundraising eventsLn 1c$26K
Fees for servicesLn 2g$19.2M
Investment incomeLn 3$89K
Other incomeLn 4–11$93K
Total revenueLn 12$28.9M
Assets in detailPt X, end of year
CashLn 1$2.6M
SavingsLn 2$7.6M
Cash and savings togetherLn 1–2$10.2M
Land, buildings, equipmentLn 10c$3.2M
Other assetsLn 15$22.3M
Total assetsLn 16$40.6M
LiabilitiesLn 26$42.1M
Net assetsLn 32−$1.5M
OperationsPt I, VI
EmployeesI 5249
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$13.9M$10.2M
Land, buildings, equipmentLn 10c$1.7M$3.2M
Total assetsLn 16$41.6M$40.6M
LiabilitiesLn 26$43.6M$42.1M
Net assetsLn 32−$2.0M−$1.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$284K$284K
Other salaries and wagesLn 7$12.8M$11.0M$1.8M
Pension plan contributionsLn 8$1.5M$1.3M$148K
Other employee benefitsLn 9$2.6M$2.4M$208K
Payroll taxesLn 10$1.0M$879K$131K
Legal feesLn 11b$340K$340K
Accounting feesLn 11c$39K$39K
Other fees for servicesLn 11g$2.1M$2.1M
Advertising and promotionLn 12$30K$30K
Office expensesLn 13$1.1M$522K$566K
Information technologyLn 14$854K$854K
OccupancyLn 16$2.5M$712K$1.8M
TravelLn 17$68K$16K$52K
Conferences, conventions and meetingsLn 19$32K$32K
Depreciation, depletion and amortizationLn 22$462K$185K$278K
Other expenses (24a–d)Ln 24$2.6M$2.0M$598K
All other expensesLn 24e$107K$90K$17K
Total functional expensesLn 25$28.3M$19.1M$9.2M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $33.6M$33.8M−$280K−$1.4M 990 PDF
FY2024 $32.0M$31.6M$398K−$1.1M 990 PDF
FY2023 Viewing $28.9M$28.3M$537K−$1.5M 990 PDF
FY2022 $26.2M$22.8M$3.4M−$2.0M 990 PDF
FY2021 $23.2M$20.0M$3.2M−$5.4M 990 PDF
FY2020 $21.7M$18.8M$2.9M−$8.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $28,862,542 across 10 lines filed
VIII-1c Fundraising events$26,400
VIII-1e Government grants$9,319,116
VIII-1f All other contributions, gifts and grants$98,287
VIII-1g Noncash contributions (included above)$42,024
VIII-1h Total contributions, gifts and grants$9,443,803
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $19,237,345$19,237,345
VIII-3 Investment incomeExcluded from tax $88,736$88,736
VIII-8 Net income from fundraising eventsExcluded from tax −$12,103−$12,103
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $104,761$104,761
VIII-12 Total revenueRelated to mission $19,237,345 · Unrelated business $0 · Excluded from tax $181,394$28,862,542
Part IX · Statement of functional expenses $28,325,537 across 17 lines filed
IX-5 Pay of current officers, directors and key staffManagement $283,865$283,865
IX-7 Other salaries and wagesPrograms $10,987,024 · Management $1,765,705$12,752,729
IX-8 Pension plan contributionsPrograms $1,324,169 · Management $148,133$1,472,302
IX-9 Other employee benefitsPrograms $2,383,573 · Management $207,648$2,591,221
IX-10 Payroll taxesPrograms $879,486 · Management $131,079$1,010,565
IX-11b Legal feesManagement $339,959$339,959
IX-11c Accounting feesManagement $38,782$38,782
IX-11g Other fees for servicesManagement $2,102,671$2,102,671
IX-12 Advertising and promotionManagement $30,313$30,313
IX-13 Office expensesPrograms $521,861 · Management $566,263$1,088,124
IX-14 Information technologyManagement $854,442$854,442
IX-16 OccupancyPrograms $711,510 · Management $1,807,068$2,518,578
IX-17 TravelPrograms $15,774 · Management $52,196$67,970
IX-19 Conferences, conventions and meetingsPrograms $32,479$32,479
IX-22 Depreciation, depletion and amortizationPrograms $184,597 · Management $277,846$462,443
IX-24 Other expenses (24a–d)Programs $1,974,094 · Management $598,218$2,572,312
IX-24e All other expensesPrograms $90,279 · Management $16,503$106,782
IX-25 Total functional expensesPrograms $19,104,846 · Management $9,220,691 · Fundraising $0$28,325,537
Part X · Balance sheet $40,604,482 assets, 16 lines filed
X-1 Cash, non-interest-bearingStart of year $1,081,381$2,597,437
X-2 Savings and temporary cash investmentsStart of year $12,856,128$7,603,097
X-3 Pledges and grants receivableStart of year $1,655,924$4,037,574
X-8 Inventories for sale or use$224,525
X-9 Prepaid expenses and deferred chargesStart of year $946,362$624,593
X-10c Land, buildings and equipment, netStart of year $1,651,953$3,231,921
X-15 Other assetsStart of year $23,411,564$22,285,335
X-16 Total assetsStart of year $41,603,312$40,604,482
X-17 Accounts payable and accrued expensesStart of year $2,648,555$2,950,916
X-19 Deferred revenueStart of year $535,190$64,297
X-25 Other liabilitiesStart of year $40,425,424$39,058,121
X-26 Total liabilitiesStart of year $43,609,169$42,073,334
X-27 Net assets without donor restrictionsStart of year −$1,921,709−$2,231,628
X-28 Net assets with donor restrictionsStart of year −$84,148$762,776
X-32 Total net assets or fund balancesStart of year −$2,005,857−$1,468,852
X-33 Total liabilities and net assetsStart of year $41,603,312$40,604,482
Part XI · Reconciliation of net assets −$1,468,852 net assets at year end
XI-1 Total revenue$28,862,542
XI-2 Total expenses$28,325,537
XI-3 Revenue less expenses$537,005
XI-4 Net assets at start of year−$2,005,857
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,468,852

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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