To operate two california public Charter Schools

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
$412K 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

FY2022 · 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 $350K a year · 4% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$412K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
6 mo
of spending, in cash
Looks good: 6.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.1M
19% of total assets
Looks good: liabilities are 19% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$8.2M
+30% vs prior year
Spent
$7.3M
To programs
83%
Net assets
$4.4M
By yearFY2020–FY2025
Revenue
$8.2M
FY2022▲ +30%
Tap a bar for its year
Revenue by fiscal year
FY2020$6.9M
FY2021$6.3M
FY2022$8.2M
FY2023$9.2M
FY2024$10.1M
FY2025$10.7M
Expenses
$7.3M
FY2022▲ +11%
Tap a bar for its year
Expenses by fiscal year
FY2020$6.8M
FY2021$6.6M
FY2022$7.3M
FY2023$8.7M
FY2024$9.6M
FY2025$10.4M
Net assets
$4.4M
FY2022▲ +28%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.7M
FY2021$3.4M
FY2022$4.4M
FY2023$4.9M
FY2024$5.4M
FY2025$5.7M

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Feb 2010.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $6.0M Management & general 17% · $1.2M Fundraising 0% · $14K

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

8 people listed on the 990; $412K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Executive Director
$178,413Pt VII · Sec A
Principal, Vcms
$117,710Pt VII · Sec A
Principal, Vces
$115,903Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A

Carolyn Yaffe’s $195K as Executive Director is at the 35th 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 · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Carolyn Yaffe$194,834$190,497$182,224$178,413$114,065—
Robert Burke—————$159,168
Brenda Sadeghi$132,118$128,905$127,500$117,710——
Elizabeth Adams$131,738$126,006$121,866$115,903$102,420—
Matthew Rubin————$118,060$116,500
Alicia Paoletta$102,125—————

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 Valley Charter Schools 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

Operates two California public charter schools.

Questions for Valley Charter Schools

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Provided by the organization

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1 program · $6.0M · in their own filed words · FY2021
01

Valley charter elementary is a public charter school serving approximately 265 students in grades kindergarten through 5TH grade, and valley charter middle school is a public charter school serving approximately 220 students in grades 6TH through 8TH grade for the year ended june 30, 2022.

$6.0Mprogram 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$10K

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$8.2M
Ln 12
Gifts and grantsLn 1h$8.2M
Other incomeLn 4–11$4K
Investment incomeLn 3$3K
Money outPt IX
$7.3M
Ln 25
Programscol B$6.0M
Managementcol C$1.2M
Fundraisingcol D$14K
Owns and owesPt X
$4.4M
net assets · Ln 32
Cash and savingsLn 1–2$3.7M
Total assetsLn 16$5.4M
LiabilitiesLn 26$1.1M
PeoplePt VI, VII
8
listed · VII A
PaidVII A3
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$8.2M
Government grantsLn 1e$8.0M
Investment incomeLn 3$3K
Other incomeLn 4–11$4K
Total revenueLn 12$8.2M
Assets in detailPt X, end of year
CashLn 1$3.7M
Cash and savings togetherLn 1–2$3.7M
Land, buildings, equipmentLn 10c$140K
Other assetsLn 15$44K
Total assetsLn 16$5.4M
LiabilitiesLn 26$1.1M
Net assetsLn 32$4.4M
OperationsPt I, VI
EmployeesI 5121
VolunteersI 6100
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 FY22End FY22
Cash and savingsLn 1–2$2.7M$3.7M
Land, buildings, equipmentLn 10c$171K$140K
Total assetsLn 16$4.6M$5.4M
LiabilitiesLn 26$1.2M$1.1M
Net assetsLn 32$3.4M$4.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$245K$245K
Other salaries and wagesLn 7$3.2M$3.0M$195K
Pension plan contributionsLn 8$418K$418K
Other employee benefitsLn 9$350K$335K$15K
Payroll taxesLn 10$114K$84K$31K
Management feesLn 11a$47K$47K
Legal feesLn 11b$145K$145K
Accounting feesLn 11c$27K$27K
Other fees for servicesLn 11g$1.3M$1.1M$216K
Advertising and promotionLn 12$13K$13K
Office expensesLn 13$94K$55K$39K
Information technologyLn 14$51K$51K
OccupancyLn 16$766K$667K$99K
Conferences, conventions and meetingsLn 19$285$285
InterestLn 20$1K$1K
Depreciation, depletion and amortizationLn 22$46K$46K
InsuranceLn 23$83K$83K
Other expenses (24a–d)Ln 24$354K$258K$82K$14K
All other expensesLn 24e$19K$19K
Total functional expensesLn 25$7.3M$6.0M$1.2M$14K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $10.7M$10.4M$278K$5.7M 990 PDF
FY2024 $10.1M$9.6M$539K$5.4M 990 PDF
FY2023 $9.2M$8.7M$522K$4.9M 990 PDF
FY2022 Viewing $8.2M$7.3M$953K$4.4M 990 PDF
FY2021 $6.3M$6.6M−$273K$3.4M 990 PDF
FY2020 $6.9M$6.8M$81K$3.7M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $8,215,535 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $7,260,341$8,208,347
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $6,908$2,771
I-11 Other revenuePrior year −$971,543$4,417
I-12 Total revenuePrior year $6,295,706$8,215,535
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $4,074,519$4,295,762
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,493,935$2,966,412
I-18 Total expensesPrior year $6,568,454$7,262,174
I-19 Revenue less expensesPrior year −$272,748$953,361
Part VI · Governance 5 of 5 board members independent, no flags
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $8,215,535 across 6 lines filed
VIII-1e Government grants$7,950,052
VIII-1f All other contributions, gifts and grants$258,295
VIII-1h Total contributions, gifts and grants$8,208,347
VIII-3 Investment incomeExcluded from tax $2,771$2,771
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $4,417$4,417
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $7,188$8,215,535
Part IX · Statement of functional expenses $7,262,174 across 19 lines filed
IX-5 Pay of current officers, directors and key staffManagement $245,045$245,045
IX-7 Other salaries and wagesPrograms $2,972,807 · Management $195,439$3,168,246
IX-8 Pension plan contributionsPrograms $417,838$417,838
IX-9 Other employee benefitsPrograms $335,347 · Management $15,134$350,481
IX-10 Payroll taxesPrograms $83,570 · Management $30,582$114,152
IX-11a Management feesPrograms $47,131$47,131
IX-11b Legal feesManagement $144,540$144,540
IX-11c Accounting feesManagement $27,090$27,090
IX-11g Other fees for servicesPrograms $1,104,140 · Management $215,870$1,320,010
IX-12 Advertising and promotionManagement $12,532$12,532
IX-13 Office expensesPrograms $55,289 · Management $38,961$94,250
IX-14 Information technologyManagement $50,849$50,849
IX-16 OccupancyPrograms $666,793 · Management $99,339$766,132
IX-19 Conferences, conventions and meetingsPrograms $285$285
IX-20 InterestPrograms $1,251$1,251
IX-22 Depreciation, depletion and amortizationPrograms $46,311$46,311
IX-23 InsuranceManagement $82,845$82,845
IX-24 Other expenses (24a–d)Programs $257,776 · Management $82,094 · Fundraising $13,927$353,797
IX-24e All other expensesPrograms $19,389$19,389
IX-25 Total functional expensesPrograms $6,007,927 · Management $1,240,320 · Fundraising $13,927$7,262,174
Part X · Balance sheet $5,413,607 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $2,700,406$3,708,368
X-4 Accounts receivableStart of year $1,576,119$1,413,982
X-9 Prepaid expenses and deferred chargesStart of year $97,148$106,904
X-10c Land, buildings and equipment, netStart of year $170,847$140,487
X-15 Other assetsStart of year $43,866$43,866
X-16 Total assetsStart of year $4,588,386$5,413,607
X-17 Accounts payable and accrued expensesStart of year $142,057$336,506
X-19 Deferred revenueStart of year $243,779$715,299
X-24 Unsecured notes and loans payableStart of year $794,109$0
X-26 Total liabilitiesStart of year $1,179,945$1,051,805
X-27 Net assets without donor restrictionsStart of year $3,406,825$4,361,802
X-28 Net assets with donor restrictionsStart of year $1,616$0
X-32 Total net assets or fund balancesStart of year $3,408,441$4,361,802
X-33 Total liabilities and net assetsStart of year $4,588,386$5,413,607
Part XI · Reconciliation of net assets $4,361,802 net assets at year end
XI-1 Total revenue$8,215,535
XI-2 Total expenses$7,262,174
XI-3 Revenue less expenses$953,361
XI-4 Net assets at start of year$3,408,441
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$4,361,802

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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