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String Theory Schools EIN 45-2656760

String Theory Schools FY2021 filing

EIN  45-2656760 Supporting organization Philadelphia, PA Founded 2011
Form 990 (PDF)
You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →
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Verified accurate 8/25/26 · see original filing: IRS
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Size
$1–10M
What they do
Offers engaging curriculum exploring global arts, languages, ideas, and histories from diverse cultures.
Leadership
Angela Corosanite · CEO · $259K
Money in and out
$3.8M revenue, $3.2M expenses
Bottom line
+14% net inflow

Offers engaging curriculum exploring global arts, languages, ideas, and histories from diverse cultures. For fiscal year 2021 it reported $3.8M in revenue, $3.2M in expenses, and $3.0M in net assets.Pt I

Money in and out · FY2021
Total revenue
$3.8M
Pt VIII · Ln 12
Total expenses
$3.2M
Pt IX · Ln 25
Net assets
$3.0M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $534K
Where spending went · Part IX cols B–D
Program services $0.80 Management & general $0.20
Net inflow
+14%
revenue over expenses, this year
Pass-through gifts
0%
of revenue from contributions
Program spending
80%
of expenses reach stated programs

Summary of the Filing

Part I · fiscal year 2021 · Form 990
Revenue
$3.8M
FY2021▲ +1%
Expenses
$3.2M
FY2021▼ -11%
Total assets
$3.3M
FY2021▲ +21%
Total liabilities
$297K
FY2021▲ +18%
Total revenue
$3.8M
Pt VIII · Ln 12
Total expenses
$3.2M
Pt IX · Ln 25
Net assets
$3.0M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$534K
Total assetsPt X · Ln 16$3.3M
Program-expense ratioPt IX · col B80%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47
Mission & Programs · Part III

Where the work happens

1 program service account for $2.6M of program spending, described in the organization's own filed words · FY2020.
01

The primary mission of string theory schools is to provide an intellectually stimulating curriculum with an international focus, emphasizing the arts, languages, ideas, and histories, from an array of cultures from around the world to meet its goals, the school draws heavily on the resources available in philadelphia- the museums…

$2.6Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CString Theory Schools
EINHdr · item D45-2656760
Principal addressHdr · item CPhiladelphia, PA
WebsiteHdr · item Jwww.stringtheoryschools.com
Year of formationHdr · item L2011
State of legal domicileHdr · item MPA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B900)
Ruling yearIRS BMFDec 2014

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a7
Independent voting membersPt VI · Ln 1b7
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2Yes

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$258,665Pt VII · Sec A
$207,973Pt VII · Sec A
Allison Hussey
Psychologist
$151,681Pt VII · Sec A
Thomas Corosanite
Director of Facilities
$128,860Pt VII · Sec A
Michelle Faulkner
Director of Spec Ed
$122,760Pt VII · Sec A
Rachel Ravior
Director of Testing
$119,048Pt VII · Sec A
Greg Beidleman
Director of Tech
$116,579Pt VII · Sec A
Adreine Capone
Academic Supervisor
$115,465Pt VII · Sec A

Angela Corosanite’s $381K as CEO is at the 98th percentile of top reported officer pay among 3393 $1–10M 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

NameFY2024FY2024FY2023FY2022FY2021FY2020
Angela Corosanite$380,582$436,492$385,061$353,083$258,665$267,098
J Jason Corosanite$140,224$254,559$242,595$270,380$207,973—
Jason J Corosanite—————$220,742
Michelle Faulkner$153,884$147,098$142,558$139,454$122,760$127,303
Allison Hussey$146,093$144,429$138,476$149,328$151,681$139,432
Thayne Dibble$133,452$123,633$119,016$112,938$110,824—
Greg Beidleman$129,237$124,325$121,622$117,030$116,579$117,874
Thomas Corosanite———$129,187$128,860$119,497

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.

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Statement of Revenue

Part VIII
Program service revenue$3.7M · 99%
Other revenue$43K · 1%
Program service revenue99%$3.7M
Other revenue1%$43K
Investment income$346
Total revenueLn 12$3.8M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.80 Management & general $0.20
Program services80%$2.6M
Management & general20%$654K
Total functional expensesLn 25$3.2M

Balance Sheet

Part X · end of year
CashLn 1$3.2M
Total assetsLn 16$3.3M
Total liabilitiesLn 26$297K
Total net assetsLn 32$3.0M
Months of cash on handcomputed11.7

Financial Metrics

Form 990 · FY2021 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $3.2M · Operating expenses/yr $3.2M
11.7 months
Where the money goes
Program services
Program services $2.6M · Total expenses $3.2M
80%
Management & General
Management & general $654K · Total expenses $3.2M
20%
Fundraising
Fundraising $0 · Total expenses $3.2M
0%
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $0 · Total revenue $3.8M
0%
Government reliance
Government grants — · Total revenue $3.8M
—
Earned-income share
Program service revenue $3.7M · Total revenue $3.8M
99%
Investment reliance
Investment income $346 · Total revenue $3.8M
0%
Program self-sufficiency
Program service revenue $3.7M · Total expenses $3.2M
115%
Growth & trend
Revenue growth (YoY)
This year $3.8M · Prior year $3.7M
+1%
Net-asset trend (YoY)
End of year $3.0M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $3.8M · Expenses $3.2M
+14%
Liabilities-to-Assets
Total liabilities — · Total assets $3.3M
—
Net-asset ratio
Net assets $3.0M · Total assets $3.3M
91%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $3.3M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Angela Corosanite · Reported title CEO · Highest reported compensation $259K · Total expenses $3.2M
8%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $2.3M · Total expenses $3.2M
73%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 80%——
Overhead ratio 20%——
Revenue growth 1%——
Legal fee ratio 9%——
Accounting fee ratio 0%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · this organization's grantmaking
Grants paid · 1 grant · $700K · 2021–2021
String Theory CorporationPA · FY2021$700,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$4.4M revenue · ⤓ 990 PDF
FY2023$4.1M revenue · ⤓ 990 PDF
FY2022$3.9M revenue · ⤓ 990 PDF
FY2021$3.8M revenue · viewing · ⤓ 990 PDF
FY2020$3.7M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2021IRS
Classification, formation year, addressIRS Business Master File
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