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Cambridge Prep Academy Incorporated FY2023 filing

Tax-deductible

Lake City, FL501(c)(3)Since 2011EducationEIN 45-4360430Revenue $1.4M in FY2023

On file with the IRS2658 Sw Main Blvd, 32025-0036 · Lake City, FLTax-exempt since Dec 2013School — 170(b)(1)(A)(ii)

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Combining florida virtual's award winning curriculum with our exceptional teachers and amazing support team, and an individualized learning approach for every student, Cambridge puts in motion a complete program tailored to helping children learn and excel.

501(c)(3) charity; gifts are tax-deductible.
61¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average deficit $11K a year · under 1% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
61%
of spending
Worth a look: 61% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.5 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $103
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$716K
115% of total assets
Concern: liabilities are 115% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4M
+22% vs prior year
Spent
$1.5M
To programs
61%
Net assets
−$91K
By yearFY2021–FY2024
Revenue
$1.4M
FY2023▲ +22%
Tap a bar for its year
Revenue by fiscal year
FY2021$976K
FY2022$1.1M
FY2023$1.4M
FY2024$1.1M
FY2024$1.2M
Expenses
$1.5M
FY2023▲ +38%
Tap a bar for its year
Expenses by fiscal year
FY2021$853K
FY2022$1.1M
FY2023$1.5M
FY2024$1.2M
FY2024$1.4M
Net assets
−$91K
FY2023▼ -243%
Tap a bar for its year
Net assets by fiscal year
FY2021$44K
FY2022$64K
FY2023−$91K
FY2024−$124K
FY2024−$364K

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

Form 990 (PDF) Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 2013.

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

Where the money goes

61 cents of each dollar spent went to programs.

Program services 61% · $936K Management & general 39% · $599K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
Jackie Britt
President
$0Pt VII · Sec A
See Cambridge Prep Academy Incorporated 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 15aNo

Programs and updates

Provides tailored learning programs combining award-winning curriculum and exceptional teachers for student success.

Questions for Cambridge Prep Academy Incorporated

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Provided by the organization

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1 program · $936K · in their own filed words · FY2022
01

We provided academic programs for higher learning, after school tutoring, and activities for student government

$936Kprogram 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 · FY2023
Amazonsmile FoundationFY2023$103
Total grants receivedfrom 1 funder$103

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.4M
Ln 12
Fees for servicesLn 2g$1.4M
Other incomeLn 4–11$25K
Money outPt IX
$1.5M
Ln 25
Programscol B$936K
Managementcol C$599K
Owns and owesPt X
−$91K
net assets · Ln 32
Cash and savingsLn 1–2$66K
Total assetsLn 16$625K
LiabilitiesLn 26$716K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$1.4M
Other incomeLn 4–11$25K
Total revenueLn 12$1.4M
Assets in detailPt X, end of year
CashLn 1$66K
Cash and savings togetherLn 1–2$66K
Land, buildings, equipmentLn 10c$514K
Total assetsLn 16$625K
LiabilitiesLn 26$716K
Net assetsLn 32−$91K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$19K$66K
Land, buildings, equipmentLn 10c$505K$514K
Total assetsLn 16$545K$625K
LiabilitiesLn 26$481K$716K
Net assetsLn 32$64K−$91K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$675K$675K
Other employee benefitsLn 9$110K$110K
Payroll taxesLn 10$51K$51K
Accounting feesLn 11c$4K$4K
Advertising and promotionLn 12$2K$2K
OccupancyLn 16$92K$92K
TravelLn 17$5K$5K
Conferences, conventions and meetingsLn 19$7K$7K
InsuranceLn 23$11K$11K
Other expenses (24a–d)Ln 24$404K$56K$347K
All other expensesLn 24e$175K$32K$143K
Total functional expensesLn 25$1.5M$936K$599K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.1M$1.2M−$33K−$124K 990 PDF
FY2023 Viewing $1.4M$1.5M−$155K−$91K 990 PDF
FY2022 $1.1M$1.1M$20K$64K 990 PDF
FY2021 $976K$853K$123K$44K 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 (6 parts)
Part I · Summary $1,380,347 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $1,109,444$1,355,721
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $19,006$24,626
I-12 Total revenuePrior year $1,128,450$1,380,347
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 $728,596$836,111
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $380,133$699,340
I-18 Total expensesPrior year $1,108,729$1,535,451
I-19 Revenue less expensesPrior year $19,721−$155,104
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $1,380,347 across 3 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,355,721$1,355,721
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $24,626$24,626
VIII-12 Total revenueRelated to mission $1,380,347 · Unrelated business $0 · Excluded from tax $0$1,380,347
Part IX · Statement of functional expenses $1,535,451 across 11 lines filed
IX-7 Other salaries and wagesPrograms $675,239$675,239
IX-9 Other employee benefitsPrograms $110,002$110,002
IX-10 Payroll taxesPrograms $50,870$50,870
IX-11c Accounting feesManagement $4,310$4,310
IX-12 Advertising and promotionManagement $2,242$2,242
IX-16 OccupancyManagement $91,688$91,688
IX-17 TravelPrograms $4,652$4,652
IX-19 Conferences, conventions and meetingsPrograms $6,674$6,674
IX-23 InsuranceManagement $10,916$10,916
IX-24 Other expenses (24a–d)Programs $56,433 · Management $347,270$403,703
IX-24e All other expensesPrograms $32,101 · Management $143,054$175,155
IX-25 Total functional expensesPrograms $935,971 · Management $599,480 · Fundraising $0$1,535,451
Part X · Balance sheet $624,661 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $19,122$65,534
X-4 Accounts receivableStart of year $21,397$45,529
X-10c Land, buildings and equipment, netStart of year $504,657$513,598
X-16 Total assetsStart of year $545,176$624,661
X-17 Accounts payable and accrued expenses$205,604
X-25 Other liabilitiesStart of year $45,339$87,864
X-26 Total liabilitiesStart of year $481,253$715,842
X-27 Net assets without donor restrictionsStart of year $63,923−$91,181
X-32 Total net assets or fund balancesStart of year $63,923−$91,181
X-33 Total liabilities and net assetsStart of year $545,176$624,661
Part XI · Reconciliation of net assets −$91,181 net assets at year end
XI-1 Total revenue$1,380,347
XI-2 Total expenses$1,535,451
XI-3 Revenue less expenses−$155,104
XI-4 Net assets at start of year$63,923
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$91,181

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

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