Purpose Preparatory Academy INC FY2021 filing

Tax-deductible

Nashville, TN501(c)(3)Since 2012EIN 46-0693776

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Through rigorous curriculum, high-quality instruction, and positive character development, Purpose Preparatory Academy charter school ensures that all kindergarten through grade four students achieve the academic skills, knowledge, and ethical foundation to be set on the path to college.

501(c)(3) charity; gifts are tax-deductible.
60¢ of each $1 spent went to programs.
$112K 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

FY2021 · 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
5 of 5
filings with a surplus
Average surplus $1.3M a year · 18% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
60%
of spending
Worth a look: 60% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$112K
to officers and key staff · 3% of spending
Looks good: pay to officers and key staff is 3% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $635K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$5.1M
57% of total assets
Fine: liabilities are 57% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$6.2M
+29% vs prior year
Spent
$4.2M
To programs
60%
Net assets
$3.9M
By yearFY2020–FY2024
Revenue
$6.2M
FY2021▲ +29%
Revenue by fiscal year
FY2020$4.8M
FY2021$6.2M
FY2022$7.9M
FY2023$8.2M
FY2024$8.2M
FY2024$9.1M
Expenses
$4.2M
FY2021▼ -3%
Expenses by fiscal year
FY2020$4.3M
FY2021$4.2M
FY2022$5.7M
FY2023$7.3M
FY2024$7.5M
FY2024$8.1M
Net assets
$3.9M
FY2021▲ +106%
Net assets by fiscal year
FY2020$1.9M
FY2021$3.9M
FY2022$6.1M
FY2023$7.0M
FY2024$7.7M
FY2024$8.7M

From the FY2021 Form 990 (year ending June 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 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 Jan 2013.

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

Where the money goes

60 cents of each dollar spent went to programs.

Program services 60% · $2.5M Management & general 39% · $1.6M Fundraising 1% · $38K

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

15 people listed on the 990; $112K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Head of School
$112,148Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 7 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Lagra Newman$252,976$191,916—$136,132$112,148$111,616
Brandy Putnam$131,635$110,016————
Shauna Russell—$123,324$100,072———
Courtney Brooks$122,416—————
Tikoya Bullock$116,366—————
Mackenzie Fox$106,530—————
Brandon Hughes$101,116—————

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 Purpose Preparatory Academy INC 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

Educates young students with strong academics and character for college readiness.

Provided by the organization

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1 program · $2.5M · in their own filed words · FY2020
01

Purpose prep provides an academically challenging, disciplined, and joyful elementary school to children of nashville. With an intensive focus on the acquisition of essential literacy skills, purpose prep provides targeted and rigorous instruction in each core subject to meet the academic needs of every scholar.

$2.5Mprogram 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
50can INCFY2024$280K
Total grants receivedfrom 4 funders$635K
See all 4 funders →

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$6.2M
Ln 12
Gifts and grantsLn 1h$6.2M
Investment incomeLn 3$5K
Other incomeLn 4–11$1K
Money outPt IX
$4.2M
Ln 25
Programscol B$2.5M
Managementcol C$1.6M
Fundraisingcol D$38K
Owns and owesPt X
$3.9M
net assets · Ln 32
Cash and savingsLn 1–2$3.1M
Total assetsLn 16$9.0M
LiabilitiesLn 26$5.1M
PeoplePt VI, VII
15
listed · VII A
PaidVII A1
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$6.2M
Government grantsLn 1e$5.8M
Investment incomeLn 3$5K
Other incomeLn 4–11$1K
Total revenueLn 12$6.2M
Assets in detailPt X, end of year
CashLn 1$3.1M
Cash and savings togetherLn 1–2$3.1M
Land, buildings, equipmentLn 10c$3.7M
Other assetsLn 15$1.2M
Total assetsLn 16$9.0M
LiabilitiesLn 26$5.1M
Net assetsLn 32$3.9M
OperationsPt I, VI
EmployeesI 553
VolunteersI 650
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 FY21End FY21
Cash and savingsLn 1–2$1.8M$3.1M
Land, buildings, equipmentLn 10c$3.8M$3.7M
Total assetsLn 16$6.8M$9.0M
LiabilitiesLn 26$4.9M$5.1M
Net assetsLn 32$1.9M$3.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$112K$112K
Other salaries and wagesLn 7$2.2M$1.6M$625K
Other employee benefitsLn 9$346K$250K$96K
Payroll taxesLn 10$174K$126K$48K
Accounting feesLn 11c$18K$18K
Investment management feesLn 11f$72K$72K
Other fees for servicesLn 11g$326K$181K$145K
Office expensesLn 13$63K$63K
OccupancyLn 16$168K$45K$123K
TravelLn 17$3K$3K
InterestLn 20$133K$133K
Depreciation, depletion and amortizationLn 22$104K$88K$16K
InsuranceLn 23$33K$33K
Other expenses (24a–d)Ln 24$379K$198K$142K$38K
All other expensesLn 24e$19K$19K
Total functional expensesLn 25$4.2M$2.5M$1.6M$38K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $8.2M$7.5M$741K$7.7M 990 PDF
FY2023 $8.2M$7.3M$913K$7.0M 990 PDF
FY2022 $7.9M$5.7M$2.2M$6.1M 990 PDF
FY2021 Viewing $6.2M$4.2M$2.0M$3.9M 990 PDF
FY2020 $4.8M$4.3M$495K$1.9M 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 FY2021 990 (4 parts)
Part VIII · Statement of revenue $6,201,971 across 6 lines filed
VIII-1e Government grants$5,808,978
VIII-1f All other contributions, gifts and grants$386,472
VIII-1h Total contributions, gifts and grants$6,195,450
VIII-3 Investment incomeExcluded from tax $5,380$5,380
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,141$1,141
VIII-12 Total revenueRelated to mission $1,141 · Unrelated business $0 · Excluded from tax $5,380$6,201,971
Part IX · Statement of functional expenses $4,197,169 across 15 lines filed
IX-5 Pay of current officers, directors and key staffManagement $112,148$112,148
IX-7 Other salaries and wagesPrograms $1,622,922 · Management $624,638$2,247,560
IX-9 Other employee benefitsPrograms $249,518 · Management $96,035$345,553
IX-10 Payroll taxesPrograms $125,789 · Management $48,414$174,203
IX-11c Accounting feesManagement $17,600$17,600
IX-11f Investment management feesManagement $71,750$71,750
IX-11g Other fees for servicesPrograms $181,066 · Management $144,514$325,580
IX-13 Office expensesManagement $62,714$62,714
IX-16 OccupancyPrograms $45,211 · Management $122,672$167,883
IX-17 TravelPrograms $3,150$3,150
IX-20 InterestManagement $133,298$133,298
IX-22 Depreciation, depletion and amortizationPrograms $88,273 · Management $15,578$103,851
IX-23 InsuranceManagement $33,477$33,477
IX-24 Other expenses (24a–d)Programs $198,392 · Management $142,500 · Fundraising $38,455$379,347
IX-24e All other expensesPrograms $19,055$19,055
IX-25 Total functional expensesPrograms $2,533,376 · Management $1,625,338 · Fundraising $38,455$4,197,169
Part X · Balance sheet $8,996,709 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $1,829,803$3,142,643
X-4 Accounts receivableStart of year $715,771$507,646
X-9 Prepaid expenses and deferred chargesStart of year $275,896$474,933
X-10c Land, buildings and equipment, netStart of year $3,795,803$3,691,952
X-15 Other assetsStart of year $163,164$1,179,535
X-16 Total assetsStart of year $6,780,437$8,996,709
X-17 Accounts payable and accrued expensesStart of year $78,043$168,887
X-18 Grants payableStart of year $495,000$330,000
X-19 Deferred revenueStart of year $189,053$1,310,181
X-25 Other liabilitiesStart of year $212,065$0
X-26 Total liabilitiesStart of year $4,892,120$5,103,591
X-32 Total net assets or fund balancesStart of year $1,888,317$3,893,118
X-33 Total liabilities and net assetsStart of year $6,780,437$8,996,709
Part XI · Reconciliation of net assets $3,893,118 net assets at year end
XI-1 Total revenue$6,201,971
XI-2 Total expenses$4,197,169
XI-3 Revenue less expenses$2,004,802
XI-4 Net assets at start of year$1,888,317
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,893,118

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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