Firm Foundation Academy: Nonprofit Profile, Financials & Form 990 (EIN 46-3388400)

Revenue by fiscal year
FY2020	$617K
FY2021	$480K

Expenses by fiscal year
FY2020	$662K
FY2021	$561K

Net assets by fiscal year
FY2020	$1.0M
FY2021	$937K

Is it real?

No. The IRS revoked its tax exemption. Latest filing we have: FY2021.

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

Where the money goes

64 cents of each dollar spent went to programs.

64%

36%

Program services 64% · $359K Management & general 36% · $202K

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

Something off? Claim to add context

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation

Gilbert Hakim

Chairman

$0Pt VII · Sec A

Chad Jones

Secretary

$0Pt VII · Sec A

Armin Hakim

Treasurer

$0Pt VII · Sec A

See Firm Foundation Academy executive salaries →

Questions the 990 asks

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

Family or business ties among officersPt VI · Ln 2Yes
Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps people learn and grow through educational programs.

Questions for Firm Foundation Academy

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1 program · $359K · in their own filed words · FY2021

01

Firm Foundation Academy has one goal for all of its students -- to significantly improve their reading comprehension and critical thinking. We utilize printed copies of books along with proprietary educational software. Our students attend sessions 10 to 60 days in length year round to accomplish these objectives.

Form 990 Part III, line 4, FY2021. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 46-3388400) · Dispute this line

$359Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$480K

Ln 12

Gifts and grantsLn 1h$479K

Other incomeLn 4–11$906

Fees for servicesLn 2g$10

Money outPt IX

$561K

Ln 25

Programscol B$359K

Managementcol C$202K

Owns and owesPt X

$937K

net assets · Ln 32

Cash and savingsLn 1–2$6K

Total assetsLn 16$939K

LiabilitiesLn 26$1K

PeoplePt VI, VII

3

listed · VII A

PaidVII A0

Voting boardVI 1a3

IndependentVI 1b3

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$479K

Fees for servicesLn 2g$10

Other incomeLn 4–11$906

Total revenueLn 12$480K

Assets in detailPt X, end of year

CashLn 1$6K

Cash and savings togetherLn 1–2$6K

Prepaid expenses and deferred chargesLn 9$3K

Land, buildings, equipmentLn 10c$929K

Total assetsLn 16$939K

LiabilitiesLn 26$1K

Net assetsLn 32$937K

OperationsPt I, VI

EmployeesI 50

VolunteersI 60

Fiscal year endsHeaderDecember

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

Line	Start FY21	End FY21
Cash and savingsLn 1–2	$32K	$6K
Land, buildings, equipmentLn 10c	$966K	$929K
Total assetsLn 16	$1.0M	$939K
LiabilitiesLn 26	$1K	$1K
Net assetsLn 32	$1.0M	$937K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$100	$100
Management feesLn 11a	$139		$139
Accounting feesLn 11c	$2K		$2K
Other fees for servicesLn 11g	$2K		$2K
Office expensesLn 13	$66K		$66K
Information technologyLn 14	$31K	$31K
OccupancyLn 16	$60K		$60K
TravelLn 17	$693		$693
Depreciation, depletion and amortizationLn 22	$36K		$36K
InsuranceLn 23	$5K		$5K
Other expenses (24a–d)Ln 24	$356K	$328K	$28K
All other expensesLn 24e	$1K	$15	$1K
Total functional expensesLn 25	$561K	$359K	$202K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2021 Latest ViewingFiled with the IRS Feb 14, 2023	$480K	$561K	−$81K	$937K	990 PDF
FY2020Filed with the IRS Nov 3, 2021	$617K	$662K	−$46K	$1.0M	990 PDF

Schedules filed Part IV

I · Grants O · Explanations

See the full FY2021 990

Part I · Summary $480,016 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $601,215$479,100

I-9 Program service revenuePrior year $13,698$10

I-10 Investment incomePrior year $0$0

I-11 Other revenuePrior year $1,700$906

I-12 Total revenuePrior year $616,613$480,016

I-13 Grants and similar amounts paidPrior year $0$100

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $0$0

I-16a Professional fundraising feesPrior year $0$0

I-17 Other expensesPrior year $662,216$561,059

I-18 Total expensesPrior year $662,216$561,159

I-19 Revenue less expensesPrior year −$45,603−$81,143

Part VI · Governance 3 of 3 board members independent, 4 to look at

VI-1a Voting members of the governing body3

VI-1b Independent voting members3

VI-2 Family or business relationship among officers or directorsYes

VI-13 Written whistleblower policyNo

VI-14 Document retention and destruction policyNo

VI-15a Process for setting top official's payNo

VI-12a Written conflict of interest policyYes

Part VIII · Statement of revenue $480,016 across 5 lines filed

VIII-1f All other contributions, gifts and grants$479,100

VIII-1h Total contributions, gifts and grants$479,100

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10$10

VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $906$906

VIII-12 Total revenueRelated to mission $916 · Unrelated business $0 · Excluded from tax $0$480,016

Part IX · Statement of functional expenses $561,159 across 12 lines filed

IX-1 Grants to domestic organizationsPrograms $100$100

IX-11a Management feesManagement $139$139

IX-11c Accounting feesManagement $2,216$2,216

IX-11g Other fees for servicesManagement $1,545$1,545

IX-13 Office expensesManagement $65,826$65,826

IX-14 Information technologyPrograms $31,443$31,443

IX-16 OccupancyManagement $60,170$60,170

IX-17 TravelManagement $693$693

IX-22 Depreciation, depletion and amortizationManagement $36,385$36,385

IX-23 InsuranceManagement $5,478$5,478

IX-24 Other expenses (24a–d)Programs $327,787 · Management $28,136$355,923

IX-24e All other expensesPrograms $15 · Management $1,226$1,241

IX-25 Total functional expensesPrograms $359,345 · Management $201,814 · Fundraising $0$561,159

Part X · Balance sheet $938,812 assets, 11 lines filed

X-1 Cash, non-interest-bearingStart of year $31,803$6,339

X-9 Prepaid expenses and deferred chargesStart of year $22,590$3,295

X-10c Land, buildings and equipment, netStart of year $965,562$929,178

X-16 Total assetsStart of year $1,019,955$938,812

X-17 Accounts payable and accrued expensesStart of year $1,411$1,411

X-26 Total liabilitiesStart of year $1,411$1,411

X-29 Capital stock or trust principalStart of year $0$0

X-30 Paid-in or capital surplusStart of year $0$0

X-31 Retained earnings or endowmentStart of year $1,018,544$937,401

X-32 Total net assets or fund balancesStart of year $1,018,544$937,401

X-33 Total liabilities and net assetsStart of year $1,019,955$938,812

Part XI · Reconciliation of net assets $937,401 net assets at year end

XI-1 Total revenue$480,016

XI-2 Total expenses$561,159

XI-3 Revenue less expenses−$81,143

XI-4 Net assets at start of year$1,018,544

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$937,401

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

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Firm Foundation Academy

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Firm Foundation Academy

By the numbers

Filing history

Schedules filed Part IV