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Firm Foundation Academy FY2020 filing

IRS exemption revoked

Clearwater, FLUnknown exempt organizationEIN 46-3388400

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To facilitate education of individuals.

63¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $63K a year · 12% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
63%
of spending
Worth a look: 63% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.6 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1K
0.1% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
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
$617K
Spent
$662K
To programs
63%
Net assets
$1.0M
By yearFY2020–FY2021
Revenue
$617K
FY2020
Revenue by fiscal year
FY2020$617K
FY2021$480K
Expenses
$662K
FY2020
Expenses by fiscal year
FY2020$662K
FY2021$561K
Net assets
$1.0M
FY2020
Net assets by fiscal year
FY2020$1.0M
FY2021$937K

From the FY2020 Form 990 · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on May 15, 2025
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2021) →

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

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

Where the money goes

63 cents of each dollar spent went to programs.

Program services 63% · $419K Management & general 37% · $244K

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
$0Pt VII · Sec A
Chad Jones
Secretary
$0Pt VII · Sec A
Armin Hakim
Treasurer
$0Pt VII · Sec A
See Firm Foundation Academy 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps people learn and grow through educational programs.

Provided by the organization

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1 program · $419K · in their own filed words · FY2020
01

Firm Foundation Academy is a singular academic experience with one goal for our students: significantly improve their ability to read and think. We fuse traditional teaching methods with technological innovations to foster a rich learning environment.

$419Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$617K
Ln 12
Gifts and grantsLn 1h$601K
Fees for servicesLn 2g$14K
Other incomeLn 4–11$2K
Money outPt IX
$662K
Ln 25
Programscol B$419K
Managementcol C$244K
Owns and owesPt X
$1.0M
net assets · Ln 32
Cash and savingsLn 1–2$32K
Total assetsLn 16$1.0M
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$601K
Fees for servicesLn 2g$14K
Other incomeLn 4–11$2K
Total revenueLn 12$617K
Assets in detailPt X, end of year
CashLn 1$32K
Cash and savings togetherLn 1–2$32K
Land, buildings, equipmentLn 10c$966K
Total assetsLn 16$1.0M
LiabilitiesLn 26$1K
Net assetsLn 32$1.0M
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
LineStart FY20End FY20
Cash and savingsLn 1–2$58K$32K
Land, buildings, equipmentLn 10c$1.0M$966K
Total assetsLn 16$1.1M$1.0M
LiabilitiesLn 26$1K$1K
Net assetsLn 32$1.1M$1.0M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$4K$4K
Accounting feesLn 11c$7K$7K
Other fees for servicesLn 11g$1K$1K
Advertising and promotionLn 12$785$785
Office expensesLn 13$66K$66K
Information technologyLn 14$71K$71K
OccupancyLn 16$85K$85K
TravelLn 17$616$616
Depreciation, depletion and amortizationLn 22$37K$37K
InsuranceLn 23$4K$4K
Other expenses (24a–d)Ln 24$381K$347K$34K
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$662K$419K$244K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest $480K$561K−$81K$937K 990 PDF
FY2020 Viewing $617K$662K−$46K$1.0M 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 FY2020 990 (4 parts)
Part VIII · Statement of revenue $616,613 across 5 lines filed
VIII-1f All other contributions, gifts and grants$601,215
VIII-1h Total contributions, gifts and grants$601,215
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $13,698$13,698
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,700$1,700
VIII-12 Total revenueRelated to mission $15,398 · Unrelated business $0 · Excluded from tax $0$616,613
Part IX · Statement of functional expenses $662,216 across 12 lines filed
IX-11a Management feesManagement $3,641$3,641
IX-11c Accounting feesManagement $6,621$6,621
IX-11g Other fees for servicesManagement $1,373$1,373
IX-12 Advertising and promotionPrograms $785$785
IX-13 Office expensesManagement $65,977$65,977
IX-14 Information technologyPrograms $70,923$70,923
IX-16 OccupancyManagement $85,180$85,180
IX-17 TravelManagement $616$616
IX-22 Depreciation, depletion and amortizationManagement $37,329$37,329
IX-23 InsuranceManagement $4,307$4,307
IX-24 Other expenses (24a–d)Programs $346,901 · Management $34,112$381,013
IX-24e All other expensesManagement $4,451$4,451
IX-25 Total functional expensesPrograms $418,609 · Management $243,607 · Fundraising $0$662,216
Part X · Balance sheet $1,019,955 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $57,700$31,803
X-9 Prepaid expenses and deferred chargesStart of year $4,967$22,590
X-10c Land, buildings and equipment, netStart of year $1,002,891$965,562
X-16 Total assetsStart of year $1,065,558$1,019,955
X-17 Accounts payable and accrued expensesStart of year $1,411$1,411
X-26 Total liabilitiesStart of year $1,411$1,411
X-32 Total net assets or fund balancesStart of year $1,064,147$1,018,544
X-33 Total liabilities and net assetsStart of year $1,065,558$1,019,955
Part XI · Reconciliation of net assets $1,018,544 net assets at year end
XI-1 Total revenue$616,613
XI-2 Total expenses$662,216
XI-3 Revenue less expenses−$45,603
XI-4 Net assets at start of year$1,064,147
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,018,544

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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