Ace Preparatory INC FY2022 filing

Indianapolis, INUnknown exempt organizationSince 2015EIN 47-3128337Revenue $2.6M in FY2022

On file with the IRSaceprepacademy.org5326 Hillside Ave · Indianapolis, IN

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Through rigorous academics, positive character development, and excellence in everything we DO, Ace Preparatory academy charter school educates kindergarten through grade 5 students for school success and lives of opportunity.

81¢ of each $1 spent went to programs.
$157K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $21K a year · 1% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
81%
of spending
Looks good: 81% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$157K
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $55K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.6M
88% of total assets
Concern: liabilities are 88% of assets; over 80%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.6M
+49% vs prior year
Spent
$2.2M
To programs
81%
Net assets
$472K
By yearFY2021–FY2025
Revenue
$2.6M
FY2022▲ +49%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.7M
FY2022$2.6M
FY2023$2.3M
FY2024$1.7M
FY2025$2.1M
Expenses
$2.2M
FY2022▲ +31%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.7M
FY2022$2.2M
FY2023$2.4M
FY2024$2.1M
FY2025$2.0M
Net assets
$472K
FY2022▲ +412%
Tap a bar for its year
Net assets by fiscal year
FY2021$92K
FY2022$472K
FY2023$440K
FY2024$45K
FY2025$0

From the FY2022 Form 990 (year ending June 2022) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025.

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

Where the money goes

81 cents of each dollar spent went to programs.

Program services 81% · $1.8M Management & general 19% · $404K

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

12 people listed on the 990; $157K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
Founder & Head of School
$88,601Pt VII · Sec A
Founding Dir. of Operation
$68,101Pt VII · Sec A
$0Pt VII · Sec A
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Amanda Liles$93,097$84,447$73,317——
Kerriesha Adams—$91,538$79,144$68,101$70,409
Anna Shults———$88,601$88,904

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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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 through academics and character development for school success and future opportunities.

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Provided by the organization

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1 program · $1.8M · in their own filed words · FY2021
01

Ace prep was awarded a $900,000.00 quality counts grant through the indiana department of education's charter school program. This grant allowed the school to hire additional instructional and support staff to intentionally address the individual learning loss and social emotional needs of our student population because of the COVID-19…

$1.8Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2024
Total grants receivedfrom 2 funders$55K
Grants paid · 1 grant · $24K · 2024–2024
K1ds Count LLCFY2024$24,248

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$2.6M
Ln 12
Gifts and grantsLn 1h$2.5M
Other incomeLn 4–11$88K
Investment incomeLn 3$85
Money outPt IX
$2.2M
Ln 25
Programscol B$1.8M
Managementcol C$404K
Owns and owesPt X
$472K
net assets · Ln 32
Cash and savingsLn 1–2$380K
Total assetsLn 16$4.1M
LiabilitiesLn 26$3.6M
PeoplePt VI, VII
12
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.5M
Government grantsLn 1e$2.4M
Fundraising eventsLn 1c$17K
Investment incomeLn 3$85
Other incomeLn 4–11$88K
Total revenueLn 12$2.6M
Assets in detailPt X, end of year
CashLn 1$380K
Cash and savings togetherLn 1–2$380K
Land, buildings, equipmentLn 10c$107K
Other assetsLn 15$3.3M
Total assetsLn 16$4.1M
LiabilitiesLn 26$3.6M
Net assetsLn 32$472K
OperationsPt I, VI
EmployeesI 515
VolunteersI 67
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$138K$380K
Land, buildings, equipmentLn 10c$130K$107K
Total assetsLn 16$389K$4.1M
LiabilitiesLn 26$297K$3.6M
Net assetsLn 32$92K$472K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$191K$163K$29K
Other salaries and wagesLn 7$957K$878K$79K
Pension plan contributionsLn 8$15K$917$14K
Other employee benefitsLn 9$31K$2K$29K
Payroll taxesLn 10$88K$77K$11K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$53K$53K
Other fees for servicesLn 11g$143K$60K$83K
Advertising and promotionLn 12$8K$8K
Office expensesLn 13$84K$71K$13K
Information technologyLn 14$25K$25K
OccupancyLn 16$310K$310K
TravelLn 17$6K$6K
InterestLn 20$14K$14K
Depreciation, depletion and amortizationLn 22$53K$53K
InsuranceLn 23$39K$39K
Other expenses (24a–d)Ln 24$151K$124K$27K
Total functional expensesLn 25$2.2M$1.8M$404K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $2.1M$2.0M$95K$0 990 PDF
FY2024 $1.7M$2.1M−$395K$45K 990 PDF
FY2023 $2.3M$2.4M−$32K$440K 990 PDF
FY2022 Viewing $2.6M$2.2M$380K$472K 990 PDF
FY2021 $1.7M$1.7M$57K$92K 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 FY2022 990 (6 parts)
Part I · Summary $2,553,518 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,703,448$2,465,107
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $45$85
I-11 Other revenuePrior year $7,573$88,326
I-12 Total revenuePrior year $1,711,066$2,553,518
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 $1,039,765$1,281,567
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $613,981$891,941
I-18 Total expensesPrior year $1,653,746$2,173,508
I-19 Revenue less expensesPrior year $57,320$380,010
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-13 Written whistleblower 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
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $2,553,518 across 8 lines filed
VIII-1c Fundraising events$16,518
VIII-1e Government grants$2,430,949
VIII-1f All other contributions, gifts and grants$17,640
VIII-1h Total contributions, gifts and grants$2,465,107
VIII-3 Investment incomeExcluded from tax $85$85
VIII-8 Net income from fundraising events$0
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $88,326$88,326
VIII-12 Total revenueRelated to mission $88,326 · Unrelated business $0 · Excluded from tax $85$2,553,518
Part IX · Statement of functional expenses $2,173,508 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $162,668 · Management $28,699$191,367
IX-7 Other salaries and wagesPrograms $877,701 · Management $79,021$956,722
IX-8 Pension plan contributionsPrograms $917 · Management $13,935$14,852
IX-9 Other employee benefitsPrograms $1,883 · Management $28,618$30,501
IX-10 Payroll taxesPrograms $76,686 · Management $11,439$88,125
IX-11b Legal feesManagement $4,286$4,286
IX-11c Accounting feesManagement $53,382$53,382
IX-11g Other fees for servicesPrograms $59,734 · Management $83,223$142,957
IX-12 Advertising and promotionManagement $8,172$8,172
IX-13 Office expensesPrograms $70,904 · Management $13,234$84,138
IX-14 Information technologyPrograms $24,853$24,853
IX-16 OccupancyPrograms $309,757$309,757
IX-17 TravelPrograms $6,465$6,465
IX-20 InterestManagement $13,777$13,777
IX-22 Depreciation, depletion and amortizationPrograms $53,336$53,336
IX-23 InsuranceManagement $39,454$39,454
IX-24 Other expenses (24a–d)Programs $124,355 · Management $27,009$151,364
IX-25 Total functional expensesPrograms $1,769,259 · Management $404,249 · Fundraising $0$2,173,508
Part X · Balance sheet $4,058,391 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $138,109$379,895
X-3 Pledges and grants receivableStart of year $106,561$244,058
X-4 Accounts receivableStart of year $3,593$0
X-9 Prepaid expenses and deferred chargesStart of year $11,079$16,752
X-10c Land, buildings and equipment, netStart of year $129,860$107,281
X-15 Other assetsStart of year $0$3,310,405
X-16 Total assetsStart of year $389,202$4,058,391
X-17 Accounts payable and accrued expensesStart of year $76,030$83,351
X-24 Unsecured notes and loans payableStart of year $154,000$155,800
X-25 Other liabilitiesStart of year $66,943$3,347,001
X-26 Total liabilitiesStart of year $296,973$3,586,152
X-27 Net assets without donor restrictionsStart of year $92,229$472,239
X-32 Total net assets or fund balancesStart of year $92,229$472,239
X-33 Total liabilities and net assetsStart of year $389,202$4,058,391
Part XI · Reconciliation of net assets $472,239 net assets at year end
XI-1 Total revenue$2,553,518
XI-2 Total expenses$2,173,508
XI-3 Revenue less expenses$380,010
XI-4 Net assets at start of year$92,229
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$472,239

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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