Visionary Schools Benefit Plan: Nonprofit Profile, Financials & Form 990 (EIN 47-6908131)

Revenue by fiscal year
FY2020	$6.0M
FY2021	$6.4M
FY2022	$8.1M
FY2023	$9.9M
FY2024	$12.4M

Expenses by fiscal year
FY2020	$6.0M
FY2021	$6.6M
FY2022	$7.6M
FY2023	$10.3M
FY2024	$11.9M

Net assets by fiscal year
FY2020	$197K
FY2021	$36K
FY2022	$595K
FY2023	$402K
FY2024	$860K

Is it real?

Yes. Exemption reinstated (2018-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Mar 2020.

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

Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation

Mustafa Ada

President

$0Pt VII · Sec A

Jessica Shoaf

Vice President

$0Pt VII · Sec A

Alysse Pennington

Secretary

$0Pt VII · Sec A

Ugur Zengince

Treasurer

$0Pt VII · Sec A

Abdurrahman Akkurek

Board Member

$0Pt VII · Sec A

See Visionary Schools Benefit Plan 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

Offers health and welfare benefits to full-time employees of participating schools.

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1 program · in their own filed words · FY2024

01

To provide a defined contribution health and welfare plan coveringsubstantially all full-time employees of the participating schools ofthe association of visionary schools.

Pt IX · col B

By the numbers

The FY2024 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$12.4M

Ln 12

Fees for servicesLn 2g$12.4M

Money outPt IX

$11.9M

Ln 25

Owns and owesPt X

$860K

net assets · Ln 32

Cash and savingsLn 1–2$356K

Total assetsLn 16$980K

LiabilitiesLn 26$120K

PeoplePt VI, VII

5

listed · VII A

PaidVII A0

Voting boardVI 1a5

IndependentVI 1b5

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$12.4M

Total revenueLn 12$12.4M

Assets in detailPt X, end of year

CashLn 1$356K

Cash and savings togetherLn 1–2$356K

Total assetsLn 16$980K

LiabilitiesLn 26$120K

Net assetsLn 32$860K

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 FY24	End FY24
Cash and savingsLn 1–2	$965K	$356K
Total assetsLn 16	$1.3M	$980K
LiabilitiesLn 26	$910K	$120K
Net assetsLn 32	$402K	$860K

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Benefits paid to or for membersLn 4	$11.9M
Other expenses (24a–d)Ln 24	$9K
Total functional expensesLn 25	$11.9M

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 Latest Viewing	$12.4M	$11.9M	$458K	$860K	990 PDF
FY2023	$9.9M	$10.3M	−$357K	$402K	990 PDF
FY2022	$8.1M	$7.6M	$559K	$595K	990 PDF
FY2021	$6.4M	$6.6M	−$161K	$36K	990 PDF
FY2020	$6.0M	$6.0M	−$79K	$197K	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 FY2024 990 (6 parts)

Part I · Summary $12,393,991 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $0$0

I-9 Program service revenuePrior year $9,918,595$12,393,991

I-10 Investment incomePrior year $0$0

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $9,918,595$12,393,991

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

I-14 Benefits paid to membersPrior year $10,270,317$11,926,786

I-15 Salaries and benefitsPrior year $0$0

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

I-17 Other expensesPrior year $5,135$8,973

I-18 Total expensesPrior year $10,275,452$11,935,759

I-19 Revenue less expensesPrior year −$356,857$458,232

Part VI · Governance 5 of 5 board members independent, 3 to look at

VI-1a Voting members of the governing body5

VI-1b Independent voting members5

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 $12,393,991 across 2 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $12,393,991$12,393,991

VIII-12 Total revenueRelated to mission $12,393,991 · Unrelated business $0 · Excluded from tax $0$12,393,991

Part IX · Statement of functional expenses $11,935,759 across 2 lines filed

IX-4 Benefits paid to or for members$11,926,786

IX-24 Other expenses (24a–d)$8,973

IX-25 Total functional expenses$11,935,759

Part X · Balance sheet $980,409 assets, 9 lines filed

X-1 Cash, non-interest-bearingStart of year $964,599$355,849

X-3 Pledges and grants receivableStart of year $347,355$578,685

X-9 Prepaid expenses and deferred chargesStart of year $0$45,875

X-16 Total assetsStart of year $1,311,954$980,409

X-17 Accounts payable and accrued expensesStart of year $885,695$43,431

X-19 Deferred revenueStart of year $24,281$76,768

X-26 Total liabilitiesStart of year $909,976$120,199

X-32 Total net assets or fund balancesStart of year $401,978$860,210

X-33 Total liabilities and net assetsStart of year $1,311,954$980,409

Part XI · Reconciliation of net assets $860,210 net assets at year end

XI-1 Total revenue$12,393,991

XI-2 Total expenses$11,935,759

XI-3 Revenue less expenses$458,232

XI-4 Net assets at start of year$401,978

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$860,210

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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Visionary Schools Benefit Plan

Before you give

Is it real?

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Visionary Schools Benefit Plan

By the numbers

Filing history

Schedules filed Part IV