Elite Educational Group Corp FY2023 filing

Bayamon, PRUnknown exempt organizationEIN 66-0799136Revenue $863K in FY2023

On file with the IRSUrb Sierra Bayamon 18 Calle 22 · Bayamon, PR

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Provide Educational services

100¢ of each $1 spent went to programs.
$86K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

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FY2023 · Form 990Independent: from IRS data, not the org
Download 990
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
1 of 4
filings with a surplus
Average deficit $67K a year · 7% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$86K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: 0.4 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$319K
94% of total assets
Concern: liabilities are 94% of assets; over 80%.
Pt X · Ln 26
Independent board members
1
of 5 voting members
Worth a look: 1 of 5 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$863K
-20% vs prior year
Spent
$1.1M
To programs
100%
Net assets
$22K
By yearFY2021–FY2024
Revenue
$863K
FY2023▼ -20%
Tap a bar for its year
Revenue by fiscal year
FY2021$903K
FY2022$1.1M
FY2023$863K
FY2024$919K
Expenses
$1.1M
FY2023▲ +9%
Tap a bar for its year
Expenses by fiscal year
FY2021$952K
FY2022$994K
FY2023$1.1M
FY2024$997K
Net assets
$22K
FY2023▼ -67%
Tap a bar for its year
Net assets by fiscal year
FY2021$42K
FY2022$65K
FY2023$22K
FY2024−$100K

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2023 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 Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $1.1M

Form 990 Part IX, line 25. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990; $86K paid to officers and key staff.

Part VII, Section A · reportable compensation
Vice-President
$24,300Pt VII · Sec A
$24,300Pt VII · Sec A
$21,804Pt VII · Sec A
$15,900Pt VII · Sec A

Compensation history total reportable pay by year · 5 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Beatriz Rodriguez Marrero$15,900$15,900$28,800$28,800
Yaritza Rivera Cosme$24,300$24,300$24,000$24,000
Jesus M Rivera Rivera$24,300$24,300$22,700—
Jesus X Rivera Rivera———$24,000
Sandra M Rivera Rivera$21,804$21,804$21,504$21,504

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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes
  • Loans to or from officersSch L · Pt II1 listed

Programs and updates

Elite Educational Group Corp is a nonprofit organization based in Bayamon, PR.

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Provided by the organization

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2 programs · $1.1M · in their own filed words · FY2023
01

New Earth Music Academy (NEMA)-(Elite Educational Group, Corp), is a non-profit institution founded since 2007 by pastors and presidents Jesus and Yaritza Rivera. The school is governed by an Administrative Board composed of people representing our educational community and is certified as a Church-School by the Department of State of…

$1.1Mprogram expense
02

Ppp Loan Forgiveness

Exempt income

Pt IX · col B

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$863K
Ln 12
Fees for servicesLn 2g$855K
Other incomeLn 4–11$8K
Money outPt IX
$1.1M
Ln 25
Programscol B$1.1M
Owns and owesPt X
$22K
net assets · Ln 32
Cash and savingsLn 1–2$32K
Total assetsLn 16$340K
LiabilitiesLn 26$319K
PeoplePt VI, VII
4
listed · VII A
PaidVII A4
Voting boardVI 1a5
IndependentVI 1b1
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$855K
Other incomeLn 4–11$8K
Total revenueLn 12$863K
Assets in detailPt X, end of year
CashLn 1$32K
Cash and savings togetherLn 1–2$32K
Land, buildings, equipmentLn 10c$182K
Other assetsLn 15$122K
Total assetsLn 16$340K
LiabilitiesLn 26$319K
Net assetsLn 32$22K
OperationsPt I, VI
EmployeesI 540
VolunteersI 610
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 FY23End FY23
Cash and savingsLn 1–2$95K$32K
Land, buildings, equipmentLn 10c$250K$182K
Total assetsLn 16$459K$340K
LiabilitiesLn 26$394K$319K
Net assetsLn 32$65K$22K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants and assistance to foreign recipientsLn 3$0
Pay of current officers, directors and key staffLn 5$86K$86K
Other salaries and wagesLn 7$371K$371K
Payroll taxesLn 10$49K$49K
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$137K$137K
Advertising and promotionLn 12$3K$3K
Office expensesLn 13$3K$3K
InterestLn 20$11K$11K
Depreciation, depletion and amortizationLn 22$57K$57K
InsuranceLn 23$42K$42K
All other expensesLn 24e$317K$317K
Total functional expensesLn 25$1.1M$1.1M$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $919K$997K−$78K−$100K 990 PDF
FY2023 Viewing $863K$1.1M−$221K$22K 990 PDF
FY2022 $1.1M$994K$79K$65K 990 PDF
FY2021 $903K$952K−$49K$42K 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 FY2023 990 (6 parts)
Part I · Summary $863,382 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $969,813$855,000
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $103,046$8,382
I-12 Total revenuePrior year $1,072,859$863,382
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 $493,552$506,404
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $499,991$578,184
I-18 Total expensesPrior year $993,543$1,084,588
I-19 Revenue less expensesPrior year $79,316−$221,206
Part VI · Governance 1 of 5 board members independent, 3 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members1
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-12a Written conflict of interest policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $863,382 across 3 lines filed
Lines not itemized here account for $8,382 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $855,000 · Unrelated business $0 · Excluded from tax $0$855,000
VIII-12 Total revenueRelated to mission $863,382 · Unrelated business $0 · Excluded from tax $0$863,382
Part IX · Statement of functional expenses $1,084,588 across 12 lines filed
IX-3 Grants and assistance to foreign recipients$0
IX-5 Pay of current officers, directors and key staffPrograms $86,304$86,304
IX-7 Other salaries and wagesPrograms $370,883$370,883
IX-10 Payroll taxesPrograms $49,217$49,217
IX-11c Accounting feesPrograms $8,250$8,250
IX-11g Other fees for servicesPrograms $137,324$137,324
IX-12 Advertising and promotionPrograms $2,801$2,801
IX-13 Office expensesPrograms $2,658$2,658
IX-20 InterestPrograms $11,391$11,391
IX-22 Depreciation, depletion and amortizationPrograms $56,688$56,688
IX-23 InsurancePrograms $42,407$42,407
IX-24e All other expensesPrograms $316,665$316,665
IX-25 Total functional expensesPrograms $1,084,588 · Management $0 · Fundraising $0$1,084,588
Part X · Balance sheet $340,107 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $94,520$31,948
X-3 Pledges and grants receivableStart of year $4,373$4,156
X-10c Land, buildings and equipment, netStart of year $249,569$181,878
X-15 Other assetsStart of year $110,667$122,125
X-16 Total assetsStart of year $459,129$340,107
X-17 Accounts payable and accrued expensesStart of year $67,804$60,159
X-26 Total liabilitiesStart of year $393,726$318,540
X-32 Total net assets or fund balancesStart of year $65,403$21,567
X-33 Total liabilities and net assetsStart of year $459,129$340,107
Part XI · Reconciliation of net assets $21,567 net assets at year end
XI-1 Total revenue$863,382
XI-2 Total expenses$1,084,588
XI-3 Revenue less expenses−$221,206
XI-4 Net assets at start of year$65,403
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$177,370
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$21,567

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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