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Third Future Schools EIN 81-2937922

Third Future Schools

EIN  81-2937922 Public charity (501(c)(3)) Aurora, CO Founded 2016
Form 990 (PDF) Compare with another nonprofit →
Verified accurate 8/8/26 · see original filing: IRS
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Size
$10–100M
What they do
Prepares students, especially poor and minority youth, for college and careers.
Leadership
Zach Craddock · Superintendent · $254K
Money in and out
$25.1M revenue, $22.3M expenses
Bottom line
92% program efficiency

Prepares students, especially poor and minority youth, for college and careers. For fiscal year 2024 it reported $25.1M in revenue, $22.3M in expenses, and $-19.7M in net assets.Pt I

Where the money goes · FY2024
Total revenue
$25.1M
Pt VIII · Ln 12
Total expenses
$22.3M
Pt IX · Ln 25
Net assets
$-19.7M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $2.7M
Where spending went · Part IX cols B–D
Program services $0.92 Management & general $0.08
Program efficiency
92%
of spending reaches programs▲ +171% vs prior filing year
Operating runway
0.2mo
months of highly liquid reserves at operating expense rate▼ -33% vs prior filing year
Surplus margin
+11%
revenue over expenses, this year▲ +172% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$25.1M
FY2024▼ -12%
Expenses
$22.3M
FY2024▼ -32%
Total assets
$21.3M
FY2024▼ -68%
Total liabilities
$41.0M
FY2024▼ -53%
Total revenue
$25.1M
Pt VIII · Ln 12
Total expenses
$22.3M
Pt IX · Ln 25
Net assets
$-19.7M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$2.7M
Total assetsPt X · Ln 16$21.3M
Program-expense ratioPt IX · col B92%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 45
Mission & Programs · Part III

Where the work happens

1 program service account for $20.4M of program spending, described in the organization's own filed words · FY2024.
01

A team of dedicated teachers and leaders, working in a high performance and caring culture, maintain an intense focus on academic achievement and performance outcomes. Students find success and are engaged through personal learning, which allows students to work at their own pace and learn in a way more suited to their strengths.

$20.4Mprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CThird Future Schools
EINHdr · item D81-2937922
Principal addressHdr · item CAurora, CO
WebsiteHdr · item Jwww.thirdfuture.org
Year of formationHdr · item L2016
State of legal domicileHdr · item MCO
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFEducation (B29)
Ruling yearIRS BMFNov 2016

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1b5
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Zach Craddock
Superintendent
$253,757Pt VII · Sec A
Jessica Lopez
Chief of Staff
$214,400Pt VII · Sec A
Shirley Miles
Deputy Chief of Instruction
$204,400Pt VII · Sec A
Matthew Montoya
Director of Special Programs
$152,500Pt VII · Sec A
Elizabeth Domangue
Director of Instruction
$148,410Pt VII · Sec A
Kerri Holt
Director of Finance
$138,973Pt VII · Sec A
Whitney Nichols
Director of Communications
$134,295Pt VII · Sec A
Mark Jaquez
Director of Operations
$131,900Pt VII · Sec A

Zach Craddock’s $254K as Superintendent is at the 54th percentile of top reported officer pay among 3682 $10–100M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
F Mike Miles———$260,000$231,967$230,030
Zach Craddock$253,757——$195,000$147,500$100,937
Floyd Mike Miles——$242,572———
Zack Craddock—$215,000$194,187———
Jessica Lopez$214,400————$107,000
Shirley Miles$204,400—————
Jessica Lopez—$195,000$153,244———
Michele Moore—$190,000$150,544———

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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Statement of Revenue

Part VIII
Contributions & grants$22.8M · 91%
Program service revenue$2.0M · 8%
Other revenue$190K · 1%
Contributions & grants91%$22.8M
Program service revenue8%$2.0M
Other revenue1%$190K
— government grantsLn 1e$22.8M
Total revenueLn 12$25.1M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.08
Program services92%$20.4M
Management & general8%$1.9M
Total functional expensesLn 25$22.3M

Balance Sheet

Part X · end of year
CashLn 1$327K
Total assetsLn 16$21.3M
Total liabilitiesLn 26$41.0M
Total net assetsLn 32$-19.7M
Months of cash on handcomputed0.2

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $327K · Operating expenses/yr $22.3M
0.2 months
Where the money goes
Program services
Program services $20.4M · Total expenses $22.3M
92%
Management & General
Management & general $1.9M · Total expenses $22.3M
8%
Fundraising
Fundraising $0 · Total expenses $22.3M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $6K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $22.8M · Total revenue $25.1M
91%
Government reliance
Government grants $22.8M · Total revenue $25.1M
91%
Earned-income share
Program service revenue $2.0M · Total revenue $25.1M
8%
Investment reliance
Investment income $0 · Total revenue $25.1M
0%
Program self-sufficiency
Program service revenue $2.0M · Total expenses $22.3M
9%
Growth & trend
Revenue growth (YoY)
This year $25.1M · Prior year $28.6M
-12%
Revenue CAGR
FY2019 $15.1M · FY2024 $25.1M
+11%
Net-asset trend (YoY)
End of year $-19.7M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $25.1M · Expenses $22.3M
+11%
Liabilities-to-Assets
Total liabilities — · Total assets $21.3M
—
Net-asset ratio
Net assets $-19.7M · Total assets $21.3M
-92%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $21.3M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Zach Craddock · Reported title SUPERINTENDENT · Highest reported compensation $254K · Total expenses $22.3M
1%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $13.0M · Total expenses $22.3M
58%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 92%——
Overhead ratio 8%——
Revenue growth -12%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
Charter Fund INCFY2024$1.3M
Daniels FundFY2024$75K
Total grants receivedfrom 2 funders$1.4M
Grants paid · 2 grants · $603K · 2024–2024
Third Future Schools - TexasTX · FY2024$509,078
Third Future Schools - LouisianaLA · FY2024$94,071

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024$28.6M revenue · ⤓ 990 PDF
FY2023$27.4M revenue · ⤓ 990 PDF
FY2022$23.3M revenue · ⤓ 990 PDF
FY2021$21.3M revenue · ⤓ 990 PDF
FY2020$15.1M revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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