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Prep Public Schools FY2020 filing

Tax-deductible

Chattanooga, TN501(c)(3)Since 2017Education EIN 81-3512812Revenue $3.0M in FY2020

On file with the IRSchattanoogaprep.com1849 Union Ave, 37404-3530 · Chattanooga, TNTax-exempt since Aug 2017School — 170(b)(1)(A)(ii)

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Prep Public Schools is an all-boys Public charter school with a mission to engage young men in a rigorous yet supportive learning environment that nurtures resilience, promotes academic excellence, inspires leadership, and prepares critical thinkers. Prep Public Schools welcomed its first class of 66 sixth graders in august 2018 and will grow to serve 350 young men in grades 6-12 over the next seven years.

501(c)(3) charity; gifts are tax-deductible.
59¢ of each $1 spent went to programs.
$65K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
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
5 of 6
filings with a surplus
Average surplus $400K a year · 5% of revenue · last 6 filings
Fine: a surplus in 5 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
59%
of spending
Worth a look: 59% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$65K
to officers and key staff · 2% of spending
Looks good: pay to officers and key staff is 2% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Looks good: 4.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
11
named funders · $2.0M
Looks good: 11 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$347K
13% of total assets
Looks good: liabilities are 13% of assets; 50% or less.
Pt X · Ln 26
Independent board members
18
of 18 voting members
Looks good: 18 of 18 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.0M
Spent
$2.8M
To programs
59%
Net assets
$2.2M
By yearFY2020–FY2025
Revenue
$3.0M
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$3.0M
FY2021$3.7M
FY2022$6.2M
FY2023$6.7M
FY2024$11.0M
FY2025$13.5M
Expenses
$2.8M
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$2.8M
FY2021$3.7M
FY2022$5.2M
FY2023$7.3M
FY2024$9.4M
FY2025$13.3M
Net assets
$2.2M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$2.2M
FY2021$2.2M
FY2022$3.2M
FY2023$2.7M
FY2024$4.0M
FY2025$2.5M

From the FY2020 Form 990 (year ending June 2020) · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Aug 2017.

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

Where the money goes

59 cents of each dollar spent went to programs.

Program services 59% · $1.7M Management & general 36% · $1.0M Fundraising 5% · $146K

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

19 people listed on the 990; $65K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2019); the FY2020 filing did not itemize Part VII
$64,850Pt VII · Sec A
Kelly Alling
Vice Chair
$0Pt VII · Sec A
David Caines
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Joe Martin
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Troy Kemp’s $68K as CEO is at the 1st percentile of top reported officer pay among 3683 $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 · 2 named individuals · Part VII

NameFY2025FY2024FY2023FY2020
Brad Scott—$159,757$137,499$64,850
Troy Kemp$68,182———

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.

See Prep Public Schools 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

Educates young men in a rigorous, supportive environment, fostering resilience, academic excellence, and leadership.

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Provided by the organization

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1 program · $1.7M · in their own filed words · FY2019
01

The primary service accimplishment is providing quality education to the community's most vulnerable populations. The comprehensive,college preparatory curriculum is centered around themes of innovation and leadership development, which are infused across rigorous coursework in literacy and communication, science, technology…

$1.7Mprogram 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
Charter Fund INCFY2024$886K
Tennessee State Collaborative on Reforming EducationFY2024$583K
Bill and Crissy Haslam FoundationFY2024$198K
Chattanooga Christian Community FoundationFY2024$92K
Friends of Chattanooga Prep INCFY2024$86K
Gs Donor Advised Philanthropy Fund for Wealth Management INCFY2024$50K
United Way of Greater ChattanoogaFY2024$25K
The Howard FundFY2024$15K
Total grants receivedfrom 11 funders$2.0M
See all 11 funders →
Grants paid · 6 grants · $3.7M · 2019–2024
Friends of Chattanooga Prep INCTN · FY2024$1,256,401
Friends of Chattanooga Prep INCTN · FY2023$864,516
Friends of Chattanooga Prep INCTN · FY2022$892,775
Friends of Chattanooga Prep INCTN · FY2021$419,614
Friends of Chattanooga Prep INCTN · FY2020$216,599
Friends of Chattanooga Prep INCTN · FY2019$51,751

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.0M
Ln 12
Gifts and grantsLn 1h$2.9M
Fees for servicesLn 2g$59K
Other incomeLn 4–11$18K
Money outPt IX
$2.8M
Ln 25
Programscol B$1.7M
Managementcol C$1.0M
Fundraisingcol D$146K
Owns and owesPt X
$2.2M
net assets · Ln 32
Cash and savingsLn 1–2$1.1M
Total assetsLn 16$2.6M
LiabilitiesLn 26$347K
PeoplePt VI, VII
19
listed · VII A
PaidVII A1
Voting boardVI 1a18
IndependentVI 1b18
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.9M
Government grantsLn 1e$1.7M
Noncash giftsLn 1g$19K
Fees for servicesLn 2g$59K
Other incomeLn 4–11$18K
Total revenueLn 12$3.0M
Assets in detailPt X, end of year
CashLn 1$1.1M
Cash and savings togetherLn 1–2$1.1M
Land, buildings, equipmentLn 10c$357K
Other assetsLn 15$155K
Total assetsLn 16$2.6M
LiabilitiesLn 26$347K
Net assetsLn 32$2.2M
OperationsPt I, VI
EmployeesI 5129
VolunteersI 60
Fiscal year endsHeaderJune
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$558K$1.1M
Land, buildings, equipmentLn 10c$339K$357K
Total assetsLn 16$2.1M$2.6M
LiabilitiesLn 26$75K$347K
Net assetsLn 32$2.0M$2.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$52K$52K
Pay of current officers, directors and key staffLn 5$92K$92K
Other salaries and wagesLn 7$1.2M$776K$419K$47K
Pension plan contributionsLn 8$98K$58K$33K$7K
Other employee benefitsLn 9$132K$76K$54K$1K
Payroll taxesLn 10$109K$58K$47K$4K
Other fees for servicesLn 11g$592K$271K$240K$81K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$3K$94$1K$2K
OccupancyLn 16$108K$97K$11K
TravelLn 17$14K$12K$2K
Depreciation, depletion and amortizationLn 22$73K$73K
InsuranceLn 23$26K$26K
Other expenses (24a–d)Ln 24$270K$175K$90K$4K
Total functional expensesLn 25$2.8M$1.7M$1.0M$146K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $13.5M$13.3M$172K$2.5M 990 PDF
FY2024 $11.0M$9.4M$1.6M$4.0M 990 PDF
FY2023 $6.7M$7.3M−$643K$2.7M 990 PDF
FY2022 $6.2M$5.2M$1.0M$3.2M 990 PDF
FY2021 $3.7M$3.7M$28K$2.2M 990 PDF
FY2020 Viewing $3.0M$2.8M$209K$2.2M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $3,025,093 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,247,943$2,947,927
I-9 Program service revenuePrior year $7,085$59,280
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $12,177$17,886
I-12 Total revenuePrior year $2,267,205$3,025,093
I-13 Grants and similar amounts paidPrior year $0$51,751
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $1,250,063$1,673,096
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $767,333$1,091,741
I-18 Total expensesPrior year $2,017,396$2,816,588
I-19 Revenue less expensesPrior year $249,809$208,505
Part VI · Governance 18 of 18 board members independent, 4 to look at
VI-1a Voting members of the governing body18
VI-1b Independent voting members18
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $3,025,093 across 7 lines filed
VIII-1e Government grants$1,675,519
VIII-1f All other contributions, gifts and grants$1,272,408
VIII-1g Noncash contributions (included above)$19,001
VIII-1h Total contributions, gifts and grants$2,947,927
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $59,280$59,280
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $17,886$17,886
VIII-12 Total revenueRelated to mission $77,166 · Unrelated business $0 · Excluded from tax $0$3,025,093
Part IX · Statement of functional expenses $2,816,588 across 14 lines filed
IX-1 Grants to domestic organizationsPrograms $51,751$51,751
IX-5 Pay of current officers, directors and key staffPrograms $92,000$92,000
IX-7 Other salaries and wagesPrograms $776,428 · Management $419,386 · Fundraising $46,835$1,242,649
IX-8 Pension plan contributionsPrograms $57,862 · Management $33,491 · Fundraising $6,865$98,218
IX-9 Other employee benefitsPrograms $75,892 · Management $54,422 · Fundraising $1,307$131,621
IX-10 Payroll taxesPrograms $58,098 · Management $47,006 · Fundraising $3,504$108,608
IX-11g Other fees for servicesPrograms $270,763 · Management $239,975 · Fundraising $80,956$591,694
IX-12 Advertising and promotionManagement $5,446$5,446
IX-13 Office expensesPrograms $94 · Management $1,433 · Fundraising $1,890$3,417
IX-16 OccupancyPrograms $97,419 · Management $10,506$107,925
IX-17 TravelPrograms $11,978 · Management $1,825$13,803
IX-22 Depreciation, depletion and amortizationManagement $73,438$73,438
IX-23 InsuranceManagement $26,374$26,374
IX-24 Other expenses (24a–d)Programs $175,475 · Management $89,981 · Fundraising $4,188$269,644
IX-25 Total functional expensesPrograms $1,667,760 · Management $1,003,283 · Fundraising $145,545$2,816,588
Part X · Balance sheet $2,594,107 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $558,227$1,050,322
X-3 Pledges and grants receivableStart of year $1,128,042$1,007,063
X-9 Prepaid expenses and deferred chargesStart of year $18,855$25,116
X-10c Land, buildings and equipment, netStart of year $338,630$356,603
X-15 Other assetsStart of year $66,518$155,003
X-16 Total assetsStart of year $2,110,272$2,594,107
X-17 Accounts payable and accrued expensesStart of year $58,975$76,810
X-25 Other liabilitiesStart of year $16,119$270,501
X-26 Total liabilitiesStart of year $75,094$347,311
X-32 Total net assets or fund balancesStart of year $2,035,178$2,246,796
X-33 Total liabilities and net assetsStart of year $2,110,272$2,594,107
Part XI · Reconciliation of net assets $2,246,796 net assets at year end
XI-1 Total revenue$3,025,093
XI-2 Total expenses$2,816,588
XI-3 Revenue less expenses$208,505
XI-4 Net assets at start of year$2,035,178
XI-6 Donated services and use of facilities$3,113
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,246,796

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

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