Icon Preparatory School INC FY2023 filing

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To provide a comprehensive college Preparatory education and character development to students that leads to their success in college and life.

501(c)(3) charity; gifts are tax-deductible.
83¢ of each $1 spent went to programs.
$240K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · 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
3 of 5
filings with a surplus
Average surplus $52K 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
83%
of spending
Looks good: 83% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$240K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
2 mo
of spending, in cash
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $11K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.0M
90% of total assets
Concern: liabilities are 90% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.3M
+7% vs prior year
Spent
$4.8M
To programs
83%
Net assets
$235K
By yearFY2021–FY2025
Revenue
$4.3M
FY2023▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2021$3.2M
FY2022$4.0M
FY2023$4.3M
FY2024$4.2M
FY2025$6.6M
Expenses
$4.8M
FY2023▲ +33%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.9M
FY2022$3.6M
FY2023$4.8M
FY2024$4.3M
FY2025$6.5M
Net assets
$235K
FY2023▼ -68%
Tap a bar for its year
Net assets by fiscal year
FY2021$343K
FY2022$741K
FY2023$235K
FY2024$771K
FY2025$896K

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 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 May 2018.

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

Where the money goes

83 cents of each dollar spent went to programs.

Program services 83% · $4.0M Management & general 17% · $793K

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

6 people listed on the 990; $240K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$119,880Pt VII · Sec A
Principal
$119,880Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

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

NameFY2023FY2022FY2021
Dwayne Raiford$119,880$110,104$117,352
Yuri Higgins$119,880$114,013—
Lolita Jackson——$117,352
Yuri Higgens——$117,352
Justin Smith——$107,228

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 students for college and life success through comprehensive preparation and character development.

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Provided by the organization

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1 program · $4.0M · in their own filed words · FY2022
01

To provide a comprehensive college preparatory education and character development to students that leads to their success in college and life.

$4.0Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$11K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$4.3M
Ln 12
Fees for servicesLn 2g$3.1M
Gifts and grantsLn 1h$1.1M
Money outPt IX
$4.8M
Ln 25
Programscol B$4.0M
Managementcol C$793K
Owns and owesPt X
$235K
net assets · Ln 32
Cash and savingsLn 1–2$872K
Total assetsLn 16$2.2M
LiabilitiesLn 26$2.0M
PeoplePt VI, VII
6
listed · VII A
PaidVII A2
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.1M
Government grantsLn 1e$894K
Fees for servicesLn 2g$3.1M
Total revenueLn 12$4.3M
Assets in detailPt X, end of year
CashLn 1$872K
Cash and savings togetherLn 1–2$872K
Land, buildings, equipmentLn 10c$76K
Total assetsLn 16$2.2M
LiabilitiesLn 26$2.0M
Net assetsLn 32$235K
OperationsPt I, VI
EmployeesI 545
VolunteersI 65
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 FY23End FY23
Cash and savingsLn 1–2$2.5M$872K
Land, buildings, equipmentLn 10c$29K$76K
Total assetsLn 16$2.7M$2.2M
LiabilitiesLn 26$2.0M$2.0M
Net assetsLn 32$741K$235K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$520K$0$520K$0
Other salaries and wagesLn 7$1.6M$1.6M$0$0
Other employee benefitsLn 9$164K$164K$0$0
Payroll taxesLn 10$130K$130K$0$0
Legal feesLn 11b$107K$0$107K$0
Advertising and promotionLn 12$61K$0$61K$0
Office expensesLn 13$100K$57K$43K$0
OccupancyLn 16$391K$391K$0$0
TravelLn 17$4K$0$4K$0
InterestLn 20$41K$0$41K$0
Depreciation, depletion and amortizationLn 22$18K$0$18K$0
Other expenses (24a–d)Ln 24$1.6M$1.6M$0$0
Total functional expensesLn 25$4.8M$4.0M$793K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Mar 23, 2026 $6.6M$6.5M$125K$896K 990 PDF
FY2024Filed with the IRS Apr 14, 2025 $4.2M$4.3M−$43K$771K 990 PDF
FY2023 ViewingFiled with the IRS Jan 16, 2024 $4.3M$4.8M−$506K$235K 990 PDF
FY2022Filed with the IRS May 15, 2023 $4.0M$3.6M$398K$741K 990 PDF
FY2021Filed with the IRS Apr 22, 2022 $3.2M$2.9M$283K$343K 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 FY2023 990 (6 parts)
Part I · Summary $4,253,703 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $445,509$1,143,788
I-9 Program service revenuePrior year $3,200,858$3,109,915
I-10 Investment income$0
I-11 Other revenuePrior year $341,425$0
I-12 Total revenuePrior year $3,987,792$4,253,703
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $2,022,251$2,439,735
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,567,301$2,319,966
I-18 Total expensesPrior year $3,589,552$4,759,701
I-19 Revenue less expensesPrior year $398,240−$505,998
Part VI · Governance 5 of 5 board members independent, 2 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
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 $4,253,703 across 5 lines filed
VIII-1e Government grants$894,135
VIII-1f All other contributions, gifts and grants$249,653
VIII-1h Total contributions, gifts and grants$1,143,788
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$3,109,915
VIII-12 Total revenueRelated to mission $3,109,915 · Unrelated business $0 · Excluded from tax $0$4,253,703
Part IX · Statement of functional expenses $4,759,701 across 12 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $519,644 · Fundraising $0$519,644
IX-7 Other salaries and wagesPrograms $1,625,559 · Management $0 · Fundraising $0$1,625,559
IX-9 Other employee benefitsPrograms $164,487 · Management $0 · Fundraising $0$164,487
IX-10 Payroll taxesPrograms $130,045 · Management $0 · Fundraising $0$130,045
IX-11b Legal feesPrograms $0 · Management $106,928 · Fundraising $0$106,928
IX-12 Advertising and promotionPrograms $0 · Management $60,816 · Fundraising $0$60,816
IX-13 Office expensesPrograms $57,280 · Management $42,673 · Fundraising $0$99,953
IX-16 OccupancyPrograms $390,635 · Management $0 · Fundraising $0$390,635
IX-17 TravelPrograms $0 · Management $4,185 · Fundraising $0$4,185
IX-20 InterestPrograms $0 · Management $40,865 · Fundraising $0$40,865
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $17,727 · Fundraising $0$17,727
IX-24 Other expenses (24a–d)Programs $1,598,857 · Management $0 · Fundraising $0$1,598,857
IX-25 Total functional expensesPrograms $3,966,863 · Management $792,838 · Fundraising $0$4,759,701
Part X · Balance sheet $2,245,211 assets, 11 lines filed
Asset lines not itemized here account for $1,171,568; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $2,525,225$872,004
X-4 Accounts receivable$101,019
X-9 Prepaid expenses and deferred chargesStart of year $155,809$25,000
X-10c Land, buildings and equipment, netStart of year $28,868$75,620
X-16 Total assetsStart of year $2,740,902$2,245,211
X-17 Accounts payable and accrued expensesStart of year $0$32,468
X-24 Unsecured notes and loans payableStart of year $2,000,000$1,977,839
X-26 Total liabilitiesStart of year $2,000,000$2,010,307
X-27 Net assets without donor restrictionsStart of year $740,902$234,904
X-32 Total net assets or fund balancesStart of year $740,902$234,904
X-33 Total liabilities and net assetsStart of year $2,740,902$2,245,211
Part XI · Reconciliation of net assets $234,904 net assets at year end
XI-1 Total revenue$4,253,703
XI-2 Total expenses$4,759,701
XI-3 Revenue less expenses−$505,998
XI-4 Net assets at start of year$740,902
XI-10 Net assets at end of year$234,904

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

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