Ips Enterprises INC: Nonprofit Profile, Financials & Form 990 (EIN 84-4633153)

Revenue by fiscal year
FY2021	$30.0M
FY2022	$79.1M
FY2023	$107.1M
FY2024	$119.7M
FY2025	$114.7M

Expenses by fiscal year
FY2021	$29.6M
FY2022	$74.3M
FY2023	$105.6M
FY2024	$113.7M
FY2025	$109.4M

Net assets by fiscal year
FY2021	−$2.4M
FY2022	$2.5M
FY2023	$4.0M
FY2024	−$245K
FY2025	$5.1M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 2022.

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

Part of a larger organization · Schedule R

Ips Enterprises INC files its own Form 990, but Schedule R discloses 8 related entities — figures on this page are for this EIN only, not the whole group.

Ips Innovation LLC · Idea Public Schools · Idea Public Schools Louisiana INC · Idea Florida INC + 4 more · see all

Combined filings · FY2025 · 5 entities with data

Simple sum of each entity's Form 990 headline figures — not audited consolidated financials. This page's EIN is 8% of group revenue.

Group revenue

$1.4B

Group expenses

$1.4B

Group net assets

$560.4M

Idea Public Schools · $1.2B rev · $532.7M net assets

Idea Public Schools Louisiana INC · $30.1M rev · $10.5M net assets

Idea Florida INC · $77.2M rev · $14.2M net assets

Idea Greater Cincinnati INC · $21.0M rev · −$2.0M net assets

Where the money goes

94 cents of each dollar spent went to programs.

94%

Program services 94% · $102.5M Management & general 6% · $6.8M Fundraising 0% · $12K

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

21 people listed on the 990; $1.5M paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII

Simaran Bakshi

Executive Dir. - Jacksonville, FL

$200,986Pt VII · Sec A

James Hartman

Executive Dir. - Tampa Bay, FL

$198,359Pt VII · Sec A

Matthew Robinson

Executive Dir. - Greater Cincinnati

$174,370Pt VII · Sec A

Clifford Wallace

Executive Dir. - Louisiana

$173,180Pt VII · Sec A

Jamelle Goodwin

Regional VP of Schools - Florida

$140,164Pt VII · Sec A

Lauren Shockley

Principal - Greater Cincinnati

$139,296Pt VII · Sec A

Janine Valentin

Regional Director of Ops - Florida

$136,235Pt VII · Sec A

Katrice Terrance

VP of Organizational Mgmt -Louisiana

$132,780Pt VII · Sec A

Simaran Bakshi’s $201K as Executive Dir. - Jacksonville, FL is at the 5th percentile of top reported officer pay among 674 $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

Name	FY2025	FY2024	FY2023	FY2022	FY2021
Thomas E Torkelson	—	—	—	—	$375,921
Julene Robinson	—	—	—	$238,776	$216,253
Matthew Kyle	—	—	$198,615	$237,682	$136,945
Adam Miller	$81,504	—	$188,339	$221,991	$188,771
Kenneth Campbell	—	—	—	$207,735	$186,023
Simaran Bakshi	$200,986	$174,101	$162,665	$167,337	—
James Hartman	$198,359	$175,516	—	—	—
Matthew Robinson	$174,370	$119,886	—	—	—

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 15aYes

Programs and updates

Manages public charter schools by providing administrative and operational support services to IDEA Public Schools.

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Provided by the organization

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1 program · $102.5M · in their own filed words · FY2024

01

See Schedule O

$102.5Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · this organization's grantmaking

Grants paid · 7 grants · $87.3M · 2021–2024

Idea Florida INCFL · FY2024$19,466,950

Idea Florida INCFL · FY2023$30,888,386

Idea Greater Cincinnati INCOH · FY2023$286,552

Idea Florida INCFL · FY2022$24,875,482

Idea Greater Cincinnati INCOH · FY2022$5,111,495

Idea Greater Cincinnati INCOH · FY2021$6,322,000

Idea Public Schools Arkansas INCAR · FY2021$350,154

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$114.7M

Ln 12

Fees for servicesLn 2g$92.0M

Gifts and grantsLn 1h$21.9M

Investment incomeLn 3$773K

Money outPt IX

$109.4M

Ln 25

Programscol B$102.5M

Managementcol C$6.8M

Fundraisingcol D$12K

Owns and owesPt X

$5.1M

net assets · Ln 32

Cash and savingsLn 1–2$37.8M

Total assetsLn 16$293.5M

LiabilitiesLn 26$288.4M

PeoplePt VI, VII

21

listed · VII A

PaidVII A10

Voting boardVI 1a8

IndependentVI 1b8

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$21.9M

Government grantsLn 1e$19.5M

Fees for servicesLn 2g$92.0M

Investment incomeLn 3$773K

Gains on assetsLn 7−$1.1M

Total revenueLn 12$114.7M

Assets in detailPt X, end of year

CashLn 1$12.2M

SavingsLn 2$25.6M

Cash and savings togetherLn 1–2$37.8M

Land, buildings, equipmentLn 10c$233.1M

Other assetsLn 15$8.2M

Total assetsLn 16$293.5M

LiabilitiesLn 26$288.4M

Net assetsLn 32$5.1M

OperationsPt I, VI

EmployeesI 51,464

VolunteersI 6106

Fiscal year endsHeaderJune

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14Yes

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$59.1M	$37.8M
Land, buildings, equipmentLn 10c	$240.0M	$233.1M
Total assetsLn 16	$318.6M	$293.5M
LiabilitiesLn 26	$318.8M	$288.4M
Net assetsLn 32	−$245K	$5.1M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Grants to domestic organizationsLn 1	$19.5M	$19.5M
Pay of current officers, directors and key staffLn 5	$1.3M	$1.3M	$46K
Other salaries and wagesLn 7	$53.2M	$51.3M	$1.9M
Pension plan contributionsLn 8	$1.0M	$952K	$52K
Other employee benefitsLn 9	$6.1M	$5.9M	$203K
Payroll taxesLn 10	$3.6M	$3.5M	$120K
Management feesLn 11a	$2.2M	$587K	$1.6M	$7K
Legal feesLn 11b	$1.2M		$1.2M
Accounting feesLn 11c	$140K		$140K
Other fees for servicesLn 11g	$779K	$43K	$731K	$5K
Advertising and promotionLn 12	$81K		$81K
Office expensesLn 13	$284K	$15K	$268K	$588
OccupancyLn 16	$53K		$53K
TravelLn 17	$58K	$479	$58K
InterestLn 20	$12.2M	$12.1M	$31K
Depreciation, depletion and amortizationLn 22	$7.6M	$7.4M	$176K
InsuranceLn 23	$156K		$156K
Total functional expensesLn 25	$109.4M	$102.5M	$6.8M	$12K

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest Viewing	$114.7M	$109.4M	$5.3M	$5.1M	990 PDF
FY2024	$119.7M	$113.7M	$6.0M	−$245K	990 PDF
FY2023	$107.1M	$105.6M	$1.5M	$4.0M	990 PDF
FY2022	$79.1M	$74.3M	$4.9M	$2.5M	990 PDF
FY2021	$30.0M	$29.6M	$343K	−$2.4M	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 J · Pay O · Explanations

See the full FY2025 990 (6 parts)

Part I · Summary $114,700,827 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $31,191,320$21,903,188

I-9 Program service revenuePrior year $86,558,549$92,024,273

I-10 Investment incomePrior year $1,991,571$773,366

I-11 Other revenuePrior year $0$0

I-12 Total revenuePrior year $119,741,440$114,700,827

I-13 Grants and similar amounts paidPrior year $31,174,938$19,466,950

I-14 Benefits paid to membersPrior year $0$0

I-15 Salaries and benefitsPrior year $59,097,877$65,203,419

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

I-17 Other expensesPrior year $23,422,506$24,711,370

I-18 Total expensesPrior year $113,695,321$109,381,739

I-19 Revenue less expensesPrior year $6,046,119$5,319,088

Part VI · Governance 8 of 8 board members independent, no flags

VI-1a Voting members of the governing body8

VI-1b Independent voting members8

VI-2 Family or business relationship among officers or directorsNo

VI-12a Written conflict of interest policyYes

VI-13 Written whistleblower policyYes

VI-14 Document retention and destruction policyYes

VI-15a Process for setting top official's payYes

Part VIII · Statement of revenue $114,700,827 across 7 lines filed

Lines not itemized here account for $1,595,159 of total revenue; see the IRS return.

VIII-1e Government grants$19,466,950

VIII-1f All other contributions, gifts and grants$2,436,238

VIII-1h Total contributions, gifts and grants$21,903,188

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $92,024,273$92,024,273

VIII-3 Investment incomeExcluded from tax $288,998$288,998

VIII-7 Net gain or loss on sales of assetsExcluded from tax −$1,110,791−$1,110,791

VIII-12 Total revenueRelated to mission $92,024,273 · Unrelated business $0 · Excluded from tax $773,366$114,700,827

Part IX · Statement of functional expenses $109,381,739 across 17 lines filed

IX-1 Grants to domestic organizationsPrograms $19,466,950$19,466,950

IX-5 Pay of current officers, directors and key staffPrograms $1,256,308 · Management $45,932$1,302,240

IX-7 Other salaries and wagesPrograms $51,312,365 · Management $1,878,772$53,191,137

IX-8 Pension plan contributionsPrograms $952,079 · Management $52,318$1,004,397

IX-9 Other employee benefitsPrograms $5,906,512 · Management $202,588$6,109,100

IX-10 Payroll taxesPrograms $3,476,310 · Management $120,235$3,596,545

IX-11a Management feesPrograms $587,488 · Management $1,620,652 · Fundraising $7,138$2,215,278

IX-11b Legal feesManagement $1,219,445$1,219,445

IX-11c Accounting feesManagement $140,202$140,202

IX-11g Other fees for servicesPrograms $43,135 · Management $731,494 · Fundraising $4,724$779,353

IX-12 Advertising and promotionManagement $80,572$80,572

IX-13 Office expensesPrograms $15,250 · Management $268,426 · Fundraising $588$284,264

IX-16 OccupancyManagement $52,706$52,706

IX-17 TravelPrograms $479 · Management $57,518$57,997

IX-20 InterestPrograms $12,125,971 · Management $31,244$12,157,215

IX-22 Depreciation, depletion and amortizationPrograms $7,392,415 · Management $176,422$7,568,837

IX-23 InsuranceManagement $155,501$155,501

IX-25 Total functional expensesPrograms $102,535,262 · Management $6,834,027 · Fundraising $12,450$109,381,739

Part X · Balance sheet $293,460,088 assets, 18 lines filed

X-1 Cash, non-interest-bearingStart of year $13,431,749$12,185,566

X-2 Savings and temporary cash investmentsStart of year $45,636,402$25,601,628

X-3 Pledges and grants receivableStart of year $5,904,733$13,073,962

X-4 Accounts receivableStart of year $347,389$15,838

X-9 Prepaid expenses and deferred chargesStart of year $1,868,778$1,297,381

X-10c Land, buildings and equipment, netStart of year $240,042,871$233,124,360

X-15 Other assetsStart of year $11,347,103$8,161,353

X-16 Total assetsStart of year $318,579,025$293,460,088

X-17 Accounts payable and accrued expensesStart of year $8,846,343$15,508,693

X-19 Deferred revenueStart of year $2,651,776$1,651,776

X-20 Tax-exempt bond liabilitiesStart of year $165,283,908$164,975,326

X-24 Unsecured notes and loans payableStart of year $4,680,163$3,085,570

X-25 Other liabilitiesStart of year $12,488,261$1,477,489

X-26 Total liabilitiesStart of year $318,824,165$288,386,140

X-27 Net assets without donor restrictionsStart of year −$268,344$4,518,728

X-28 Net assets with donor restrictionsStart of year $23,204$555,220

X-32 Total net assets or fund balancesStart of year −$245,140$5,073,948

X-33 Total liabilities and net assetsStart of year $318,579,025$293,460,088

Part XI · Reconciliation of net assets $5,073,948 net assets at year end

XI-1 Total revenue$114,700,827

XI-2 Total expenses$109,381,739

XI-3 Revenue less expenses$5,319,088

XI-4 Net assets at start of year−$245,140

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$5,073,948

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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