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The Foundation FY2023 filing

Tax-deductible

Houston, TX501(c)(3)Since 2021Education EIN 92-0742101Revenue $100.1M in FY2023

On file with the IRSadastraschool.org700 Milam St Ste 1300, 77002-2736 · Houston, TXTax-exempt since Apr 2023School — 170(b)(1)(A)(ii)

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The foundation's mission is to operate an independent primary and secondary school and, ultimately, create a university dedicated to education at the highest level.

501(c)(3) charity; gifts are tax-deductible.
6¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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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 3
filings with a surplus
Average surplus $215.6M a year · 100% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
6%
of spending
Concern: 6% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
2457 mo
of spending, in cash
Plus $192.8M in investments, Pt X · Ln 11–13
Looks good: 2456.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$45K
0.02% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$100.1M
Spent
$25K
To programs
6%
Net assets
$202.9M
By yearFY2023–FY2025
Revenue
$100.1M
FY2023
Tap a bar for its year
Revenue by fiscal year
FY2023$100.1M
FY2024$138.3M
FY2025$409.2M
Expenses
$25K
FY2023
Tap a bar for its year
Expenses by fiscal year
FY2023$25K
FY2024$86K
FY2025$768K
Net assets
$202.9M
FY2023
Tap a bar for its year
Net assets by fiscal year
FY2023$202.9M
FY2024$269.9M
FY2025$779.8M

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 Apr 2023.

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

Where the money goes

6 cents of each dollar spent went to programs.

Program services 6% · $2K Management & general 94% · $24K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Ronald Gong
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See The Foundation 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 15aYes

Programs and updates

Builds schools focused on advanced science, technology, engineering, and math education.

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Provided by the organization

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1 program · $2K · in their own filed words · FY2022
01

The foundation is in the process of opening an upper and lower elementary school in bastrop, texas focused on teaching stem subjects and other related topics. The school is currently projected to open in august 2024.

$2Kprogram expense

Funders

Who pays for it.

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

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$100.1M
Ln 12
Gifts and grantsLn 1h$99.9M
Investment incomeLn 3$169K
Other incomeLn 4–11$1
Money outPt IX
$25K
Ln 25
Programscol B$2K
Managementcol C$24K
Owns and owesPt X
$202.9M
net assets · Ln 32
Cash and savingsLn 1–2$5.2M
Total assetsLn 16$203.0M
LiabilitiesLn 26$45K
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$99.9M
Noncash giftsLn 1g$89.9M
Investment incomeLn 3$169K
Other incomeLn 4–11$1
Total revenueLn 12$100.1M
Assets in detailPt X, end of year
CashLn 1$5.2M
Cash and savings togetherLn 1–2$5.2M
InvestmentsLn 11–13$192.8M
Land, buildings, equipmentLn 10c$4.9M
Total assetsLn 16$203.0M
LiabilitiesLn 26$45K
Net assetsLn 32$202.9M
OperationsPt I, VI
EmployeesI 53
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 FY23End FY23
Cash and savingsLn 1–2$5.2M
InvestmentsLn 11–13$192.8M
Land, buildings, equipmentLn 10c$0$4.9M
Total assetsLn 16$0$203.0M
LiabilitiesLn 26$0$45K
Net assetsLn 32$0$202.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Legal feesLn 11b$23K$23K
Other fees for servicesLn 11g$99$99
InsuranceLn 23$1K$1K
Other expenses (24a–d)Ln 24$940$517$423
Total functional expensesLn 25$25K$2K$24K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $409.2M$768K$408.5M$779.8M 990 PDF
FY2024 $138.3M$86K$138.2M$269.9M 990 PDF
FY2023 Viewing $100.1M$25K$100.1M$202.9M 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 M · Noncash O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $100,110,359 revenue, 12 lines filed
I-8 Contributions and grants$99,941,380
I-9 Program service revenue$0
I-10 Investment income$168,978
I-11 Other revenue$1
I-12 Total revenue$100,110,359
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expenses$25,385
I-18 Total expenses$25,385
I-19 Revenue less expenses$100,084,974
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
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 $100,110,359 across 6 lines filed
VIII-1f All other contributions, gifts and grants$99,941,380
VIII-1g Noncash contributions (included above)$89,941,380
VIII-1h Total contributions, gifts and grants$99,941,380
VIII-3 Investment incomeExcluded from tax $168,978$168,978
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $1$1
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $168,979$100,110,359
Part IX · Statement of functional expenses $25,385 across 4 lines filed
IX-11b Legal feesManagement $23,274$23,274
IX-11g Other fees for servicesManagement $99$99
IX-23 InsurancePrograms $1,072$1,072
IX-24 Other expenses (24a–d)Programs $517 · Management $423$940
IX-25 Total functional expensesPrograms $1,589 · Management $23,796 · Fundraising $0$25,385
Part X · Balance sheet $202,982,507 assets, 10 lines filed
X-1 Cash, non-interest-bearing$5,197,401
X-4 Accounts receivable$3,000
X-10c Land, buildings and equipment, netStart of year $0$4,907,191
X-12 Other securities$192,793,605
X-14 Intangible assets$81,310
X-16 Total assetsStart of year $0$202,982,507
X-17 Accounts payable and accrued expenses$45,308
X-26 Total liabilitiesStart of year $0$45,308
X-32 Total net assets or fund balancesStart of year $0$202,937,199
X-33 Total liabilities and net assetsStart of year $0$202,982,507
Part XI · Reconciliation of net assets $202,937,199 net assets at year end
XI-1 Total revenue$100,110,359
XI-2 Total expenses$25,385
XI-3 Revenue less expenses$100,084,974
XI-5 Net unrealized gains (losses) on investments$102,852,225
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$202,937,199

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

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