Overview
What is Wilmington Ace Charter Incorporated?
Wilmington Ace Charter Incorporated, doing business as Wilmington Preparatory Academy, is a dedicated nonprofit organization located in New Hanover County. Their primary mission is to cater to underprivileged children, offering them an education through a public Charter school setup. In the fiscal year ending June 30, 2020, they served around 139 students. Their commitment extends beyond regular academics, with initiatives like a child literacy program and summer enrichment activities designed to supplement their students' learning experiences.
Official website here: www.wilmingtonace.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Wilmington Ace Charter Incorporated, operating as Wilmington Preparatory Academy, has received a two-star rating from Charity Navigator, indicating a need for improvement. The organization scored 73% overall, demonstrating a solid performance in accountability and finance measures, particularly in areas like having a majority of independent board members and maintaining an audit and oversight committee. However, the high liabilities to assets ratio raises concerns about its financial health.
Strengths include the organization's commitment to transparency, as evidenced by the independence of its board and adherence to best practices in financial oversight. The program expense ratio is commendable at 76.77%, suggesting that a significant portion of expenses is directed towards fulfilling its mission. Nevertheless, the absence of key policies, such as a whistleblower policy and document retention guidelines, indicates gaps in governance that need addressing.
Despite the organization's strengths in certain areas, the overall rating reflects important limitations, particularly concerning financial liabilities and policy documentation. These factors contribute to a perception of risk that potential donors and stakeholders may consider when evaluating their support for Wilmington Preparatory Academy.
This AI summary has been generated from information found on Charity Navigator.
Is Wilmington Ace Charter Incorporated legitimate?
Wilmington Ace Charter Incorporated is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wilmington Ace Charter Incorporated submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $85,166
Professional Fundraising Fees: $0
Other Salaries and Wages: $573,609
For more financial information, click here
Official website here: www.wilmingtonace.org
What is the mission statement of Wilmington Ace Charter Incorporated?
Wilmington Preparatory Academy, operating as a public charter school, is committed to serving underprivileged children in its community. Its mission encompasses providing education for approximately 139 children annually, as recorded during the fiscal year ending June 30, 2020. The academy also prioritizes the development of literacy skills among its students through a dedicated program. Additionally, the academy offers a summer enrichment program to supplement the learning experience of its students.
Official website here: www.wilmingtonace.org
Who is the CEO of Wilmington Ace Charter Incorporated?
Valerie Galloway is the Board Chair of Wilmington Ace Charter Incorporated.
Official website here: www.wilmingtonace.org
What is the revenue of Wilmington Ace Charter Incorporated?
Wilmington Ace Charter Incorporated's revenue in 2022 was $1,234,952.
Official website here: www.wilmingtonace.org
Who are the executives of Wilmington Ace Charter Incorporated and what are their salaries?
The average compensation at Wilmington Ace Charter Incorporated during 2022 was $31,370. There are 21 employees at Wilmington Ace Charter Incorporated.
Here are 6 key members and their salaries:
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- Compensation: $25,700
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- Compensation: $84,237
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- Other: $0
Official website here: www.wilmingtonace.org
Where can I find the form 990 for Wilmington Ace Charter Incorporated?
Wilmington Ace Charter Incorporated's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wilmingtonace.org
Learn more at the official website: www.wilmingtonace.org
Mission Statement of Wilmington Ace Charter Incorporated
Wilmington Preparatory Academy, also known as Wilmington Ace Charter Incorporated, is a dedicated public charter school with a mission to serve underprivileged children in New Hanover County. The academy's primary goal is to provide a nurturing environment for approximately 139 children, ensuring their academic growth and development. To achieve this, Wilmington Preparatory Academy has implemented a child literacy program and a summer enrichment program. These initiatives aim to enhance the children's reading skills and provide them with additional educational opportunities during the summer months, thereby contributing to their overall educational journey. The academy's commitment to its mission is evident in its dedication to serving the underprivileged community and providing them with the necessary tools and resources to succeed in their academic pursuits.
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Impact
October, 2024
Wilmington Ace Charter Incorporated significantly impacts the community by operating Wilmington Preparatory Academy, a public charter school dedicated to serving underprivileged children in New Hanover County. By providing access to quality education, the academy addresses educational disparities and fosters an inclusive learning environment for approximately 139 children as of June 30, 2020.
The school emphasizes literacy through its dedicated child literacy program, ensuring that students develop essential reading skills vital for academic success. Additionally, its summer enrichment program offers students further opportunities to learn and grow outside the traditional school year, enhancing their educational experience and engagement. Through these initiatives, Wilmington Preparatory Academy plays a crucial role in empowering children, equipping them with the tools necessary for a brighter future.
This information is meant to be a general summary of Wilmington Ace Charter Incorporated. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $1,109,020
- Gross Receipts: $1,234,952
Assets and Liabilities:
- Total Assets: $715,466
- Total Liabilities: $2,347,302
- Net Assets: -$1,631,836
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STATE OF NC
Revenue
$798,943
TOTAL COUNTY FUNDS
Revenue
$305,186
SCHOOL PROGRAMS & ACTIVITIES
Revenue
$4,891
Organization Details
Phone
(910) 799-6776Principal Officer
Valerie Galloway
Main Address
134 CINEMA DRIVE, WILMINGTON, NC, 28403
Website
www.wilmingtonace.orgNTEE Category
Code: B99 - Education
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