Overview
What is Lorain Preparatory Academy?
Lorain Preparatory Academy is a nonprofit organization situated at 3038 Leavitt Road, Lorain, Ohio 44503. Its primary focus is delivering educational services to children in grades K-8 during the 2021-2022 school year. The organization's mission is to offer educational choices to students and their families within the community. It mainly engages in providing instructional services to enrolled students, aiming to benefit local children and their community. According to its Articles of Incorporation, the academy operates under IRC 501c3, which means it is organized and operates exclusively for charitable purposes.
Official website here: www.lorainprep.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: Needs Improvement, Two-Star out of Four Stars
Lorain Preparatory Academy has received a two-star rating from Charity Navigator, indicating that while the organization meets some standards, there are significant areas for improvement. The overall score of 70% reflects strong governance practices, as evidenced by perfect scores in areas related to board independence and financial oversight. Furthermore, the organization has no reported material diversion of assets and maintains various essential policies in place, ensuring a level of accountability.
However, there are notable weaknesses that have impacted the overall rating. The academy's liabilities to assets ratio is concerning at 95.36%, which raises questions about financial stability. In addition, the program expense ratio is commendable at 100%, but the fundraising efficiency ratio is critically low at $0.00, suggesting challenges in generating funds to support its activities. The absence of the tax form on the nonprofit's website also detracts from transparency.
In summary, while Lorain Preparatory Academy demonstrates strengths in governance and accountability, its financial ratios indicate potential risks that need addressing. The organization would benefit from improving its fundraising efforts and ensuring better financial health to secure its future operations.
This AI summary has been generated from information found on Charity Navigator.
Is Lorain Preparatory Academy legitimate?
Lorain Preparatory Academy is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lorain Preparatory Academy 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,949,087
For more financial information, click here
Official website here: www.lorainprep.org
What is the mission statement of Lorain Preparatory Academy?
Lorain Preparatory Academy's mission, as outlined in its Articles of Incorporation, is primarily focused on offering educational choices to the local community's students and families. The organization primarily engages in providing educational services to students in grades K-8. The corporation was established with the intention of setting up and managing a charter school in Ohio, with the ultimate goal of benefiting the children and community. Additionally, it is permitted to engage in other activities that are incidental to these primary purposes, in accordance with the rules set out in Chapter 1702 of the Ohio Revised Code. The organization operates under the 501c3 section of the Internal Revenue Code, with the intention of operating exclusively for charitable purposes.
Official website here: www.lorainprep.org
What is the revenue of Lorain Preparatory Academy?
Lorain Preparatory Academy's revenue in 2023 was $8,041,006.
Official website here: www.lorainprep.org
Who are the executives of Lorain Preparatory Academy and what are their salaries?
Here are 8 key members and their salaries:
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,375
- Related: $0
- Other: $0
- Compensation: $1,250
- Related: $0
- Other: $0
- Compensation: $1,250
- Related: $0
- Other: $0
- Compensation: $1,125
- Related: $0
- Other: $0
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $500
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.lorainprep.org
Where can I find the form 990 for Lorain Preparatory Academy?
Lorain Preparatory Academy's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lorainprep.org
Learn more at the official website: www.lorainprep.org
Mission Statement of Lorain Preparatory Academy
Lorain Preparatory Academy, a nonprofit organization, was established with the primary objective of offering educational choices to students and their families within its community. The organization's mission, as outlined in its Articles of Incorporation, is multifaceted. It aims to establish and manage a charter school within the state of Ohio, primarily serving students in Grades K-8. Furthermore, Lorain Preparatory Academy is permitted to engage in any activities that are incidental to these primary objectives, as permitted by the Internal Revenue Code Section 501c3. In essence, the academy is committed to providing a high-quality educational environment and fostering opportunities for growth and development among its students.
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Impact
October, 2024
Lorain Preparatory Academy plays a significant role in enhancing educational choices for students and families in Lorain, Ohio. By providing instructional services to children in grades K-8, the academy addresses the diverse needs of the community, offering an educational environment that fosters learning and growth.
The academy's mission is focused on establishing a charter school that benefits local children, emphasizing the importance of accessibility and quality education. This commitment to educational choice empowers families, allowing them to select an educational path that aligns with their values and aspirations.
Through its dedicated focus on K-8 education, Lorain Preparatory Academy contributes to academic development and community engagement, helping to shape the future of its students. The implications of its work extend beyond the classroom, fostering a sense of community and shared purpose among families, educators, and local stakeholders. Ultimately, the academy's impact can be seen in the enhanced educational opportunities it provides, shaping well-rounded, informed, and capable future leaders.
This information is meant to be a general summary of Lorain Preparatory Academy. 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 2023.
- Gross Receipts: $8,041,006
Assets and Liabilities:
- Total Assets: $10,447,802
- Total Liabilities: $10,816,797
- Net Assets: -$368,995
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Organization Details
Founding Year
2005
Principal Officer
C David Massa
Website
www.lorainprep.orgNTEE Category
Code: B29 - Education
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