Overview
What is Prospect Schools Inc?
Prospect Schools Inc, established in 2007 in Brooklyn, New York, is a nonprofit organization predominantly focused on supporting Brooklyn Prospect Charter School. This educational corporation runs three charter schools in Brooklyn. Prospect Schools Inc provides comprehensive management services to the school, ensuring its smooth operation. Additionally, it raises funds to support the school's activities. Beyond its commitment to Brooklyn Prospect, the organization also aims to expand its assistance to other charter schools in New York, furthering its mission to bolster the charter school sector. With a dedicated workforce of 65 individuals, Prospect Schools Inc plays a significant role in enhancing educational opportunities in Brooklyn and beyond.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Prospect Schools Inc has received a Three-Star rating from Charity Navigator, reflecting a solid performance in accountability and finance. The organization's overall score is derived entirely from its Accountability & Finance beacon, which is crucial for potential donors looking for transparency and responsible financial management. With a score of 79%, Prospect Schools demonstrates a commitment to maintaining high standards in these areas.
The nonprofit excels in several key metrics, including having a fully independent board, a clean audit for financial statements, and no material diversion of assets. The organization has established robust policies for conflict of interest, whistleblowing, and document retention, showcasing a structured approach to governance. Its program expense ratio stands at an impressive 82.69%, indicating that a significant portion of its resources is directed towards its educational programs.
However, while the organization has shown strength in financial accountability, the score reflects no additional beacons outside of the financial metrics, which may limit a comprehensive view of its overall effectiveness or impact. Prospective donors and stakeholders might benefit from more information on program outcomes and broader operational performance beyond finance.
This AI summary has been generated from information found on Charity Navigator.
Is Prospect Schools Inc legitimate?
Prospect Schools Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prospect Schools Inc 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: $1,436,337
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,852,808
For more financial information, click here
What is the mission statement of Prospect Schools Inc?
Prospect Schools Inc, established under New York state laws in 2007, primarily focuses on providing comprehensive management services to various charter schools, including Brooklyn Prospect Charter School. The organization's mission extends beyond this, aiming to expand its services to other schools within its network. Additionally, Prospect Schools Inc is committed to raising funds to support charter schools, not just in New York, but potentially in other areas as well. By offering management services and securing financial backing, the organization aims to contribute positively to the educational sector.
Who is the CEO of Prospect Schools Inc?
Tresha Ward is the CEO of Prospect Schools Inc The CEO's salary of Prospect Schools Inc is $314,861 and their total compensation is $332,989.
What is the revenue of Prospect Schools Inc?
Prospect Schools Inc's revenue in 2024 was $10,660,191.
Who are the executives of Prospect Schools Inc and what are their salaries?
The average compensation at Prospect Schools Inc during 2024 was $98,268. There are 64 employees and 20 volunteers at Prospect Schools Inc.
Here are 17 key members and their salaries (Prospect Schools Inc's CEO's salary is $314,861 and their total compensation is $332,989):
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Compensation: $0
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- Other: $0
- Compensation: $314,861
- Related: $0
- Other: $18,128
- Compensation: $220,052
- Related: $0
- Other: $45,174
- Compensation: $198,533
- Related: $0
- Other: $19,534
- Compensation: $205,491
- Related: $0
- Other: $46,492
- Compensation: $129,721
- Related: $0
- Other: $9,823
- Compensation: $193,281
- Related: $0
- Other: $35,363
- Compensation: $157,180
- Related: $0
- Other: $16,575
- Compensation: $132,625
- Related: $0
- Other: $18,467
- Compensation: $146,926
- Related: $0
- Other: $14,358
- Compensation: $138,695
- Related: $0
- Other: $35,263
- Compensation: $160,408
- Related: $0
- Other: $6,448
- Compensation: $126,472
- Related: $0
- Other: $7,337
Where can I find the form 990 for Prospect Schools Inc?
Prospect Schools Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Prospect Schools Inc
Prospect Schools Inc, established in 2007, is a nonprofit organization with a mission to offer comprehensive management services to Brooklyn Prospect Charter School and raise funds to support New York charter schools. The organization's primary role is to support Brooklyn Prospect Charter School, an educational corporation operating three charter schools in Brooklyn, NY. Beyond managing this specific school, Prospect Schools Inc aims to expand its services to other potential schools in its network. This expansive mission is supported by the organization's commitment to raising funds for charter schools across New York City. By providing robust management services and financial support, Prospect Schools Inc contributes to the success and growth of charter schools in the region.
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Impact
October, 2024
Prospect Schools Inc enhances the educational landscape by providing comprehensive management services to Brooklyn Prospect Charter School and facilitating crucial funding to support its operations. Founded on June 4, 2007, in Brooklyn, New York, the organization plays a pivotal role in the management and growth of charter schools in the area.
By streamlining administrative functions and ensuring effective governance, Prospect Schools Inc allows educators to focus on delivering high-quality education. The organization's commitment to raising funds further empowers Brooklyn Prospect Charter School, enabling it to invest in resources, programs, and initiatives that directly benefit students and their families.
With a mission that extends beyond a single institution, Prospect Schools Inc aims to support not just Brooklyn Prospect but also other potential schools in its network, fostering a collaborative environment that enhances educational opportunities. This holistic approach contributes to the overall improvement of education in Brooklyn, ultimately helping to create a brighter future for students in the community.
This information is meant to be a general summary of Prospect Schools Inc. 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 2024.
- Investment Income: $197
- Program Service Revenue: $8,793,151
- Gross Receipts: $10,722,948
Assets and Liabilities:
- Total Assets: $2,420,982
- Total Liabilities: $285,415
- Net Assets: $2,135,567
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEES
Revenue
$8,793,151
Organization Details
Founding Year
2007
Principal Officer
Hillary Prince
NTEE Category
Code: B122 - Education
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