2024-05-05T16:18:20-05:00 2023-06-30 042571780 AAFCPAS INC 50 WASHINGTON STREET WESTBOROUGH MA 01581 990 2022-07-01 300211613 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS INC FRIE 6178744080 58 MOORE STREET EAST BOSTON MA 02128 SETH REYNOLDS PRESIDENT 6175611371 2024-04-30 1 SETH REYNOLDS XXX-XX-XXXX 1 JOHN BUCKLEY CPA P00830631 5083669100 2024-04-30 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z SETH REYNOLDS 58 MOORE STREET EAST BOSTON MA 02128 14472888 0 X N/A X 2004 MA TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOLS WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOLS ARE LOCATED AND TO OTHERWISE BENEFIT THE SCHOOLS THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 5 5 30 5 0 0 5354597 8212165 2450315 5769485 176421 419303 2970 -66104 7984303 14334849 384875 1795990 0 0 0 3854718 0 0 336598 3916121 3248166 4300996 8898874 3683307 5435975 82712473 49738891 62409208 28395179 20303265 21343712 X TO RAISE FUNDS AND SUPPORT THE FUNCTIONS OF AND CARRY OUT THE PURPOSES OF EXCEL ACADEMY CHARTER SCHOOL AND EXCEL ACADEMY RHODE ISLAND; TO ENGAGE IN ACTIVITIES AND PERFORM FUNCTIONS THAT THE SCHOOLS WOULD OTHERWISE HAVE TO PERFORM; TO OWN, LEASE AND MAINTAIN THE SITES AT WHICH THE SCHOOLS ARE LOCATED AND TO OTHERWISE BENEFIT THE SCHOOLS THROUGH PROVISION OF FINANCIAL SUPPORT AND SERVICES. 1 0 6964371 1795990 5826564 AS OF FISCAL YEAR 2023, FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. RAISES FUNDS AND SUPPORTS THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND IN ADDITION TO EXCEL ACADEMY CHARTER SCHOOL. EXCEL ACADEMY RHODE ISLAND IS A RELATED NOT-FOR-PROFIT ORGANIZATION THAT RECEIVED A FINAL APPROVAL OF ITS CHARTER IN MAY 2021 AND OPENED AND OPERATED A SCHOOL IN RHODE ISLAND DURING FISCAL YEAR 2023. 6964371 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 44 0 1 30 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MA X ANDREW M SOLOMON 6178744080 58 MOORE STREET EAST BOSTON MA 02128 SETH REYNOLDS PRESIDENT 0.80 X X 0 0 0 MEGAN PREINER TREASURER 0.80 X X 0 0 0 DONALD CASS CLERK 0.80 X X 0 0 0 SHIRLEY VERONICA CARDONA MEMBER 0.80 X 0 0 0 CHRISTOPHER SATTI MEMBER 0.80 X 0 0 0 OWEN STEARNS CHIEF EXECUTIVE OFFICER 40.00 X 115960 0 11460 NINA KEOUGH CHIEF SCHOOL OFFICER 40.00 X 105704 0 11511 ANDREW SOLOMON CHIEF FINANCIAL OFFICER 40.00 X 77967 0 3870 299631 0 26841 2 0 0 0 CASE CONSTRUCTION COMPANY 225 WAMPANOAG TRAIL EAST PROVIDENCE MA 02915 CONSTRUCTION SERVICES 1158218 1 27497 279611 7905057 52988 8212165 MANAGEMENT FEE 561000 4830815 4830815 CAPITAL LEASE INTEREST 900099 794150 794150 RENTAL INCOME 532289 144520 144520 5769485 419303 419303 14856 27497 138039 -123183 -123183 MISCELLANEOUS 900099 57079 57079 57079 14334849 5826564 0 296120 X 1788590 1788590 7400 7400 724417 349952 227896 146569 2636409 2255443 243305 137661 259451 200652 38282 20517 234441 182788 32344 19309 114579 114579 81000 81000 994968 354402 640566 185813 118755 67058 22632 17783 4849 72047 27682 43465 900 35161 35161 52758 39578 8227 4953 1033183 1033183 161427 161427 97626 97626 STAFF RECRUITMENT 165151 150287 14864 STUDENT COSTS 94897 91989 2908 STAFF DEVELOPMENT 92652 86378 3912 2362 MISCELLANEOUS 43272 17082 22863 3327 1000 1000 8898874 6964371 1597905 336598 1026168 410354 6502482 10339912 933803 75469 762532 450000 90237 107099 4330162 161427 42226507 4168735 31933276 33424790 82712473 49738891 615618 374074 110000 0 24924552 24124783 3688569 3547344 33070469 348978 62409208 28395179 X 17315965 12907633 2987300 8436079 20303265 21343712 82712473 49738891 X 5435975 -4149584 -245944 X X 0 1 X 1 0 X 3991374 957448 1747774 5354597 8212165 20263358 3991374 957448 1747774 5354597 8212165 20263358 2438444 17824914 429907 740566 182590 176421 419303 1948787 3497 220822 2970 57079 284368 22496513 10711383 0.79230 0.63730 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2018 AMOUNT: $ 3,497. 2020 AMOUNT: $ 220,822. 2021 AMOUNT: $ 2,970. 2022 AMOUNT: $ 57,079. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 81000 0 0 81000 0 PART II-B, LINE 1: PAYMENTS TO LOBBYING FIRMS. 172695 172695 3692343 92848 3599495 450124 68579 381545 15000 15000 4168735 INVESTMENT IN LEASE 33424790 33424790 DUE TO EXCEL ACADEMY CHARTER SCHOOL 348978 348978 X 14226944 -245944 -245944 14472888 -138039 -138039 14334849 9036913 138039 138039 8898874 0 8898874 PART X, LINE 2: THE FOUNDATION ACCOUNTS FOR UNCERTAINTY IN INCOME TAXES IN ACCORDANCE WITH ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC, INCOME TAXES. THIS STANDARD CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN TAX POSITIONS AND PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENTS REGARDING A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE FOUNDATION HAS DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS WHICH QUALIFY FOR EITHER RECOGNITION OR DISCLOSURE IN THE FINANCIAL STATEMENTS AT JUNE 30, 2023. HOWEVER, THE INFORMATIONAL RETURNS FOR THE FOUNDATION ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE JURISDICTIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON WRITE-OFF OF CONSTRUCTION IN PROCESS -34,200. FACILITY SEARCH AND DEVELOPMENT COSTS -211,744. PART XI, LINE 4B - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES -138,039. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES 138,039. CELEBRATION OF EXCELLENCE 42353 27497 14856 70941 55389 11709 42353 27497 14856 70941 55389 11709 138039 -123183 1 EXCEL ACADEMY RHODE ISLAND 622 WOONASQUATUCKET AVE NORTH PROVIDENCE RI 02911 874129135 170(B)(1)(A)(II) 1349965 0 TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND NEXTGEN TALENT INC 4 BUTLER STREET DORCHESTER MA 02124 881672567 170(B)(1)(A)(VI) 170440 0 TO SUPPORT THE FUNCTIONS OF NEXTGEN TALENT, INC. EXCEL ACADEMY CHARTER SCHOOL 58 MOORE STREET EAST BOSTON MA 02128 432002251 170(B)(1)(A)(II) 268185 0 TO SUPPORT THE FUNCTIONS OF EXCEL ACADEMY CHARTER SCHOOL. 3 SCHOLARSHIP GRANTS 27 7400 PART I, LINE 2: THE BOARD OF TRUSTEES APPROVE GRANT AWARDS TO THE SCHOOLS. FOR DIRECT GRANTS TO STUDENTS AND ALUMNI (SCHOLARSHIPS) AND GRANTS TO THE FAMILIES OF STUDENTS AND ALUMNI (SUCH AS FOR COVID-19 RELIEF), THE FOUNDATION HAS DEVELOPED SYSTEMS FOR IDENTIFYING GRANT CANDIDATES BASED ON ESTABLISHED CRITERIA THAT ARE THEN ADMINISTERED BY DESIGNATED TEAMS OF STAFF AT THE SCHOOLS. THESE PROCEDURES ARE OVERSEEN BY THE SCHOOL'S FINANCE TEAM FOR ADHERENCE TO CONTROLS AND PURPOSE RESTRICTIONS. A MDFA SERIES 2015 REVENUE BONDS 043431814 2015-04-30 16500000 TO FUND CAPITAL PROJECTS 0 0 0 B MDFA SERIES 2019 REVENUE BONDS 043431814 2019-10-31 12000000 TO FUND CAPITAL PROJECTS 0 0 0 A 3277786 16500000 471026 16028974 2016 0 0 1 1 B 1097431 12000000 15485 8036741 3947774 2021 1 0 0 0 A 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 B 0 0 0 0 0 0 0 0 0 A 1 B 1 X 1 52988 FMV 0 0 0 FORM 990, PART III, LINE 2 PRIOR TO FISCAL YEAR 2023, FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. WAS DEEMED A COMPONENT UNIT OF EXCEL ACADEMY CHARTER SCHOOL. AS SUCH, IT PREPARED ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) STANDARDS. AS OF FISCAL YEAR 2023, IT IS AN INDEPENDENT ENTITY, AND IT PREPARES ITS FINANCIAL STATEMENTS IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING STANDARDS AND PRINCIPLES (U.S. GAAP) ESTABLISHED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB). THIS CHANGE RESULTED IN THE FOLLOWING ADJUSTMENTS TO NET ASSETS: -NET ASSETS, BEGINNING OF YEAR, AS PREVIOUSLY REPORTED $20,303,265 -REVALUATION OF THE NET INVESTMENT IN LEASE $2,716,712 -REMOVAL OF CAPITAL ASSETS RELATED TO THE CAPITAL LEASE TREATMENT UNDER GASB $(39,235,342) -REMOVAL OF DEFERRED INFLOWS OF RESOURCES RELATED TO THE CAPITAL LEASE TREATMENT UNDER GASB $32,259,046 -DEFERRED INFLOWS OF RESOURCES RECLASSIFIED TO NET ASSETS WITH DONOR RESTRICTIONS $110,000 -TOTAL ADJUSTMENT TO NET ASSETS $(4,149,584) -NET ASSETS, BEGINNING OF YEAR, AS RESTATED $16,153,681 AS OF FISCAL YEAR 2023, FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. RAISES FUNDS AND SUPPORTS THE FUNCTIONS OF EXCEL ACADEMY RHODE ISLAND IN ADDITION TO EXCEL ACADEMY CHARTER SCHOOL. EXCEL ACADEMY RHODE ISLAND IS A RELATED NOT-FOR-PROFIT ORGANIZATION THAT RECEIVED A FINAL APPROVAL OF ITS CHARTER IN MAY 2021 AND OPENED AND OPERATED A SCHOOL IN RHODE ISLAND DURING FISCAL YEAR 2023. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS MADE AVAILABLE TO ALL BOARD MEMBERS FOR REVIEW AND COMMENTS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS ANNUALLY REVIEW THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION C, LINE 19 FRIENDS OF EXCEL ACADEMY CHARTER SCHOOLS, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 354,402. MANAGEMENT AND GENERAL EXPENSES 640,566. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 994,968. FORM 990, PART XI, LINE 9: LOSS ON WRITE-OFF OF CONSTRUCTION IN PROCESS -34,200. FACILITY SEARCH AND DEVELOPMENT COSTS -211,744. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS OVERSEES THE AUDIT OF THE FINANCIAL STATEMENTS. THIS PROCESS HAS NOT CHANGED IN FISCAL YEAR 2023.