FRIENDS OF MARION P THOMAS INC CHARTER SCHOOL INC

EIN: 020731318 501(c)(3) Education

NEWARK, NJ

Total Revenue
$5,893,843
Total Expenses
$3,757,191
Total Assets
$67,325,247
Net Assets
$16,975,113
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
2004
Legal Domicile
NJ
Principal Officer
REV GARVEY INCE
Phone
9736210015
Tax Period
2022-07-01 to 2023-06-30

FRIENDS OF MARION P THOMAS INC CHARTER SCHOOL INC, founded in 2004, is a community nonprofit in the Education sector that reported $5.9M in total revenue in fiscal year 2022. The organization ran a surplus of $2.1M, a strong 36% operating margin.

Mission

FRIENDS OF MARION P. THOMAS (FRIENDS) WAS INCORPORATED FOR THE PURPOSE OF PROVIDING SUPPORT, THROUGH ASSETS AND RESOURCES, THE ACADEMIC, SOCIAL AND FINANCIAL INITIATIVES OF NEWARK STUDENTS AND FAMILIES WHO ARE PART OF THE MARION P. THOMAS CHARTER SCHOOL.

Program Service Accomplishments

Program 1
Expenses: $2,628,037 Revenue: $2,536,631

FRIENDS PROVIDED THE MARION P. THOMAS CHARTER SCHOOL WITH WELL-MAINTAINED MULTIPLE BUILDINGS FOR ITS CHARTER SCHOOL OPERATIONS. DURING FY 2015, FIVE OPERATING LEASES WERE EXECUTED BETWEEN THE FRIENDS...

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FRIENDS PROVIDED THE MARION P. THOMAS CHARTER SCHOOL WITH WELL-MAINTAINED MULTIPLE BUILDINGS FOR ITS CHARTER SCHOOL OPERATIONS. DURING FY 2015, FIVE OPERATING LEASES WERE EXECUTED BETWEEN THE FRIENDS AND THE CHARTER SCHOOL. THE SCHOOL FACILITIES MEET THE REQUIREMENTS OF THE CHARTER SCHOOL TO PROVIDE A SUITABLE SCHOOL ENVIRONMENT FOR ITS 1,600 PRE-K TO HIGH SCHOOL CHILDREN. FRIENDS CONTINUE TO EXPLORE DEVELOPMENT AND EXPANSION OPTIONS IN ANTICIPATION OF THE CHARTER SCHOOL'S GROWING EXPANSION NEEDS. THROUGHOUT FY 2023, FRIENDS MAINTAINED THE FACILITIES AND CARRIED OUT NECESSARY INSPECTIONS, REPAIRS AND MET COMPLIANCE WITH BUILDING CODES APPLICABLE TO SCHOOLS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $2,536,631
Investment Income $2,209,882
Other Revenue $1,147,330
TOTAL REVENUE $5,893,843

Expense Breakdown

Grants Paid $0
Salaries & Benefits $141,186
Fundraising Expenses $0
Program Expenses $2,628,037
Other Expenses $3,616,005
TOTAL EXPENSES $3,757,191

Year-over-Year Comparison

2022 2021 Change
Revenue $5,893,843 $5,766,045 +0.0%
Expenses $3,757,191 $4,719,488 -0.2%
Net Income $2,136,652 $1,046,557 +1.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

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Liquidity & Cash Position

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Governance

Voting Members
8
Independent Members
8
Employees
1
Volunteers
8

Governance Policies

✗ Conflict of Interest Policy
✗ Whistleblower Policy
✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$130,167
Total Directors
9
$130,167
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
REV GARVEY INCE EXECUTIVE DI 40.00
Officer Director
$125,000 $5,167 $130,167
WILLIE BLALOCK CHAIRMAN 2.00
Officer Director
$0 $0 $0
RICHARD VIESER 1ST VICE CHA 2.00
Officer Director
$0 $0 $0
EDWARD BUTLER ESQ 2ND VICE CHA 2.00
Officer Director
$0 $0 $0
BRIAN HANKERSON TREASURER 1.00
Officer Director
$0 $0 $0
DIANE JOHNSON MEMBER 1.00
Director
$0 $0 $0
ROBERT MCCLOUD MEMBER 1.00
Director
$0 $0 $0
CAROLYN WHIGHAM MEMBER 1.00
Director
$0 $0 $0
WILSON WOODRIDGE MEMBER 1.00
Director
$0 $0 $0
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 No data No data No data No data
2023 $5,893,843 $3,757,191 $67,325,247 $2,136,652
2022 $5,766,045 $4,719,488 $66,786,191 $1,046,557
2021 $5,678,158 $4,220,676 $66,040,011 $1,457,482
2020 $5,885,809 $4,553,913 $64,922,766 $1,331,896
2019 $5,829,774 $4,158,157 $64,637,474 $1,671,617
2018 $5,115,079 $3,440,968 $38,727,103 $1,674,111
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