PASSAIC ARTS AND SCIENCE CHARTER S… - Form 990 Financial Data

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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

2010

Legal Domicile

Principal Officer

MUSTAFA COBAN

Phone

2017739140

Tax Period

2024-07-01 to 2025-06-30

PASSAIC ARTS AND SCIENCE CHARTER SCHOOL, founded in 2010, is a mid-sized nonprofit in the Education sector that reported $52.7M in total revenue in fiscal year 2024.

Mission

THE MISSION OF PASSAIC ARTS AND SCIENCE CHARTER SCHOOL IS TO PROVIDE THE IDEAL ENVIRONMENT FOR THE INTELLECTUAL AND SOCIAL DEVELOPMENT OF ITS STUDENTS BY UTILIZING A COMBINED EFFORT OF STUDENTS, EDUCATORS, FAMILIES AND THE COMMUNITY AS A WHOLE, AND BY PROVIDING BOUNDLESS ACADEMIC AND CO-CURRICULAR OPPORTUNITIES FOR INDIVIDUAL SKILLS AND TALENTS TO DEVELOP.

Program Service Accomplishments

Program 1

Expenses: $39,132,348 Revenue: $0

PASSAIC ARTS AND SCIENCE CHARTER SCHOOL AIMS TO PROVIDE THE IDEAL ENVIRONMENT FOR THE INTELECTUAL AND SOCIAL DEVELOPMENT OF ALL OF ITS STUDENTS, UTILIZING THE COMBINED EFFORTS OF STUDENTS, EDUCATORS, FAMILIES AND THE COMMUNITY AS A WHOLE BY PROVIDING BOUNDLESS ACADEMIC AND CO-CURRICULAR OPPORTUNITIES FOR INDIVIDUAL SKILLS AND TALENTS TO DEVELOP. THE CHARTER SCHOOLS MISSION AND VISION ARE IN DIRECT ALLIGNMENT WITH THE SCIENCE, TECHNOLOGY, ENGINEERING, ARTS AND MATH (STEAM) PHILOSOPHY. STEAM IS AN INTERDISCIPLINARY EDUCATIONAL PHILOSOPHY THAT IS STRONGLY GROUNDED IN, AND SUPPORTED BY EDUCATIONAL RESEARCH. STEAM CHALLENGES OUR STUDENTS TO NOT ONLY LEARN THE CONTENT STANDARDS BUT ALSO TO APPLY THESE NEW KNOWLEDGE TO 21ST CENTURY SKILLS AND DISCOVERIES TO TACKLE THE EVOLVING REAL-WORLD CHALLENGES. THE CHARTER SCHOOL PROVIDED SERVICES TO APPROXIMATELY 2169 STUDENTS IN GRADES K-12 DURING THE FISCAL YEAR ENDED JUNE 30, 2025.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $50,921,397

Program Service Revenue $102,296

Investment Income $1,069,636

Other Revenue $633,007

TOTAL REVENUE $52,726,336

Expense Breakdown

Grants Paid $0

Salaries & Benefits $35,957,138

Fundraising Expenses $0

Program Expenses $39,132,348

Other Expenses $18,341,388

TOTAL EXPENSES $54,298,526

Year-over-Year Comparison

	2024	2023	Change
Revenue	$52,726,336	$53,020,036	0.0%
Expenses	$54,298,526	$46,511,347	+0.2%
Net Income	$-1,572,190	$6,508,689	-1.2%

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

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

570

Volunteers

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

$5,400

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MONA DAVID	BOARD PRESIDENT	2.00	Director	$0	$0	$0
FALISA MCARTHUR	VICE PRESIDENT	2.00	Director	$0	$0	$0
JULIAN CABRERA	TRUSTEE	2.00	Director	$0	$0	$0
KAREN SANO	TRUSTEE	2.00	Director	$0	$0	$0
DAYA SANTOS	TRUSTEE	2.00	Director	$0	$0	$0
EVELYN OSORIO	TRUSTEE	2.00	Director	$0	$0	$0
MALU LOPEZ	TRUSTEE	2.00	Director	$0	$0	$0
NIHAT GUVERCIN	CHIEF SCHOOL ADMINISTRATOR	10.00	Officer Key Emp Highest	$0	$0	$0
MUSTAFA COBAN	CHIEF FINANCIAL OFFICER/SCHOOL BUSINESS ADMINISTRATOR	10.00	Officer Key Emp	$0	$0	$0
CHRISTOPHER LESSARD	TREASURER OF SCHOOL MONIES	5.00	Officer	$5,400	$0	$5,400
CELIK HARUN	SCHOOL DIRECTOR	40.00	Highest	$146,458	$12,004	$158,462
DURIM MEMEDI	SCHOOL DIRECTOR	40.00	Highest	$149,533	$17,426	$166,959
DENIZ ISMAILOFF	SCHOOL DIRECTOR	40.00	Highest	$135,195	$7,147	$142,342
ZOFIA DRAPALA	SCHOOL DIRECTOR	40.00	Highest	$118,321	$17,426	$135,747
DANIELLE PATON	SCHOOL DIRECTOR	40.00	Highest	$115,354	$7,147	$122,501

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	$52,726,336	$54,298,526	$30,207,974	$-1,572,190
2024	$53,020,036	$46,511,347	$32,095,805	$6,508,689
2023	$43,449,732	$37,999,070	$25,776,756	$5,450,662
2022	$37,114,226	$33,183,608	$20,301,221	$3,930,618
2021	$34,515,522	$27,277,526	$18,506,177	$7,237,996
2020	$26,114,491	$24,454,226	$14,029,248	$1,660,265
2019	$22,998,570	$21,512,024	$8,271,458	$1,486,546
2018	$19,154,088	$19,381,349	$6,563,438	$-227,261

PASSAIC ARTS AND SCIENCE CHARTER SCHOOL