CHESAPEAKE LIGHTHOUSE FOUNDATION I… - 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

2003

Legal Domicile

Principal Officer

YILMAZ AK

Phone

3017762300

Tax Period

2024-07-01 to 2025-06-30

CHESAPEAKE LIGHTHOUSE FOUNDATION INC, founded in 2003, is a mid-sized nonprofit in the Education sector that reported $65.3M in total revenue in fiscal year 2024. Expenses of $61.7M left a modest 6% surplus.

Mission

TO ATTAIN EDUCATIONAL EXCELLENCE BY PROVIDING A RIGOROUS AND TECHNOLOGY-INTEGRATED EDUCATION FOR K-12 STUDENTS WITH AN EMPHASIS ON MATHEMATICS, SCIENCE, AND INFORMATION TECHNOLOGIES.

Program Service Accomplishments

Program 1

Expenses: $48,769,709 Revenue: $63,939,183

THE PRIMARY PURPOSE OF THE FOUNDATION IS TO OPERATE ONE OR MORE PUBLIC CHARTER SCHOOLS OR OTHER CHOICE SCHOOLS IN THE STATE OF MARYLAND IN ACCORDANCE WITH MARYLAND SENATE BILL 75 OF 2003.

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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 $845,039

Program Service Revenue $63,939,183

Investment Income $460,333

Other Revenue $31,251

TOTAL REVENUE $65,275,806

Expense Breakdown

Grants Paid $18,583

Salaries & Benefits $39,661,599

Fundraising Expenses $0

Program Expenses $48,769,709

Other Expenses $22,002,826

TOTAL EXPENSES $61,683,008

Year-over-Year Comparison

	2024	2023	Change
Revenue	$65,275,806	$67,569,282	0.0%
Expenses	$61,683,008	$58,613,030	+0.1%
Net Income	$3,592,798	$8,956,252	-0.6%

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

172

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

$427,269

Total Directors

Key Employees

$191,886

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR MUSA SUBASI	BOARD PRESIDENT	5.00	Officer Director	$0	$0	$0
DR MUSTAFA SEFIK	TREASURER	5.00	Officer Director	$0	$0	$0
FRANCIS HAWKINS	SECRETARY UNTIL AUG. 2024	5.00	Officer Director	$0	$0	$0
FERHAT AVSAR	DIRECTOR	5.00	Director	$0	$0	$0
YILDIZ TEBER	DIRECTOR	5.00	Director	$0	$0	$0
CLAUDIA CHANG	DIRECTOR	5.00	Director	$0	$0	$0
CATHYANN ANDREWS	DIRECTOR	5.00	Director	$0	$0	$0
LUTFI ON	DIRECTOR	5.00	Director	$0	$0	$0
IBRAHIM INCI	DIRECTOR AS OF JUNE 2025	5.00	Director	$0	$0	$0
JACQULIUNE FOSTER	DIRECTOR AS OF JUNE 2025	2.00	Director	$0	$0	$0
VALORIE SANDERS	CSP BOARD MEMBER	2.00	Director	$0	$0	$0
DAVID KRAVATS	CSP BOARD MEMBER	2.00	Director	$0	$0	$0
SAHER KHAN	CSP BOARD MEMBER	2.00	Director	$0	$0	$0
CHRIS MCGRADY	CSP BOARD MEMBER	2.00	Director	$0	$0	$0
MARCUS PARKER	DIRECTOR UNTIL OCT. 2024	5.00	Director	$0	$0	$0
ZAYN AK	CEO	40.00	Officer	$202,682	$37,382	$240,064
VEDAT DOGAN	CFO	40.00	Officer	$147,311	$39,894	$187,205
ERKAN DERIN	DIRECTOR OF OPERATIONS	40.00	Key Emp	$151,558	$40,328	$191,886
TEKIN TUNCER	DIRECTOR OF ACCOUNTABILITY	40.00	Highest	$149,927	$40,219	$190,146
TAYYAR MOLLAALIOGLU	IT INFRASTRUCTURE MANAGER	40.00	Highest	$116,916	$37,765	$154,681
BEVERLY DONOVAN EDUCATION	STRATEGY & COMMUNICATIONS	40.00	Highest	$152,932	$39,731	$192,663
ASHISH VADALIA	STEM AND OUTREACH MANAGER	40.00	Highest	$120,357	$27,734	$148,091
AYDOGAN KARABULUT	DIRECTOR OF IT	40.00	Highest	$143,995	$39,806	$183,801

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	$65,275,806	$61,683,008	$131,565,365	$3,592,798
2024	$67,569,282	$58,613,030	$123,251,178	$8,956,252
2023	$58,554,386	$49,066,135	$104,993,642	$9,488,251
2022	$48,417,489	$42,975,584	$97,823,093	$5,441,905
2021	$41,440,883	$36,918,339	$95,248,368	$4,522,544
2020	$41,089,783	$36,115,922	$79,192,054	$4,973,861
2019	$38,850,420	$35,988,423	$74,533,987	$2,861,997
2018	$28,684,006	$28,056,616	$71,428,713	$627,390

CHESAPEAKE LIGHTHOUSE FOUNDATION INC