ERIE PREPARATORY ACADEMY

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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

2022

Legal Domicile

Principal Officer

PHILLIP GERNOVICH

Phone

8144909012

Tax Period

2023-07-01 to 2024-06-30

ERIE PREPARATORY ACADEMY, founded in 2022, is a small nonprofit in the Education sector that reported $615K in total revenue in fiscal year 2023.

Mission

Erie Preparatory Academy, which is organized exclusively for charitable and educational purposes, is committed to providing academic excellence, character development and community leadership through its programs by providing a structured, college-preparatory education designed to equip students with the knowledge, discipline and values necessary for lifelong success. The Academy uses a holistic approach integrating rigorous academics with extracurricular enrichment, personal mentorship and service learning.

Program Service Accomplishments

Program 1

Expenses: $589,743 Revenue: $614,731

PROVIDING HIGH QUALITY ACADEMIC AND SPIRITUAL EDUCATION IN A MULTI-CULTURAL ENVIRONMENT COMPRISED OF 30-40% INTERNATIONAL STUDENTS. DURING THIS FISCAL YEAR, THIRTY PERCENT OF OUR STUDENTS RECEIVED...

PROVIDING HIGH QUALITY ACADEMIC AND SPIRITUAL EDUCATION IN A MULTI-CULTURAL ENVIRONMENT COMPRISED OF 30-40% INTERNATIONAL STUDENTS. DURING THIS FISCAL YEAR, THIRTY PERCENT OF OUR STUDENTS RECEIVED ASSISTANCE THROUGH NEED BASED TUITION DISCOUNTS. 100% OF OUR GRADUATING CLASS WENT ON TO ATTEND COLLEGE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $614,731

Investment Income $0

Other Revenue $7

TOTAL REVENUE $614,738

Expense Breakdown

Grants Paid $0

Salaries & Benefits $207,904

Fundraising Expenses $0

Program Expenses $589,743

Other Expenses $440,595

TOTAL EXPENSES $648,499

Year-over-Year Comparison

	2023	2022	Change
Revenue	$614,738	N/A	N/A
Expenses	$648,499	N/A	N/A
Net Income	$-33,761	N/A	N/A

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

Volunteers

N/A

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

$17,346

Total Directors

$16,540

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN RHOADES	Director	40.00	Director	$16,540	$0	$16,540
CASSONDRA ENTERLINE	Vice President	40.00	Officer	$13,308	$0	$13,308
PHILLIP GERNOVICH	President	40.00	Officer	$4,038	$0	$4,038
DON MOSHER	Director	0.00	Director	$0	$0	$0
LIANG LIANG	Director	0.00	Director	$0	$0	$0
MARTIN WANG	Director	0.00	Director	$0	$0	$0
SHARON HESS	Director	0.00	Director	$0	$0	$0
TROY JAGGI	Director	0.00	Director	$0	$0	$0
HONG STANTON	Treasurer	0.00	Officer	$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
2024	$614,738	$648,499	$52,757	$-33,761