2025-05-13T20:39:08-05:00 2024-06-30 910189318 MOSS ADAMS LLP 2882 PROSPECT PARK DR STE 300 RANCHO CORDOVA CA 95670 990 2023-07-01 943187528 REX AND MARGARET FORTUNE SCHOOL OF EDUCATION REXA 9169248633 2890 GATEWAY OAKS DRIVE 100 SACRAMENTO CA 95833 MARGARET G FORTUNE PRESIDENT/CEO 9169248633 2025-05-13 1 1 AMY L HENDLEY P01300654 9165038100 2025-05-13 2023 2025-03-06 01:10:19Z MARGARET G FORTUNE 2890 GATEWAY OAKS DRIVE 100 SACRAMENTO CA 95833 51450691 0 X WWW.FORTUNESCHOOL.US X 1993 CA THE PROMOTION OF EDUCATION IN CALIFORNIA AND OTHER AREAS WITHIN THE UNITED STATES. 6 6 516 6 0 0 44821390 49895728 849934 1383508 0 104692 71609 66763 45742933 51450691 50000 0 0 0 24993778 24995745 0 0 0 22982014 29412977 48025792 54408722 -2282859 -2958031 141551561 132626191 129747125 123779786 11804436 8846405 X TO GRADUATE HIGH ACHIEVING STUDENTS OF GOOD CHARACTER PREPARED FOR COLLEGE AND CITIZENSHIP IN A DEMOCRATIC SOCIETY. 0 1 50031686 0 401950 TK-12 CHARTER SCHOOL OPERATIONS: FORTUNE SCHOOL AND HARDY BROWN COLLEGE PREP ARE COLLEGE PREPARATORY CHARTER SCHOOLS THAT HAVE BEEN AUTHORIZED TO SERVE GRADES TRANSITIONAL KINDERGARTEN THROUGH GRADE 12. DURING 2023-24 FORTUNE SCHOOL SERVED STUDENTS IN GRADES TK-12 WHILE HARDY BROWN COLLEGE PREP SERVED STUDENTS IN GRADES TK-8. FOUNDED BY CIVIC AND COMMUNITY LEADERS FROM SACRAMENTO, CALIFORNIA, THE SCHOOLS ARE HIGH ACHIEVING AND ACADEMICALLY RIGOROUS THAT SERVE PREDOMINATELY LOW INCOME, AFRICAN AMERICAN STUDENTS. WHILE THE FOCUS OF OUR TUITION FREE PUBLIC CHARTER SCHOOLS IS TO CLOSE THE ACHIEVEMENT GAP FOR AFRICAN AMERICAN STUDENTS, THE SCHOOLS ARE OPEN TO ALL STUDENTS. 1047560 0 593253 PRESCHOOL OPERATIONS: FORTUNE PRESCHOOL OPERATES IN TWO LOCATIONS, ELK GROVE AND SAN BERNARDINO, SERVING CHILDREN AGES 2 TO 5 YEARS OLD. THE SCHOOL IS INFLUENCED BY THE SCHOOLS IN REGGIO EMILIA, ITALY. THE APPROACH FOCUSES ON HOW CHILDREN LEARN, THEIR RELATIONSHIP TO THE WORLD AROUND THEM, AND THE JOY CHILDREN EXPERIENCE FROM LEARNING. 765142 0 388305 CREDENTIALING PROGRAMS: PRESERVICE PROGRAM - 150 CLOCK HOURS OF TRAINING IS PROVIDED PRIOR TO ENTERING THE CLASSROOM AS A TEACHER INTERN. THIS COURSEWORK IS A PRE-REQUISITE FOR THE DISTRICT INTERN PROGRAM. THE DISTRICT INTERN CREDENTIAL PROGRAM PROVIDES AN ALTERNATIVE PATH TO TEACHER CERTIFICATION FOR SINGLE SUBJECT - MIDDLE SCHOOL/HIGH SCHOOL (GRADES 7-12) GENERAL EDUCATION TEACHERS, A MILD, MODERATE DISABILITIES LEVELS I & II CREDENTIAL FOR EDUCATION SPECIALIST TEACHERS, AND A MULTIPLE SUBJECT CREDENTIAL FOR GRADES K-8 TEACHERS IN SELF-CONTAINED CLASSES. THE PROGRAM INCLUDES TWO YEARS OF PROFESSIONAL DEVELOPMENT COURSEWORK COMPLETED ON WEEKENDS FROM SEPTEMBER THROUGH JUNE OF EACH YEAR WHILE SIMULTANEOUSLY TEACHING ON AN INTERN CREDENTIAL. THE SCHOOL LEADERSHIP PROGRAM RESULTS IN THE CALIFORNIA ADMINISTRATIVE SERVICES CREDENTIAL OR CHARTER SCHOOL LEADER CERTIFICATE. THIS 1-YEAR INTENSIVE LEADERSHIP PROGRAM IS FOCUSED ON PRODUCING CHARTER SCHOOL LEADERS WHO WILL DEVELOP AND LEAD HIGH-QUALITY CHARTER SCHOOLS IN HIGH NEED AREAS. THE PK-3 ECE SPECIALIST INSTRUCTION CREDENTIAL IS IN DEVELOPMENT AND WILL PROVIDE A BRIDGE AND ACCELERATED PATHWAY FOR CURRENT MULTIPLE SUBJECT CREDENTIAL HOLDERS AS WELL AS CHILD DEVELOPMENT TEACHER PERMIT HOLDERS WITH A BA DEGREE TO EARN THE CREDENTIAL AND BEGIN SERVING IN TRANSITIONAL KINDERGARTEN SETTINGS. 51844388 1 1 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 58 0 1 516 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 1 1 1 1 0 CA X BONNIE BENSEN 9169248633 2890 GATEWAY OAKS DRIVE SUITE 100 SACRAMENTO CA 95833 ELEANOR BROWN BOARD MEMBER 1.00 0.00 X 0 0 0 BERTHA GORMAN BOARD MEMBER 1.00 0.00 X 0 0 0 SCOTT LOEHR BOARD MEMBER 1.00 0.00 X 0 0 0 CAROLYN MULLINS BOARD MEMBER 1.00 0.00 X 0 0 0 JOETTE SPENCER CAMPBELL BOARD MEMBER 1.00 0.00 X 0 0 0 OLLIE WATSON BOARD MEMBER 1.00 0.00 X 0 0 0 MARGARET G FORTUNE PRESIDENT/CEO 50.00 0.00 X 307990 0 29414 BONNIE BENSEN CHIEF FINANCIAL OFFICER 50.00 0.00 X 261904 0 29785 MICHELLE GRACE SECRETARY 50.00 0.00 X 221488 0 29603 JEROLD LIGONS DIRECTOR OF FACILITIES 50.00 0.00 X 180375 0 20961 RICK RUBINO HR CONSULTANT 25.00 0.00 X 190040 0 0 WESLEY PEPPER CHIEF ACADEMIC OFFICER 50.00 0.00 X 166601 0 18581 MALLORY AREVALOS DIRECTOR OF FISCAL SERVICES 50.00 0.00 X 156376 0 21903 SHONDA MOORE DIRECTOR OF MARKETING (THRU 10/23) 50.00 0.00 X 143749 0 18036 1628523 0 168283 34 0 1 0 CALIBER NETWORKS CORP 4010 FOOTHILLS BLVD SUITE 103-41 ROSEVILLE CA 95747 IT SERVICES 693738 FIRSTHAND EDUCATION LLC 12410 GARDEN FIELD LANE HOUSTON TX 77584 SUBSTITUTE/TEMP SERVICES 585873 SUPERIOR SPORTS 5311 ELGIN HILLS WAY ANTELOPE CA 55843 AFTER SCHOOL SPORTS & SCIENCE SERVICES 582000 CHILDCARE CAREERS LLC 2000 SIERRA POINT PARKWAY SUITE 70 BRISBANE CA 94005 SUBSTITUTE/TEMP SERVICES 561937 THRIVE EDUCATION COLLECTIVE LLC 5232 FARGO AVENUE SKOKIE IL 60077 COACHING 411025 19 48449437 1446291 21300 49895728 TUITION 611710 974819 974819 OTHER FEES 611710 408689 408689 1383508 104692 104692 STUDENT-RUN FUNDRAISING 900099 66763 66763 66763 51450691 1383508 0 171455 X 894499 894499 19765172 15294463 4470709 198198 134379 63819 2135134 1463012 672122 2002742 1512957 489785 258628 158113 100515 68545 26000 42545 90000 90000 10774295 16971280 -6196985 237380 1058 236322 819740 648350 171390 4630219 4489206 141013 633648 164546 469102 304111 300645 3466 5878741 5345589 533152 265042 242672 22370 BOOKS AND SUPPLIES 4387444 4254397 133047 FURNITURE AND EQUIPMENT 491169 381217 109952 COMMUNICATIONS 462864 357630 105234 DUES AND MEMBERSHIPS 111151 98874 12277 54408722 51844388 2564334 0 16115401 13781832 7453362 5656643 533766 504691 18198085 6794592 11430000 11403493 106019032 101279532 141551561 132626191 1578101 3935481 8101593 2677382 7928329 7554110 112139102 109612813 129747125 123779786 X 11603923 8627946 200513 218459 11804436 8846405 141551561 132626191 -2958031 0 X 0 1 X 0 1 1 X 26145232 35403288 41415589 44821390 49895728 197681227 26145232 35403288 41415589 44821390 49895728 197681227 197681227 1 63 8986 0 104692 113742 71609 66763 138372 197933341 4193097 0.99870 0.99950 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: STUDENT EVENTS RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 90000 90000 54318722 54408722 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 84000 12750 86250 90000 273000 250000 250000 250000 250000 1000000 1500000 2300000 2300000 5545000 379145 5165855 8461967 5485082 2976885 1430334 930365 499969 460784 460784 11403493 RIGHT OF USE ASSETS 101279532 101279532 OPERATING LEASE LIABILITY 109612813 109612813 X 51450691 0 51450691 0 51450691 54408722 0 54408722 0 54408722 PART X, LINE 2: FORTUNE SCHOOL OF EDUCATION ("FSE") IS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE ("IRC") SECTION 501(C)(3) AND CALIFORNIA REVENUE AND TAX CODE SECTION 23701E. FSE IS SUBJECT TO INCOME TAXES FROM ACTIVITIES UNRELATED TO ITS TAX-EXEMPT PURPOSES. FSE HAS ACCOUNTED FOR UNCERTAINTY IN INCOME TAXES AS REQUIRED BY THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES TOPIC OF THE FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ASC. FSE USES A COMPREHENSIVE MODEL FOR RECOGNIZING, MEASURING, PRESENTING AND DISCLOSING IN THE CONSOLIDATED FINANCIAL STATEMENTS TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN. A TAX POSITION IS RECOGNIZED AS A BENEFIT ONLY IF IT IS "MORE LIKELY THAN NOT" THAT THE TAX POSITION WOULD BE SUSTAINED IN A TAX EXAMINATION, WITH A TAX EXAMINATION BEING PRESUMED TO OCCUR. THE AMOUNT RECOGNIZED IS THE LARGEST AMOUNT OF TAX BENEFIT THAT IS GREATER THAN 50% LIKELY OF BEING REALIZED ON EXAMINATION. FOR TAX POSITIONS NOT MEETING THE "MORE LIKELY THAN NOT" TEST, NO TAX BENEFIT IS RECORDED. THE EFFECT OF APPLYING THIS MODEL AND THE RESULTING IDENTIFICATION OF UNCERTAIN TAX POSITIONS, IF ANY, WERE NOT CONSIDERED SIGNIFICANT FOR FINANCIAL REPORTING PURPOSES. MANAGEMENT DOES NOT EXPECT THE TOTAL AMOUNT OF UNRECOGNIZED TAX BENEFITS TO SIGNIFICANTLY CHANGE IN THE NEXT 12 MONTHS. FSE'S POLICY IS TO RECOGNIZE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS, IF ANY, IN INTEREST AND INCOME TAX EXPENSE, RESPECTIVELY. FSE HAS NO AMOUNTS ACCRUED FOR INTEREST OR PENALTIES AS OF JUNE 30, 2024. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE COMPANY DOES NOT DISCRIMINATE BASED ON RACE; A POLICY STATEMENT HAS BEEN PUBLISHED ON OUR RECRUITMENT AND APPLICATION MATERIALS, BUT NOT THROUGH NEWSPAPERS OR BROADCAST MEDIA. THE POLICY IS POSTED ON THE WEBSITE, BUT WAS NOT REPORTED ON THE HOMEPAGE. THERE IS A PROMINENT LINK ON THE HOMEPAGE THAT COVERS THE NON-DISCRIMINATORY POLICY. SCHEDULE E, PART I, LINE 4 THE COMPANY DOES MAINTAIN RECORDS OF THE RACIAL COMPOSITION OF OUR STUDENT BODY. WE DO NOT MAINTAIN THAT INFORMATION ON OUR FACULTY AND ADMINISTRATIVE STAFF AS IT IS OUR BELIEF THAT WE CAN'T ASK THAT INFORMATION WHEN WE ARE HIRING. OUR EMPLOYEE HANDBOOK DOES SPECIFICALLY STATE THAT WE ARE AN EQUAL OPPORTUNITY EMPLOYER. SCHEDULE E, PART I, LINE 6 OUR PUBLIC CHARTER SCHOOLS RECEIVE THE BULK OF THEIR FUNDING FROM THE STATE AND FEDERAL GOVERNMENT. X 0 0 X X 1 0 0 0 0 0 0 0 0 MARGARET G FORTUNE PRESIDENT/CEO 300790 0 0 0 7200 0 12280 0 17134 0 337404 0 0 0 BONNIE BENSEN CHIEF FINANCIAL OFFICER 261904 0 0 0 0 0 10446 0 19339 0 291689 0 0 0 MICHELLE GRACE SECRETARY 221488 0 0 0 0 0 8820 0 20783 0 251091 0 0 0 JEROLD LIGONS DIRECTOR OF FACILITIES 180375 0 0 0 0 0 0 0 20961 0 201336 0 0 0 RICK RUBINO HR CONSULTANT 190040 0 0 0 0 0 0 0 0 0 190040 0 0 0 WESLEY PEPPER CHIEF ACADEMIC OFFICER 166601 0 0 0 0 0 0 0 18581 0 185182 0 0 0 MALLORY AREVALOS DIRECTOR OF FISCAL SERVICES 156376 0 0 0 0 0 4104 0 17799 0 178279 0 0 0 SHONDA MOORE DIRECTOR OF MARKETING (THRU 10/23) 105044 0 0 0 38705 0 4564 0 13472 0 161785 0 0 0 PART I, LINE 1A THE PRESIDENT/CEO RECEIVES AN AUTO ALLOWANCE THAT IS INCLUDED IN TAXABLE COMPENSATION. PART I, LINE 4A SHONDA MOORE RECEIVED A SEVERANCE PAYMENT OF $28,654 IN 2023. FORM 990, PART III, LINE 3 THE ORGANIZATION CEASED OPERATING ITS FULLY FEE BASED AFTER SCHOOL PROGRAM AND NOW OFFERS AFTER SCHOOL PROGRAMMING THROUGH THE CHARTER SCHOOL EXTENDED LEARNING OPPORTUNITY PROGRAM. FORM 990, PART VI, SECTION A, LINE 8B THERE WERE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF FINANCIAL OFFICER AND ONCE THAT REVIEW IS COMPLETE, THE CFO REVIEWS IT WITH THE CEO. THE REPORT IS PROVIDED TO THE BOARD BEFORE FILING AND AT THE NEXT SCHEDULED BOARD MEETING, THE 990 IS PRESENTED TO THE BOARD AS AN INFORMATION ITEM. FORM 990, PART VI, SECTION B, LINE 12C INDIVIDUALS HOLDING DESIGNATED POSITIONS SHALL FILE THEIR STATEMENTS OF ECONOMIC INTERESTS WITH FORTUNE AS CONSISTENT WITH CURRENT FPPC GUIDANCE. FORTUNE SHALL RETAIN THE ORIGINAL STATEMENTS AT FORTUNE, AND SHALL MAKE AND FORWARD COPIES TO ITS CHARTER SCHOOLS' AUTHORIZERS, AS REQUESTED. DESIGNATED POSITIONS INCLUDE MEMBERS OF THE BOARD OF DIRECTORS, PRESIDENT/CHIEF EXECUTIVE OFFICER, CHIEF OF STAFF/DIRECTOR OF OPERATIONS, CHIEF FINANCIAL OFFICER, DIRECTOR OF HUMAN RESOURCES, VICE PRESIDENT OF ACADEMIC AFFAIRS, AND PRINCIPALS. ALL LISTED POSITIONS ARE ASSIGNED TO DISCLOSURE CATEGORIES I, II, AND III. DESIGNATED POSITIONS ASSIGNED TO CATEGORY I MUST REPORT: A) INTERESTS IN REAL PROPERTY WHICH ARE LOCATED IN WHOLE OR IN PART WITHIN THE BOUNDARIES (AND A TWO MILE RADIUS) OF ANY COUNTY IN WHICH FORTUNE OPERATES; B) INVESTMENTS IN, INCOME, INCLUDING GIFTS, LOANS, AND TRAVEL PAYMENTS FROM, AND BUSINESS POSITIONS IN ANY BUSINESS ENTITY OF THE TYPE WHICH ENGAGES IN THE ACQUISITION OR DISPOSAL OF REAL PROPERTY OR ARE ENGAGED IN BUILDING CONSTRUCTION OR DESIGN; C) INVESTMENTS IN, INCOME, INCLUDING GIFTS, LOANS, AND TRAVEL PAYMENTS, FROM, AND BUSINESS POSITIONS IN ANY BUSINESS ENTITY OF THE TYPE WHICH ENGAGES IN THE MANUFACTURE, SALE, REPAIR, RENTAL OR DISTRIBUTION OF SCHOOL SUPPLIES, BOOKS, MATERIALS, SCHOOL FURNISHINGS OR EQUIPMENT TO BE UTILIZED BY FORTUNE. DESIGNATED POSITIONS ASSIGNED TO CATEGORY II MUST REPORT: INVESTMENTS IN, INCOME, INCLUDING GIFTS, LOANS, AND TRAVEL PAYMENTS, FROM AND BUSINESS POSITIONS IN ANY BUSINESS ENTITY OF THE TYPE WHICH ENGAGES IN THE MANUFACTURE, SALE, REPAIR, RENTAL OR DISTRIBUTION OF SCHOOL SUPPLIES, BOOKS, MATERIALS, SCHOOL FURNISHINGS OR EQUIPMENT TO BE UTILIZED BY FORTUNE, ITS PARENTS, TEACHERS AND STUDENTS FOR EDUCATIONAL PURPOSES. THIS INCLUDES, BUT IS NOT LIMITED TO: EDUCATIONAL SUPPLIES, TEXTBOOKS AND ITEMS USED FOR EXTRACURRICULAR COURSES. CATEGORY III DESIGNATED POSITIONS MUST REPORT: INVESTMENTS IN, INCOME, INCLUDING GIFTS, LOANS, AND TRAVEL PAYMENTS, FROM SOURCES WHICH ARE ENGAGED IN THE PERFORMANCE OF WORK OR SERVICES OF THE TYPE TO BE UTILIZED BY FORTUNE, ITS PARENTS, TEACHERS AND STUDENTS FOR EDUCATIONAL PURPOSES. THIS INCLUDES, BUT IS NOT LIMITED TO, STUDENT SERVICES COMMONLY PROVIDED IN PUBLIC SCHOOLS SUCH AS SPEECH THERAPISTS AND COUNSELORS. FORM 990, PART VI, SECTION B, LINE 15 IN JUNE 2023, THE BOARD WAS PRESENTED WITH AN EXECUTIVE COMPENSATION STUDY FOR THE PRESIDENT/CEO, CFO AND THE COO IN PUBLIC SESSION AND VOTED TO APPROVE RESOLUTIONS FOR THE RECOMMENDED COMPENSATION FOR THE 2023-24 FISCAL YEAR. DOCUMENTS SUBSTANTIATING THE RECOMMENDED COMPENSATION ARE INCLUDED IN THE PUBLIC BOARD PACKET AND THE PROCEEDINGS ARE DOCUMENTED IN THE BOARD MINUTES. THIS IS AN ANNUAL PROCESS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION PROVIDES COPIES OF ITS GOVERNANCE DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS UPON REQUEST. FORM 990, PART IX, LINE 11G PROFESSIONAL/CONSULTING: PROGRAM SERVICE EXPENSES 16,971,280. MANAGEMENT AND GENERAL EXPENSES -6,196,985. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,774,295. FORTUNE FACILITIES LLC 2890 GATEWAY OAK DRIVE SUITE 100 SACRAMENTO CA 95833 991504510 SEE PART VII CA 387585 7465855 REX AND MARGARET FORTUNE SCHOOL OF EDUCATION PART II, COLUMN (B) - PRIMARY ACTIVITY: TO OVERSEE, MAINTAIN AND SUPPORT CALIFORNIA PUBLIC CHARTER SCHOOLS AND A COMPREHENSIVE EDUCATOR PREPARATION INSTITUTION.