2019-06-28T13:28:54-05:00 2018-12-31 221914888 NISIVOCCIA LLP 200 VALLEY RD SUITE 300 MT ARLINGTON NJ 07856 990 2018-01-01 223360099 PRESCHOOL ADVANTAGE INC PRES 9735322501 25 LINDSLEY DRIVE SUITE 307 MORRISTOWN NJ 07960 RAY HAWKINS TREASURER 9735322501 2019-06-24 1 CHRIS PERROTTA CPA P01450368 9733281825 2019-06-24 96.57.126.58 2019-06-24 11:53:18 ED P 00391D0131DDC982E26CFEFC09860E696DD1CC6F 54E37EB7CE8B78361C5C9230D56650D45734B8C3 2018 2019-02-21 02:37:17Z RAY HAWKINS 25 LINDSLEY DRIVESUITE 307 MORRISTOWN NJ 07960 1720059 0 X WWW.PRESCHOOLADVANTAGE.ORG X 1995 NJ TO FUND TUITIONS TO PRESCHOOLS FOR LOW INCOME FAMILIES IN MORRIS AND SOMERSET COUNTY. 20 20 3 100 0 0 351979 652424 0 0 34533 59156 209845 223130 596357 934710 328253 386267 0 0 167845 199957 0 0 74119 76660 61350 572758 647574 23599 287136 1140832 1326085 0 0 1140832 1326085 X PRESCHOOL ADVANTAGE PROVIDES FUNDING FOR QUALIFIED CHILDREN TO ATTEND OUR PARTNER PRESCHOOLS. 0 0 507230 386267 PRESCHOOL ASSISTANCE: THE FIRST YEARS OF A CHILD'S LIFE ARE CRITICAL TO LAYING THE FOUNDATION FOR A LIFETIME LOVE OF LEARNING. EARLY CHILDHOOD EDUCATION SETS THE STAGE FOR FUTURE GROWTH AND PROPELS CHILDREN ONTO THEIR EDUCATIONAL PATHS. DESPITE THE UNDENIABLE IMPORTANCE OF A SOLID EDUCATIONAL START, MANY LOCAL CHILDREN HAVE NO MEANS TO ATTEND PRESCHOOL. PRESCHOOL ADVANTAGE SERVES THE POPULATION OF STRUGGLING FAMILIES WHO DO NOT QUALIFY FOR GOVERNMENT FUNDED PROGRAMS BECAUSE THEY EARN ABOVE THE POVERTY LEVEL, BUT ARE STILL EARNING BELOW THE LEVEL OF SUSTAINABILITY FOR OUR REGION. THESE FAMILIES SIMPLY CANNOT AFFORD THE COST OF A PRESCHOOL FOR THEIR CHILD THUS HINDERING THE CHILD'S SUCCESS AND OPPORTUNITIES LATER IN LIFE. THE LACK OF SOURCES OF ASSISTANCE FOR WORKING FAMILIES UNABLE TO SUPPORT THE COST OF PRESCHOOL LED TO THE FOUNDING OF PRESCHOOL ADVANTAGE IN MORRISTOWN IN 1995. TO DATE, WE HAVE FUNDED ALMOST 1,400 HALF-DAY PRESCHOOL TUITIONS FOR OVER 900 CHILDREN. 507230 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 4 1 1 3 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 20 20 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X MOLLY DUNN 9735322501 25 LINDSLEY DRIVE SUITE 307 MORRISTOWN NJ 07960 ADRIENNE KIRBY PRESIDENT 8.00 X X 0 0 0 BETTE SIMMONS VICE PRESIDENT 2.00 X X 0 0 0 RAY HAWKINS TREASURER 2.00 X X 0 0 0 GAIL REUTHER SECRETARY 2.00 X X 0 0 0 RICK THOENI TRUSTEE 2.00 X 0 0 0 LAUREN DIEMAR TRUSTEE 2.00 X 0 0 0 MARK CARDONE TRUSTEE 2.00 X 0 0 0 JESSIE LUBOW VICE PRESIDENT 2.00 X X 0 0 0 JOSHUA MACKOFF TRUSTEE 2.00 X 0 0 0 ROBERT PETERSON TRUSTEE 2.00 X 0 0 0 DIANNE ROBINSON TRUSTEE 2.00 X 0 0 0 CHRISTINA DORANDO TRUSTEE 2.00 X 0 0 0 DENISE LANZA TRUSTEE 2.00 X 0 0 0 YVETTE LONG TRUSTEE 2.00 X 0 0 0 JUDY PIERCE TRUSTEE 2.00 X 0 0 0 GINGER MICHAELS TRUSTEE 2.00 X 0 0 0 KAREN LOMBARDO TRUSTEE 2.00 X 0 0 0 CAROLYN SIMPSON TRUSTEE 2.00 X 0 0 0 EUGENE HUANG PAST PRESIDENT 2.00 X 0 0 0 MATT MIRETT TRUSTEE 2.00 X 0 0 0 MOLLY DUNN EXECUTIVE DIRECTOR 40.00 X 53893 0 13763 53893 0 13763 0 0 0 0 0 57682 594742 31951 652424 30414 30414 729047 700305 28742 28742 28742 308174 57682 85044 223130 223130 934710 0 0 282286 386267 386267 67656 33827 13532 20297 116404 58203 23280 34921 2276 1138 455 683 13621 6811 2724 4086 9972 9972 1786 1420 366 14339 6378 4134 3827 25241 12621 5048 7572 926 926 808 808 905 905 MISCELLANEOUS 2419 2419 DIRECT APPEAL 2102 2102 PUBLIC RELATIONS 1543 1543 REPAIRS AND MAINTENANCE 884 442 177 265 425 425 647574 507230 66225 74119 181598 1059 50523 437578 15354 11004 1658 4350 903053 879098 4000 4000 1140832 1326085 0 0 X 1140832 1326085 1140832 1326085 1140832 1326085 287136 -101883 0 X X 0 1 X 1 0 X 277906 303443 260559 351979 652424 1846311 277906 303443 260559 351979 652424 1846311 116208 1730103 20862 18192 15742 15890 30414 101100 1947411 0.88840 0.94440 X 902947 346260 -48996 346183 854028 844228 106262 44969 2574 902947 858991 53745 64924 3584 844228 912562 40000 3678 858991 809277 65001 42735 4451 912562 1.00000 0.00000 0.00000 1 0 0 0 15354 11004 4350 0 4350 X 832827 -101883 -101883 934710 0 934710 647574 0 647574 0 647574 PART V, LINE 4: THE INTENDED USE OF THE ORGANIZATION'S ENDOWMENT FUNDS IS TO PROVIDE MINIMUM WORKING CAPITAL IN SUPPORT OF THE MISSION OF THE ORGANIZATION. PART X, LINE 2: THE ORGANIZATION IS A NOT-FOR-PROFIT CORPORATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS OTHER THAN A PRIVATE FOUNDATION. THE ORGANIZATION IS ALSO EXEMPT UNDER TITLE 15 OF THE STATE OF NEW JERSEY, CORPORATIONS AND ASSOCIATIONS NOT-FOR-PROFIT ACT. ACCORDINGLY, NO PROVISION FOR FEDERAL OR STATE INCOME TAX HAS BEEN PRESENTED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE ORGANIZATION FOLLOWS THE PROVISIONS OF FASB ACCOUNTING STANDARDS CODIFICATION, INCOME TAXES. THE STANDARD PRESCRIBES A MINIMUM RECOGNITION THRESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE BEING RECOGNIZED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE FOR DERECOGNITION, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING IN INTERIM PERIODS, DISCLOSURE, AND TRANSITION AS THEY RELATE TO THOSE TAX POSITIONS. THE ORGANIZATION DOES NOT EXPECT A SIGNIFICANT INCREASE OR DECREASE TO THE TOTAL AMOUNTS OF UNRECOGNIZED TAX POSITIONS DURING THE YEAR ENDED DECEMBER 31, 2018. HOWEVER, THE ORGANIZATION IS SUBJECT TO AUDIT BY TAX AUTHORITIES, INCLUDING A REVIEW OF ITS NONPROFIT STATUS WHICH MANAGEMENT BELIEVES WOULD BE UPHELD UPON EXAMINATION. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE POSITIONS TAKEN ON ITS TAX RETURNS. NONETHELESS, THE AMOUNTS ULTIMATELY PAID, IF ANY, UPON RESOLUTION OF THE ISSUES RAISED BY THE TAXING AUTHORITIES MAY DIFFER MATERIALLY FROM THE AMOUNTS ACCRUED FOR EACH YEAR. THE ORGANIZATION DID NOT HAVE AMOUNTS ACCRUED FOR THE YEARS ENDING DECEMBER 31, 2018 AND 2017. AS REQUIRED BY LAW, THE ORGANIZATION FILES INFORMATIONAL RETURNS WITH BOTH THE UNITED STATES FEDERAL AND STATE OF NEW JERSEY JURISDICTIONS ON AN ANNUAL BASIS - FORM 990 WITH THE INTERNAL REVENUE SERVICE AND THE APPLICABLE FORM CRI WITH THE STATE. THE ORGANIZATION IS SUBJECT TO EXAMINATIONS AT ANY TIME WITHIN CERTAIN STATUTORILY DEFINED PERIODS FROM THE LATEST FILING DATE FOR FEDERAL AND FOR NEW JERSEY. FALL GALA 213830 33714 180116 45489 GOLF OUTING 135729 21399 114330 39555 1 16297 2569 13728 365856 57682 308174 85044 85044 223130 1 TUITION ASSISTANCE 85 386267 PART I, LINE 2: TUITION ASSISTANCE IS APPLIED TO SCHOOL TUITION AND IS NOT USED FOR OUTSIDE PURPOSES. TUITION ASSISTANCE IS AWARDED IN ACCORDANCE WITH ESTABLISHED GUIDELINES. X 4 31951 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B PRESCHOOL ADVANTAGE, INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND THE AUDIT COMMITTEE AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED UNTIL THE RETURN IS FINALIZED AND APPROVED FOR FILING. FORM 990, PART VI, SECTION B, LINE 12C PRESCHOOL ADVANTAGE, INC. CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, THE GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST, MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. IN ADDITION, WHENEVER A LARGE PURCHASE OR OTHER TRANSACTION FOR SERVICES ARE PROVIDED THEY ARE REVIEWED FOR APPROVAL. THE TRUSTEES ARE REQUIRED TO MAKE FULL DISCLOSURE OF ANY INTEREST THEY, THEIR FAMILY, OR ORGANIZATION MAY HAVE. THE BOARD THEN DECIDES IF INVOLVEMENT WOULD CONSTITUTE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE ORGANIZATIONS OFFICERS OR KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES AN INDEPENDENT BODY. THE QUALIFICATIONS AND EXPERIENCE OF THE INDIVIDUAL ARE ALSO TAKEN INTO ACCOUNT WHEN DETERMINING COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 PRESCHOOL ADVANTAGE, INC. MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE UPON WRITTEN REQUEST AT THE ORGANIZATION'S OFFICE AT 25 LINDSLEY DRIVE, SUITE 307, MORRISTOWN, NJ 07960. IN ADDITION, THE FINANCIAL STATEMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATION'S OFFICE AT 25 LINDSLEY DRIVE, SUITE 307, MORRISTOWN, NJ 07960. FORM 990, PART XII, LINE 1 PRESCHOOL ADVANTAGE, INC. USES THE MODIFIED CASH BASIS OF ACCOUNTING FOR FINANCIAL STATEMENT PURPOSES. FORM 990, PART XI, LINE 2C PRESCHOOL ADVANTAGE, INC. HAS ESTABLISHED AN AUDIT COMMITTEE TO OVERSEE THE AUDIT PROCESS, ENGAGE INDEPENDENT AUDITORS, AND REVIEW IRS FORM 990 ON AN ANNUAL BASIS.