2024-05-14T15:56:52-07:00 2023-06-30 810926770 NCHENG LLP CERTIFIED PUBLIC ACCOUNTANTS 40 WALL ST 32ND FL NEW YORK NY 10005 990 2022-07-01 832051523 FRIENDS OF NEW WORLD PREP INC FRIE 7187058990 26 SHARPE AVENUE STATEN ISLAND NY 10302 ANGELO APONTE Treasurer 2024-05-14 true ANGELO APONTE 999009999 true Miaoling Lin P00431817 2127850100 2 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z ANGELO APONTE 26 SHARPE AVENUE STATEN ISLAND NY 10302 5943807 false X N/A X 2018 NY OUR MISSION IS TO SUPPORT THE EDUCATIONAL PURPOSES OF NEW WORLD PREPARATORY CHARTER SCHOOL BY ACQUIRING, LEASING, CONSTRUCTING, RENOVATING AND MAINTAINING REAL ESTATE AND OTHER FACILITIES FOR THE USE OF THE STUDENTS AND FACULTY OF NEW WORLD PREPARATORY CHARTER SCHOOL. AND BY UNDERTAKING OR FUNDING OTHER ACTIVITIES AND SERVICES THAT ENHANCE, AUGMENT AND COMPLEMENT NEW WORLD PREPARATORY CHART SCHOOL'S EDUCATIONAL PROGRAMS AND ACTIVITIES. 5 5 0 5 0 0 4076450 4931042 15930 1012765 0 4092380 5943807 0 0 0 0 90000 103780 1052944 103780 1052944 3988600 4890863 66670232 71541177 58148311 58128393 8521921 13412784 OUR MISSION IS TO SUPPORT THE EDUCATIONAL PURPOSES OF NEW WORLD PREPARATORY CHARTER SCHOOL BY ACQUIRING, LEASING, CONSTRUCTING, RENOVATING AND MAINTAINING REAL ESTATE AND OTHER FACILITIES FOR THE USE OF THE STUDENTS AND FACULTY OF NEW WORLD PREPARATORY CHARTER SCHOOL. AND BY UNDERTAKING OR FUNDING OTHER ACTIVITIES AND SERVICES THAT ENHANCE, AUGMENT AND COMPLEMENT NEW WORLD PREPARATORY CHART SCHOOL'S EDUCATIONAL PROGRAMS AND ACTIVITIES. false false 962944 4931042 SUPPORT THE EDUCATIONAL PURPOSES OF NEW WORLD PREPARATORY CHARTER SCHOOL BY ACQUIRING, LEASING, CONSTRUCTING, RENOVATING AND MAINTAINING REAL ESTATE AND OTHER FACILITIES FOR THE USE OF THE STUDENTS AND FACULTY OF NEW WORLD PREPARATORY CHARTER SCHOOL. AND BY UNDERTAKING OR FUNDING OTHER ACTIVITIES AND SERVICES THAT ENHANCE, AUGMENT AND COMPLEMENT NEW WORLD PREPARATORY CHART SCHOOL'S EDUCATIONAL PROGRAMS AND ACTIVITIES. 962944 true false false false false false false false false false true false false true true true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false true false false false true 0 0 false 0 false false false false false false false 0 false false false false false false false X 5 5 true false false false false false false true false false false true true true true true true true true false X X FRIENDS OF NEW WORLD PREP INC 7187058990 26 SHARPE AVENUE STATEN ISLAND NY 10302 X ANGELO APONTE Treasurer 1.00 5.00 X X 0 0 0 TERRY TROIA Secretary 0.50 1.00 X X 0 0 0 HENRY SALMON Trustee 0.50 0.00 X 0 0 0 COLLEEN SORRENTINO BOARD PRESIDENT 0.50 0.00 X X 0 0 0 LARRY MIRALDI Vice President 0.50 1.00 X X 0 0 0 0 false false false 0 0 SCHOOL FACILITY 531120 4931042 4931042 4931042 1012765 1012765 0 0 0 0 0 0 0 0 5943807 4931042 1012765 0 0 0 0 0 0 0 0 0 0 20000 20000 0 10000 10000 0 0 0 103960 13960 90000 0 1500 1500 0 0 834233 834233 0 0 0 58653 58653 0 24598 24598 0 0 1052944 962944 0 90000 184298 1899631 0 0 3465659 0 0 0 0 0 0 31335871 98392 18333547 31237479 0 0 0 1994185 1935533 42692543 36468534 66670232 71541177 50000 64684 55720498 55614748 2377813 2448961 58148311 58128393 X 8521921 13412784 8521921 13412784 66670232 71541177 4890863 X false true X true false X 0 375000 4247091 4076450 4931042 13629583 0 0 0 375000 4247091 4076450 4931042 13629583 0 0 13629583 15930 1012765 1028695 0 15930 1012765 1028695 0 0 375000 4247091 4092380 5943807 14658278 X 0.00000 0.00000 1919232 1919232 959356 98392 860964 28457283 28457283 31237479 DEFERRED RENT RECEIVABLE 1871201 Due from related party 3889417 OPerating leases 1040386 restricted reserves and debt service 29667530 36468534 Construction costs payable 1408575 Operating lease liabilities 1040386 2448961 X Part X : FIN48 Footnote TAX STATUSThe Organization is tax-exempt under Section 501(c)(3) of the Internal Revenue Code (IRC) and has been classified as a publicly supported organization as described in IRC sections 509(A)(1) and 170(B)(1)(A)(II).Accounting principles generally accepted in the United States of America require management to evaluate tax positions taken and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained upon examination by taxing authorities. Management has analyzed the tax positions taken and has concluded that, as of June 30, 2023, there are no uncertain positions taken or expected to be taken that would require recognition or disclosure in the accompanying financial statements.The Organization is no longer subject to income tax examination by federal, state or local tax authorities for years before June 30, 2020. A BUILD NYC RESOURCE CORP 454040561 12008ERQ1 2021-06-15 6275000 ACQ./CONST. SCHOOL BLDG false false false B BUILD NYC RESOURCE CORP 454040561 12008ERR9 2021-06-15 12940000 ACQ./CONST. SCHOOL BLDG false false false C BUILD NYC RESOURCE CORP 454040561 12008ER87 2021-06-15 19155000 ACQ./CONST. SCHOOL BLDG false false false D BUILD NYC RESOURCE CORP 454040561 12008ERT5 2021-06-15 12790000 ACQ./CONST. SCHOOL BLDG false false false A 6728974 346175 495725 134346 false false true true B 13876164 713866 1022260 277042 false false true true C 20540798 1056731 1513245 410104 false false true true D 13715312 705591 1010410 273831 false false true true A false false false false false B false false false false false C false false false false false D false false false false false Part VI USE OF SERIES 2021 BOND PROCEEDSPROCEEDS DERIVED FROM THE SALE OF THE SERIES 2021 BONDS WILL BE USED BY THE INSTITUTIONS FOR THE PURPOSE OF FINANCING OR REFINANCING A PORTION OF: (1) THE ACQUISITION OF PARCELS OF LAND TOTALING APPROXIMATELY 1.38 ACRES LOCATED AT 19 TREADWELL AVENUE, 26 SHARPE AVENUE AND 2230 RICHMOND TERRACE, STATEN ISLAND, NY AND THE FIVE BUILDINGS AND IMPROVEMENTS THEREON; (2) THE DEMOLITION OF FOUR OF SUCH BUILDINGS THEREON, WITH THE FOLLOWING SQUARE FOOTAGE: A CHURCH BUILDING CONSISTING OF APX 5700 GSF, A GYMNASIUM/CAFETERIA BUILDING CONSISTING OF APX. 8200 GSF AND AN OFFICE BUILDING CONSISTING OF APX. 9600 GSF; (3) THE DESIGN CONSTRUCTION, RENOVATION, EQUIPPING AND FURNISHING OF APX. 91,300 GSF THREE-STOREY (PLUS BASEMENT LEVEL) BUILDING, CONSISTING OF THE EXISTING BUILDING AT 26 SHARPE AVENUE, AND A NEW 17,300 GSF ADDITION OF RENOVATION AND IMPROVEMENT THERETO, ALL FOR GENERAL CLASSROOM AND ADMINISTRATIVE USE, TOGETHER WITH 37,700 GSF OF RELATED SITE IMPROVEMENTS (COLLECTIVELY, THE "FACILITY"). THE FACILITY IS LEASED TO A PUBLIC CHARTER SCHOOL PROVIDING EDUCATIONAL SERVICES TO STUDENTS IN KINDERGARTEN THROUGH GRADE 8 (4) FUNDING DEBT SERVICE RESERVE FUNDS AND CAPPITALIZED INTEREST; AND (5) PAYING FOR CERTAIN COSTS RELATED TO THE ISSUANCE OF THE SERIES 2021 BONDS.THE BOND PROCEEDS INCLUDE BOND PREMIUM OF 3,701,247.70 THAT IS BEING AMORTIZED OVER THE TERM OF THE RELATED BONDS. Form 990, Part VI, Section B, Line 11b THE TAX RETURNS AND RELATED FINANCIAL STATEMENTS ARE REVIEWED BY THE BOARD MEMBERS AND DELEGATED TO CERTAIN DESIGNATED BOARD MEMBERS. THE ORGANIZATION IS IN THE PROCESS OF DRAFTING FORMAL WRITTEN INTERNAL POLICIES AND PROCEDURES. Form 990, Part VI, Section C, Line 18 ALL FINANCIAL STATEMENTS AND TAX RETURNS ARE OPEN FOR PUBLIC INSPECTION UPON REQUEST. Form 990, Part VI, Section C, Line 19 GOVERNING DOCUMENTS, ORGANIZATIONAL POLICIES AND FINANCIAL STATEMENTS WILL BE MADE AVAILBLE FOR PUBLIC INSPECTION UPON REQUEST. NEW WORLD PREPARATORY CHARTER SCHOOL 26 SHARPE AVENUE STATEN ISLAND NY 10302 272013987 Charter School NY 501(C)(3) 2 N/A false false false false false false false false false false true false false false false false false false false false NEW WORLD PREPARATORY CHARTER SCHOOL j 6986084 Rent paid