Georgia Magnet-Charter Schools Foundation Corp

Overview The Georgia Magnet-Charter Schools Foundation Corp is a nonprofit organization dedicated to the governance of Hapeville Charter Career Academy, which is part of the Fulton County School System in Georgia. The foundation operates under the Georgia Nonprofit Corporation Code and is recognized for educational purposes under the National Taxonomy of Exempt Entities (NTEE) as an Elementary and Secondary Education organization (B29).

Mission and Activities The foundation supports the operation of Hapeville Charter Career Academy by overseeing its management and facilitating educational programs. It also ensures equal opportunities for students, as evident in its role as an equal opportunity provider for services such as free meals regardless of income level.

Financial Information In recent years, the foundation has reported significant financial activity. For the fiscal year ending in June 2023, it had a revenue of approximately $8.83 million and expenses totaling about $9.94 million. As of 2023, the organization held total assets valued at around $23.3 million and liabilities of about $28.1 million[3].

Accountability and Transparency The organization is subject to financial audits and reporting requirements due to its revenue level. It maintains compliance with relevant tax laws and requirements, ensuring that donations to the foundation are tax-deductible. Georgia Magnet-Charter Schools Foundation Corp has received a rating from charity evaluators, reflecting its level of transparency and financial management practices[4].

Governance and Amendments Over the years, the foundation has made amendments to its articles of incorporation. These changes are governed by the Georgia Nonprofit Corporation Code and involve approval processes that may not require additional member consent[5]. Gary Martin has served as a president during significant periods of the foundation's history[5].