Reply to Feynman School Closing

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[quote=Anonymous]Feynman is organized as a 501(c)(3) tax exempt organization, and has obligations to maintain books and records under various laws.  Admin should provide information regarding revenue and expenses for the last few years.  For parents, it’s the only way to know what, if any, assets, remain for distribution.  Does the school intend to refund any recent donations from parents?  What about those parents who paid full tuition for the academic year?

If the school is not more transparent, parents may start researching the various federal and state laws applicable to non-profit schools like Feynman, and may file a lawsuit for breach of contract in order to force discovery regarding financial records, and pursue any other remedies available such as asking for an IRS or state audit.  Better if the school communicates more openly with parents rather than making parents angry enough to look into all legal remedies and potentially retain counsel (or organize the attorneys among them to proceed on behalf of a group).

Most recent tax return available online (for fiscal year ending June 2023) shows net assets of $351,904.
https://projects.propublica.org/nonprofits/organizations/300526593/202411369349311566/full

2022 tax return (fiscal year ending June 2022) shows net assets of $587,908
https://apps.irs.gov/pub/epostcard/cor/300526593_202206_990_2023061221442366.pdf

Tax return for fiscal year ending June 2020 shows net assets of NEGATIVE $964,870
https://apps.irs.gov/pub/epostcard/cor/300526593_202006_990_2021052518190405.pdf[/quote]

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