legal prep finances
Legal Prep is a 501(c) corporation, also referred to as a not-for-profit corporation. The Legal Prep Board of Directors is responsible for setting and monitoring the school's annual budget, which the Board does on a regular basis. The budget includes both anticipated revenue and expenses for the school.
Revenue Sources: As a public school, the vast majority of Legal Prep's funding comes from public sources (over 90%). Legal Prep also relies corporate (7%) and individual (1%) donations, as well as other sources of revenue, including public and private grants (2%). Student fees are a nominal source of revenue for the school. A detailed explanation of the revenue sources can be found in the audited financial available on this page.
Expenditures: Legal Prep's primary expenditures include direct student and personnel costs, as well as capital expenditures associated with our facilities, equipment and technology. A summary of the FY23 Financial Statement is available below. A detailed explanation of the expenditures also can be found in the audited financial available on this page.
The school's financials also are reported to and rated by CPS. A copy of the school's most recently available CPS scorecard is available below.
detailed audited financials
Our fiscal year starts on July 1 and ends on June 30 of the following year. Our most recently audited financial statements, including the statements for FY 2022 are available below.