Red Bank Charter School was recently honored by the New Leaders for New Schools Effective Practice Incentive Community, or EPIC, for reaching breakthrough student achievement gains, the school announced Wednesday.

The recognition also entitles the school’s educators to individual financial rewards – up to $100,000, according to a release – in exchange for sharing their strategies and practices for success.

School Principal Meredith Pennotti said the recognition validates the effort that’s been made at the school, which serves borough kids from grades K – 8, since it was founded in 1998.

“We’ve made steady, sustainable progress over the years. Now we want to replicate and share it,” she said in a statement. “This grant helps to spread the innovation with other public schools. We impact 180 kids; now we can impact thousands.”

Adding to the achievement is the exclusivity that comes along with it. Red Bank Charter School was one of just 18 charter schools of 175 from a 23 states and the District of Columbia to be recognized.

According to a release, school leaders will receive awards ranging from $5,000 to $12,000. Most teachers at each school will receive awards ranging from $3,000 to $4,000. Approximately $1.8 million in incentive funds will be awarded to the recognized schools.

EPIC was launched in 2006 and has awarded more than $4.8 million to more than 1,200 educators.

New Leaders for New Schools, which says its mission is to set clear goals and strategies to help schools succeed, is funded by the U.S. Department of Education’s Teacher Incentive Fund, school district and charter school partners, and private philanthropic funders.

Rather than measuring overall proficiency rates, EPIC measures – and bases its rewards on – a school’s annual gains. This method, officials say, rewards growth and elevated achievement.