Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: TRANSPORTATION

  total $5,106,113 · related or exempt $5,106,113

• 3 · Investment income

  total $73,083 · excluded $73,083

• 4 · Income from investment of tax-exempt bond proceeds

  total $0

• 5 · Royalties

  total $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 6d · Net rental income or loss

  total $0

• 7d · Net gain or loss

  total $0

• 8a · Fundraising events: gross income

  $0

• 8b · Fundraising events: direct expenses

  $0

• 8c · Net income from fundraising events

  total $0

• 9a · Gaming: gross income

  $0

• 9b · Gaming: direct expenses

  $0

• 9c · Net income from gaming

  total $0

• 10a · Gross sales of inventory

  $0

• 10b · Cost of goods sold

  $0

• 10c · Net income from sales of inventory

  total $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $0

• 5 · Compensation of officers, directors and key employees

  total $0

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $2,997,493 · program services $2,997,493

• 8 · Pension plan contributions

  total $0

• 9 · Other employee benefits

  total $510,430 · program services $510,430

• 10 · Payroll taxes

  total $205,753 · program services $205,753

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $0

• 11c · Fees: accounting

  total $0

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $3,196 · program services $3,196

• 12 · Advertising and promotion

  total $0

• 13 · Office expenses

  total $65,299 · program services $65,299

• 14 · Information technology

  total $74,911 · program services $74,911

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $30,635 · program services $30,635

• 17 · Travel

  total $0

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $0

• 20 · Interest

  total $0

• 21 · Payments to affiliates

  total $0

• 22 · Depreciation, depletion and amortization

  total $381,971 · program services $381,971

• 23 · Insurance

  total $180,431 · program services $180,431

• 24a · Other expenses: VEHICLE EXPENSES

  total $799,766 · program services $799,766

• 24b · Other expenses: OTHER EXPENSES

  total $137,596 · program services $137,596

• 24c · Other expenses: COMPLIANCE TESTING

  total $40,141 · program services $40,141

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $1,781,360 · end of year $1,000,159

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $21,841 · end of year $14,704

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $0 · end of year $0

• 8 · Inventories for sale or use

  beginning of year $0 · end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $0 · end of year $0

• 10a · Land, buildings and equipment: cost or other basis

  $10,990,608

• 10b · Land, buildings and equipment: accumulated depreciation

  $6,441,891

• 10c · Land, buildings and equipment, net

  beginning of year $4,797,143 · end of year $4,548,717

• 11 · Investments: publicly traded securities

  beginning of year $0 · end of year $0

• 12 · Investments: other securities

  beginning of year $0 · end of year $0

• 13 · Investments: program-related

  beginning of year $0 · end of year $0

• 14 · Intangible assets

  beginning of year $0 · end of year $0

• 15 · Other assets

  beginning of year $0 · end of year $388,932

• 17 · Accounts payable and accrued expenses

  beginning of year $372,586 · end of year $432,189

• 18 · Grants payable

  beginning of year $0 · end of year $0

• 19 · Deferred revenue

  beginning of year $16,124 · end of year $8,695

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $0

• 21 · Escrow or custodial account liability

  beginning of year $0 · end of year $0

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $0 · end of year $0

• 25 · Other liabilities

  beginning of year $451,580 · end of year $0

• 27 · Net assets without donor restrictions

  beginning of year $5,760,054 · end of year $5,511,628

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

PART I, LINE 1A

Housing Allowance: The president is paid a housing allowance of $48,000 per year, all included in taxable compensation. One vice president lives on campus in housing provided for the benefit of Woodward Academy and as a condition of the individual's employment, and therefore treated as nontaxable. Another vice president lives off campus in housing owned by Woodward Academy and rented to the individual at a reasonable, subsidized rent, and therefore treated as nontaxable, as well. SOCIAL CLUB DUES: WOODWARD ACADEMY PAYS DUES FOR THE PRESIDENT'S MEMBERSHIP IN A LOCAL BUSINESS/SOCIAL CLUB. THE PAYMENTS OF WHICH ARE TREATED AS A NONTAXABLE BENEFIT BECAUSE THE MEMBERSHIP IS USED FOR SCHOOL BUSINESS PURPOSES ONLY.

PART I, LINE 4B

WOODWARD ACADEMY, A RELATED TAX-EXEMPT ORGANIZATION, CONTRIBUTED $75,000 TO THE SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN FOR DR. F. STUART GULLEY. AMOUNTS IN THE PLAN VEST OVER TIME BASED ON THE NUMBER OF YEARS OF SERVICE.

PART II

DR. F. STUART GULLEY, MR. LEE CONNER, AND MS. LOUISE D. MANN RECEIVE COMPENSATION FROM A RELATED ORGANIZATION, WOODWARD ACADEMY. THEY RECEIVE NO COMPENSATION FROM STUDENT TRANSPORT, INC.