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Nonprofiteer
← ADMIRAL FARRAGUT ACADEMY FOUNDATION INC

Form 990 for tax year 2023

Filed by ADMIRAL FARRAGUT ACADEMY FOUNDATION INC.

Totals

Total revenue
$295,121
Total expenses
$1,651,787
Contributions and grants received
$193,188
Grants paid
$1,601,576
Program service revenue
$0
Investment income
$53,279
Other revenue
$48,654
Total assets, end of year
$3,445,907
Total liabilities, end of year
$351,874
Net assets or fund balances, end of year
$3,094,033
Program services expenses (Part IX)
$1,613,503
Management and general expenses
$21,726
Fundraising expenses
$16,558
Program service expenses (Part III)
$1,613,503

Program services were 97.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1f · All other contributions, gifts and grants

    $193,188

  • 3 · Investment income

    total $53,279 · excluded $53,279

  • 6a · Gross rents

    real property $84,000

  • 6b · Less rental expenses

    real property $35,346

  • 6c · Rental income or loss

    real property $48,654

  • 6d · Net rental income or loss

    total $48,654 · unrelated business -$518 · excluded $49,172

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,601,576 · program services $1,601,576

  • 11c · Fees: accounting

    total $14,278 · management and general $14,278

  • 11f · Fees: investment management

    total $4,369 · management and general $4,369

  • 11g · Fees: other

    total $1,500 · management and general $1,500

  • 13 · Office expenses

    total $1,579 · management and general $1,579

  • 14 · Information technology

    total $16,558 · fundraising $16,558

  • 20 · Interest

    total $11,927 · program services $11,927

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $147,288 · end of year $241,613

  • 3 · Pledges and grants receivable

    beginning of year $24,114 · end of year $24,114

  • 7 · Other notes and loans receivable

    beginning of year $1,507,459

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

    $968,877

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

    $97,557

  • 10c · Land, buildings and equipment, net

    beginning of year $884,349 · end of year $871,320

  • 11 · Investments: publicly traded securities

    beginning of year $1,900,302 · end of year $2,209,417

  • 15 · Other assets

    beginning of year $171,044 · end of year $99,443

  • 23 · Secured mortgages and notes payable

    beginning of year $390,703 · end of year $351,874

  • 27 · Net assets without donor restrictions

    beginning of year $982,887 · end of year $1,118,087

  • 28 · Net assets with donor restrictions

    beginning of year $3,260,966 · end of year $1,975,946

Mission and programs · 2023

Mission

TO SOLICIT, RECEIVE AND ADMINISTER GIFTS AND FINANCIAL RESOURCES FROM SOURCES SOLELY FOR THE BENEFIT OF ADMIRAL FARRAGUT ACADEMY, INC.

Activities or mission (Part I)

TO SOLICIT, RECEIVE AND ADMINISTER GIFTS AND FINANCIAL RESOURCES FROM SOURCES SOLELY FOR THE BENEFIT OF ADMIRAL FARRAGUT ACADEMY, INC. THE FOUNDATION OPERATES EXCLUSIVELY TO PROMOTE THE EDUCATIONAL, SCIENTIFIC, CULTURAL AND RECREATIONAL OBJECTIVES OF ADMIRAL FARRAGUT ACADEMY, INC.

  • THE FOUNDATION FOR ADMIRAL FARRAGUT ACADEMY PLAYS A VERY IMPORTANT ROLE BY PROVIDING FUNDING AND SUPPORT FOR THE MISSION OF THE SCHOOL.

    Expenses $1,613,503 · Grants $1,601,576

As filed on the 2023 return.

Listed in Part VII

  • ROBERT MATTHIES

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • JEFFREY GROSSMAN

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JOE DISE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KEVIN LOCKERBIE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • THOMAS MILLER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • DAVID YOHO

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CHRISTIAN WAGNER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2023
Filed
27 October 2024
IRS schema version
2023v5.0
Source object
202443409349300104

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