Totals
- Total revenue
- $4,130,730
- Total expenses
- $3,057,285
- Contributions and grants received
- $1,104,032
- Grants paid
- $0
- Program service revenue
- $2,827,881
- Investment income
- $33,006
- Other revenue
- $165,811
- Total assets, end of year
- $8,293,938
- Total liabilities, end of year
- $4,098,813
- Net assets or fund balances, end of year
- $4,195,125
- Program services expenses (Part IX)
- $2,494,601
- Management and general expenses
- $543,453
- Fundraising expenses
- $19,231
- Program service expenses (Part III)
- $2,494,601
Program services were 81.6% 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.
-
1c · Fundraising events
$32,806
-
1f · All other contributions, gifts and grants
$1,071,226
-
2a · Program service revenue: TUITION, LESS DISC. & SCHOLAR
total $2,643,079 · related or exempt $2,643,079
-
2b · Program service revenue: OTHER FEE REVENUE
total $184,802 · related or exempt $184,802
-
3 · Investment income
total $33,006 · excluded $33,006
-
8a · Fundraising events: gross income
$333,927
-
8a · Fundraising events: contributions included on line 1c
$32,806
-
8b · Fundraising events: direct expenses
$188,169
-
8c · Net income from fundraising events
total $145,758 · excluded $145,758
-
11a · Other revenue: OTHER MISC. REVENUE
total $20,053 · excluded $20,053
-
11e · Other revenue, total
$20,053
Functional expenses
Part IX, the statement of functional expenses.
-
7 · Other salaries and wages
total $1,885,600 · program services $1,508,480 · management and general $377,120
-
8 · Pension plan contributions
total $45,548 · program services $36,438 · management and general $9,110
-
9 · Other employee benefits
total $199,567 · program services $159,653 · management and general $39,914
-
10 · Payroll taxes
total $141,461 · program services $113,169 · management and general $28,292
-
11c · Fees: accounting
total $2,900 · program services $2,320 · management and general $580
-
13 · Office expenses
total $9,916 · program services $7,933 · management and general $1,983
-
16 · Occupancy
total $99,727 · program services $79,782 · management and general $19,945
-
20 · Interest
total $34,031 · program services $27,225 · management and general $6,806
-
22 · Depreciation, depletion and amortization
total $174,285 · program services $139,428 · management and general $34,857
-
23 · Insurance
total $29,815 · program services $23,852 · management and general $5,963
-
24a · Other expenses: PROGRAM SUPPLIES AND FEES
total $344,462 · program services $344,462
-
24b · Other expenses: OTHER EXPENSES
total $38,425 · program services $38,425
-
24c · Other expenses: ADVANCEMENT
total $19,231 · fundraising $19,231
-
24d · Other expenses: ADMINISTRATIVE EXPENSES
total $17,104 · management and general $17,104
-
24e · All other expenses
total $15,213 · program services $13,434 · management and general $1,779
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,931,807 · end of year $504,819
-
2 · Savings and temporary cash investments
beginning of year $926,508 · end of year $3,542,103
-
3 · Pledges and grants receivable
beginning of year $23,086
-
4 · Accounts receivable
beginning of year $1,442,688 · end of year $1,789,795
-
9 · Prepaid expenses and deferred charges
beginning of year $11,477 · end of year $5,699
-
10a · Land, buildings and equipment: cost or other basis
$4,388,479
-
10b · Land, buildings and equipment: accumulated depreciation
$1,936,957
-
10c · Land, buildings and equipment, net
beginning of year $2,397,753 · end of year $2,451,522
-
17 · Accounts payable and accrued expenses
beginning of year $5,918 · end of year $5,148
-
19 · Deferred revenue
beginning of year $2,678,871 · end of year $3,204,248
-
23 · Secured mortgages and notes payable
beginning of year $926,850 · end of year $878,727
-
25 · Other liabilities
end of year $10,690
-
27 · Net assets without donor restrictions
beginning of year $1,723,331 · end of year $1,821,257
-
28 · Net assets with donor restrictions
beginning of year $1,398,349 · end of year $2,373,868
Mission and programs · 2022
Mission
ELEMENTARY AND SECONDARY EDUCATION GRADES K-12. GRACE ACADEMY OFFERS LIBERAL ARTS EDUCATION IN THE HISTORIC CLASSICAL CHRISTIAN FORMAT FOCUSING ON GRAMMAR, LOGIC, AND RHETORIC IN EACH SUBJECT AREA.
-
ELEMENTARY/SECONDARY EDUCATION GRADES K-12, INCLUDING CLASSROOM INSTRUCTION, INTERCOLLEGIATE ATHLETICS AND EXTRA-CURRICULAR ACTIVITIES. THE CORE ACADEMIC MISSION OF THE SCHOOL IS THE PURSUIT OF LIBERAL ARTS EDUCATION IN THE SCHOOL OF GRAMMAR (K-5), A SCHOOL OF LOGIC (6-8), AND A SCHOOL OF RHETORIC (9-12). THE SCHOOL IS CLASSICAL IN BOTH ITS CURRICULUM (INCLUDING LATIN, FORMAL AND INFORMAL LOGIC, AND RHETORIC) AND METHODOLOGY (EMPHASIZING THE CLASSICAL TRIVIUM TOOLS OF LEARNING IN THE APPLICATION OF EVERY SUBJECT).
Expenses $2,494,601 · Revenue $2,827,881
-
FINANCIAL ASSISTANCE-THE SCHOOL SEEKS TO SUPPORT ITS OTHER PRIMARY PROGRAM SERVICES THROUGH NEED-BASED FINANCIAL ASSISTANCE TO FAMILIES. NEED IS DETERMINED USING THE ASSISTANCE OF AN OUTSIDE FINANCIAL AID ASSESSMENT COMPANY AND THEIR WIDELY-USED METHODOLOGY FOR ASSESSING FINANCIAL NEED. A FINANCIAL AID COMMITTEE REVIEWS THE ASSESSMENT FROM THE OUTSIDE COMPANY AND MAKES FINANCIAL AID AWARDS. THE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE SCHOOL COMMUNITY WHO SERVE ON A MULTI-YEAR VOLUNTEER BASIS. COMMITTEE MEMBERS ARE INDEPENDENT OF THE FINANCIAL AID AWARDING PROCESS, BEING INELIGIBLE TO RECEIVE FINANCIAL ASSISTANCE WHILE SERVING ON THE COMMITTEE. COMMITTEE MEMBERS REMAIN UNBIASED IN THEIR ASSESSMENT AND DECISION-MAKING PROCESSES AS ALL DOCUMENTS REVIEWED BY THE COMMITTEE HAVE IDENTIFYING INFORMATION REMOVED FROM THE FILES (E.G. NAMES, ADDRESSES, ETHNICITY, ETC.) THE COMMITTEE FUNCTIONS UNDER THE SCHOOL'S POLICY PROHIBITING UNLAWFUL DISCRIMINATION IN THE FINANCIAL AID AWARDING PROCESS. THE AMOUNT OF ASSISTANCE GIVEN IN THE CURRENT YEAR WAS 321,669. IT IS INCLUDED IN DISCOUNTS AND SCHOLARSHIPS ON PAGE 9, PART VIII, LINE 2A.
As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Douglas NobleDOUGLAS NOBLE
CHAIR
- Total calculated
- $0
- Hours/week
- 5
-
Heather BurnsideHEATHER BURNSIDE
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 5
-
Dr Ann WilkesDR ANN WILKES
SECRETARY
- Total calculated
- $0
- Hours/week
- 5
-
Jayme BatesJAYME BATES
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Chad WarrenCHAD WARREN
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Colin McGaheyCOLIN MCGAHEY
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
-
Dr Mark GeyerDR MARK GEYER
TREASURER
- Total calculated
- $0
- Hours/week
- 5
-
Priscilla OberlePRISCILLA OBERLE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 5
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
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 6 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202323179349310062
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