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Nonprofiteer
← GRACE ACADEMY

Form 990 for tax year 2023

Filed by GRACE ACADEMY.

Totals

Total revenue
$4,371,026
Total expenses
$3,479,626
Contributions and grants received
$736,490
Grants paid
$0
Program service revenue
$3,367,479
Investment income
$112,150
Other revenue
$154,907
Total assets, end of year
$9,723,889
Total liabilities, end of year
$4,637,364
Net assets or fund balances, end of year
$5,086,525
Program services expenses (Part IX)
$2,806,083
Management and general expenses
$648,480
Fundraising expenses
$25,063
Program service expenses (Part III)
$2,806,083

Program services were 80.6% 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

    $101,096

  • 1f · All other contributions, gifts and grants

    $635,394

  • 2a · Program service revenue: TUITION, LESS DISC. & SCHOLAR

    total $3,131,694 · related or exempt $3,131,694

  • 2b · Program service revenue: OTHER FEE REVENUE

    total $235,785 · related or exempt $235,785

  • 3 · Investment income

    total $112,150 · excluded $112,150

  • 8a · Fundraising events: gross income

    $243,661

  • 8a · Fundraising events: contributions included on line 1c

    $101,096

  • 8b · Fundraising events: direct expenses

    $112,558

  • 8c · Net income from fundraising events

    total $131,103 · excluded $131,103

  • 11a · Other revenue: OTHER MISC. REVENUE

    total $23,804 · excluded $23,804

  • 11e · Other revenue, total

    $23,804

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $130,000 · program services $104,000 · management and general $26,000

  • 7 · Other salaries and wages

    total $1,997,580 · program services $1,598,064 · management and general $399,516

  • 8 · Pension plan contributions

    total $47,857 · program services $38,286 · management and general $9,571

  • 9 · Other employee benefits

    total $235,619 · program services $188,496 · management and general $47,123

  • 10 · Payroll taxes

    total $155,991 · program services $124,793 · management and general $31,198

  • 11c · Fees: accounting

    total $3,000 · program services $2,400 · management and general $600

  • 13 · Office expenses

    total $15,484 · program services $12,387 · management and general $3,097

  • 16 · Occupancy

    total $98,563 · program services $78,850 · management and general $19,713

  • 20 · Interest

    total $32,566 · program services $26,053 · management and general $6,513

  • 22 · Depreciation, depletion and amortization

    total $173,150 · program services $138,520 · management and general $34,630

  • 23 · Insurance

    total $27,208 · program services $21,766 · management and general $5,442

  • 24a · Other expenses: PROGRAM SUPPLIES AND FEES

    total $397,314 · program services $397,314

  • 24b · Other expenses: ADMINISTRATIVE EXPENSES

    total $62,878 · management and general $62,878

  • 24c · Other expenses: CAMPUS SECURITY

    total $55,166 · program services $55,166

  • 24d · Other expenses: ADVANCEMENT

    total $25,063 · fundraising $25,063

  • 24e · All other expenses

    total $22,187 · program services $19,988 · management and general $2,199

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $504,819 · end of year $231,263

  • 2 · Savings and temporary cash investments

    beginning of year $3,542,103 · end of year $1,981,417

  • 4 · Accounts receivable

    beginning of year $1,789,795 · end of year $3,338,928

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,699 · end of year $18,641

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

    $6,263,746

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

    $2,110,106

  • 10c · Land, buildings and equipment, net

    beginning of year $2,451,522 · end of year $4,153,640

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,148 · end of year $12,854

  • 19 · Deferred revenue

    beginning of year $3,204,248 · end of year $3,791,982

  • 23 · Secured mortgages and notes payable

    beginning of year $878,727 · end of year $829,139

  • 25 · Other liabilities

    beginning of year $10,690 · end of year $3,389

  • 27 · Net assets without donor restrictions

    beginning of year $1,821,257 · end of year $5,070,625

  • 28 · Net assets with donor restrictions

    beginning of year $2,373,868 · end of year $15,900

Mission and programs · 2023

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 $2,806,083 · Revenue $3,367,479

  • 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 428,256. IT IS INCLUDED IN DISCOUNTS AND SCHOLARSHIPS ON PAGE 9, PART VIII, LINE 2A.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Douglas Noble

    CHAIR

    Total calculated
    $0
    Hours/week
    5

  • Heather Burnside

    VICE CHAIR/S

    Total calculated
    $0
    Hours/week
    5

  • Jayme Bates

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Barry Laing

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Colin McGahey

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    5

  • Dr Mark Geyer

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Priscilla Oberle

    PAST SECRETA

    Total calculated
    $0
    Hours/week
    5

  • Michael Brent Stevens

    HEAD OF SCHO

    Total calculated
    $163,010
    From this org
    $130,000
    From related orgs
    $0
    Other
    $33,010
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,000
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,710
    Nontaxable benefits
    $23,300
    Filer's total
    $163,010

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
4 November 2024
IRS schema version
2023v5.0
Source object
202433169349302673

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