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← MAGIC CITY ACCEPTANCE ACADEMY CHARTER SCHOOL

Form 990 for tax year 2024

Filed by MAGIC CITY ACCEPTANCE ACADEMY CHARTER SCHOOL.

Totals

Total revenue
$5,491,360
Total expenses
$6,875,618
Contributions and grants received
$5,491,360
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$16,984,345
Total liabilities, end of year
$19,856,557
Net assets or fund balances, end of year
-$2,872,212
Program services expenses (Part IX)
$6,373,040
Management and general expenses
$502,578
Fundraising expenses
$0
Program service expenses (Part III)
$6,373,040

Program services were 92.7% 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.

  • 1e · Government grants (contributions)

    $4,635,812

  • 1f · All other contributions, gifts and grants

    $855,548

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $168,877 · program services $168,877

  • 7 · Other salaries and wages

    total $2,905,610 · program services $2,905,610

  • 8 · Pension plan contributions

    total $377,011 · program services $377,011

  • 9 · Other employee benefits

    total $1,465,318 · program services $1,465,318

  • 10 · Payroll taxes

    total $232,731 · program services $232,731

  • 11a · Fees: management

    total $471,654 · management and general $471,654

  • 12 · Advertising and promotion

    total $243 · management and general $243

  • 13 · Office expenses

    total $162,055 · program services $131,374 · management and general $30,681

  • 16 · Occupancy

    total $148,760 · program services $148,760

  • 19 · Conferences, conventions and meetings

    total $20,967 · program services $20,967

  • 23 · Insurance

    total $99,981 · program services $99,981

  • 24a · Other expenses: School Bus Transportati

    total $288,121 · program services $288,121

  • 24b · Other expenses: Instructional Supplies

    total $269,288 · program services $269,288

  • 24c · Other expenses: Equipment Rental

    total $132,396 · program services $132,396

  • 24d · Other expenses: Child Nutrition

    total $124,179 · program services $124,179

  • 24e · All other expenses

    total $8,427 · program services $8,427

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $752,862 · end of year $56,242

  • 4 · Accounts receivable

    beginning of year $224,363 · end of year $240,930

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

    $43,767

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $43,767

  • 15 · Other assets

    beginning of year $17,587,055 · end of year $16,643,406

  • 17 · Accounts payable and accrued expenses

    beginning of year $108,331 · end of year $17,599

  • 19 · Deferred revenue

    beginning of year $13,618,914 · end of year $12,704,484

  • 25 · Other liabilities

    beginning of year $6,212,351 · end of year $7,134,474

  • 27 · Net assets without donor restrictions

    beginning of year -$1,419,729 · end of year -$2,892,093

  • 28 · Net assets with donor restrictions

    beginning of year $44,413 · end of year $19,881

Mission and programs · 2024

Mission

The Magic City Acceptance Academy (MCAA) facilitates a community in which all learners are empowered to embrace education, achieve individual success, and take ownership of their future in a positive learning environment.

  • The Magic City Acceptance Academy (MCAA) facilitates a community in which all learners are empowered to embrace education, achieve individual success, and take ownership of their future in a positive learning environment.

    Expenses $6,373,040 · Revenue $5,491,360

As filed on the 2024 return.

Listed in Part VII

  • Dr Patton Furman

    Principal and Superintende

    Total calculated
    $116,871
    From this org
    $116,871
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Dr Karen Musgrove

    CEO

    Total calculated
    $52,006
    From this org
    $52,006
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Dr Larry Contri

    Board Chair

    Total calculated
    $0
    Hours/week
    2

  • Ezra Shine EdD

    Vice Chair

    Total calculated
    $0
    Hours/week
    2

  • Cece Lacey Kennedy

    Secretary

    Total calculated
    $0
    Hours/week
    2

  • Dr Tracee Synco

    Executive Committee

    Total calculated
    $0
    Hours/week
    2

  • Dr Tommy Bice

    Member

    Total calculated
    $0
    Hours/week
    2

  • Jody Thrash

    Member

    Total calculated
    $0
    Hours/week
    2

  • Jim Wilson Esq

    Member

    Total calculated
    $0
    Hours/week
    2

  • Amber Lopez Martinez

    Member

    Total calculated
    $0
    Hours/week
    2

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
2024
Filed
13 August 2026
IRS schema version
2024v5.5
Source object
202632269349301933

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