The Freedom Academy Foundation
- Assets
- $63.0m
- Revenue
- $22.2m
- Investments
- $0.0
- Employees
- 378
- Location
- Provo, UT
- Founding
- 03/2010
- Data as of
- 06/2022
- EIN
- 13-4255839
Organization Overview
The Freedom Academy Foundation is located in Provo, UT. The organization was established in 2010. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Freedom Academy Foundation employed 378 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freedom Academy Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Freedom Academy Foundation generated $22.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.3% each year . All expenses for the organization totaled $23.7m during the year ending 06/2022. While expenses have increased by 16.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
KINDERGARTEN THROUGH 12TH GRADE CHARTER SCHOOL IN THE STATE OF UTAH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
KINDERGARTEN THROUGH 12TH GRADE CHARTER SCHOOL IN THE STATE OF UTAH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Merrill CFO | OfficerTrustee | 1 | $0 |
Paul Baltes Member | OfficerTrustee | 1 | $0 |
Lynne Herring Director | Officer | 40 | $0 |
Jay Garlock Member | Trustee | 1 | $0 |
Thomas Chan Member | Trustee | 1 | $0 |
Cary Mcconnell Cao | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $21,566,135 |
| All other contributions, gifts, grants, and similar amounts not included above | $288,060 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,854,195 |
| Total Program Service Revenue | $313,127 |
| Investment income | $46,583 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,213,905 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $200,000 |
| Compensation of current officers, directors, key employees. | $200,000 |
| Compensation to disqualified persons | $8,889,707 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,904,155 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,451,620 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,585,924 |
| Insurance | $0 |
| All other expenses | $37,399 |
| Total functional expenses | $23,746,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,826,624 |
| Savings and temporary cash investments | $5,344,759 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $700,223 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $54,177,512 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1 |
| Total assets | $63,049,119 |
| Accounts payable and accrued expenses | $3,172,243 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $66,382,359 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $69,554,602 |
| Net assets without donor restrictions | -$6,505,483 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $63,049,119 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Freedom Academy Foundation has recieved totaling $678.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $678 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Utah Charter Academies Draper, UT | $87,193,817 | $47,458,045 |
Strive Preparatory Schools Denver, CO | $16,366,153 | $54,741,372 |
Kipp Colorado Schools Denver, CO | $14,636,055 | $38,026,869 |
Legacy Traditional Schools - Nevada Inc Chandler, AZ | $98,471,077 | $39,227,732 |
Goal Academy Pueblo, CO | $51,570,908 | $48,674,529 |
Mater Academy Of Nevada Las Vegas, NV | $50,289,285 | $33,903,245 |
Spectrum Academy North Salt Lake City, UT | $38,407,104 | $29,729,025 |
Odyssey Preparatory Academy Inc Buckeye, AZ | $75,530,982 | $28,243,391 |
Rocky Mountain Preparatory School Denver, CO | $30,804,994 | $31,097,127 |
Arizona Connections Academy Charter School Gilbert, AZ | $11,036,365 | $27,443,157 |
Benjamin Franklin Charter School - Queen Creek Gilbert, AZ | $74,039,747 | $26,576,099 |
Daisy Education Corporation Gilbert, AZ | $46,295,236 | $27,502,043 |