Merit Preparatory Academy
- Assets
- $13.6m
- Revenue
- $5.8m
- Investments
- $0.0
- Employees
- 90
- Location
- Springville, UT
- Founding
- 11/2009
- Data as of
- 06/2023
- EIN
- 26-0450627
Organization Overview
Merit Preparatory Academy is located in Springville, UT. The organization was established in 2009. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2023, Merit Preparatory Academy employed 90 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Merit Preparatory Academy 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 06/2023, Merit Preparatory Academy generated $5.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 14.9% each year . All expenses for the organization totaled $5.3m during the year ending 06/2023. While expenses have increased by 8.0% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MERIT WILL PREPARE ALL STUDENTS TO ACHIEVE THEIR HIGHEST POTENTIAL AS CITIZENS IN SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAIN PROGRAM IS TO EDUCATE STUDENTS. OUR ACHIEVEMENTS HAVE BEEN AND ARE TO PROVIDE INNOVATIVE EFFECTIVE LEARNING FOR STUDENTS AND HELP PREPARE THEM FOR IIFE AFTER SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angela Bunker President | OfficerTrustee | 3 | $0 |
Tyler Griffen Vice President | OfficerTrustee | 3 | $0 |
Brett Palmer Trustee | Trustee | 3 | $0 |
Jeanne Condie Trustee | Trustee | 3 | $0 |
Rachel Jay Trustee | Trustee | 3 | $0 |
Rozelle Hansen Trustee | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,337,834 |
| All other contributions, gifts, grants, and similar amounts not included above | $21,799 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,359,633 |
| Total Program Service Revenue | $304,673 |
| Investment income | $91,881 |
| 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 | $5,756,187 |
| 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. | $181,978 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,414,971 |
| Pension plan accruals and contributions | $38,409 |
| Other employee benefits | $435,445 |
| Payroll taxes | $214,546 |
| Fees for services: Management | $72,336 |
| Fees for services: Legal | $210 |
| Fees for services: Accounting | $20,709 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $180,606 |
| Advertising and promotion | $4,031 |
| Office expenses | $66,125 |
| Information technology | $41,454 |
| Royalties | $0 |
| Occupancy | $225,510 |
| Travel | $62,796 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $604,613 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $331,972 |
| Insurance | $12,850 |
| All other expenses | $0 |
| Total functional expenses | $5,282,063 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,006,044 |
| Pledges and grants receivable | $445,733 |
| Accounts receivable, net | $8,243 |
| 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 | $6,138 |
| Net Land, buildings, and equipment | $9,671,072 |
| Investments—publicly traded securities | $2,494,289 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $13,631,519 |
| Accounts payable and accrued expenses | $304,673 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $12,749,096 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,053,769 |
| Net assets without donor restrictions | -$851,351 |
| Net assets with donor restrictions | $1,429,101 |
| 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 | $13,631,519 |