Morgan Park Academy
- Assets
- $7.4m
- Revenue
- $10.2m
- Investments
- $110.8k
- Employees
- 166
- Location
- Chicago, IL
- Founding
- 07/1942
- Data as of
- 06/2023
- EIN
- 36-1502650
Organization Overview
Morgan Park Academy is located in Chicago, IL. The organization was established in 1942. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Morgan Park Academy employed 166 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Morgan Park 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, Morgan Park Academy generated $10.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $9.9m during the year ending 06/2023. While expenses have increased by 2.8% per year over the past 8 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
A PRIVATE INDEPENDENT SCHOOL FOR PRE-SCHOOL - 12TH GRADE
Describe the Organization's Program Activity:
Part 3 - Line 4a
MORGAN PARK ACADEMY OPERATES A PRIVATE INDEPENDENT SCHOOL FOR PRESCHOOL THROUGH GRADE 12 AND HAS APPROXIMATELY 440 STUDENTS.
THE ACADEMY RECEIVES DONATED SERVICES FROM PARENTS OF STUDENTS. THE VALUE OF THESE SERVICES CANNOT BE DETERMINED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kishore Paluri Board President | OfficerTrustee | 4 | $0 |
Elgie Sims Board Vice President | OfficerTrustee | 4 | $0 |
Torrence Moore Board Treasurer | OfficerTrustee | 4 | $0 |
Andrea Durbin Board Secretary | OfficerTrustee | 4 | $0 |
Marcus Crawford Board Member | Trustee | 4 | $0 |
Amy Delaney Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $489,486 |
| Related organizations | $0 |
| Government grants | $111,769 |
| All other contributions, gifts, grants, and similar amounts not included above | $177,290 |
| Noncash contributions included in lines 1a–1f | $36,775 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $778,545 |
| Total Program Service Revenue | $9,332,207 |
| Investment income | $23,539 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $109,994 |
| Net Gain/Loss on Asset Sales | $765 |
| Net Income from Fundraising Events | -$96,645 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,170,298 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,610,684 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $341,228 |
| Compensation of current officers, directors, key employees. | $67,039 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,945,290 |
| Pension plan accruals and contributions | $31,785 |
| Other employee benefits | $233,097 |
| Payroll taxes | $333,404 |
| 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 | $10,746 |
| Fees for services: Other | $99,702 |
| Advertising and promotion | $87,390 |
| Office expenses | $119,796 |
| Information technology | $99,592 |
| Royalties | $0 |
| Occupancy | $898,933 |
| Travel | $19,160 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $128,580 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $280,522 |
| Insurance | $101,349 |
| All other expenses | $172,462 |
| Total functional expenses | $9,897,947 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $831,077 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $117,903 |
| 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 | $88,306 |
| Net Land, buildings, and equipment | $5,176,882 |
| Investments—publicly traded securities | $1,090,040 |
| Investments—other securities | $110,821 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,415,029 |
| Accounts payable and accrued expenses | $430,459 |
| Grants payable | $0 |
| Deferred revenue | $1,127,324 |
| 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 | $2,499,093 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,056,876 |
| Net assets without donor restrictions | $2,083,343 |
| Net assets with donor restrictions | $1,274,810 |
| 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 | $7,415,029 |