Grace Academy Inc
- Assets
- $2.5m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 87
- Location
- Hagerstown, MD
- Founding
- 03/1979
- Data as of
- 06/2022
- EIN
- 52-1096867
Organization Overview
Grace Academy Inc is located in Hagerstown, MD. The organization was established in 1979. 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 06/2022, Grace Academy Inc employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace Academy Inc 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, Grace Academy Inc generated $3.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $3.0m during the year ending 06/2022. While expenses have increased by 2.3% 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
A PRIVATE CHRISTIAN EDUCATIONAL INSTITUTE THAT OPERATES ON A NON-DISCRIMINATORY BASIS TO STUDENTS FROM K3 THROUGH 12.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOOL PROVIDED A WELL-ROUND, CHRISTIAN-GROUNDED EDUCATION TO STUDENTS OF THE WASHINGTON COUNTY, MARYLAND AREA. THE SCHOOL IS FORMALLY ACCREDITED BY INDEPENDENT AGENCIES AND FULLY RECOGNIZED BY THE STATE OF MARYLAND. THE SCHOOL ALSO HOSTS A STUDENT EXCHANGE PROGRAM UNDER WHICH FOREIGN STUDENTS WERE AFFORDED THE SAME EDCUTIONAL EXPERIENCE DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Libby Chairman | OfficerTrustee | 0.5 | $0 |
Bev Stitely Treasurer | OfficerTrustee | 0.5 | $0 |
Caleb Hill Director | Trustee | 0.5 | $0 |
Eddie Sweeney Director | Trustee | 0.5 | $0 |
Johnathan Hibbert Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $100,927 |
| All other contributions, gifts, grants, and similar amounts not included above | $165,172 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $266,099 |
| Total Program Service Revenue | $2,963,411 |
| Investment income | $341 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,955 |
| Net Gain/Loss on Asset Sales | -$35 |
| Net Income from Fundraising Events | $24,296 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,040 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,289,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $242,624 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,153,726 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,321 |
| Payroll taxes | $344,650 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,592 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,928 |
| Advertising and promotion | $10,039 |
| Office expenses | $28,134 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $287,445 |
| Travel | $2,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $41,608 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $142,022 |
| Insurance | $315,983 |
| All other expenses | $18,828 |
| Total functional expenses | $3,000,295 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $634,730 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,863 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,737 |
| Prepaid expenses and deferred charges | $9,569 |
| Net Land, buildings, and equipment | $1,831,749 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,491,648 |
| Accounts payable and accrued expenses | $104,723 |
| Grants payable | $0 |
| Deferred revenue | $121,086 |
| 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 | $1,075,153 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,300,962 |
| Net assets without donor restrictions | $1,190,686 |
| 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 | $2,491,648 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Grace Academy Inc has recieved totaling $66,312.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Washington County Maryland Incorporated Hagerstown, MD PURPOSE: GENERAL SUPPORT | $66,005 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $307 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Heights Inc Potomac, MD | $28,496,015 | $21,762,530 |
The Foundation Schools Largo, MD | $16,377,358 | $19,826,112 |
Sanford School Inc Hockessin, DE | $33,539,309 | $20,013,159 |
Annapolis Area Christian School Association Inc Severn, MD | $29,091,894 | $17,563,578 |
Lancaster Country Day School Lancaster, PA | $75,848,302 | $20,350,115 |
Norwood School Inc Bethesda, MD | $57,964,554 | $24,196,645 |
Freire Charter School Philadelphia, PA | $7,896,247 | $17,871,218 |
Academy In Manayunk Inc Conshohocken, PA | $64,687,092 | $23,625,839 |
Congressional School Inc Falls Church, VA | $21,870,095 | $18,184,082 |
Nansemond-Suffolk Academy Association Incorporated Suffolk, VA | $19,895,333 | $17,664,822 |
Sussex Academy Of Arts & Sciences Inc Georgetown, DE | $42,610,221 | $13,826,672 |
Lowell School Inc Washington, DC | $42,214,480 | $16,545,938 |