Randolph Macon Academy
- Assets
- $39.7m
- Revenue
- $20.6m
- Investments
- $0.0
- Employees
- 165
- Location
- Front Royal, VA
- Founding
- 02/1974
- Data as of
- 06/2023
- EIN
- 54-0505939
Organization Overview
Randolph Macon Academy is located in Front Royal, VA. The organization was established in 1974. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2023, Randolph Macon Academy employed 165 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Randolph Macon 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, Randolph Macon Academy generated $20.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $18.7m during the year ending 06/2023. While expenses have increased by 4.1% 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
RANDOLPH-MACON ACADEMY IS A COLLEGE-PREPARATORY SCHOOL USING MILITARY VALUES TO PREPARE QUALIFIED YOUNG PEOPLE FOR LEADERSHIP ROLES IN THE UNITED STATES AND AROUND THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL PROGRAM SERVICE EXPENSES ARE DIRECTLY RELATED TO ACTIVITIES NECESSARY IN OPERATING A BOARDING EDUCATION INSTITUTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Wesley President | Officer | 40 | $286,235 |
Sung Chu Dir Of Enrollment Mgmt | 40 | $176,316 | |
Harry Austin Chair | OfficerTrustee | 1 | $0 |
John Simar Vice-Chair | OfficerTrustee | 1 | $0 |
Lucy Hooper Treasurer | OfficerTrustee | 1 | $0 |
Patty Keenan Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sage Dining Services Dining Services | 6/29/23 | $1,519,707 |
Westfall Gold Accounting Inc Fundraising | 6/29/23 | $295,732 |
Sea Island Company Llc Fundraising | 6/29/23 | $283,013 |
Wells Fargo Vendor Financial Services L Financial Services | 6/29/23 | $175,755 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $624,706 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,777,968 |
| Noncash contributions included in lines 1a–1f | $204,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,402,674 |
| Total Program Service Revenue | $13,954,943 |
| Investment income | $192,535 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $195,382 |
| Net Gain/Loss on Asset Sales | -$645,303 |
| Net Income from Fundraising Events | -$829,015 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $233,274 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,602,757 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,798,666 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $315,253 |
| Compensation of current officers, directors, key employees. | $50,045 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,506,071 |
| Pension plan accruals and contributions | $183,662 |
| Other employee benefits | $951,719 |
| Payroll taxes | $473,087 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $109,765 |
| Fees for services: Accounting | $112,474 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $580,863 |
| Advertising and promotion | $314,953 |
| Office expenses | $288,687 |
| Information technology | $246,304 |
| Royalties | $0 |
| Occupancy | $532,871 |
| Travel | $241,167 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $92,420 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,203,208 |
| Insurance | $294,568 |
| All other expenses | $520,590 |
| Total functional expenses | $18,727,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,206 |
| Savings and temporary cash investments | $3,294,803 |
| Pledges and grants receivable | $4,450,216 |
| Accounts receivable, net | $104,188 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,859 |
| Inventories for sale or use | $316,992 |
| Prepaid expenses and deferred charges | $410,087 |
| Net Land, buildings, and equipment | $19,539,276 |
| Investments—publicly traded securities | $10,919,621 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $650,028 |
| Total assets | $39,709,276 |
| Accounts payable and accrued expenses | $963,985 |
| Grants payable | $0 |
| Deferred revenue | $1,824,929 |
| 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 | $3,191,244 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $271,267 |
| Total liabilities | $6,251,425 |
| Net assets without donor restrictions | $18,947,067 |
| Net assets with donor restrictions | $14,510,784 |
| 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 | $39,709,276 |