Hanover Academy
- Assets
- $619.3k
- Revenue
- $931.4k
- Investments
- $0.0
- Employees
- 21
- Location
- Ashland, VA
- Founding
- 11/1960
- Data as of
- 06/2021
- EIN
- 54-0662239
Organization Overview
Hanover Academy is located in Ashland, VA. The organization was established in 1960. 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 06/2021, Hanover Academy employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hanover 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 06/2021, Hanover Academy generated $931.4k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $543.8k during the year ending 06/2021. While expenses have increased by 4.2% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
EDUCATION PRE-K THROUGH EIGHTH GRADE
Describe the Organization's Program Activity:
Part 3 - Line 4a
HANOVER ACADEMY IS AN EDUCATIONAL INSTITUTION THATPROVIDES ELEMENTARY AND JUNIOR HIGH SCHOOL SERVICES AND DAY CARE TOCHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Foley Board Member | Trustee | 5 | $0 |
Michelle Huff President | Trustee | 5 | $0 |
Mark Hughes Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $142,272 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $142,272 |
| Total Program Service Revenue | $742,562 |
| Investment income | $1,471 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $45,108 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $931,413 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $386,982 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $26,050 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,418 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,710 |
| 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 | $22,027 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,063 |
| Insurance | $7,297 |
| All other expenses | $34,925 |
| Total functional expenses | $543,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $421,912 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,027 |
| 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 | $170,617 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $768 |
| Total assets | $619,324 |
| Accounts payable and accrued expenses | $16,409 |
| 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 | $105,000 |
| Secured mortgages and notes payable | $402,140 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $523,549 |
| Net assets without donor restrictions | $95,775 |
| 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 | $619,324 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Hanover Academy has recieved totaling $327.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $327 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ensworth School Nashville, TN | $203,625,309 | $44,175,360 |
Washington International School Washington, DC | $132,347,025 | $55,642,872 |
American Embassy School Association Washington Dc, DC | $98,314,140 | $33,598,614 |
Capital City Public Charter School Inc Washington, DC | $43,801,166 | $29,982,294 |
Freedom Preparatory Academy Inc Memphis, TN | $50,857,494 | $33,295,008 |
Cannon School Inc Concord, NC | $52,291,449 | $28,580,834 |
Thales Academy Raleigh, NC | $136,454,160 | $55,473,682 |
Franklin Road Academy Inc Nashville, TN | $58,128,778 | $31,046,189 |
Brentwood Academy Inc Brentwood, TN | $50,379,157 | $25,930,047 |
Lake Norman Charter School Inc Huntersville, NC | $64,551,351 | $25,126,213 |
Two Rivers Public Charter School Inc Washington, DC | $70,128,237 | $23,149,054 |
Greensboro Independent School Corporation Greensboro, NC | $42,520,891 | $22,760,621 |