Sullins Academy Inc
- Assets
- $8.3m
- Revenue
- $2.4m
- Investments
- $3.5m
- Employees
- 41
- Location
- Bristol, VA
- Founding
- 05/1969
- Data as of
- 06/2021
- EIN
- 54-0801168
Organization Overview
Sullins Academy Inc is located in Bristol, VA. The organization was established in 1969. 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, Sullins Academy Inc employed 41 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sullins 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 06/2021, Sullins Academy Inc generated $2.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $1.8m during the year ending 06/2021. 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
ELEMENTARY AND PRESCHOOL EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREATE AN ATMOSPHERE OF ACADEMIC EXCELLENCE FOR CHILDREN FROM PRESCHOOL TO EIGHTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Roy Vermillion Head Of School | Officer | 45 | $63,714 |
Twana Meade Assoc. Head For Business A | Officer | 50 | $61,346 |
Ramesh Murthy Chair | OfficerTrustee | 10 | $0 |
Mark Hill Secretary | OfficerTrustee | 10 | $0 |
Karen Olsen Treasurer | OfficerTrustee | 2 | $0 |
Lisa White Vice Chair | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $428,605 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $628,605 |
| Total Program Service Revenue | $1,520,227 |
| Investment income | $67,038 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $87,192 |
| Net Income from Fundraising Events | $58,332 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,361,394 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $206,594 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $148,188 |
| Compensation of current officers, directors, key employees. | $148,188 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $868,425 |
| Pension plan accruals and contributions | $12,891 |
| Other employee benefits | $36,926 |
| Payroll taxes | $74,125 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,525 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $16,413 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,416 |
| Office expenses | $68,416 |
| Information technology | $12,178 |
| Royalties | $0 |
| Occupancy | $178,899 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $136,327 |
| Insurance | $0 |
| All other expenses | $6,804 |
| Total functional expenses | $1,823,116 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,640 |
| Savings and temporary cash investments | $1,553,769 |
| Pledges and grants receivable | $15,000 |
| Accounts receivable, net | $30,609 |
| 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 | $9,797 |
| Net Land, buildings, and equipment | $3,151,664 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,545,921 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,744 |
| Total assets | $8,311,144 |
| Accounts payable and accrued expenses | $200,870 |
| Grants payable | $0 |
| Deferred revenue | $90,399 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $291,269 |
| Net assets without donor restrictions | $4,391,559 |
| Net assets with donor restrictions | $3,628,316 |
| 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 | $8,311,144 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Sullins Academy Inc has recieved totaling $1,200.
| Awarding Organization | Amount |
|---|---|
Lawson-Fierbaugh Foundation Bristol, VA PURPOSE: DONATION FOR GENERAL SUPPORT | $1,200 |
Endowment Analysis
| Beg. Balance | $2,842,344 |
| Earnings | $599,182 |
| Ending Balance | $3,441,526 |
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 |
Carolina Day School Inc Asheville, NC | $29,412,889 | $19,874,947 |
Annapolis Area Christian School Association Inc Severn, MD | $29,091,894 | $17,563,578 |
Norwood School Inc Bethesda, MD | $57,964,554 | $24,196,645 |
Republic Schools Nashville Nashville, TN | $31,048,580 | $24,002,902 |
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 |
Summit School Inc Winstonsalem, NC | $46,496,346 | $18,682,492 |
Christian Academy Of Knoxville Inc Knoxville, TN | $16,374,308 | $19,411,697 |
Cornerstone Academy Inc Morristown, TN | $83,376,022 | $25,507,605 |
Lowell School Inc Washington, DC | $42,214,480 | $16,545,938 |