Fayette Academy
- Assets
- $8.9m
- Revenue
- $5.5m
- Investments
- $0.0
- Employees
- 120
- Location
- Somerville, TN
- Founding
- 01/2000
- Data as of
- 06/2021
- EIN
- 62-0726245
Organization Overview
Fayette Academy is located in Somerville, TN. The organization was established in 2000. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2021, Fayette Academy employed 120 individuals. This organization is the central organization for a national or regional group of organizations. Fayette 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, Fayette Academy generated $5.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $5.3m during the year ending 06/2021. While expenses have increased by 0.6% 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
FAYETTE ACADEMY IS A COLLEGE PREPARATORY SCHOOL BASED ON CHRISTIAN BELIEFS AND IS DEDICATED TO PROVIDING A QUALITY EDUCATION FOR STUDENTS IN PRE-K TO GRADE TWELVE. THE SCHOOL IS COMMITTED TO THE DEVELOPMENT OF EACH STUDENT WITH EMPHASIS PLACED ON ACADEMIC, PERSONAL, MORAL, SOCIAL, AND PHYSICAL DEVELOPMENT IN A SAFE ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE CO-EDUCATIONAL AND EXTRACURRICULAR ACTIVITIES TO STUDENTS FROM PRE-KINDERGARTEN TO 12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Courtney Burnette Head Of School | 40 | $107,100 | |
Bill Rhea Chairman | OfficerTrustee | 4 | $0 |
Blake Neill Vice Chairman | OfficerTrustee | 4 | $0 |
David Whitenton Treasurer | OfficerTrustee | 4 | $0 |
Jan Cossar Secretary | OfficerTrustee | 4 | $0 |
Jonathan Crook Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Blue Cross Blue Shield Insurance | 6/29/21 | $211,440 |
Apple Financial Technology | 6/29/21 | $134,911 |
Chickasaw Electric Utilities | 6/29/21 | $104,254 |
Fayette Janitorial Service Cleaning And Maintenance | 6/29/21 | $165,600 |
Technology Lab Technology | 6/29/21 | $103,669 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $180,366 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $180,366 |
| Total Program Service Revenue | $4,650,888 |
| Investment income | $4,383 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$27,640 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $35,150 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,496,842 |
| 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 | $2,974,676 |
| Pension plan accruals and contributions | $69,251 |
| Other employee benefits | $24,003 |
| Payroll taxes | $221,353 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,887 |
| Office expenses | $0 |
| Information technology | $215,883 |
| Royalties | $0 |
| Occupancy | $211,512 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $62,977 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $429,734 |
| Insurance | $258,497 |
| All other expenses | $160,649 |
| Total functional expenses | $5,294,241 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,632 |
| Savings and temporary cash investments | $2,311,705 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,109,439 |
| 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 | $4,393,377 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,858,153 |
| Accounts payable and accrued expenses | $6,811 |
| Grants payable | $0 |
| Deferred revenue | $4,934,901 |
| 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 | $2,397,296 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $466,287 |
| Total liabilities | $7,805,295 |
| Net assets without donor restrictions | $816,748 |
| Net assets with donor restrictions | $236,110 |
| 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 | $8,858,153 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Fayette Academy has recieved totaling $831.
| Awarding Organization | Amount |
|---|---|
Pfizer Foundation Inc New York, NY PURPOSE: MATCHING GIFTS | $500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $331 |
Peer Organizations
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|---|---|---|
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Louisville Collegiate School Louisville, KY | $44,243,091 | $19,424,992 |
Pulaski Academy Little Rock, AR | $31,968,373 | $17,811,246 |
Brookstone School Inc Columbus, GA | $71,035,506 | $24,481,396 |
Lincoln Charter School Inc Denver, NC | $10,014,512 | $18,722,799 |
Kentucky Country Day School Inc Louisville, KY | $45,327,857 | $17,940,550 |
Imagine Schools Inc Vienna, VA | $112,554,052 | $31,881,932 |
Episcopal Collegiate School Little Rock, AR | $113,498,551 | $17,410,081 |
Savannah Christian Preparatory School Inc Savannah, GA | $28,769,990 | $18,697,901 |
Capstone Education Group Inc Memphis, TN | $24,521,664 | $20,250,688 |
Republic Schools Inc Jackson, MS | $19,525,941 | $20,988,573 |