New Hope Christian Academy Inc
- Assets
- $6.7m
- Revenue
- $9.0m
- Investments
- $0.0
- Employees
- 90
- Location
- Memphis, TN
- Founding
- 11/1995
- Data as of
- 06/2024
- EIN
- 62-1612178
Organization Overview
New Hope Christian Academy Inc is located in Memphis, TN. The organization was established in 1995. 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 06/2024, New Hope Christian Academy Inc employed 90 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Hope Christian 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 06/2024, New Hope Christian Academy Inc generated $9.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $7.6m during the year ending 06/2024. While expenses have increased by 2.9% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
COLLEGE PREPARATORY ELEMENTARY EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
URBAN COLLEGE PREPARATORY ELEMENTARY SCHOOL PROVIDING STUDENTS WITH A CHALLENGING INTELLECTUAL AND CHIRST-CENTERED EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Bennett Board Member | Trustee | 1 | $0 |
Elliot Perry Board Member | Trustee | 1 | $0 |
Murff Galbreath Board Member | Trustee | 1 | $0 |
Tori Thomas Board Member | Trustee | 1 | $0 |
Marcus Lewis Board Member | Trustee | 1 | $0 |
Manken Chigawa Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $816,678 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,894,077 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,710,755 |
| Total Program Service Revenue | $2,198,921 |
| Investment income | $102,365 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,012,041 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,351,769 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $284,134 |
| Compensation of current officers, directors, key employees. | $135,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,371,947 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $516,930 |
| Payroll taxes | $295,072 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,046 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $121,188 |
| Advertising and promotion | $30,366 |
| Office expenses | $50,506 |
| Information technology | $43,250 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $211,891 |
| Insurance | $56,242 |
| All other expenses | $274,697 |
| Total functional expenses | $7,571,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,760,484 |
| Savings and temporary cash investments | $1,995,680 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,263 |
| 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 | $52,171 |
| Net Land, buildings, and equipment | $2,749,975 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $69,056 |
| Total assets | $6,655,629 |
| Accounts payable and accrued expenses | $176,099 |
| Grants payable | $0 |
| Deferred revenue | $7,289 |
| 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 | $1,420,825 |
| Total liabilities | $1,604,213 |
| Net assets without donor restrictions | $5,046,794 |
| Net assets with donor restrictions | $4,622 |
| 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 | $6,655,629 |