Spectrum Academy
- Assets
- $38.4m
- Revenue
- $29.7m
- Investments
- $0.0
- Employees
- 851
- Location
- North Salt Lake City, UT
- Founding
- 09/2008
- Data as of
- 06/2022
- EIN
- 76-0817459
Organization Overview
Spectrum Academy is located in North Salt Lake City, UT. The organization was established in 2008. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2022, Spectrum Academy employed 851 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spectrum 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 06/2022, Spectrum Academy generated $29.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $28.8m during the year ending 06/2022. While expenses have increased by 14.4% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF ONE PUBLIC CHARTER SCHOOL FOR STUDENTS FROM KINDERGARTEN TO TWELFTH GRADE.
OPERATION OF A DAY CARE AND PRESCHOOL SERVICES.
OPERATION OF A FOOD SERVICES PROGRAM FOR THE CONVENIENCE OF THE STUDENTS AND FACULTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jamie Christensen Exec Dir - A | Officer | 40 | $156,416 |
Brad Nelson Exec Dir - F | Officer | 40 | $147,351 |
Chase Ames Board Member | Trustee | 1 | $0 |
Marney Devroom Board Member | Trustee | 1 | $0 |
Marcy Johnson Secretary | Trustee | 1 | $0 |
Larry Bethers Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $29,364,620 |
| All other contributions, gifts, grants, and similar amounts not included above | $60,640 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,425,260 |
| Total Program Service Revenue | $214,424 |
| Investment income | $24,568 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$5,079 |
| Net Income from Fundraising Events | $38,136 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,729,025 |
| 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. | $557,047 |
| Compensation of current officers, directors, key employees. | $557,047 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,948,389 |
| Pension plan accruals and contributions | $520,301 |
| Other employee benefits | $1,821,534 |
| Payroll taxes | $1,388,378 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $47,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $438,540 |
| Advertising and promotion | $16,576 |
| Office expenses | $26,220 |
| Information technology | $558,976 |
| Royalties | $0 |
| Occupancy | $599,167 |
| Travel | $27,478 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $162,417 |
| Interest | $967,968 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $910,266 |
| Insurance | $41,922 |
| All other expenses | $128,617 |
| Total functional expenses | $28,766,630 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,688,342 |
| Savings and temporary cash investments | $5,103,314 |
| Pledges and grants receivable | $602,849 |
| Accounts receivable, net | $1,000 |
| 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 | $37,916 |
| Net Land, buildings, and equipment | $29,973,683 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,407,104 |
| Accounts payable and accrued expenses | $3,118,036 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $27,000,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $294,418 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,752,626 |
| Total liabilities | $34,165,080 |
| Net assets without donor restrictions | $4,242,024 |
| 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 | $38,407,104 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Spectrum Academy has recieved totaling $13,775.
| Awarding Organization | Amount |
|---|---|
Jewish Communal Fund New York, NY PURPOSE: GENERAL SUPPORT | $13,775 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Leadership Academy Inc Mesa, AZ | $282,415,478 | $95,654,658 |
Edkey Inc Mesa, AZ | $135,819,543 | $83,812,049 |
Asu Preparatory Academy Tempe, AZ | $49,146,223 | $66,068,953 |
Utah Charter Academies Draper, UT | $87,193,817 | $47,458,045 |
Strive Preparatory Schools Denver, CO | $16,366,153 | $54,741,372 |
Kipp Colorado Schools Denver, CO | $14,636,055 | $38,026,869 |
Legacy Traditional Schools - Nevada Inc Chandler, AZ | $98,471,077 | $39,227,732 |
Goal Academy Pueblo, CO | $51,570,908 | $48,674,529 |
Mater Academy Of Nevada Las Vegas, NV | $50,289,285 | $33,903,245 |
Spectrum Academy North Salt Lake City, UT | $38,407,104 | $29,729,025 |
Odyssey Preparatory Academy Inc Buckeye, AZ | $75,530,982 | $28,243,391 |
Rocky Mountain Preparatory School Denver, CO | $30,804,994 | $31,097,127 |