Faith Academy
- Assets
- $1.1m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 31
- Location
- Iowa City, IA
- Founding
- 08/2018
- Data as of
- 05/2023
- EIN
- 82-3695813
Organization Overview
Faith Academy is located in Iowa City, IA. The organization was established in 2018. 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 05/2023, Faith Academy employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faith 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 05/2023, Faith Academy generated $1.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 33.3% each year . All expenses for the organization totaled $915.1k during the year ending 05/2023. While expenses have increased by 20.8% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE OBJECTIVE OF FAITH ACADEMY SHALL BE TO PROVIDE A CHRIST-CENTERED EDUCATION, IN THE FORM OF FORMAL DAILY INSTRUCTION, TO LOW-INCOME STUDENTS IN THE IOWA CITY AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FAITH ACADEMY PROVIDED A QUALITY CHRIST-CENTERED EDUCATION TO OVER 93 K-6TH GRADE STUDENTS, HELPING 63 TO ACHIEVE PROFICIENCY IN READING. FAITH ACADEMY GRADUATED ITS FOURTH 6TH GRADE CLASS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Doug Fern Executive Di | OfficerTrustee | 17 | $0 |
David Asprey President | OfficerTrustee | 2 | $0 |
Matt Johnson Vice Preside | OfficerTrustee | 2 | $0 |
Richard Hoefer Treasurer | OfficerTrustee | 15 | $0 |
Craig Welt Secretary | OfficerTrustee | 2 | $0 |
Jill Schlott Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $239,653 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,050,589 |
| Noncash contributions included in lines 1a–1f | $300,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,290,242 |
| Total Program Service Revenue | $55,845 |
| Investment income | $10,899 |
| 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 | $1,376,055 |
| 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 | $624,001 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $66,584 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,689 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,049 |
| Advertising and promotion | $0 |
| Office expenses | $9,557 |
| Information technology | $5,469 |
| Royalties | $0 |
| Occupancy | $40,915 |
| 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 | $36,579 |
| Insurance | $13,996 |
| All other expenses | $21,873 |
| Total functional expenses | $915,125 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $50,770 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,119 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $660,898 |
| Investments—publicly traded securities | $353,076 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,065,863 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $1,065,863 |
| Total liabilities and net assets/fund balances | $1,065,863 |