Wasatch Academy
- Assets
- $45.9m
- Revenue
- $17.8m
- Investments
- $13.4k
- Employees
- 184
- Location
- Mt Pleasant, UT
- Founding
- 10/1972
- Data as of
- 06/2022
- EIN
- 87-0290194
Organization Overview
Wasatch Academy is located in Mt Pleasant, UT. The organization was established in 1972. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2022, Wasatch Academy employed 184 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wasatch 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, Wasatch Academy generated $17.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $16.4m during the year ending 06/2022. 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
WASATCH ACADEMY IS A NURTURING COMMUNITY EMPOWERING YOUNG PEOPLE TO DEVELOP ACADEMICALLY, SOCIALLY, EMOTIONALLY, PHYSICALLY, AND ETHICALLY, BY PREPARING THEM FOR THE OPPORTUNITY OF COLLEGE, WORK, AND A LIFETIME OF LEARNING AND CONTRIBUTING TO OUR GLOBAL SOCIETY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STUDENT EDUCATION FOR APPROXIMATELY 220 STUDENTS IN A PRIVATE PREPARATORY HIGH SCHOOL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Culberson Head Of School | OfficerTrustee | 40 | $328,600 |
Joseph Loftin Head Of School - Emeritus | 2 | $268,959 | |
Paul Applegarth Assistant Head Of School For Finance/facilities | Officer | 40 | $195,700 |
Tyler Kennedy Dean Of Residential Life | 40 | $127,000 | |
Graham Jessee Director Of Global Initiatives | 40 | $122,000 | |
Kerry Bedell Director Of Institutional Advancement | 40 | $111,487 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,241,868 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,071,014 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,312,882 |
| Total Program Service Revenue | $15,290,291 |
| Investment income | $12,059 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $208,573 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,823,805 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $3,124,744 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $971,221 |
| Compensation of current officers, directors, key employees. | $702,301 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,007,637 |
| Pension plan accruals and contributions | $170,062 |
| Other employee benefits | $1,029,521 |
| Payroll taxes | $438,723 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,098 |
| Fees for services: Accounting | $127,653 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $517,675 |
| Advertising and promotion | $233,125 |
| Office expenses | $32,399 |
| Information technology | $294,782 |
| Royalties | $0 |
| Occupancy | $1,082,512 |
| Travel | $189,234 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $53,661 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,315,015 |
| Insurance | $146,114 |
| All other expenses | $0 |
| Total functional expenses | $16,375,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,512,383 |
| Savings and temporary cash investments | $2,688,183 |
| Pledges and grants receivable | $1,241,868 |
| Accounts receivable, net | $82,218 |
| 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 | $24,450,825 |
| Investments—publicly traded securities | $11,244,496 |
| Investments—other securities | $13,400 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $633,322 |
| Total assets | $45,866,695 |
| Accounts payable and accrued expenses | $124,667 |
| Grants payable | $0 |
| Deferred revenue | $5,146,956 |
| 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 | $2,493,276 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $649,186 |
| Total liabilities | $8,414,085 |
| Net assets without donor restrictions | $29,068,036 |
| Net assets with donor restrictions | $8,384,574 |
| 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 | $45,866,695 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Wasatch Academy has recieved totaling $46,300.
| Awarding Organization | Amount |
|---|---|
Pi Foundation Inc Salt Lake City, UT PURPOSE: SUPPORT CHARITY ORG | $20,000 |
Ronald P & Susan E Lynch Foundation New York, NY PURPOSE: SUPPORT ORGANIZATION'S PROGRAMS & ACTIVITIES | $15,000 |
Pierce Family Foundation Farmington, NM PURPOSE: TO SUPPORT CHARITABLE ACTIVITIES | $4,000 |
Topper Foundation Trust Farmington, NM PURPOSE: TO SUPPORT ACADEMIC ACTIVITIES | $3,500 |
John J Pohanka Family Foundation Capitol Heights, MD PURPOSE: GENERAL PURPOSE | $2,500 |
Wiegers Family Foundation New York, NY PURPOSE: GENERAL | $1,000 |
Endowment Analysis
| Beg. Balance | $7,174,693 |
| Earnings | -$379,923 |
| Net Contributions | $247,936 |
| Ending Balance | $7,042,706 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Colorado Springs Early Colleges Fort Collins, CO | $35,604,171 | $48,955,771 |
Albuquerque Academy Hcsr Albuquerque, NM | $165,817,111 | $34,153,293 |
Kent Denver Country Day School Englewood, CO | $152,128,736 | $28,714,995 |
Santa Fe Indian School Santa Fe, NM | $90,382,939 | $26,366,608 |
Santa Fe Preparatory School Santa Fe, NM | $79,113,849 | $36,111,805 |
Fountain Valley School Of Colorado Colorado Springs, CO | $92,362,981 | $24,818,046 |
Wasatch Academy Mt Pleasant, UT | $45,866,695 | $17,823,805 |
Navajo Preparatory School Inc Farmington, NM | $37,567,327 | $9,309,197 |
Bosque School Albuquerque, NM | $33,698,643 | $13,258,557 |
Utah Military Academy Riverdale, UT | $24,344,819 | $12,220,357 |
Valley Christian Schools Chandler, AZ | $29,261,285 | $13,775,724 |
Davinci Academy Of Science And The Arts Ogden, UT | $18,116,859 | $12,303,431 |