American School Of Correspondence
- Assets
- $8.9m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 97
- Location
- Lansing, IL
- Founding
- 08/1927
- Data as of
- 06/2022
- EIN
- 36-2167722
Organization Overview
American School Of Correspondence is located in Lansing, IL. The organization was established in 1927. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 06/2022, American School Of Correspondence employed 97 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American School Of Correspondence 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, American School Of Correspondence generated $3.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.4%) each year. All expenses for the organization totaled $4.9m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (9.5%) per year over the past 7 years. 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
PROVIDE A MIDDLE SCHOOL AND HIGH SCHOOL EDUCATION THROUGH THE HOME STUDY METHOD AT A REASONABLE COST TO STUDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL SERVICES: PROVIDE QUALITY SECONDARY INSTRUCTION AT A REASONABLE COST TO STUDENTS SEEKING TO COMPLETE A HIGH SCHOOL EDUCATION THROUGH THE HOME STUDY METHOD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr John Kemp Trustee | Trustee | 1 | $0 |
Gary Masterton Retired Pres Trustee | Trustee | 1 | $0 |
Valerie Riley President | OfficerTrustee | 37.5 | $99,750 |
Jeffrey Cox Executive Vice President | Officer | 37.5 | $89,250 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $3,236,097 |
| Investment income | $222,131 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $179,616 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,637,844 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,271 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $197,143 |
| Compensation of current officers, directors, key employees. | $52,902 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,669,705 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $489,793 |
| Payroll taxes | $141,517 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,855 |
| Fees for services: Accounting | $28,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $39,735 |
| Fees for services: Other | $191,506 |
| Advertising and promotion | $59,467 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $55,082 |
| Insurance | $65,511 |
| All other expenses | $301,793 |
| Total functional expenses | $4,900,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $244,728 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $761,058 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $399,192 |
| Prepaid expenses and deferred charges | $66,119 |
| Net Land, buildings, and equipment | $696,330 |
| Investments—publicly traded securities | $6,761,360 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,928,787 |
| Accounts payable and accrued expenses | $220,535 |
| Grants payable | $0 |
| Deferred revenue | $1,609,713 |
| 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 | $45,791 |
| Total liabilities | $1,876,039 |
| Net assets without donor restrictions | $5,752,748 |
| Net assets with donor restrictions | $1,300,000 |
| 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 | $8,928,787 |