Elgin Academy
- Assets
- $16.0m
- Revenue
- $8.2m
- Investments
- $0.0
- Employees
- 87
- Location
- Elgin, IL
- Founding
- 07/1941
- Data as of
- 06/2022
- EIN
- 36-2205984
Organization Overview
Elgin Academy is located in Elgin, IL. The organization was established in 1941. 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 06/2022, Elgin Academy employed 87 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Elgin 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, Elgin Academy generated $8.2m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $9.1m 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
SCHOOL COMMITTED TO ACADEMIC EXCELLENCE AND DEVELOPING THE FULL POTENTIAL OF EACH OF ITS STUDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF AN EDUCATIONAL INSTITUTION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Seth Hanford Head Of School | Officer | 40 | $228,800 |
Marnie Kut Assistant Head Of School | 40 | $154,500 | |
Douglas Sept Assistant Head Of School | 40 | $132,500 | |
Amy Criswell Director Of Ec/ls/peak | 40 | $105,000 | |
Margaret Ward Chairman | OfficerTrustee | 1 | $0 |
John Yavari Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
First American Bank Loan | 6/29/18 | $270,201 |
United Healthcare Health Insurance | 6/29/18 | $407,465 |
Bee Line Support Inc Janitorial | 6/29/18 | $128,570 |
Aladdin Food Management Services Llc Food Service | 6/29/18 | $211,234 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $766,143 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,383,999 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,150,142 |
| Total Program Service Revenue | $5,853,881 |
| Investment income | $2,309 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$4,052 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $211,602 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,213,882 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $664,943 |
| Grants and other assistance to domestic individuals. | $2,170,821 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $620,800 |
| Compensation of current officers, directors, key employees. | $226,101 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,668,005 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $353,245 |
| Payroll taxes | $233,823 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $486,524 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $5,057 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $165,325 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $426,603 |
| Insurance | $104,313 |
| All other expenses | $633,154 |
| Total functional expenses | $9,108,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $425,693 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $73,806 |
| 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 | $82,503 |
| Net Land, buildings, and equipment | $9,853,640 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $51,741 |
| Other assets | $5,513,425 |
| Total assets | $16,000,808 |
| Accounts payable and accrued expenses | $229,148 |
| Grants payable | $0 |
| Deferred revenue | $2,151,893 |
| Tax-exempt bond liabilities | $4,167,736 |
| 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 | $838,080 |
| Total liabilities | $7,386,857 |
| Net assets without donor restrictions | $6,376,376 |
| Net assets with donor restrictions | $2,237,575 |
| 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 | $16,000,808 |
Grants Recieved
Over the last fiscal year, we have identified 9 grants that Elgin Academy has recieved totaling $46,347.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $16,000 |
Ranch Spur Charitable Tr Wayne, IL PURPOSE: UNRESTRICTED | $10,000 |
Future Wanxiang Foundation Inc South Barrington, IL PURPOSE: GENERAL SUPPORT | $6,000 |
Corwith Fund Chicago, IL PURPOSE: UNRESTRICTEDGENERAL SUPPORT | $5,000 |
Hamill Family Foundation Chicago, IL PURPOSE: UNRESTRICTED | $5,000 |
Alben F Bates And Clara G Bates Foundation Elmhurst, IL PURPOSE: UNRESTRICTED | $2,300 |
Endowment Analysis
| Beg. Balance | $6,385,305 |
| Earnings | -$634,007 |
| Admin Expense | $30,938 |
| Other Expense | $210,132 |
| Ending Balance | $5,510,228 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bernard Zell Anshe Emet Day School Chicago, IL | $69,026,609 | $20,320,544 |
Heritage Christian Schools Inc Indianapolis, IN | $19,759,630 | $19,173,955 |
Academy Of Basic Education Inc Brookfield, WI | $40,498,539 | $16,384,035 |
Summit Christian Academy Lees Summit, MO | $26,556,183 | $15,642,141 |
Orchard School Foundation Inc Indianapolis, IN | $60,553,415 | $15,394,463 |
Oaks Academy Inc Indianapolis, IN | $7,476,421 | $17,454,996 |
Near North Montessori School Chicago, IL | $38,573,944 | $16,517,378 |
Madison Country Day School Inc Waunakee, WI | $14,581,268 | $10,698,482 |
Bsds Inc Kansas City, MO | $14,798,906 | $10,020,061 |
Community School Association Saint Louis, MO | $35,306,826 | $7,869,470 |
Morgan Park Academy Chicago, IL | $7,353,923 | $9,629,614 |
Elgin Academy Elgin, IL | $16,000,808 | $8,213,882 |