Hope Academy Inc
- Assets
- $26.6m
- Revenue
- $13.7m
- Investments
- $3.6m
- Employees
- 175
- Location
- Minneapolis, MN
- Founding
- 03/2001
- Data as of
- 07/2022
- EIN
- 41-1962874
Organization Overview
Hope Academy Inc is located in Minneapolis, MN. The organization was established in 2001. 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 07/2022, Hope Academy Inc employed 175 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hope Academy Inc 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 07/2022, Hope Academy Inc generated $13.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.3% each year . All expenses for the organization totaled $9.8m during the year ending 07/2022. While expenses have increased by 11.4% 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
PROVIDE A FAITH-BASED K-12 EDUCATION TO INNER-CITY CHILDREN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOOL ACCEPTS STUDENTS IN ALL GRADES FROM KINDERGARTEN UP TO TWELVE. ALL EXPENSES WENT TOWARD PROVIDING A HIGH QUALITY, CHRIST-CENTERED EDUCATION. STUDENT PERFORMANCE HAS BEEN VERY GOOD AND MANY STUDENTS ARE TESTING AT OR ABOVE THEIR CURRENT GRADE LEVEL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Stigman Head Of Advancement | 40 | $156,652 | |
Russ Gregg Head Of School/vp/treasure | OfficerTrustee | 50 | $97,961 |
John Villas Head Of Finance And Ops | Officer | 24 | $37,205 |
Dan Olson President | OfficerTrustee | 3 | $0 |
Doug Smith Secretary | OfficerTrustee | 0.5 | $0 |
Mike Brocker Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ap Midwest Construction Contractor | 7/30/19 | $4,479,585 |
Healthpartners Medical Benefit Provider | 7/30/19 | $390,550 |
Mps Culinary & Wellness Services Student Meals Provider | 7/30/19 | $254,653 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $347,000 |
| Related organizations | $0 |
| Government grants | $1,374,621 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,059,990 |
| Noncash contributions included in lines 1a–1f | $1,454,908 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,781,611 |
| Total Program Service Revenue | $785,044 |
| Investment income | $52,800 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $54,532 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$14,331 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,659,656 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,800 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $324,488 |
| Compensation of current officers, directors, key employees. | $147,270 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,907,870 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $852,900 |
| Payroll taxes | $396,881 |
| Fees for services: Management | $27,463 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,945 |
| Advertising and promotion | $40,963 |
| Office expenses | $101,265 |
| Information technology | $176,873 |
| 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 | $626,573 |
| Insurance | $53,862 |
| All other expenses | $336,031 |
| Total functional expenses | $9,799,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,892 |
| Savings and temporary cash investments | $5,460,288 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $262,446 |
| 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 | $50,040 |
| Net Land, buildings, and equipment | $13,942,397 |
| Investments—publicly traded securities | $280,446 |
| Investments—other securities | $3,575,724 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,978,701 |
| Total assets | $26,555,934 |
| Accounts payable and accrued expenses | $318,424 |
| Grants payable | $0 |
| Deferred revenue | $16,407 |
| 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 | $334,831 |
| Net assets without donor restrictions | $22,196,886 |
| Net assets with donor restrictions | $4,024,217 |
| 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 | $26,555,934 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Hope Academy Inc has recieved totaling $372,000.
| Awarding Organization | Amount |
|---|---|
Bentson Foundation Wayzata, MN PURPOSE: GENERAL | $150,000 |
Dcm Foundation Belle Plaine, MN PURPOSE: GENERAL SUPPORT | $150,000 |
Schmoker Family Foundation Eden Prairie, MN PURPOSE: EDUCATIONAL | $30,000 |
Lisa Stuart Schmoker Family Foundation Edina, MN PURPOSE: EDUCATIONAL | $15,000 |
Mick And Sandy Lee Family Foundation Wayzata, MN PURPOSE: GENERAL PURPOSE EXEMPT FUNCTION GRANT | $12,000 |
Catherine Marie Schmoker Family Foundation Edina, MN PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mounds Park Academy St Paul, MN | $30,504,606 | $18,399,398 |
Academy Of Basic Education Inc Brookfield, WI | $40,498,539 | $16,384,035 |
Standing Rock Community Grant School Fort Yates, ND | $17,002,924 | $14,288,847 |
Noble Academy Brooklyn Park, MN | $14,827,066 | $12,839,269 |
Madison Country Day School Inc Waunakee, WI | $14,581,268 | $10,698,482 |
Hope Academy Inc Minneapolis, MN | $26,555,934 | $13,659,656 |
Beacon Academy Crystal, MN | $5,469,878 | $9,230,402 |
North Lakes Academy Forest Lake, MN | $4,392,458 | $7,717,810 |
Academy Of Excellence Milwaukee, WI | $6,806,704 | $9,684,188 |
Crazy Horse School Wanblee, SD | $8,972,836 | $11,288,787 |
Achieve Language Academy St Paul, MN | $7,414,026 | $6,915,145 |
Urban Academy St Paul, MN | $16,445,099 | $8,414,369 |