Hope Academy Inc
- Assets
- $42.7m
- Revenue
- $27.0m
- Investments
- $3.9m
- Employees
- 207
- Location
- Minneapolis, MN
- Founding
- 03/2001
- Data as of
- 07/2023
- 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 07/2023, Hope Academy Inc employed 207 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 07/2023, Hope Academy Inc generated $27.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 22.4% each year . All expenses for the organization totaled $11.7m during the year ending 07/2023. While expenses have increased by 12.4% per year over the past 8 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 ORGANIZATION OPERATES A K-12 SCHOOL IN URBAN MINNEAPOLIS WHICH PROVIDES A CLASSICAL CHRISTIAN EDUCATION, WITH A GOAL OF FOSTERING HOPE IN GOD WITHIN THE INNER-CITY NEIGHBORHOODS OF MINNEAPOLIS BY PROVIDING YOUTH WITH A REMARKABLE GOD-CENTERED EDUCATION.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Stigman Head Of Adva | 50 | $168,729 | |
Russ Gregg Head Of Scho | OfficerTrustee | 50 | $114,044 |
John Villas Head Of Fina | Officer | 30 | $54,523 |
Dan Olson President | OfficerTrustee | 3 | $0 |
Doug Smith Secretary | OfficerTrustee | 1 | $0 |
Mike Brocker Member | Trustee | 0.5 | $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 | $101,945 |
| Related organizations | $0 |
| Government grants | $1,528,629 |
| All other contributions, gifts, grants, and similar amounts not included above | $23,894,248 |
| Noncash contributions included in lines 1a–1f | $2,971,422 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,524,822 |
| Total Program Service Revenue | $796,986 |
| Investment income | $303,406 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $101,654 |
| Net Gain/Loss on Asset Sales | $332,163 |
| Net Income from Fundraising Events | -$15,313 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $27,043,718 |
| 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. | $218,837 |
| Compensation of current officers, directors, key employees. | $12,383 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,181,489 |
| Pension plan accruals and contributions | $200,218 |
| Other employee benefits | $569,458 |
| Payroll taxes | $451,413 |
| Fees for services: Management | $36,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,324 |
| Fees for services: Other | $537,361 |
| Advertising and promotion | $88,758 |
| Office expenses | $142,111 |
| Information technology | $159,190 |
| Royalties | $0 |
| Occupancy | $415,207 |
| Travel | $31,255 |
| 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 | $743,367 |
| Insurance | $74,453 |
| All other expenses | $134,437 |
| Total functional expenses | $11,650,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $480,626 |
| Savings and temporary cash investments | $11,494,348 |
| Pledges and grants receivable | $966,200 |
| Accounts receivable, net | $245,511 |
| 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 | $66,749 |
| Net Land, buildings, and equipment | $23,022,671 |
| Investments—publicly traded securities | $1,765,176 |
| Investments—other securities | $3,857,507 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $843,894 |
| Total assets | $42,742,682 |
| Accounts payable and accrued expenses | $1,110,315 |
| Grants payable | $0 |
| Deferred revenue | $18,480 |
| 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 | $1,128,795 |
| Net assets without donor restrictions | $23,705,314 |
| Net assets with donor restrictions | $17,908,573 |
| 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 | $42,742,682 |