New Millennium Academy
- Assets
- $10.3m
- Revenue
- $14.2m
- Investments
- $0.0
- Employees
- 254
- Location
- Brooklyn Center, MN
- Founding
- 04/2005
- Data as of
- 06/2022
- EIN
- 42-1625836
Organization Overview
New Millennium Academy is located in Brooklyn Center, MN. The organization was established in 2005. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, New Millennium Academy employed 254 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Millennium 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, New Millennium Academy generated $14.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.0% each year. All expenses for the organization totaled $14.7m during the year ending 06/2022. While expenses have increased by 9.2% 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
DEVELOPING GLOBAL LEADERS WHO TRANSFORM THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NMA PROVIDED PUBLIC SCHOOL ACADEMIC SERVICES TO AN AVERAGE OF 802 STUDENTS IN GRADES K-8 DURING THE 2021-2022 SCHOOL YEAR. SIXTY-FOUR PERCENT OF THESE STUDENTS CAME FROM LOW INCOME FAMILIES (QUALIFIED FOR FREE/REDUCED LUNCH). IN ADDITION, MANY QUALIFIED FOR EL SERVICES. THESE FACTORS GENERATE EXTRA FUNDING FROM THE STATE BUT ALSO GENERATE VARIOUS CHALLENGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Xiong Executive Director | Officer | 44 | $155,557 |
Stephanie Steen Principal | 44 | $119,667 | |
Stephanie Wheelock Principal | 44 | $104,298 | |
Janie Yang Secretary/teacher | OfficerTrustee | 44 | $59,295 |
Tatyana Tuy Member/teacher | Trustee | 42 | $56,712 |
Bridget Mealman Former Member/teacher | 40 | $53,414 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Caravan Kids Catering Food Service | 6/29/22 | $667,636 |
Northstar Bus Lines Transportation | 6/29/22 | $464,593 |
Midwest Bus Services Transportation | 6/29/22 | $123,025 |
Bergankdv Outsourced Services Accounting Services | 6/29/22 | $115,948 |
Mother And Son Llc Student Services | 6/29/22 | $106,866 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,829,993 |
| All other contributions, gifts, grants, and similar amounts not included above | $210,088 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,040,081 |
| Total Program Service Revenue | $109,453 |
| Investment income | $864 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,373 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,190,850 |
| 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. | $329,216 |
| Compensation of current officers, directors, key employees. | $179,344 |
| Compensation to disqualified persons | $68,654 |
| Other salaries and wages | $7,047,042 |
| Pension plan accruals and contributions | $512,515 |
| Other employee benefits | $770,122 |
| Payroll taxes | $639,715 |
| Fees for services: Management | $3,932 |
| Fees for services: Legal | $6,698 |
| Fees for services: Accounting | $154,417 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $612,556 |
| Advertising and promotion | $0 |
| Office expenses | $240,013 |
| Information technology | $579,232 |
| Royalties | $0 |
| Occupancy | $1,424,955 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $107,938 |
| Interest | $20,768 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $264,278 |
| Insurance | $91,365 |
| All other expenses | $124,750 |
| Total functional expenses | $14,717,633 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $246,745 |
| Savings and temporary cash investments | $2,243,057 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,986,644 |
| 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 | $133,395 |
| Net Land, buildings, and equipment | $1,048,908 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,655,863 |
| Total assets | $10,314,612 |
| Accounts payable and accrued expenses | $984,776 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $93,307 |
| Other liabilities | $9,312,762 |
| Total liabilities | $10,390,845 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | -$1,121,596 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,045,363 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $10,314,612 |