Utah Virtual Academy
- Assets
- $7.8m
- Revenue
- $26.8m
- Investments
- $0.0
- Employees
- 216
- Location
- Murray, UT
- Founding
- 02/2013
- Data as of
- 06/2021
- EIN
- 45-0574278
Organization Overview
Utah Virtual Academy is located in Murray, UT. The organization was established in 2013. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2021, Utah Virtual Academy employed 216 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Virtual 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 06/2021, Utah Virtual Academy generated $26.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 10.4% each year . All expenses for the organization totaled $23.4m during the year ending 06/2021. While expenses have increased by 7.9% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO GIVE STUDENTS A COMPLETE CURRICULUM AND EXCELLENT EDUCATION TO PROVIDE AN EDUCATION THAT MEETS OR EXCEEDS STATE STANDARDS, AND ALLOW STUDENTS TO DEMONSTRATE THEIR KNOWLEDGE AND SKILLS THROUGH STATE STANDARDIZED TESTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE STUDENTS WITH CURRICULUM AND OBTAIN RESOURCES FOR STUDENTS, AND TO CREATE A POSITIVE LEARNING ENVIRONMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brian Maxwell Chair | OfficerTrustee | 1 | $0 |
Matt Thue Vice Chair | OfficerTrustee | 1 | $0 |
Dallin Drescher Finance Chair | OfficerTrustee | 1 | $0 |
Amberly Keeler Member | Trustee | 1 | $0 |
Kristen Davidson Member | Trustee | 1 | $0 |
Marty Carpenter Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K12 Inc Management Services And Educational Cons | 6/29/21 | $10,594,238 |
Academica West Financial And Legal Services | 6/29/21 | $821,590 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $26,788,756 |
| All other contributions, gifts, grants, and similar amounts not included above | $562 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,789,318 |
| Total Program Service Revenue | $873 |
| Investment income | $4,003 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,794,194 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,703,398 |
| Pension plan accruals and contributions | $48,782 |
| Other employee benefits | $1,285,057 |
| Payroll taxes | $779,256 |
| Fees for services: Management | $2,896,431 |
| 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 | $906,753 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $337,970 |
| Royalties | $0 |
| Occupancy | $156,766 |
| Travel | $26,263 |
| 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 | $0 |
| Insurance | $50,202 |
| All other expenses | $1,425 |
| Total functional expenses | $23,365,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,762,720 |
| Savings and temporary cash investments | $817,383 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,165,153 |
| 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 | $10,253 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,755,509 |
| Accounts payable and accrued expenses | $2,804,413 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,804,413 |
| Net assets without donor restrictions | $3,728,573 |
| Net assets with donor restrictions | $1,222,523 |
| 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 | $7,755,509 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Utah Charter Academies Draper, UT | $87,193,817 | $47,458,045 |
Strive Preparatory Schools Denver, CO | $16,366,153 | $54,741,372 |
Kipp Colorado Schools Denver, CO | $14,636,055 | $38,026,869 |
Legacy Traditional Schools - Nevada Inc Chandler, AZ | $98,471,077 | $39,227,732 |
Goal Academy Pueblo, CO | $51,570,908 | $48,674,529 |
Mater Academy Of Nevada Las Vegas, NV | $50,289,285 | $33,903,245 |
Spectrum Academy North Salt Lake City, UT | $38,407,104 | $29,729,025 |
Odyssey Preparatory Academy Inc Buckeye, AZ | $75,530,982 | $28,243,391 |
Rocky Mountain Preparatory School Denver, CO | $30,804,994 | $31,097,127 |
Arizona Connections Academy Charter School Gilbert, AZ | $11,036,365 | $27,443,157 |
Benjamin Franklin Charter School - Queen Creek Gilbert, AZ | $74,039,747 | $26,576,099 |
Daisy Education Corporation Gilbert, AZ | $46,295,236 | $27,502,043 |