Terra Academy Inc
- Assets
- $15.7m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 135
- Location
- Vernal, UT
- Founding
- 03/2015
- Data as of
- 06/2023
- EIN
- 46-5495139
Organization Overview
Terra Academy Inc is located in Vernal, UT. The organization was established in 2015. 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 06/2023, Terra Academy Inc employed 135 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Terra 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 06/2023, Terra Academy Inc generated $6.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $6.1m during the year ending 06/2023. While expenses have increased by 4.2% 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
TERRA ACADEMY FOCUSES ON EACH STUDENT BY PROVIDING INDIVIDUALIZED INSTRUCTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A PUBLIC CHARTER SCHOOL PROVIDING HIGH QUALITY INSTRUCTION BASED ON UTAH STATE REQUIRED CURRICULUM TO STUDENTS IN KINDERGARTEN-12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rachelle Durrant Board Chair | OfficerTrustee | 0.5 | $0 |
Wes Porter Board Vice Chair | OfficerTrustee | 0.5 | $0 |
Jim Lamouth Treasurer | OfficerTrustee | 0.5 | $0 |
David Aldrich Board Member | Trustee | 0.5 | $0 |
Kaydee Massey Board Member | Trustee | 0.5 | $0 |
William Zenner Director | Officer | 40 | $103,897 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,434,161 |
| All other contributions, gifts, grants, and similar amounts not included above | $30,037 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,464,198 |
| Total Program Service Revenue | $131,601 |
| Investment income | $55,555 |
| 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 | $6,651,354 |
| 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. | $137,580 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,249,220 |
| Pension plan accruals and contributions | $215,086 |
| Other employee benefits | $481,527 |
| Payroll taxes | $239,693 |
| Fees for services: Management | $16,000 |
| Fees for services: Legal | $75 |
| Fees for services: Accounting | $20,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $43,346 |
| Advertising and promotion | $49 |
| Office expenses | $2,465 |
| Information technology | $93,764 |
| Royalties | $0 |
| Occupancy | $121,504 |
| Travel | $36,385 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $292,701 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $532,435 |
| Insurance | $41,855 |
| All other expenses | $3,871 |
| Total functional expenses | $6,108,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,709,161 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $111,346 |
| Accounts receivable, net | $786 |
| 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 | $3,974 |
| Net Land, buildings, and equipment | $12,397,452 |
| Investments—publicly traded securities | $1,466,658 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $15,689,377 |
| Accounts payable and accrued expenses | $460,273 |
| Grants payable | $0 |
| Deferred revenue | $497,517 |
| 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 | $11,743,280 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $20,953 |
| Total liabilities | $12,722,023 |
| Net assets without donor restrictions | $2,335,774 |
| Net assets with donor restrictions | $631,580 |
| 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 | $15,689,377 |