Magnolia Heritage Academy
- Assets
- $68.8k
- Revenue
- $704.1k
- Investments
- $0.0
- Employees
- 25
- Location
- Magnolia, TX
- Founding
- 11/2015
- Data as of
- 12/2022
- EIN
- 47-5585810
Organization Overview
Magnolia Heritage Academy is located in Magnolia, TX. 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 12/2022, Magnolia Heritage Academy employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia Heritage 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 12/2022, Magnolia Heritage Academy generated $704.1k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 48.7% each year . All expenses for the organization totaled $673.5k during the year ending 12/2022. While expenses have increased by 48.4% per year over the past 4 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
EDUCATING AND TEACHING CHILDREN IN GRADES K12 IN THE MAGNOLIA AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE 2022 SCHOOL YEAR, WE TAUGHT 125 TO 150 STUDENTS 3 DAYS PER WEEK DURING 2022.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Morgan Honeycutt Director | Officer | 40 | $47,400 |
Terri Burton Director | Officer | 10 | $0 |
Barbara Molina Director | Officer | 25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $97,559 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $97,559 |
| Total Program Service Revenue | $588,882 |
| Investment income | $7 |
| 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 | $704,117 |
| 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. | $47,400 |
| Compensation of current officers, directors, key employees. | $47,400 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $299,300 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $22,713 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,159 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,924 |
| Advertising and promotion | $1,150 |
| Office expenses | $21,703 |
| Information technology | $8,105 |
| Royalties | $0 |
| Occupancy | $164,319 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,808 |
| Interest | $720 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,256 |
| All other expenses | $0 |
| Total functional expenses | $673,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,008 |
| Savings and temporary cash investments | $47,787 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| 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 | $68,795 |
| Accounts payable and accrued expenses | $5,946 |
| 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 | $5,857 |
| Total liabilities | $11,803 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $56,992 |
| Total liabilities and net assets/fund balances | $68,795 |