Grace Academy Inc
- Assets
- $2.6m
- Revenue
- $3.9m
- Investments
- $0.0
- Employees
- 96
- Location
- Hagerstown, MD
- Founding
- 03/1979
- Data as of
- 06/2023
- EIN
- 52-1096867
Organization Overview
Grace Academy Inc is located in Hagerstown, MD. The organization was established in 1979. 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 06/2023, Grace Academy Inc employed 96 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace 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, Grace Academy Inc generated $3.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $3.8m during the year ending 06/2023. While expenses have increased by 3.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
A PRIVATE CHRISTIAN EDUCATIONAL INSTITUTE THAT OPERATES ON A NON-DISCRIMINATORY BASIS TO STUDENTS FROM K3 THROUGH 12.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SCHOOL PROVIDED A WELL-ROUND, CHRISTIAN-GROUNDED EDUCATION TO STUDENTS OF THE WASHINGTON COUNTY, MARYLAND AREA. THE SCHOOL IS FORMALLY ACCREDITED BY INDEPENDENT AGENCIES AND FULLY RECOGNIZED BY THE STATE OF MARYLAND. THE SCHOOL ALSO HOSTS A STUDENT EXCHANGE PROGRAM UNDER WHICH FOREIGN STUDENTS WERE AFFORDED THE SAME EDCUTIONAL EXPERIENCE DURING THE YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly Stitely Treasurer | OfficerTrustee | 0.5 | $0 |
Dave Libby Chairman | OfficerTrustee | 0.5 | $0 |
Eddie Sweeney Director | Trustee | 0.5 | $0 |
Dan Thornton Director | Trustee | 0.5 | $0 |
Johathan Hibbert Vice Chairman | OfficerTrustee | 0.5 | $0 |
Darren Sweeney Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $38,676 |
| All other contributions, gifts, grants, and similar amounts not included above | $145,283 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $183,959 |
| Total Program Service Revenue | $3,616,176 |
| Investment income | $8,122 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $28,195 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $41,034 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $2,446 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,892,116 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $487,382 |
| 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 | $1,675,543 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,612 |
| Payroll taxes | $133,644 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,106 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $63,462 |
| Advertising and promotion | $17,275 |
| Office expenses | $42,278 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $209,925 |
| Travel | $2,771 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $51,128 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $152,637 |
| Insurance | $390,213 |
| All other expenses | $44,968 |
| Total functional expenses | $3,778,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $238,513 |
| Savings and temporary cash investments | $487,632 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,177 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,735 |
| Prepaid expenses and deferred charges | $16,025 |
| Net Land, buildings, and equipment | $1,861,455 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $20,833 |
| Other assets | $0 |
| Total assets | $2,636,370 |
| Accounts payable and accrued expenses | $83,909 |
| Grants payable | $0 |
| Deferred revenue | $258,570 |
| 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 | $989,824 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,332,303 |
| Net assets without donor restrictions | $1,301,367 |
| Net assets with donor restrictions | $2,700 |
| 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 | $2,636,370 |