Ware Academy Inc
- Assets
- $2.3m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 47
- Location
- Gloucester, VA
- Founding
- 04/1953
- Data as of
- 06/2023
- EIN
- 54-0577901
Organization Overview
Ware Academy Inc is located in Gloucester, VA. The organization was established in 1953. 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, Ware Academy Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ware 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, Ware Academy Inc generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $2.4m during the year ending 06/2023. While expenses have increased by 4.8% 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
WARE ACADEMY IS A COLLEGE PREPARATORY SCHOOL FOR STUDENTS IN PRE-KINDERGARTEN THROUGH EIGHTH GRADE DESIGNED TO EDUCATE THE WHOLE CHILD TO HIS OR HER FULLEST POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE EDUCATION OF STUDENTS FROM PRE-KINDERGARTEN THROUGH EIGHTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Stan Allen President | OfficerTrustee | 2 | $0 |
John Elkin Director | Trustee | 2 | $0 |
Denise Finney Director | Trustee | 2 | $0 |
Rachel Kittrell Secretary | OfficerTrustee | 2 | $0 |
Amy Van Fossen Director | Trustee | 2 | $0 |
Dr Brad Hendricks Director | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $190,063 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $463,096 |
| Noncash contributions included in lines 1a–1f | $53,477 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $653,159 |
| Total Program Service Revenue | $2,002,079 |
| Investment income | $3,357 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $13,771 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $11,776 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,693,416 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $323,272 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $113,530 |
| Compensation of current officers, directors, key employees. | $23,774 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,093,521 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $111,921 |
| Payroll taxes | $86,338 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $310 |
| Fees for services: Accounting | $10,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,586 |
| Office expenses | $34,564 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $225,744 |
| Travel | $0 |
| 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 | $57,839 |
| Insurance | $27,872 |
| All other expenses | $24,734 |
| Total functional expenses | $2,369,657 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $443,952 |
| Savings and temporary cash investments | $334,995 |
| Pledges and grants receivable | $319,675 |
| Accounts receivable, net | $48,570 |
| 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 | $1,112,570 |
| Investments—publicly traded securities | $43,589 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,303,351 |
| Accounts payable and accrued expenses | $9,929 |
| Grants payable | $0 |
| Deferred revenue | $198,758 |
| 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 | $208,687 |
| Net assets without donor restrictions | $1,631,734 |
| Net assets with donor restrictions | $462,930 |
| 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 | $2,303,351 |