Hanover Academy
- Assets
- $909.3k
- Revenue
- $868.4k
- Investments
- $0.0
- Employees
- 26
- Location
- Ashland, VA
- Founding
- 11/1960
- Data as of
- 06/2023
- EIN
- 54-0662239
Organization Overview
Hanover Academy is located in Ashland, VA. The organization was established in 1960. 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, Hanover Academy employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hanover 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 06/2023, Hanover Academy generated $868.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.8% each year . All expenses for the organization totaled $780.1k during the year ending 06/2023. While expenses have increased by 7.9% 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
EDUCATION PRE-K THROUGH EIGHTH GRADE
Describe the Organization's Program Activity:
Part 3 - Line 4a
HANOVER ACADEMY IS AN EDUCATIONAL INSTITUTION THATPROVIDES ELEMENTARY AND JUNIOR HIGH SCHOOL SERVICES AND DAY CARE TOCHILDREN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dale Foley Board Member | Trustee | 5 | $0 |
Mark Hughes Board Member | Trustee | 1 | $0 |
Michelle Huff President | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $95,040 |
| 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 | $95,040 |
| Total Program Service Revenue | $722,857 |
| Investment income | $2,762 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $47,777 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $868,436 |
| 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 | $564,465 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $39,389 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $6,122 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,561 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,496 |
| Insurance | $10,167 |
| All other expenses | $45,777 |
| Total functional expenses | $780,131 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $187,765 |
| Savings and temporary cash investments | $249,160 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,288 |
| 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 | $439,072 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $909,285 |
| Accounts payable and accrued expenses | $19,437 |
| 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 | $259,985 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,200 |
| Total liabilities | $294,622 |
| Net assets without donor restrictions | $614,663 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $909,285 |