Sullins Academy Inc
- Assets
- $8.0m
- Revenue
- $1.9m
- Investments
- $3.2m
- Employees
- 52
- Location
- Bristol, VA
- Founding
- 05/1969
- Data as of
- 06/2022
- EIN
- 54-0801168
Organization Overview
Sullins Academy Inc is located in Bristol, VA. The organization was established in 1969. 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 06/2022, Sullins Academy Inc employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sullins 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 06/2022, Sullins Academy Inc generated $1.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.4%) each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (2.9%) per year over the past 7 years. 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
ELEMENTARY AND PRESCHOOL EDUCATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREATE AN ATMOSPHERE OF ACADEMIC EXCELLENCE FOR CHILDREN FROM PRESCHOOL TO EIGHTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ramesh Murthy Chair | OfficerTrustee | 10 | $0 |
Mark Hill Secretary | OfficerTrustee | 10 | $0 |
Karin Olsen Treasurer | OfficerTrustee | 10 | $0 |
John Busscher Director | Trustee | 2 | $0 |
Kristen Reedy Director | Trustee | 2 | $0 |
Lisa White Vice Chairman | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $85,302 |
| All other contributions, gifts, grants, and similar amounts not included above | $64,992 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $150,294 |
| Total Program Service Revenue | $1,624,489 |
| Investment income | $71,293 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $57,418 |
| Net Income from Fundraising Events | $37,917 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,941,411 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $185,745 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $152,742 |
| Compensation of current officers, directors, key employees. | $35,021 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $958,013 |
| Pension plan accruals and contributions | $13,514 |
| Other employee benefits | $43,913 |
| Payroll taxes | $81,334 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,025 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $18,360 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $8,202 |
| Royalties | $0 |
| Occupancy | $181,124 |
| 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 | $137,928 |
| Insurance | $0 |
| All other expenses | $20,131 |
| Total functional expenses | $1,955,771 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,640 |
| Savings and temporary cash investments | $1,635,060 |
| Pledges and grants receivable | $15,000 |
| Accounts receivable, net | $52,991 |
| 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 | $10,104 |
| Net Land, buildings, and equipment | $3,052,920 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,221,699 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,709 |
| Total assets | $7,992,123 |
| Accounts payable and accrued expenses | $236,207 |
| Grants payable | $0 |
| Deferred revenue | $58,067 |
| 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 | $294,274 |
| Net assets without donor restrictions | $4,439,125 |
| Net assets with donor restrictions | $3,258,724 |
| 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 | $7,992,123 |