Admiral Farragut Academy Inc
- Assets
- $18.1m
- Revenue
- $16.9m
- Investments
- $0.0
- Employees
- 154
- Location
- St Petersburg, FL
- Founding
- 06/1991
- Data as of
- 06/2023
- EIN
- 59-3038365
Organization Overview
Admiral Farragut Academy Inc is located in St Petersburg, FL. The organization was established in 1991. According to its NTEE Classification (B25) the organization is classified as: Secondary & High Schools, under the broad grouping of Education and related organizations. As of 06/2023, Admiral Farragut Academy Inc employed 154 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Admiral Farragut 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, Admiral Farragut Academy Inc generated $16.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $16.2m during the year ending 06/2023. While expenses have increased by 1.3% 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
TO PROVIDE A COLLLEGE PREPARATORY ENVIRONMENT THAT PROMOTS ACADEMIC EXCELLENCE, LEADERSHIP SKILLS, AND SOCIAL DEVELOPMENT WITHIN A DIVERSE COMMUNITY OF YOUNG MEN AND WOMEN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATE STUDENTS GRADES KINDERGARTEN THROUGH 12 AND PREPARE THEM FOR A HIGHER LEVEL OF EDUCATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashley Patterson-Beaty Chairwoman | OfficerTrustee | 1 | $0 |
Matthew Sokolowski Vice Chairpe | OfficerTrustee | 1 | $0 |
E Garret Gummer Secretary | OfficerTrustee | 1 | $0 |
George Kinemond Treasurer | OfficerTrustee | 1 | $0 |
Holton Burns Board Member | Trustee | 1 | $0 |
Mark H Buzby Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gilbane Building Company Construction | 6/29/19 | $5,737,472 |
Sage Dining Services Inc Food Services | 6/29/19 | $982,690 |
Critical Intervention Services Protective Service | 6/29/19 | $183,778 |
Contract Cleaning Specialists Janitorial Service | 6/29/19 | $143,284 |
Wrd Construction Consultants Construction | 6/29/19 | $119,596 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,809,152 |
| Government grants | $458,833 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,243,263 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,511,248 |
| Total Program Service Revenue | $13,186,953 |
| Investment income | $2,527 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $43,100 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $5,657 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $161,202 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,910,687 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $2,219,785 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $786,409 |
| Compensation of current officers, directors, key employees. | $167,435 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,169,790 |
| Pension plan accruals and contributions | $184,441 |
| Other employee benefits | $329,247 |
| Payroll taxes | $442,547 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $38,934 |
| Fees for services: Accounting | $43,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $24,917 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $444,719 |
| Advertising and promotion | $80,051 |
| Office expenses | $227,578 |
| Information technology | $101,005 |
| Royalties | $0 |
| Occupancy | $912,657 |
| Travel | $87,715 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $40,448 |
| Interest | $526,171 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $644,780 |
| Insurance | $537,652 |
| All other expenses | $462,899 |
| Total functional expenses | $16,247,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,436,101 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $67,182 |
| Accounts receivable, net | $153,338 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $181,499 |
| Prepaid expenses and deferred charges | $138,465 |
| Net Land, buildings, and equipment | $13,203,792 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $125,915 |
| Other assets | $2,804,983 |
| Total assets | $18,111,275 |
| Accounts payable and accrued expenses | $97,762 |
| Grants payable | $0 |
| Deferred revenue | $4,032,440 |
| Tax-exempt bond liabilities | $7,132,914 |
| 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 | $274,569 |
| Other liabilities | $393,651 |
| Total liabilities | $11,931,336 |
| Net assets without donor restrictions | $3,236,888 |
| Net assets with donor restrictions | $2,943,051 |
| 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 | $18,111,275 |