Palm Bay Academy
- Assets
- $12.3m
- Revenue
- $4.4m
- Investments
- $0.0
- Employees
- 75
- Location
- Palm Bay, FL
- Founding
- 02/1999
- Data as of
- 06/2022
- EIN
- 59-3519824
Organization Overview
Palm Bay Academy is located in Palm Bay, FL. The organization was established in 1999. According to its NTEE Classification (B20) the organization is classified as: Elementary & Secondary Schools, under the broad grouping of Education and related organizations. As of 06/2022, Palm Bay Academy employed 75 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Palm Bay 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 06/2022, Palm Bay Academy generated $4.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.8%) each year. All expenses for the organization totaled $4.6m during the year ending 06/2022. 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
TO PROVIDE PRIMARY EDUCATIONAL SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHARTER SCHOOL, GRADES K-9
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Madhu Longani Principal | OfficerTrustee | 40 | $71,758 |
Margaret Wilson Board Secret | Officer | $0 | |
Brendan Purcell Board Vice C | Officer | $0 | |
Jeanne Cunningham Board Member | Officer | $0 | |
Martha Wolf Board Chairm | Officer | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,944,356 |
| All other contributions, gifts, grants, and similar amounts not included above | $429,295 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,373,651 |
| Total Program Service Revenue | $42,139 |
| Investment income | $480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,416,270 |
| 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. | $71,758 |
| Compensation of current officers, directors, key employees. | $71,758 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,979,603 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $342,224 |
| Payroll taxes | $0 |
| Fees for services: Management | $29,567 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,695 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $248,048 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $153,125 |
| Conferences, conventions, and meetings | $1,115 |
| Interest | $558,270 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $429,416 |
| Insurance | $30,728 |
| All other expenses | $143,242 |
| Total functional expenses | $4,603,873 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,395,689 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,200 |
| Net Land, buildings, and equipment | $6,826,690 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $2,189,127 |
| Other assets | $1,849,677 |
| Total assets | $12,262,383 |
| Accounts payable and accrued expenses | $212,690 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $14,325,000 |
| 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 | $499,900 |
| Total liabilities | $15,037,590 |
| Net assets without donor restrictions | -$4,473,431 |
| Net assets with donor restrictions | $1,698,224 |
| 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 | $12,262,383 |
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|---|---|---|
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