Legacy Preparatory Academy
- Assets
- $32.0m
- Revenue
- $9.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Woods Cross, UT
- Founding
- 05/2007
- Data as of
- 06/2023
- EIN
- 59-3810621
Organization Overview
Legacy Preparatory Academy is located in Woods Cross, UT. The organization was established in 2007. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Preparatory 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, Legacy Preparatory Academy generated $9.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $9.2m during the year ending 06/2023. While expenses have increased by 4.3% per year over the past 7 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 CLASSICAL EDUCATION AND FINE ARTS WITHIN A PUBLIC CHARTER SCHOOL SETTING BY BUILDING THE FOUNDATION OF KNOWLEDGE AND CRITICAL THINKING SKILLS NECESSARY FOR CHILDREN TO BECOME INDEPENDENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO OPERATE A PUBLIC CHARTER SCHOOL FOR STUDENT FROM KINDERGARTEN TO NINTH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Al Pranno President | OfficerTrustee | 2 | $0 |
Anna Mark Vice President | OfficerTrustee | 2 | $0 |
David Ray Secretary | OfficerTrustee | 2 | $0 |
Alisha Johnson Treasurer | OfficerTrustee | 2 | $0 |
John Cook Board Member | Trustee | 2 | $0 |
Jim Collings Board Member | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Academica West Financial And Legal Services | 6/29/22 | $389,771 |
Green Collective Building Lease | 6/29/22 | $280,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,857,508 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,558 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,868,066 |
| Total Program Service Revenue | $159,317 |
| Investment income | $283,597 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,485 |
| 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 | $9,360,799 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,450 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $708,379 |
| Advertising and promotion | $10,339 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,523 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $999,159 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $615,258 |
| Insurance | $78,596 |
| All other expenses | $410,596 |
| Total functional expenses | $9,174,491 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,180,311 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $98,570 |
| Accounts receivable, net | $8,171 |
| 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 | $613,316 |
| Net Land, buildings, and equipment | $23,530,501 |
| Investments—publicly traded securities | $3,567,138 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,998,007 |
| Accounts payable and accrued expenses | $697,464 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $24,808,319 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $230,268 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $25,736,051 |
| Net assets without donor restrictions | $2,755,859 |
| Net assets with donor restrictions | $3,506,097 |
| 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 | $31,998,007 |