Fayette Academy
- Assets
- $10.0m
- Revenue
- $7.3m
- Investments
- $0.0
- Employees
- 118
- Location
- Somerville, TN
- Founding
- 01/2000
- Data as of
- 06/2023
- EIN
- 62-0726245
Organization Overview
Fayette Academy is located in Somerville, TN. The organization was established in 2000. 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 06/2023, Fayette Academy employed 118 individuals. This organization is the central organization for a national or regional group of organizations. Fayette 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, Fayette Academy generated $7.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $6.3m during the year ending 06/2023. While expenses have increased by 2.5% 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
FAYETTE ACADEMY IS A COLLEGE PREPARATORY SCHOOL BASED ON CHRISTIAN BELIEFS AND IS DEDICATED TO PROVIDING A QUALITY EDUCATION FOR STUDENTS IN PRE-K TO GRADE TWELVE. THE SCHOOL IS COMMITTED TO THE DEVELOPMENT OF EACH STUDENT WITH EMPHASIS PLACED ON ACADEMIC, PERSONAL, MORAL, SOCIAL, AND PHYSICAL DEVELOPMENT IN A SAFE ENVIRONMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE CO-EDUCATIONAL AND EXTRACURRICULAR ACTIVITIES TO STUDENTS FROM PRE-KINDERGARTEN TO 12TH GRADE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Blake Neill Chairman | OfficerTrustee | 4 | $0 |
Rob Bell Vice Chairman | OfficerTrustee | 4 | $0 |
Monia Garabito Secretary | OfficerTrustee | 4 | $0 |
Alex Armour Director | Trustee | 4 | $0 |
Jacob Smith Director | Trustee | 4 | $0 |
Brian K Culver Director | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chickasaw Electric Utilities | 6/29/23 | $110,256 |
Fayette Janitorial Service Cleaning And Maintenance | 6/29/23 | $175,400 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,438,747 |
| Noncash contributions included in lines 1a–1f | $40,641 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,438,747 |
| Total Program Service Revenue | $5,935,167 |
| Investment income | $23,878 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $39,698 |
| Net Income from Fundraising Events | -$196,658 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $45,844 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,318,201 |
| 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 | $3,304,825 |
| Pension plan accruals and contributions | $74,656 |
| Other employee benefits | $28,339 |
| Payroll taxes | $255,499 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,581 |
| Office expenses | $0 |
| Information technology | $171,645 |
| Royalties | $0 |
| Occupancy | $209,639 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $46,106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $472,570 |
| Insurance | $307,794 |
| All other expenses | $358,451 |
| Total functional expenses | $6,263,506 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $291,115 |
| Savings and temporary cash investments | $2,095,522 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,088,306 |
| 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 | $4,411,071 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $70,967 |
| Total assets | $9,956,981 |
| Accounts payable and accrued expenses | $86,137 |
| Grants payable | $0 |
| Deferred revenue | $5,455,948 |
| 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 | $2,014,967 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $506,541 |
| Total liabilities | $8,063,593 |
| Net assets without donor restrictions | $690,081 |
| Net assets with donor restrictions | $1,203,307 |
| 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 | $9,956,981 |