Westminster Academy
- Assets
- $8.9m
- Revenue
- $7.1m
- Investments
- $0.0
- Employees
- 147
- Location
- Memphis, TN
- Founding
- 08/1996
- Data as of
- 06/2023
- EIN
- 62-1622756
Organization Overview
Westminster Academy is located in Memphis, TN. The organization was established in 1996. 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, Westminster Academy employed 147 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster 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, Westminster Academy generated $7.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $7.4m during the year ending 06/2023. While expenses have increased by 9.8% 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
PROVIDE CLASSICAL CHRISTIAN EDUCATION TO STUDENTS IN GRADES JUNIOR KINDERGARTEN THROUGH 12
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE EDUCATIONAL SERVICES TO STUDENTS IN GRADES JUNIOR KINDERGARTEN THROUGH 12.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bryn Elizabeth Wilson Chair | Trustee | 2 | $0 |
Robert P Mcdaniel Vice Chair | Trustee | 2 | $0 |
Dr Robert Wilder Bradsher III Secretary | Trustee | 2 | $0 |
Patricia Diane Brower Director | Trustee | 2 | $0 |
Nathan Wesley Kellum Sr Director | Trustee | 2 | $0 |
F Scott Suddoth Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Amazon Online Sales | 6/29/22 | $107,390 |
World Strides Travel Services | 6/29/22 | $158,228 |
World Shine Medical Services | 6/29/22 | $105,078 |
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 | $601,362 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $601,362 |
| Total Program Service Revenue | $6,355,450 |
| Investment income | $75,679 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $43,160 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,093,812 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,420,470 |
| 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 | $3,518,811 |
| Pension plan accruals and contributions | $82,109 |
| Other employee benefits | $355,728 |
| Payroll taxes | $272,942 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,006 |
| Fees for services: Accounting | $25,342 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $63,538 |
| Office expenses | $0 |
| Information technology | $63,175 |
| Royalties | $0 |
| Occupancy | $382,566 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,755 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,925 |
| Insurance | $26,280 |
| All other expenses | $434,778 |
| Total functional expenses | $7,422,891 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,277,158 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,022,733 |
| 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 | $98,707 |
| Net Land, buildings, and equipment | $805,838 |
| Investments—publicly traded securities | $773,075 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,897,016 |
| Total assets | $8,874,527 |
| Accounts payable and accrued expenses | $301,570 |
| Grants payable | $0 |
| Deferred revenue | $4,538,763 |
| 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 | $1,929,776 |
| Total liabilities | $6,770,109 |
| Net assets without donor restrictions | $1,708,405 |
| Net assets with donor restrictions | $396,013 |
| 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 | $8,874,527 |