Madison Academy Inc
- Assets
- $15.0m
- Revenue
- $8.7m
- Investments
- $0.0
- Employees
- 151
- Location
- Madison, AL
- Founding
- 07/1958
- Data as of
- 06/2021
- EIN
- 63-0356666
Organization Overview
Madison Academy Inc is located in Madison, AL. The organization was established in 1958. 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 06/2021, Madison Academy Inc employed 151 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Madison 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 06/2021, Madison Academy Inc generated $8.7m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $8.7m during the year ending 06/2021. While expenses have increased by 1.1% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRIVATE SCHOOL DEDICATED TO EDUCATION OF CHILDREN FROM PK3 THROUGH GRADE 12
Describe the Organization's Program Activity:
Part 3 - Line 4a
785 STUDENTS IN PK3 THROUGH GRAGE 12
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Casey Farris President | Officer | 50 | $13,333 |
Tom Mckee Chairman | OfficerTrustee | 2 | $0 |
Dr Amy Leaton Vice Chair | OfficerTrustee | 2 | $0 |
Wesley Canerday Secretary | OfficerTrustee | 2 | $0 |
Tim Brown Member | Trustee | 2 | $0 |
Scotty Sparks Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,042,080 |
| All other contributions, gifts, grants, and similar amounts not included above | $257,330 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,299,410 |
| Total Program Service Revenue | $7,368,727 |
| Investment income | $68,979 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $923 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,738,039 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $119,082 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $13,333 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,288,856 |
| Pension plan accruals and contributions | $176,650 |
| Other employee benefits | $334,826 |
| Payroll taxes | $304,313 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $15,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $178 |
| Office expenses | $1,560 |
| Information technology | $141,268 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $107,007 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,402 |
| Interest | $182,582 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $690,060 |
| Insurance | $105,610 |
| All other expenses | $1,988,360 |
| Total functional expenses | $8,713,513 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $948,659 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $238,416 |
| 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 | $11,527,496 |
| Investments—publicly traded securities | $2,032,810 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $249,262 |
| Total assets | $14,996,643 |
| Accounts payable and accrued expenses | $605,550 |
| Grants payable | $0 |
| Deferred revenue | $43,879 |
| 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 | $5,142,716 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,792,145 |
| Net assets without donor restrictions | $8,054,498 |
| Net assets with donor restrictions | $1,150,000 |
| 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 | $14,996,643 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Madison Academy Inc has recieved totaling $10,313.
| Awarding Organization | Amount |
|---|---|
Education Freedom Alabama Birmingham, AL PURPOSE: Provide access to quality education | $10,313 |
Endowment Analysis
| Beg. Balance | $1,150,000 |
| Ending Balance | $1,150,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Canterbury School Corporation Fort Myers, FL | $32,236,169 | $23,638,435 |
Brookstone School Inc Columbus, GA | $71,035,506 | $24,481,396 |
The Masters Academy Of Central Florida Inc Oviedo, FL | $26,482,967 | $18,246,673 |
Savannah Christian Preparatory School Inc Savannah, GA | $28,769,990 | $18,697,901 |
Saint Edwards School Vero Beach, FL | $54,149,022 | $17,250,987 |
Capstone Education Group Inc Memphis, TN | $24,521,664 | $20,250,688 |
Republic Schools Inc Jackson, MS | $19,525,941 | $20,988,573 |
Strong Rock Christian School Inc Locust Grove, GA | $18,179,980 | $18,285,975 |
Fellowship Christian School Inc Roswell, GA | $48,536,188 | $18,034,878 |
St Pauls Episcopal School Mobile, AL | $26,189,566 | $16,422,172 |
Dubois Integrity Academy Inc Riverdale, GA | $36,435,666 | $18,797,787 |
William Monroe Rowlett Academy For Arts And Communication Bradenton, FL | $11,754,381 | $15,312,169 |