Madison Academy Inc
- Assets
- $15.0m
- Revenue
- $9.9m
- Investments
- $0.0
- Employees
- 230
- Location
- Madison, AL
- Founding
- 07/1958
- Data as of
- 06/2023
- 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 06/2023, Madison Academy Inc employed 230 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 06/2023, Madison Academy Inc generated $9.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $10.6m during the year ending 06/2023. While expenses have increased by 3.3% 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
PRIVATE SCHOOL DEDICATED TO EDUCATION OF CHILDREN FROM PK3 THROUGH GRADE 12
Describe the Organization's Program Activity:
Part 3 - Line 4a
834 STUDENTS IN PK3 THROUGH GRAGE 12
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
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 |
Jason Bybee Treasurer | OfficerTrustee | 2 | $0 |
James Flatt Member | Trustee | 2 | $0 |
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 | $523,405 |
| Noncash contributions included in lines 1a–1f | $2,252 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $523,405 |
| Total Program Service Revenue | $9,129,489 |
| Investment income | $111,686 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $112,582 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,877,162 |
| 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. | $202,498 |
| Compensation of current officers, directors, key employees. | $20,250 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,135,733 |
| Pension plan accruals and contributions | $174,202 |
| Other employee benefits | $338,021 |
| Payroll taxes | $386,335 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,503 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,036 |
| Office expenses | $7,859 |
| Information technology | $304,136 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $80,270 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,941 |
| Interest | $176,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $671,944 |
| Insurance | $135,402 |
| All other expenses | $2,339,847 |
| Total functional expenses | $10,604,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $969,055 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $605,291 |
| 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 | $66,758 |
| Net Land, buildings, and equipment | $10,873,148 |
| Investments—publicly traded securities | $1,977,358 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $477,109 |
| Total assets | $14,968,719 |
| Accounts payable and accrued expenses | $1,540,367 |
| Grants payable | $0 |
| Deferred revenue | $515,656 |
| 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 | $4,673,302 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $450,000 |
| Total liabilities | $7,179,325 |
| Net assets without donor restrictions | $6,489,394 |
| Net assets with donor restrictions | $1,300,000 |
| 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 | $14,968,719 |