Grace Academy
- Assets
- $8.3m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 58
- Location
- Georgetown, TX
- Founding
- 05/2001
- Data as of
- 06/2023
- EIN
- 74-2873246
Organization Overview
Grace Academy is located in Georgetown, TX. The organization was established in 2001. According to its NTEE Classification (B24) the organization is classified as: Primary & Elementary Schools, under the broad grouping of Education and related organizations. As of 06/2023, Grace Academy employed 58 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grace 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, Grace Academy generated $4.1m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $3.1m during the year ending 06/2023. While expenses have increased by 7.8% 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
ELEMENTARY AND SECONDARY EDUCATION GRADES K-12. GRACE ACADEMY OFFERS LIBERAL ARTS EDUCATION IN THE HISTORIC CLASSICAL CHRISTIAN FORMAT FOCUSING ON GRAMMAR, LOGIC, AND RHETORIC IN EACH SUBJECT AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELEMENTARY/SECONDARY EDUCATION GRADES K-12, INCLUDING CLASSROOM INSTRUCTION, INTERCOLLEGIATE ATHLETICS AND EXTRA-CURRICULAR ACTIVITIES. THE CORE ACADEMIC MISSION OF THE SCHOOL IS THE PURSUIT OF LIBERAL ARTS EDUCATION IN THE SCHOOL OF GRAMMAR (K-5), A SCHOOL OF LOGIC (6-8), AND A SCHOOL OF RHETORIC (9-12). THE SCHOOL IS CLASSICAL IN BOTH ITS CURRICULUM (INCLUDING LATIN, FORMAL AND INFORMAL LOGIC, AND RHETORIC) AND METHODOLOGY (EMPHASIZING THE CLASSICAL TRIVIUM TOOLS OF LEARNING IN THE APPLICATION OF EVERY SUBJECT).
FINANCIAL ASSISTANCE-THE SCHOOL SEEKS TO SUPPORT ITS OTHER PRIMARY PROGRAM SERVICES THROUGH NEED-BASED FINANCIAL ASSISTANCE TO FAMILIES. NEED IS DETERMINED USING THE ASSISTANCE OF AN OUTSIDE FINANCIAL AID ASSESSMENT COMPANY AND THEIR WIDELY-USED METHODOLOGY FOR ASSESSING FINANCIAL NEED. A FINANCIAL AID COMMITTEE REVIEWS THE ASSESSMENT FROM THE OUTSIDE COMPANY AND MAKES FINANCIAL AID AWARDS. THE COMMITTEE IS COMPRISED OF INDEPENDENT MEMBERS OF THE SCHOOL COMMUNITY WHO SERVE ON A MULTI-YEAR VOLUNTEER BASIS. COMMITTEE MEMBERS ARE INDEPENDENT OF THE FINANCIAL AID AWARDING PROCESS, BEING INELIGIBLE TO RECEIVE FINANCIAL ASSISTANCE WHILE SERVING ON THE COMMITTEE. COMMITTEE MEMBERS REMAIN UNBIASED IN THEIR ASSESSMENT AND DECISION-MAKING PROCESSES AS ALL DOCUMENTS REVIEWED BY THE COMMITTEE HAVE IDENTIFYING INFORMATION REMOVED FROM THE FILES (E.G. NAMES, ADDRESSES, ETHNICITY, ETC.) THE COMMITTEE FUNCTIONS UNDER THE SCHOOL'S POLICY PROHIBITING UNLAWFUL DISCRIMINATION IN THE FINANCIAL AID AWARDING PROCESS. THE AMOUNT OF ASSISTANCE GIVEN IN THE CURRENT YEAR WAS 321,669. IT IS INCLUDED IN DISCOUNTS AND SCHOLARSHIPS ON PAGE 9, PART VIII, LINE 2A.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas Noble Chair | OfficerTrustee | 5 | $0 |
Heather Burnside Vice Chair | OfficerTrustee | 5 | $0 |
Dr Ann Wilkes Secretary | OfficerTrustee | 5 | $0 |
Jayme Bates Board Member | Trustee | 5 | $0 |
Chad Warren Board Member | Trustee | 5 | $0 |
Colin Mcgahey Board Member | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pinnacle Custom Homes Construction | 6/29/22 | $352,799 |
Fgm Architects Architecture | 6/29/22 | $154,098 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $32,806 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,071,226 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,104,032 |
| Total Program Service Revenue | $2,827,881 |
| Investment income | $33,006 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $145,758 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,130,730 |
| 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 | $1,885,600 |
| Pension plan accruals and contributions | $45,548 |
| Other employee benefits | $199,567 |
| Payroll taxes | $141,461 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $9,916 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $99,727 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,031 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $174,285 |
| Insurance | $29,815 |
| All other expenses | $15,213 |
| Total functional expenses | $3,057,285 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $504,819 |
| Savings and temporary cash investments | $3,542,103 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,789,795 |
| 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 | $5,699 |
| Net Land, buildings, and equipment | $2,451,522 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,293,938 |
| Accounts payable and accrued expenses | $5,148 |
| Grants payable | $0 |
| Deferred revenue | $3,204,248 |
| 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 | $878,727 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,690 |
| Total liabilities | $4,098,813 |
| Net assets without donor restrictions | $1,821,257 |
| Net assets with donor restrictions | $2,373,868 |
| 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 | $8,293,938 |