Spectrum Academy
- Assets
- $48.7m
- Revenue
- $32.9m
- Investments
- $0.0
- Employees
- 851
- Location
- North Salt Lake City, UT
- Founding
- 09/2008
- Data as of
- 06/2023
- EIN
- 76-0817459
Organization Overview
Spectrum Academy is located in North Salt Lake City, UT. The organization was established in 2008. According to its NTEE Classification (B29) the organization is classified as: Charter Schools, under the broad grouping of Education and related organizations. As of 06/2023, Spectrum Academy employed 851 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spectrum 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, Spectrum Academy generated $32.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $31.6m during the year ending 06/2023. While expenses have increased by 13.8% 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
TO MANAGE, OPERATE, GUIDE, DIRECT, AND PROMOTE A PUBLIC CHARTER SCHOOL FUNDED BY LOCAL, STATE, AND FEDERAL SOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF ONE PUBLIC CHARTER SCHOOL FOR STUDENTS FROM KINDERGARTEN TO TWELFTH GRADE.
OPERATION OF A DAY CARE AND PRESCHOOL SERVICES.
OPERATION OF A FOOD SERVICES PROGRAM FOR THE CONVENIENCE OF THE STUDENTS AND FACULTY.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Loertscher President | Trustee | 1 | $0 |
Marcy Johnson Secretary | Trustee | 1 | $0 |
Marney Devroom Board Member | Trustee | 1 | $0 |
Bill Cox Board Member | Trustee | 1 | $0 |
Jennifer Lee Board Member | Trustee | 1 | $0 |
Chase Ames Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $31,737,107 |
| All other contributions, gifts, grants, and similar amounts not included above | $342,711 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $32,079,818 |
| Total Program Service Revenue | $319,359 |
| Investment income | $386,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,301 |
| Net Income from Fundraising Events | $66,355 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,871,634 |
| 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. | $299,311 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,434,961 |
| Pension plan accruals and contributions | $602,085 |
| Other employee benefits | $1,882,821 |
| Payroll taxes | $1,553,732 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $33,340 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $471,598 |
| Advertising and promotion | $17,327 |
| Office expenses | $13,979 |
| Information technology | $487,217 |
| Royalties | $0 |
| Occupancy | $465,681 |
| Travel | $50,733 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $214,947 |
| Interest | $1,486,879 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $982,655 |
| Insurance | $51,631 |
| All other expenses | $103,378 |
| Total functional expenses | $31,638,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,635,818 |
| Savings and temporary cash investments | $8,667,159 |
| Pledges and grants receivable | $525,917 |
| Accounts receivable, net | $1,000 |
| 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 | $8,406 |
| Net Land, buildings, and equipment | $35,647,081 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $191,915 |
| Total assets | $48,677,296 |
| Accounts payable and accrued expenses | $4,649,969 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $33,455,000 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,458,067 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,638,910 |
| Total liabilities | $43,201,946 |
| Net assets without donor restrictions | $5,475,350 |
| Net assets with donor restrictions | $0 |
| 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 | $48,677,296 |