Independence Classical Academy Inc
- Assets
- $11.1m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 69
- Location
- Fort Pierce, FL
- Founding
- 11/2019
- Data as of
- 06/2023
- EIN
- 81-2700759
Organization Overview
Independence Classical Academy Inc is located in Fort Pierce, FL. The organization was established in 2019. 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, Independence Classical Academy Inc employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Independence Classical 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, Independence Classical Academy Inc generated $4.0m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 17.0% each year . All expenses for the organization totaled $3.9m during the year ending 06/2023. While expenses have increased by 16.9% per year over the past 3 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
INDEPENDENCE CLASSICAL ACADEMY EXISTS TO PROVIDE A DISCIPLINED AND HIGHLY ENGAGING LEARNING ENVIRONMENT RICH IN SCHOLARSHIP, CHARACTER BUILDING, CITIZENSHIP, MORAL VIRTUE, CIVICS, AND LIBERAL ARTS. THIS TIME-TESTED, CLASSICAL LIBERAL ARTS EDUCATION WILL ENSURE STUDENTS ARE HIGHLY PREPARED, THROUGH RIGOROUS AND RELEVANT CORE CONTENT WITH AN EMPHASIS ON LITERACY, TO BE HIGHLY PRODUCTIVE AND SUCCESSFUL CITIZENS WITH A STRONG SENSE OF CHARACTER AND CIVIC RESPONSIBILITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
INDEPENDENCE CLASSICAL ACADEMY EXISTS TO PROVIDE A DISCIPLINED AND HIGHLY ENGAGING LEARNING ENVIRONMENT RICH IN SCHOLARSHIP, CHARACTER BUILDING, CITIZENSHIP, MORAL VIRTUE, CIVICS, AND LIBERAL ARTS. THIS TIME-TESTED, CLASSICAL LIBERAL ARTS EDUCATION WILL ENSURE STUDENTS ARE HIGHLY PREPARED, THROUGH RIGOROUS AND RELEVANT CORE CONTENT WITH AN EMPHASIS ON LITERACY, TO BE HIGHLY PRODUCTIVE AND SUCCESSFUL CITIZENS WITH A STRONG SENSE OF CHARACTER AND CIVIC RESPONSIBILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clay Becton Board Chair | OfficerTrustee | 1 | $0 |
Carlo Frade Jr Vice Chair | OfficerTrustee | 1 | $0 |
Cathy Townsend Founder/member | Trustee | 1 | $0 |
Jason Revels Secretary | OfficerTrustee | 1 | $0 |
Lance Poole Treasurer | OfficerTrustee | 1 | $0 |
Sandy Howard Executive Director | Officer | 40 | $152,931 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
East Mountain Commercial Facility Lease | 6/29/23 | $817,781 |
School Financial Services Accounting | 6/29/23 | $132,032 |
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 | $175,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $175,000 |
| Total Program Service Revenue | $3,644,714 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $21,546 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,983,027 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $594,573 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $223,485 |
| Insurance | $0 |
| All other expenses | $1,150,468 |
| Total functional expenses | $3,875,735 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $289,908 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $10,612 |
| Accounts receivable, net | $0 |
| 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 | $47,711 |
| Net Land, buildings, and equipment | $10,725,997 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,074,228 |
| Accounts payable and accrued expenses | $224,453 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $85,382 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,682,385 |
| Total liabilities | $10,992,220 |
| Net assets without donor restrictions | $0 |
| 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 | $33,230 |
| Retained earnings, endowment, accumulated income, or other funds | $48,778 |
| Total liabilities and net assets/fund balances | $11,074,228 |