Great Oaks Academy
- Assets
- $6.2m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 51
- Location
- Farmington, MN
- Founding
- 10/2019
- Data as of
- 06/2023
- EIN
- 83-2334904
Organization Overview
Great Oaks Academy is located in Farmington, MN. 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, Great Oaks Academy employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Oaks 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, Great Oaks Academy generated $3.7m in total revenue. All expenses for the organization totaled $3.6m during the year ending 06/2023. While expenses have increased by 134.3% per year over the past 4 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
OPERATION OF CHARTER SCHOOL IN FARMINGTON, MINNESOTA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GREAT OAKS ACADEMY IS A CLASSICAL EDUCATION CHARTER SCHOOL SERVING STUDENTS K-4. WE SERVED 320 STUDENTS IN THIS FISCAL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erik Queen Board Chair | OfficerTrustee | 1 | $0 |
Breanna O'neil Member/teacher | Trustee | 41 | $29,919 |
Dr Eric Rice Member | Trustee | 1 | $0 |
Dallas Moeller Member/para Teacher | Trustee | 1 | $735 |
Zac Holm Member | Trustee | 1 | $0 |
Natalie Kasper Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wellington Management Inc Management Services | 6/29/23 | $357,251 |
Marschall Line Inc Transportation | 6/29/23 | $158,256 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,561,063 |
| All other contributions, gifts, grants, and similar amounts not included above | $114,635 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,675,698 |
| Total Program Service Revenue | $10,914 |
| 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 | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,692,990 |
| 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. | $158,403 |
| Compensation of current officers, directors, key employees. | $116,167 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,372,438 |
| Pension plan accruals and contributions | $112,766 |
| Other employee benefits | $61,574 |
| Payroll taxes | $112,840 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,556 |
| Fees for services: Accounting | $67,462 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $426,574 |
| Advertising and promotion | $0 |
| Office expenses | $96,280 |
| Information technology | $64,908 |
| Royalties | $0 |
| Occupancy | $56,873 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,009 |
| Interest | $267,722 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $508,214 |
| Insurance | $10,361 |
| All other expenses | $34,492 |
| Total functional expenses | $3,565,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $692,527 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $375,255 |
| 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 | $6,642 |
| Net Land, buildings, and equipment | $369,667 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,803,245 |
| Total assets | $6,247,336 |
| Accounts payable and accrued expenses | $207,646 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $174,337 |
| Other liabilities | $5,705,169 |
| Total liabilities | $6,087,152 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $308,338 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$148,154 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $6,247,336 |