Civic Intelligence

The Freedom Academy Foundation

990 • Fiscal year 2015 • EIN 13-4255839

Jul 01, 2014 to Jun 30, 2015 • Filed on Dec 21, 2015

Organization Profilefreedomprep.net

View Organization Page

1190 West 900 NorthProvo, UT 84604

(801) 437-3100

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

1.05x

Higher debt load relative to assets than 94% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

85th percentile

1.55x

Higher debt load relative to revenue than 85% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

24th percentile

-2.9%

Higher net margin than 24% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

26th percentile

$110,000

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

25th percentile

-3.4%

Faster asset growth than 25% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

74th percentile

14%

Faster revenue growth than 74% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$10,331,366

Down $360,095 (-3.4%) from 2014

Net Assets

Down

-$539,327

Down $203,710 (-61%) from 2014

Liabilities

Down

$10,870,693

Down $156,385 (-1.4%) from 2014

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin24th percentile

Revenue

Up

$7,014,671

Up $862,423 (+14%) from 2014

Expenses

Up

$7,218,381

Up $980,163 (+16%) from 2014

Net Income

Down

-$203,710

Down $117,740 (-137%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth25th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0-$50MAssets 2011: $10,690,860Liabilities 2011: $11,143,671Net Assets 2011: -$452,8112011Assets 2012: $10,708,205Liabilities 2012: $11,111,479Net Assets 2012: -$403,2742012Assets 2013: $11,040,742Liabilities 2013: $11,290,390Net Assets 2013: -$249,6482013Assets 2014: $10,691,461Liabilities 2014: $11,027,078Net Assets 2014: -$335,6172014Assets 2015: $10,331,366Liabilities 2015: $10,870,693Net Assets 2015: -$539,3272015Assets 2016: $10,522,377Liabilities 2016: $11,054,700Net Assets 2016: -$532,3232016Assets 2017: $9,686,240Liabilities 2017: $11,152,603Net Assets 2017: -$1,466,3632017Assets 2018: $51,885,197Liabilities 2018: $54,813,292Net Assets 2018: -$2,928,0952018Assets 2019: $51,561,470Liabilities 2019: $55,027,122Net Assets 2019: -$3,465,6522019Assets 2020: $50,922,260Liabilities 2020: $55,194,724Net Assets 2020: -$4,272,4642020Assets 2021: $64,742,070Liabilities 2021: $69,714,483Net Assets 2021: -$4,972,4132021Assets 2022: $63,049,119Liabilities 2022: $69,554,602Net Assets 2022: -$6,505,4832022Assets 2023: $65,545,272Liabilities 2023: $70,857,703Net Assets 2023: -$5,312,4312023Assets 2024: $66,156,573Liabilities 2024: $71,468,907Net Assets 2024: -$5,312,3342024Assets 2025: $59,816,528Liabilities 2025: $68,830,925Net Assets 2025: -$9,014,3972025

Highlighted filing

2015

Assets$10,331,366
Liabilities$10,870,693
Net Assets-$539,327
Open 2015 Filing

Operations Trend

Revenue Growth74th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$30M$20M$10M$0-$10MRevenue 2011: $4,275,293Expenses 2011: $4,138,479Net Income 2011: $136,8142011Revenue 2012: $4,425,914Expenses 2012: $4,376,377Net Income 2012: $49,5372012Revenue 2013: $4,955,533Expenses 2013: $4,801,907Net Income 2013: $153,6262013Revenue 2014: $6,152,248Expenses 2014: $6,238,218Net Income 2014: -$85,9702014Revenue 2015: $7,014,671Expenses 2015: $7,218,381Net Income 2015: -$203,7102015Revenue 2016: $8,213,677Expenses 2016: $8,206,673Net Income 2016: $7,0042016Revenue 2017: $9,802,440Expenses 2017: $10,736,480Net Income 2017: -$934,0402017Revenue 2018: $11,954,113Expenses 2018: $13,415,845Net Income 2018: -$1,461,7322018Revenue 2019: $15,331,123Expenses 2019: $15,868,680Net Income 2019: -$537,5572019Revenue 2020: $16,301,229Expenses 2020: $17,108,041Net Income 2020: -$806,8122020Revenue 2021: $19,577,542Expenses 2021: $20,277,491Net Income 2021: -$699,9492021Revenue 2022: $22,213,905Expenses 2022: $23,746,975Net Income 2022: -$1,533,0702022Revenue 2023: $26,434,172Expenses 2023: $25,241,120Net Income 2023: $1,193,0522023Revenue 2024: $26,182,910Expenses 2024: $26,182,813Net Income 2024: $972024Revenue 2025: $27,885,092Expenses 2025: $27,894,157Net Income 2025: -$9,0652025

Highlighted filing

2015

Revenue$7,014,671
Expenses$7,218,381
Net Income-$203,710
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Dec 21, 2015
Return Version
2014v5.0
Gross Receipts
$7,014,671
Mission and Program Overview

Mission

Kindergarten through 12th grade charter school in the State of Utah.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,344,033$8,182,571▼ $161,462
Investments Other Securities$1,026,550$1,042,337▲ $15,787
Cash and Non-Interest-Bearing Accounts$717,545$472,612▼ $244,933
Accounts Receivable$106,676$146,634▲ $39,958
Prepaid Expenses and Deferred Charges$76,082$82,073▲ $5,991
Savings and Temporary Cash Investments-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$10,691,461$10,331,366▼ $360,095
Other Assets Total$420,575$405,139▼ $15,436
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,254,308$9,956,360▼ $297,948
Accounts Payable and Accrued Expenses$772,770$914,331▲ $141,561
Other Liabilities-$2-
Total Liabilities$11,027,078$10,870,693▼ $156,385
Net Assets / Fund Balance
Temporarily Rstr Net Assets$105,445$77,562▼ $27,883
Unrestricted Net Assets$-441,062$-616,889▼ $175,827
Total Net Assets Fund Balance$-335,617$-539,327▼ $203,710
Total Liabilities and Net Assets / Fund Balance$10,691,461$10,331,366▼ $360,095

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,466,920$1,523,982$7,990,902
Land$900,000-$900,000
Equipment$502,576$291,303$793,879
Leasehold Improvements$313,075$394,197$707,272
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Lynne HerringDirectorFT$110,000$110,000

Board Members and Trustees

NameTitle
Daniela AlvarezCAO
Dan StovallMember
Duane MillerMember
Heather DayMember
Paul BaltesMember
Steven LordMember
Robert MerrillTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$6,700,176
Program Service Revenue
$314,495
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-203,710
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,517,506
Other Expenses$2,700,875
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,357,822$210,741-$3,568,563
Other Employee Benefits$780,671$58,487-$839,158
Interest$553,823--$553,823
Depreciation Depletion$379,813--$379,813
Current Officers, Directors, Trustees, and Key Employees-$109,785-$109,785
Other Expenses$20,194$1,880-$22,074
Total Functional Expenses$6,831,935$386,446$0$7,218,381
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rounding$2
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Must be approved by Board of Directors”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Officers reviewed the 990.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“Board review and approval.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Board review and approval.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Available upon written request to the Board of Directors.”

Filing and Contact Details

Filer

Filer Name
The Freedom Academy Foundation
EIN
13-4255839
Phone
8014373100
Address
1190 West 900 North, Provo, UT 84604

Signing Officer

Name
Lynne Herring
Title
Director
Signed
2015-12-21
Discuss with paid preparer
Yes

Organization Details

Legal Domicile
Ut
Voting Board Members
7
Independent Board Members
7
Employees
129
Volunteers
50

Preparer

Firm
Aycock Miles & Assoc CPAs
Address
58 East 100 North 83-13, Roosevelt, UT 84066
Preparer
Michael J Miles
Phone
4357225093
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IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt076082
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt082073
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0Gain (loss) property
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0314495
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt05824311
IRS990/PYExcessBenefitTransInd0false
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt02351866
IRS990/PYProgramServiceRevenueAmt0327937
IRS990/PYRevenuesLessExpensesAmt0-85970
IRS990/PYSalariesCompEmpBnftPaidAmt03886352
IRS990/PYTotalExpensesAmt06238218
IRS990/PYTotalRevenueAmt06152248
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-203710
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06466920
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01523982
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07990902
IRS990ScheduleD/EquipmentGrp/BookValueAmt0502576
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0291303
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0793879
IRS990ScheduleD/LandGrp/BookValueAmt0900000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0900000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0313075
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0394197
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0707272
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt02
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Rounding
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08182571
IRS990ScheduleD/TotalBookValueSecuritiesAmt01042337
IRS990ScheduleD/TotalLiabilityAmt02
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Line 3 - Racially Nondiscriminatory Policy Publicized
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Line 4 - Explanation of Records and Materials Not Maintained
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2Schedule E, Line 5 - Explanation of Organization Discrimination by Race
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Must be approved by Board of Directors
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Officers reviewed the 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Board review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Board review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Available upon written request to the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt077562
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt010331366
IRS990/TotalAssetsGrp/BOYAmt010691461
IRS990/TotalAssetsGrp/EOYAmt010331366
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt06700176
IRS990/TotalEmployeeCnt0129
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0386446
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt06831935
IRS990/TotalFunctionalExpensesGrp/TotalAmt07218381
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011027078
IRS990/TotalLiabilitiesEOYAmt010870693
IRS990/TotalLiabilitiesGrp/BOYAmt011027078
IRS990/TotalLiabilitiesGrp/EOYAmt010870693
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-335617
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-539327
IRS990/TotalProgramServiceExpensesAmt06831935
IRS990/TotalProgramServiceRevenueAmt0314495
IRS990/TotalReportableCompFromOrgAmt0110000
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0314495
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt07014671
IRS990/TotalVolunteersCnt050
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt010691461
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt010331366
IRS990/TransactionWithControlEntInd0false
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-441062
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-616889
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0freedomprep.net
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-03-07 17:11:31Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Lynne Herring
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-12-21
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0The Freedom Academy Foundation
ReturnHeader/Filer/BusinessNameControlTxt0FREE

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,331,366
Liabilities
$10,870,693
Net assets
-$539,327
Revenue
$7,014,671
Expenses
$7,218,381
Net income
-$203,710
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$59.8$68.8$9.01$27.9$27.9$0.01
2024Detailed filing. Detailed filing data is available for this year.$66.2$71.5$5.31$26.2$26.2$0.00
2023Detailed filing. Detailed filing data is available for this year.$65.5$70.9$5.31$26.4$25.2$1.19
2022Detailed filing. Detailed filing data is available for this year.$63.0$69.6$6.51$22.2$23.7$1.53
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.7$69.7$4.97$19.6$20.3$0.70
2020Detailed filing. Detailed filing data is available for this year.$50.9$55.2$4.27$16.3$17.1$0.81
2019Detailed filing. Detailed filing data is available for this year.$51.6$55.0$3.47$15.3$15.9$0.54
2018Detailed filing. Detailed filing data is available for this year.$51.9$54.8$2.93$12.0$13.4$1.46
2017Detailed filing. Detailed filing data is available for this year.$9.69$11.2$1.47$9.80$10.7$0.93
2016Detailed filing. Detailed filing data is available for this year.$10.5$11.1$0.53$8.21$8.21$0.01
2015Detailed filing. Detailed filing data is available for this year.$10.3$10.9$0.54$7.01$7.22$0.20
2014Detailed filing. Detailed filing data is available for this year.$10.7$11.0$0.34$6.15$6.24$0.09
2013Summary only. Only limited summary data is available for this year.$11.0$11.3$0.25$4.96$4.80$0.15
2012Summary only. Only limited summary data is available for this year.$10.7$11.1$0.40$4.43$4.38$0.05
2011Summary only. Only limited summary data is available for this year.$10.7$11.1$0.45$4.28$4.14$0.14