Civic Intelligence

The Freedom Academy Foundation

990 • Fiscal year 2020 • EIN 13-4255839

Jul 01, 2019 to Jun 30, 2020 • Filed on Dec 04, 2020

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

95th percentile

1.08x

Higher debt load relative to assets than 95% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Liabilities / Revenue

89th percentile

3.39x

Higher debt load relative to revenue than 89% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Net Margin

22nd percentile

-4.9%

Higher net margin than 22% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Top Officer Pay

6th percentile

$0

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2020

Asset Growth

22nd percentile

-1.2%

Faster asset growth than 22% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Revenue Growth

61st percentile

6.3%

Faster revenue growth than 61% of similar nonprofits.

2020 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2019 to 2020

Assets

Down

$50,922,260

Down $639,210 (-1.2%) from 2019

Net Assets

Down

-$4,272,464

Down $806,812 (-23%) from 2019

Liabilities

Up

$55,194,724

Up $167,602 (+0.3%) from 2019

Revenue

Up

$16,301,229

Up $970,106 (+6.3%) from 2019

Expenses

Up

$17,108,041

Up $1,239,361 (+7.8%) from 2019

Net Income

Down

-$806,812

Down $269,255 (-50%) from 2019

Historical Trend

Balance Sheet Trend

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

2020

Assets$50,922,260
Liabilities$55,194,724
Net Assets-$4,272,464

Operations Trend

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

2020

Revenue$16,301,229
Expenses$17,108,041
Net Income-$806,812
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Dec 4, 2020
Return Version
2019v5.0
Gross Receipts
$16,301,229
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$44,639,166$43,651,249▼ $987,917
Cash and Non-Interest-Bearing Accounts$6,843,255$7,043,066▲ $199,811
Accounts Receivable$79,049$228,045▲ $148,996
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 Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$51,561,470$50,922,260▼ $639,210
Other Assets Total-$-100-
Liabilities
Mortgage Notes Payable Secured by Investment Property$52,669,687$52,952,473▲ $282,786
Accounts Payable and Accrued Expenses$2,357,435$2,242,251▼ $115,184
Total Liabilities$55,027,122$55,194,724▲ $167,602
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-3,465,652$-4,272,464▼ $806,812
Total Net Assets Fund Balance$-3,465,652$-4,272,464▼ $806,812
Total Liabilities and Net Assets / Fund Balance$51,561,470$50,922,260▼ $639,210

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$30,579,255$4,355,989$34,935,244
Land$7,527,500-$7,527,500
Leasehold Improvements$3,907,961$462,465$4,370,426
Equipment$1,636,533$1,408,288$3,044,821
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$15,514,568
Program Service Revenue
$649,306
Investment Income
$137,355
Other Revenue
$0
Change in Net Assets
$-806,812

Audited Revenue Reconciliation

Revenue per Audited Statements
$16,301,229
Total Revenue per Audited Statements
$16,301,229
Total Revenue per Form 990
$16,301,229
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,777,946
Other Expenses$7,330,095
Total Fundraising Expense$12,345
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$6,536,219$220,224-$6,756,443
Other Employee Benefits$2,930,383$91,120-$3,021,503
Interest$2,885,989--$2,885,989
Depreciation Depletion$1,490,578--$1,490,578
All Other Expenses$460,157--$460,157
Other Expenses$190,979$35,008$12,345$225,987
Insurance$18,006$69,424-$87,430
Advertising-$48,348-$48,348
Travel$16,772$7,717-$24,489
Total Functional Expenses$16,608,632$487,064$12,345$17,108,041

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$17,108,041
Total Expenses per Audited Statements$17,108,041
Total Expenses per Form 990$17,108,041
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-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
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
2020-12-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Lynne Herring
Legal Domicile
Ut
Voting Board Members
5
Independent Board Members
5
Employees
324
Volunteers
50

Preparer

Firm
Aycock Miles & Assoc CPAs
Address
58 East 100 North 83-13, Roosevelt, UT 84066
Preparer
Michael J Miles
Phone
4357225153
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IRS990/PYRevenuesLessExpensesAmt0-537557
IRS990/PYSalariesCompEmpBnftPaidAmt09384234
IRS990/PYTotalExpensesAmt015868680
IRS990/PYTotalRevenueAmt015331123
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-806812
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt016301229
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt030579255
IRS990ScheduleD/BuildingsGrp/DepreciationAmt04355989
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt034935244
IRS990ScheduleD/EquipmentGrp/BookValueAmt01636533
IRS990ScheduleD/EquipmentGrp/DepreciationAmt01408288
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03044821
IRS990ScheduleD/ExpensesSubtotalAmt017108041
IRS990ScheduleD/LandGrp/BookValueAmt07527500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt07527500
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt03907961
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0462465
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt04370426
IRS990ScheduleD/RevenueSubtotalAmt016301229
IRS990ScheduleD/TotalBookValueLandBuildingsAmt043651249
IRS990ScheduleD/TotalExpensesPerForm990Amt017108041
IRS990ScheduleD/TotalRevenuePerForm990Amt016301229
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt016301229
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt017108041
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
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
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IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0UT
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt051561470
IRS990/TotalAssetsEOYAmt050922260
IRS990/TotalAssetsGrp/BOYAmt051561470
IRS990/TotalAssetsGrp/EOYAmt050922260
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt015514568
IRS990/TotalEmployeeCnt0324
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt012345
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0487064
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt016608632
IRS990/TotalFunctionalExpensesGrp/TotalAmt017108041
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt055027122
IRS990/TotalLiabilitiesEOYAmt055194724
IRS990/TotalLiabilitiesGrp/BOYAmt055027122
IRS990/TotalLiabilitiesGrp/EOYAmt055194724
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-3465652
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-4272464
IRS990/TotalProgramServiceExpensesAmt016608632
IRS990/TotalProgramServiceRevenueAmt0649306
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0786661
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt016301229
IRS990/TotalVolunteersCnt050
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt051561470
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt050922260
IRS990/TravelGrp/ManagementAndGeneralAmt07717
IRS990/TravelGrp/ProgramServicesAmt016772
IRS990/TravelGrp/TotalAmt024489
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01190 West 900 North
IRS990/USAddress/CityNm0Provo
IRS990/USAddress/StateAbbreviationCd0UT
IRS990/USAddress/ZIPCd084604
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0freedomprep.net
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Lynne Herring
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-12-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0The Freedom Academy Foundation
ReturnHeader/Filer/BusinessNameControlTxt0FREE
ReturnHeader/Filer/EIN0134255839
ReturnHeader/Filer/PhoneNum08014373100
ReturnHeader/Filer/USAddress/AddressLine1Txt01190 West 900 North
ReturnHeader/Filer/USAddress/CityNm0Provo
ReturnHeader/Filer/USAddress/StateAbbreviationCd0UT
ReturnHeader/Filer/USAddress/ZIPCd084604
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0870514498
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Aycock Miles & Assoc CPAs
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt058 East 100 North 83-13
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Roosevelt
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0UT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd084066
ReturnHeader/PreparerPersonGrp/PhoneNum04357225153
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Michael J Miles
ReturnHeader/ReturnTs02020-12-04T13:03:10-08:00

Document Assets

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Filings

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