Civic Intelligence

Grace Covenant Academy

990 • Fiscal year 2023 • EIN 27-0533151

Jun 01, 2022 to May 31, 2023 • Filed on Mar 15, 2024

Organization Profilewww.gcafrisco.org
8000 Sanctuary DriveFrisco, TX 75033

(469) 734-6466

Siviq Scores

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

Liabilities / Assets

60th percentile

0.13x

Higher debt load relative to assets than 60% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

30th percentile

0.02x

Higher debt load relative to revenue than 30% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

46th percentile

2.2%

Higher net margin than 46% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

65th percentile

$93,795

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 6.6% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

77th percentile

21%

Faster asset growth than 77% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

70th percentile

24%

Faster revenue growth than 70% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets60th percentile

Assets

Up

$186,888

Up $32,693 (+21%) from 2022

Net Assets

Up

$163,242

Up $86,995 (+114%) from 2022

Liabilities

Down

$23,646

Down $54,302 (-70%) from 2022

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin46th percentile

Revenue

Up

$1,412,689

Up $272,527 (+24%) from 2022

Expenses

Up

$1,382,212

Up $349,872 (+34%) from 2022

Net Income

Down

$30,477

Down $77,345 (-72%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth77th percentile

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

$300K$200K$100K$0-$100KAssets 2016: $22,810Liabilities 2016: $0Net Assets 2016: $22,8102016Assets 2017: $44,525Liabilities 2017: $7,951Net Assets 2017: $36,5742017Assets 2019: $207,654Liabilities 2019: $208,919Net Assets 2019: -$1,2652019Assets 2021: $151,771Liabilities 2021: $72,949Net Assets 2021: $78,8222021Assets 2022: $154,195Liabilities 2022: $77,948Net Assets 2022: $76,2472022Assets 2023: $186,888Liabilities 2023: $23,646Net Assets 2023: $163,2422023

Highlighted filing

2023

Assets$186,888
Liabilities$23,646
Net Assets$163,242
Open 2023 Filing

Operations Trend

Revenue Growth70th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2016: $426,056Expenses 2016: $434,808Net Income 2016: -$8,7522016Revenue 2017: $582,731Expenses 2017: $568,967Net Income 2017: $13,7642017Revenue 2019: $862,031Expenses 2019: $851,115Net Income 2019: $10,9162019Revenue 2021: $905,888Expenses 2021: $839,587Net Income 2021: $66,3012021Revenue 2022: $1,140,162Expenses 2022: $1,032,340Net Income 2022: $107,8222022Revenue 2023: $1,412,689Expenses 2023: $1,382,212Net Income 2023: $30,4772023

Highlighted filing

2023

Revenue$1,412,689
Expenses$1,382,212
Net Income$30,477
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2022 to May 31, 2023
Signed
Mar 15, 2024
Return Version
2022v5.0
Gross Receipts
$1,415,061
Mission and Program Overview

Mission

To assist and coach Christian parents in educating their children in a gospel-centered, academically excellent environment, teaching students to view all things through God's Word, cultivate a love for Him, apply His truth, and make His name known in the world.

To assist and coach Christian parents in educating their children in a gospel centered, academically excellent context to teach students to examine all things in light of God's word, cultivating a love for God, applying his truth and enabling them to make his name known in the world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$123,089$114,310▼ $8,779
Land, Buildings, and Equipment, Net$1,377$36,775▲ $35,398
Savings and Temporary Cash Investments$27,471$33,544▲ $6,073
Accounts Receivable-$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$154,196$186,888▲ $32,692
Other Assets Total$2,259$2,259→ $0
Liabilities
Unsecured Notes Loans Payable$66,376--
Other Liabilities$8,512$23,439▲ $14,927
Accounts Payable and Accrued Expenses$3,061$207▼ $2,854
Total Liabilities$77,949$23,646▼ $54,303
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$76,247$163,242▲ $86,995
Total Net Assets Fund Balance$76,247$163,242▲ $86,995
Total Liabilities and Net Assets / Fund Balance$154,196$186,888▲ $32,692

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$35,000-$35,000
Other Land Buildings$1,775-$1,775
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amy SmithDirectorFT$70,741$23,054$93,795
Brian SmithExecutive DirectorFT$65,338$3,268$68,606
Revenue and Support

Revenue Composition

Contributions and Grants
$183,631
Program Service Revenue
$1,208,002
Investment Income
$164
Other Revenue
$20,892
All Other Contributions
$183,631
Change in Net Assets
$30,477
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,028,214
Other Expenses$353,998
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$699,978$44,679-$744,657
Current Officers, Directors, Trustees, and Key Employees$121,801$40,600-$162,401
Occupancy$85,966$5,487-$91,453
Payroll Taxes$62,591$3,995-$66,586
Office Expenses$54,665$3,489-$58,154
Other Employee Benefits$51,296$3,274-$54,570
All Other Expenses$24,380$1,556-$25,936
Other Expenses$18,449$1,178-$19,627
Fees for Services Accounting$18,069$1,153-$19,222
Conferences and Meetings$11,133$711-$11,844
Fees for Services Other$7,716$493-$8,209
Insurance$6,642$424-$7,066
Travel$4,524$289-$4,813
Advertising$3,757$240-$3,997
Fees for Services Legal$946$60-$1,006
Information Technology$546$35-$581
Depreciation Depletion$414$26-$440
Total Functional Expenses$1,268,424$113,788$0$1,382,212
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$7,371
Fundraising Direct Expenses$2,372
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
Payroll Liabilities$17,569
line of credit$4,850
Equipment restricted fundS$1,020
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

“Amy Smith wife”

Form 990, Part VI, Section B, Line 11B

“The board members associated with/involved in the financial management have reviewed the return with the school controller and outside CPA.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Grace Covenant Academy
EIN
27-0533151
Phone
4697346466
Address
8000 Sanctuary Drive, Frisco, TX 75033

Signing Officer

Name
Brian Smith
Title
Executive Director
Signed
2024-03-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brian Smith
Formed
2009
Legal Domicile
TX
Voting Board Members
4
Independent Board Members
3
Employees
32

Preparer

Firm
Hawk Tax Solutions
Address
6401 Eldorado Pkwy Ste 237, McKinney, TX 75070
Preparer
Ashley Davis
Phone
2147285120
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IRS990ScheduleD/EquipmentGrp/BookValueAmt035000
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt035000
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01775
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01775
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt01020
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt14850
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt217569
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Equipment restricted fundS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1line of credit
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Payroll Liabilities
IRS990ScheduleD/TotalBookValueLandBuildingsAmt036775
IRS990ScheduleD/TotalLiabilityAmt023439
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/ExplanationTxt0published on website
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/ExplanationTxt0Amy Smith wife
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The board members associated with/involved in the financial management have reviewed the return with the school controller and outside CPA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section A, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0154196
IRS990/TotalAssetsEOYAmt0186888
IRS990/TotalAssetsGrp/BOYAmt0154196
IRS990/TotalAssetsGrp/EOYAmt0186888
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0183631
IRS990/TotalEmployeeCnt032
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0113788
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01268424
IRS990/TotalFunctionalExpensesGrp/TotalAmt01382212
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt077949
IRS990/TotalLiabilitiesEOYAmt023646
IRS990/TotalLiabilitiesGrp/BOYAmt077949
IRS990/TotalLiabilitiesGrp/EOYAmt023646
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt076247
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0163242
IRS990/TotalOtherCompensationAmt026322
IRS990/TotalProgramServiceExpensesAmt01268424
IRS990/TotalProgramServiceRevenueAmt01208002
IRS990/TotalReportableCompFromOrgAmt0136079
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01224059
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01412689
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0154196
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0186888
IRS990/TravelGrp/ManagementAndGeneralAmt0289
IRS990/TravelGrp/ProgramServicesAmt04524
IRS990/TravelGrp/TotalAmt04813
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt066376
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt08000 Sanctuary Drive
IRS990/USAddress/CityNm0Frisco
IRS990/USAddress/StateAbbreviationCd0TX
IRS990/USAddress/ZIPCd075033
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0www.gcafrisco.org
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd03
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0Brian Smith
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0Executive Director
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-03-15
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Grace Covenant Academy
ReturnHeader/Filer/BusinessNameControlTxt0GRAC
ReturnHeader/Filer/EIN0270533151
ReturnHeader/Filer/PhoneNum04697346466
ReturnHeader/Filer/USAddress/AddressLine1Txt08000 Sanctuary Drive
ReturnHeader/Filer/USAddress/CityNm0Frisco
ReturnHeader/Filer/USAddress/StateAbbreviationCd0TX
ReturnHeader/Filer/USAddress/ZIPCd075033
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0921047135
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Hawk Tax Solutions
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt06401 Eldorado Pkwy Ste 237
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0McKinney
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0TX

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$186,888
Liabilities
$23,646
Net assets
$163,242
Revenue
$1,412,689
Expenses
$1,382,212
Net income
$30,477
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Detailed filing. Detailed filing data is available for this year.$0.19$0.02$0.16$1.41$1.38$0.03
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.15$0.08$0.08$1.14$1.03$0.11
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.15$0.07$0.08$0.91$0.84$0.07
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.21$0.21$0.00$0.86$0.85$0.01
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.04$0.01$0.04$0.58$0.57$0.01
2016Detailed filing. Detailed filing data is available for this year.$0.02$0.00$0.02$0.43$0.43$0.01