Civic Intelligence

Valley Arts Academy Inc.

990 • Fiscal year 2021 • EIN 27-1123275

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 18, 2022

Organization ProfileVALLEYACADEMYCHARTER.COM
539 N 870 WHurricane, UT 84737

(435) 635-7815

Siviq Scores

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

Liabilities / Assets

90th percentile

0.84x

Higher debt load relative to assets than 90% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.42x

Higher debt load relative to revenue than 87% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

43rd percentile

9.0%

Higher net margin than 43% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

39th percentile

$96,453

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2021

Balance Sheet
Liabilities / Assets90th percentile

Assets

$7,914,315

No earlier filing loaded for comparison.

Net Assets

$1,248,703

No earlier filing loaded for comparison.

Liabilities

$6,665,612

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin43rd percentile

Revenue

$4,706,070

No earlier filing loaded for comparison.

Expenses

$4,284,612

No earlier filing loaded for comparison.

Net Income

$421,458

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$20M$15M$10M$5.0M$0Assets 2021: $7,914,315Liabilities 2021: $6,665,612Net Assets 2021: $1,248,7032021Assets 2022: $8,243,014Liabilities 2022: $6,515,513Net Assets 2022: $1,727,5012022Assets 2023: $9,815,326Liabilities 2023: $7,932,315Net Assets 2023: $1,883,0112023Assets 2024: $10,021,221Liabilities 2024: $7,817,082Net Assets 2024: $2,204,1392024Assets 2025: $15,835,357Liabilities 2025: $13,125,203Net Assets 2025: $2,710,1542025

Highlighted filing

2021

Assets$7,914,315
Liabilities$6,665,612
Net Assets$1,248,703
Open 2021 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$8.0M$6.0M$4.0M$2.0M$0Revenue 2021: $4,706,070Expenses 2021: $4,284,612Net Income 2021: $421,4582021Revenue 2022: $5,204,583Expenses 2022: $4,725,785Net Income 2022: $478,7982022Revenue 2023: $5,946,872Expenses 2023: $5,791,362Net Income 2023: $155,5102023Revenue 2024: $6,818,626Expenses 2024: $6,497,498Net Income 2024: $321,1282024Revenue 2025: $7,724,175Expenses 2025: $7,218,160Net Income 2025: $506,0152025

Highlighted filing

2021

Revenue$4,706,070
Expenses$4,284,612
Net Income$421,458
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 18, 2022
Return Version
2020v4.2
Gross Receipts
$4,714,969
Mission and Program Overview

Mission

The mission of valley academy is to provide a superior academic program enhanced by integration training in fine and performing arts and a technologically advanced curriculum in a social emotional learning environment that promotes responsible freedom.

The mission of valley academy is to provide a superior building academic program enhanced by integration training in fine and performing arts and a technologically advanced curriculum in a social emotional learning environment that promotes responsible freedom.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$6,628,252$6,470,036▼ $158,216
Cash and Non-Interest-Bearing Accounts$774,832$912,935▲ $138,103
Savings and Temporary Cash Investments$4,013$351,906▲ $347,893
Accounts Receivable$180,380$173,275▼ $7,105
Prepaid Expenses and Deferred Charges-$6,163-
Total Assets$7,587,477$7,914,315▲ $326,838
Liabilities
Mortgage Notes Payable Secured by Investment Property$6,493,009$6,423,399▼ $69,610
Accounts Payable and Accrued Expenses$182,409$242,213▲ $59,804
Deferred Revenue$98,804$0▼ $98,804
Total Liabilities$6,774,222$6,665,612▼ $108,610
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$813,255$943,124▲ $129,869
Net Assets With Donor Restrictions-$305,579-
Total Net Assets Fund Balance$813,255$1,248,703▲ $435,448
Total Liabilities and Net Assets / Fund Balance$7,587,477$7,914,315▲ $326,838

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,713,310$756,070$6,469,380
Land$582,000-$582,000
Equipment$105,958$97,923$203,881
Leasehold Improvements$68,768$44,414$113,182
Compensation and Service Providers
Top Officer Pay39th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Tracy StevensDirectorFT$96,453$96,453

Board Members and Trustees

NameTitle
Betsy KimberTrustee
Buffy NelsonTrustee
Elaina WestegardTrustee
Michael PalfreymanTrustee
Miranda KloosTrustee
Monica AdamsTrustee
Weston WhiteTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$4,628,022
Program Service Revenue
$54,054
Investment Income
$16,194
Other Revenue
$7,800
All Other Contributions
$3,771
Change in Net Assets
$421,458

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,706,070
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$4,706,070
Total Revenue per Form 990
$4,706,070
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,918,433
Other Expenses$1,366,179
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,237,813--$2,237,813
Other Employee Benefits$318,943--$318,943
Occupancy$293,359--$293,359
Interest$213,507--$213,507
Depreciation Depletion$207,591--$207,591
Payroll Taxes$164,324--$164,324
Fees for Services Other$158,364--$158,364
Current Officers, Directors, Trustees, and Key Employees$107,878--$107,878
Information Technology$90,026--$90,026
Pension Plan Contributions$89,475--$89,475
Travel$63,262--$63,262
Fees for Services Accounting-$10,780-$10,780
Insurance-$10,685-$10,685
Other Expenses$9,108--$9,108
Fees for Services Legal-$5,836-$5,836
Advertising-$3,660-$3,660
Total Functional Expenses$4,253,651$30,961$0$4,284,612

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,284,612
Total Expenses per Audited Statements$4,284,612
Total Expenses per Form 990$4,284,612
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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
No
Management duties delegated
No

Governance Explanations

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

“Reviewed by outside consultant and the board's finance committee for correctness.”

Form 990, Part VI, Section B, Line 12C

“Monitored by the executive director and board annually.”

Form 990, Part VI, Section B, Line 15

“All employee compensation is based on approved pay scales which are reviewed annually.”

Form 990, Part VI, Section C, Line 19

“Governing board documents, conflict of interest policy and financial statements are available upon request”

Filing and Contact Details

Filer

Filer Name
Valley Arts Academy
EIN
27-1123275
Phone
4356357815
Address
539 N 870 W, HURRICANE, UT 84737

Signing Officer

Name
Nate Adams
Title
Business Manager
Phone
4356357815
Signed
2022-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tracy Stevens
Formed
2011
Legal Domicile
Ut
Voting Board Members
7
Independent Board Members
7
Employees
88
Volunteers
10

Preparer

Firm
Eide Bailly Llp
Address
5929 FASHION POINT DR STE 300, OGDEN, UT 84403-4684
Preparer
Chett Campbell CPA
Phone
8016211575
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Fasb to gasb adjustment 13,990.”

Financial Statement Notes

Change in Accounting Framework

“Utah house bill 242 (h.b. 242) was passed in 2020 and requires utah charter schools to report under the gasb framework. As a result of implementing the financial reporting requirements of h.b. 242, the school has converted the financial statement presentation of the school financial statements and related disclosures to be presented in accordance with the gasb financial reporting framework. Previously, the school prepared financial statements under the financial accounting standards board (fasb) framework.”

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IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0203881
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt04284612
IRS990ScheduleD/LandGrp/BookValueAmt0582000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0582000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt068768
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt044414
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0113182
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04706070
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0UTAH HOUSE BILL 242 (H.B. 242) WAS PASSED IN 2020 AND REQUIRES UTAH CHARTER SCHOOLS TO REPORT UNDER THE GASB FRAMEWORK. AS A RESULT OF IMPLEMENTING THE FINANCIAL REPORTING REQUIREMENTS OF H.B. 242, THE SCHOOL HAS CONVERTED THE FINANCIAL STATEMENT PRESENTATION OF THE SCHOOL FINANCIAL STATEMENTS AND RELATED DISCLOSURES TO BE PRESENTED IN ACCORDANCE WITH THE GASB FINANCIAL REPORTING FRAMEWORK. PREVIOUSLY, THE SCHOOL PREPARED FINANCIAL STATEMENTS UNDER THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) FRAMEWORK.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0CHANGE IN ACCOUNTING FRAMEWORK
IRS990ScheduleD/TotalBookValueLandBuildingsAmt06470036
IRS990ScheduleD/TotalExpensesPerForm990Amt04284612
IRS990ScheduleD/TotalRevenuePerForm990Amt04706070
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04706070
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04284612
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd00
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS EXCUSED FROM FORMAL COMPLIANCE WITH REV. PROC. 75-50 AS LONG AS THE SCHOOL'S CHARTER AGREEMENT WITH THE STATE REMAINS IN EFFECT.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION RECEIVES STATE AND FEDERAL FUNDING TO OPERATE THE SCHOOL.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0REVIEWED BY OUTSIDE CONSULTANT AND THE BOARD'S FINANCE COMMITTEE FOR CORRECTNESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MONITORED BY THE EXECUTIVE DIRECTOR AND BOARD ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL EMPLOYEE COMPENSATION IS BASED ON APPROVED PAY SCALES WHICH ARE REVIEWED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING BOARD DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FASB TO GASB ADJUSTMENT 13,990.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0UT
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt07914315
IRS990/TotalAssetsGrp/BOYAmt07587477
IRS990/TotalAssetsGrp/EOYAmt07914315
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt04628022
IRS990/TotalEmployeeCnt088
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt030961
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04253651
IRS990/TotalFunctionalExpensesGrp/TotalAmt04284612
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt06774222
IRS990/TotalLiabilitiesEOYAmt06665612
IRS990/TotalLiabilitiesGrp/BOYAmt06774222
IRS990/TotalLiabilitiesGrp/EOYAmt06665612
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0813255
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01248703
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt04253651
IRS990/TotalProgramServiceRevenueAmt054054
IRS990/TotalReportableCompFromOrgAmt096453
IRS990/TotalRevenueGrp/ExclusionAmt023994
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt054054
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04706070
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt07587477
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt07914315
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt063262
IRS990/TravelGrp/TotalAmt063262
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0539 N 870 W
IRS990/USAddress/CityNm0HURRICANE
IRS990/USAddress/StateAbbreviationCd0UT
IRS990/USAddress/ZIPCd084737
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0VALLEYACADEMYCHARTER.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
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ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0NATE ADAMS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BUSINESS MANAGER
ReturnHeader/BusinessOfficerGrp/PhoneNum04356357815
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-02-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VALLEY ARTS ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0VALL
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0OGDEN
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0UT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0844034684
ReturnHeader/PreparerPersonGrp/PhoneNum08016211575

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$7,914,315
Liabilities
$6,665,612
Net assets
$1,248,703
Revenue
$4,706,070
Expenses
$4,284,612
Net income
$421,458
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$15.8$13.1$2.71$7.72$7.22$0.51
2024Detailed filing. Detailed filing data is available for this year.$10.0$7.82$2.20$6.82$6.50$0.32
2023Detailed filing. Detailed filing data is available for this year.$9.82$7.93$1.88$5.95$5.79$0.16
2022Detailed filing. Detailed filing data is available for this year.$8.24$6.52$1.73$5.20$4.73$0.48
2021Detailed filing. Detailed filing data is available for this year.$7.91$6.67$1.25$4.71$4.28$0.42