Civic Intelligence

Immaculata Classical Academy Inc.

990 • Fiscal year 2021 • EIN 27-3305618

Jun 01, 2020 to May 31, 2021 • Filed on Apr 18, 2022

Organization ProfileWWW.IMMACULATACLASSICALACADEMY.COM
440 Zorn AvenueLouisville, KY 40207

(502) 384-4131

Siviq Scores

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

Liabilities / Assets

88th percentile

0.65x

Higher debt load relative to assets than 88% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

60th percentile

0.16x

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

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Net Margin

42nd percentile

8.1%

Higher net margin than 42% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

54th percentile

$67,500

Higher top officer pay than 54% of similar nonprofits.

Top officer pay equals 6.5% of source-year revenue.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

91st percentile

79%

Faster asset growth than 91% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

58th percentile

20%

Faster revenue growth than 58% of similar nonprofits.

2021 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$251,508

Up $110,813 (+79%) from 2020

Net Assets

Down

$87,850

Down $52,845 (-38%) from 2020

Liabilities

Up

$163,658

Up $163,658 from 2020

Revenue And Expenses
Liabilities / Revenue60th percentileNet Margin42nd percentile

Revenue

Up

$1,039,312

Up $171,299 (+20%) from 2020

Expenses

Up

$955,448

Up $195,734 (+26%) from 2020

Net Income

Down

$83,864

Down $24,435 (-23%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

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

$3.0M$2.0M$1.0M$0Assets 2013: $18,783Liabilities 2013: $5,411Net Assets 2013: $13,3722013Assets 2014: $47,580Liabilities 2014: $11,025Net Assets 2014: $36,5552014Assets 2015: $26,343Liabilities 2015: $12,587Net Assets 2015: $13,7562015Assets 2016: $16,472Liabilities 2016: $6,067Net Assets 2016: $10,4052016Assets 2019: $35,812Liabilities 2019: $3,416Net Assets 2019: $32,3962019Assets 2020: $140,695Liabilities 2020: $0Net Assets 2020: $140,6952020Assets 2021: $251,508Liabilities 2021: $163,658Net Assets 2021: $87,8502021Assets 2022: $2,529,895Liabilities 2022: $0Net Assets 2022: $2,529,8952022Assets 2023: $2,436,525Liabilities 2023: $0Net Assets 2023: $2,436,5252023Assets 2025: $440,061Liabilities 2025: $0Net Assets 2025: $440,0612025

Highlighted filing

2021

Assets$251,508
Liabilities$163,658
Net Assets$87,850
Open 2021 Filing

Operations Trend

Revenue Growth58th percentile

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

$4.0M$2.0M$0-$2.0MExpenses 2013: $254,1332013Revenue 2014: $483,655Expenses 2014: $460,472Net Income 2014: $23,1832014Revenue 2015: $552,897Expenses 2015: $575,696Net Income 2015: -$22,7992015Revenue 2016: $739,966Expenses 2016: $743,317Net Income 2016: -$3,3512016Revenue 2019: $949,484Expenses 2019: $917,832Net Income 2019: $31,6522019Revenue 2020: $868,013Expenses 2020: $759,714Net Income 2020: $108,2992020Revenue 2021: $1,039,312Expenses 2021: $955,448Net Income 2021: $83,8642021Revenue 2022: $3,607,725Expenses 2022: $1,165,680Net Income 2022: $2,442,0452022Revenue 2023: $1,139,657Expenses 2023: $1,233,027Net Income 2023: -$93,3702023Revenue 2025: $2,055,586Expenses 2025: $3,736,759Net Income 2025: -$1,681,1732025

Highlighted filing

2021

Revenue$1,039,312
Expenses$955,448
Net Income$83,864
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jun 1, 2020 to May 31, 2021
Signed
Apr 18, 2022
Return Version
2020v4.0
Gross Receipts
$1,044,716
Mission and Program Overview

Mission

To operate a school using a catholic classical liberal arts approach to education and to operate the school in a manner to accomodate children with downs syndrome or other special needs without compromising the academic mission of the academy so that these children may enrich those who work with them as well as their peers.

To provide education to all children focusing on children with downs syndrome.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$161,410$251,508▲ $90,098
Rtn Earn Endowment Incm Other Fnds$3,986$87,850▲ $83,864
Total Assets$161,410$251,508▲ $90,098
Liabilities
Other Liabilities$157,424$163,658▲ $6,234
Total Liabilities$157,424$163,658▲ $6,234
Net Assets / Fund Balance
Total Net Assets Fund Balance$3,986$87,850▲ $83,864
Total Liabilities and Net Assets / Fund Balance$161,410$251,508▲ $90,098
Compensation and Service Providers
Top Officer Pay54th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Justin FoutDirector/priFT$67,500$67,500

Board Members and Trustees

NameTitle
Penny MichalakPresident
David MichalakDirector
Father Matthew HardestyDirector
Joe Guy HaganDirector
William MoriarityDirector
Michael MichalakVice Pres/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$49,035
Program Service Revenue
$816,499
Investment Income
$0
Other Revenue
$173,778
All Other Contributions
$49,035
Change in Net Assets
$83,864
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$783,247
Other Expenses$172,201
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$665,775--$665,775
Occupancy$74,573--$74,573
Current Officers, Directors, Trustees, and Key Employees$67,500--$67,500
Payroll Taxes$49,972--$49,972
Fees for Services Other$23,980--$23,980
Office Expenses$8,957--$8,957
Information Technology$4,304--$4,304
Conferences and Meetings$2,358--$2,358
Advertising$1,497--$1,497
Other Expenses$20--$20
Total Functional Expenses$955,448$0$0$955,448
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$25,182
Fundraising Direct Expenses$5,404
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Spring Dinner G$22,247$22,247$1,497$20,750
Total Events$22,247$22,247$1,497$20,750
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Ppp Loan Payable$154,000
Payroll Liabilities$9,658
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Penny michalak michael michalak president vp/treasurer married”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed and signed by president an reviewed by vice president/treasurer.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available through the kentucky secretary of state website.”

Filing and Contact Details

Filer

Filer Name
Immaculata Classical Academy Inc
EIN
27-3305618
Phone
5023844131
Address
440 ZORN AVENUE, LOUISVILLE, KY 40207

Signing Officer

Name
Michael Michalak
Title
Vice Pres/treasurer
Phone
5023844131
Signed
2022-04-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Michalak
Formed
2010
Legal Domicile
Ky
Voting Board Members
7
Independent Board Members
7
Employees
29
Volunteers
7

Preparer

Firm
Bowden & Wood Pllc
Address
304 MIDDLETOWN PARK PLACE, LOUISVILLE, KY 40243-2555
Preparer
Brian E Moss
Phone
5025830262
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To operate a school using a catholic classical liberal arts approach to education and to operate the school in a manner to accomodate children with downs syndrome or other special needs without compromising the academic mission of the academy so that these children may enrich those who work with them as well as their peers.”

Form 990, Page 1, Part I, Line 6

“Volunteers assist in class rooms and fundraising activities.”

Form 990, Part III

“Provision of education to approximately 200 students for the year, several of whom are with special needs.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION PUBLICIZES ITS RACIALLY NONDISCRIMINATORY POLICY ON ITS WEBSITE. IN ADDITION, THE ORGANIZATION PROMOTES ITS RACIALLY NONDISCRIMINATORY POLICY IN BROCHURES WHICH IT PROVIDES TO THE PARENTS OF POTENTIAL STUDENTS.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO OPERATE A SCHOOL USING A CATHOLIC CLASSICAL LIBERAL ARTS APPROACH TO EDUCATION AND TO OPERATE THE SCHOOL IN A MANNER TO ACCOMODATE CHILDREN WITH DOWNS SYNDROME OR OTHER SPECIAL NEEDS WITHOUT COMPROMISING THE ACADEMIC MISSION OF THE ACADEMY SO THAT THESE CHILDREN MAY ENRICH THOSE WHO WORK WITH THEM AS WELL AS THEIR PEERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VOLUNTEERS ASSIST IN CLASS ROOMS AND FUNDRAISING ACTIVITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PROVISION OF EDUCATION TO APPROXIMATELY 200 STUDENTS FOR THE YEAR, SEVERAL OF WHOM ARE WITH SPECIAL NEEDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3PENNY MICHALAK MICHAEL MICHALAK PRESIDENT VP/TREASURER MARRIED
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FORM 990 IS REVIEWED AND SIGNED BY PRESIDENT AN REVIEWED BY VICE PRESIDENT/TREASURER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE AVAILABLE THROUGH THE KENTUCKY SECRETARY OF STATE WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART III
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/PreparerPersonGrp/PreparationDt02022-04-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0BRIAN E MOSS
ReturnHeader/ReturnTs02022-04-15T14:45:10-05:00
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ReturnHeader/TaxPeriodEndDt02021-05-31
ReturnHeader/TaxYr02020

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$251,508
Liabilities
$163,658
Net assets
$87,850
Revenue
$1,039,312
Expenses
$955,448
Net income
$83,864
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.00$0.44$2.06$3.74$1.68
2023Detailed filing. Detailed filing data is available for this year.$2.44$0.00$2.44$1.14$1.23$0.09
2022Detailed filing. Detailed filing data is available for this year.$2.53$0.00$2.53$3.61$1.17$2.44
2021Detailed filing. Detailed filing data is available for this year.$0.25$0.16$0.09$1.04$0.96$0.08
2020Detailed filing. Detailed filing data is available for this year.$0.14$0.00$0.14$0.87$0.76$0.11
2019Detailed filing. Detailed filing data is available for this year.$0.04$0.00$0.03$0.95$0.92$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.02$0.01$0.01$0.74$0.74$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.03$0.01$0.01$0.55$0.58$0.02
2014Detailed filing. Detailed filing data is available for this year.$0.05$0.01$0.04$0.48$0.46$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.02$0.01$0.01$0.25