Civic Intelligence

Midwest Academy Inc.

990 • Fiscal year 2024 • EIN 35-1890348

Jul 01, 2023 to Jun 30, 2024 • Filed on May 15, 2025

1420 Chase CourtCarmel, IN 46032

(317) 843-9500

Siviq Scores

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

Liabilities / Assets

70th percentile

0.22x

Higher debt load relative to assets than 70% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

79th percentile

0.43x

Higher debt load relative to revenue than 79% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

29th percentile

-4.9%

Higher net margin than 29% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

93rd percentile

$243,078

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 9.5% of source-year revenue.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

35th percentile

-0.5%

Faster asset growth than 35% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

62nd percentile

16%

Faster revenue growth than 62% of similar nonprofits.

2024 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$4,899,422

Down $25,150 (-0.5%) from 2023

Net Assets

Down

$3,808,421

Down $152,804 (-3.9%) from 2023

Liabilities

Up

$1,091,001

Up $127,654 (+13%) from 2023

Revenue

Up

$2,556,255

Up $361,033 (+16%) from 2023

Expenses

Up

$2,682,136

Up $314,401 (+13%) from 2023

Net Income

Up

-$125,881

Up $46,632 (+27%) from 2023

Historical Trend

Balance Sheet Trend

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

$6.0M$4.0M$2.0M$0Assets 2019: $4,459,540Liabilities 2019: $1,099,825Net Assets 2019: $3,359,7152019Assets 2020: $4,787,786Liabilities 2020: $1,218,366Net Assets 2020: $3,569,4202020Assets 2021: $4,929,312Liabilities 2021: $1,067,289Net Assets 2021: $3,862,0232021Assets 2022: $4,939,872Liabilities 2022: $976,645Net Assets 2022: $3,963,2272022Assets 2023: $4,924,572Liabilities 2023: $963,347Net Assets 2023: $3,961,2252023Assets 2024: $4,899,422Liabilities 2024: $1,091,001Net Assets 2024: $3,808,4212024Assets 2025: $5,186,605Liabilities 2025: $1,244,256Net Assets 2025: $3,942,3492025

Highlighted filing

2024

Assets$4,899,422
Liabilities$1,091,001
Net Assets$3,808,421

Operations Trend

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2019: $2,034,558Expenses 2019: $1,817,425Net Income 2019: $217,1332019Revenue 2020: $2,038,438Expenses 2020: $1,828,733Net Income 2020: $209,7052020Revenue 2021: $2,378,544Expenses 2021: $2,085,941Net Income 2021: $292,6032021Revenue 2022: $2,313,465Expenses 2022: $2,186,761Net Income 2022: $126,7042022Revenue 2023: $2,195,222Expenses 2023: $2,367,735Net Income 2023: -$172,5132023Revenue 2024: $2,556,255Expenses 2024: $2,682,136Net Income 2024: -$125,8812024Revenue 2025: $2,952,946Expenses 2025: $2,790,777Net Income 2025: $162,1692025

Highlighted filing

2024

Revenue$2,556,255
Expenses$2,682,136
Net Income-$125,881
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$2,620,690
Mission and Program Overview

Mission

We offer our students a small, engaging educational setting, an inspiring progressive curriculum and a culture focused on the development of the whole child.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,916,094$2,830,298▼ $85,796
Cash and Non-Interest-Bearing Accounts$1,521,335$1,509,588▼ $11,747
Accounts Receivable$441,219$559,914▲ $118,695
Prepaid Expenses and Deferred Charges$8,200--
Total Assets$4,924,572$4,899,422▼ $25,150
Other Assets Total$37,724$-378▼ $38,102
Liabilities
Deferred Revenue$532,607$675,714▲ $143,107
Other Liabilities$402,524$409,953▲ $7,429
Accounts Payable and Accrued Expenses$28,216$5,334▼ $22,882
Total Liabilities$963,347$1,091,001▲ $127,654
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,961,225$3,808,421▼ $152,804
Total Net Assets Fund Balance$3,961,225$3,808,421▼ $152,804
Total Liabilities and Net Assets / Fund Balance$4,924,572$4,899,422▼ $25,150

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$2,617,798$1,518,541$4,136,339
Land$212,500-$212,500
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin GaileyHead of SchoFT$208,769$34,309$243,078
Kevin GaileyHead of School-$208,769$34,309$243,078

Board Members and Trustees

NameTitle
Wayne KotulicPresident
Joann MeyersTrustee
Kelly RatliffTrustee
Sally TassaniTrustee
Tiffanie JohnsonTrustee
Revenue and Support

Revenue Composition

Contributions and Grants
$267,466
Program Service Revenue
$2,140,708
Investment Income
$69,989
Other Revenue
$78,092
All Other Contributions
$155,959
Change in Net Assets
$-125,881

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeReported Amount
Clothing and Household Goods$46,582
Total Noncash Contributions$46,582
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,796,693
Other Expenses$885,443
Total Fundraising Expense$88,389
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,059,127$244,414$54,314$1,357,855
Other Employee Benefits$229,065$52,861$11,747$293,673
Depreciation Depletion$253,065--$253,065
Payroll Taxes$75,965$17,531$3,896$97,392
All Other Expenses$51,609$8,030$1,783$61,422
Pension Plan Contributions$37,263$8,599$1,911$47,773
Information Technology$36,311$8,380$1,862$46,553
Occupancy$34,735$8,017$1,781$44,533
Other Expenses$29,108$9,700$2,156$29,108
Insurance$21,482$4,957$1,102$27,541
Office Expenses$13,405$3,093$687$17,185
Advertising$11,592$2,675$594$14,861
Fees for Services Accounting$5,334$1,231$274$6,839
Fees for Services Legal$351$81$18$450
Total Functional Expenses$2,195,990$397,757$88,389$2,682,136
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$141,164
Fundraising Direct Expenses$63,072
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Gala$161,607$115,025$17,153$97,872
Monte Carlo Nig$26,139$26,139$1,615$24,524
Total Events$187,746$141,164$63,072$78,092
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Mortgage$322,078
Accrued Wages$64,333
Credit Card$21,042
Security Deposit$2,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
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
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, Page 6, Part VI, Line 11B

Treasurer, head of school and business manager reviews return then presents to members of finance committee before filing.

Form 990, Page 6, Part VI, Line 12C

Conflicts of interest are disclosed annually. Any member with a pertinent conflict of interest is excused from the meeting, discussion, and voting on the matter concerning the conflict. Conflicts of interest policy is signed annually by each member.

Form 990, Page 6, Part VI, Line 15A

Officers and executive committee review performance biannually and base compensation amount on those reviews.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Midwest Academy Inc
EIN
35-1890348
Phone
3178439500
Address
1420 CHASE COURT, CARMEL, IN 46032

Signing Officer

Name
Wayne Kotulic
Title
President
Phone
3178439500
Signed
2025-05-15

Organization Details

Principal Officer
Wayne Kotulic
Formed
1996
Voting Board Members
7
Independent Board Members
7
Employees
39

Preparer

Firm
Jayd Advisors
Address
11350 N MERIDIAN ST STE 120, CARMEL, IN 46032
Preparer
Shelley R Johnson CPA
Phone
3178431040
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Prior period adjustment -26,923

Raw XML AppendixShowing 400 of 451 raw XML fields

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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IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt030362
IRS990/PYOtherExpensesAmt0719160
IRS990/PYOtherRevenueAmt053068
IRS990/PYProgramServiceRevenueAmt01848970
IRS990/PYRevenuesLessExpensesAmt0-172513
IRS990/PYSalariesCompEmpBnftPaidAmt01648575
IRS990/PYTotalExpensesAmt02367735
IRS990/PYTotalRevenueAmt02195222
IRS990/ReconcilationRevenueExpnssAmt0-125881
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/LandGrp/BookValueAmt0212500
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0212500
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt02617798
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt01518541
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt04136339
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0322078
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt164333
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt221042
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MORTGAGE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED WAGES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CREDIT CARD
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3SECURITY DEPOSIT
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02830298
IRS990ScheduleD/TotalLiabilityAmt0409953
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
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt046582
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt046582
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt063072
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentEvent1Amt02000
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentEvent2Amt02450
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentTotalEventsAmt04450
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0GALA
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0MONTE CARLO NIG
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent2Amt01073
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt01073
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt0161607
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt026139
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt0187746
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt0115025
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt026139
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt0141164
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt078092
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt0197
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesTotalEventsAmt0197
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt018768
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt017153
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt01615
IRS990ScheduleG/FundraisingEventInformationGrp/RentFacilityCostsEvent1Amt038584
IRS990ScheduleG/FundraisingEventInformationGrp/RentFcltyCostsTotalEventsAmt038584
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0208769
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt034309
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0KEVIN GAILEY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0HEAD OF SCHOOL
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0243078
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/ClothingAndHouseholdGoodsGrp/NonCashCheckboxInd0X
IRS990ScheduleM/ClothingAndHouseholdGoodsGrp/NoncashContributionsRptF990Amt046582
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TREASURER, HEAD OF SCHOOL AND BUSINESS MANAGER REVIEWS RETURN THEN PRESENTS TO MEMBERS OF FINANCE COMMITTEE BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CONFLICTS OF INTEREST ARE DISCLOSED ANNUALLY. ANY MEMBER WITH A PERTINENT CONFLICT OF INTEREST IS EXCUSED FROM THE MEETING, DISCUSSION, AND VOTING ON THE MATTER CONCERNING THE CONFLICT. CONFLICTS OF INTEREST POLICY IS SIGNED ANNUALLY BY EACH MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2OFFICERS AND EXECUTIVE COMMITTEE REVIEW PERFORMANCE BIANNUALLY AND BASE COMPENSATION AMOUNT ON THOSE REVIEWS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4PRIOR PERIOD ADJUSTMENT -26,923
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IN
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt04924572
IRS990/TotalAssetsEOYAmt04899422
IRS990/TotalAssetsGrp/BOYAmt04924572
IRS990/TotalAssetsGrp/EOYAmt04899422
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt0267466
IRS990/TotalEmployeeCnt039
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt088389
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0397757
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02195990
IRS990/TotalFunctionalExpensesGrp/TotalAmt02682136
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0963347
IRS990/TotalLiabilitiesEOYAmt01091001

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