Civic Intelligence

Wheaton Academy

990 • Fiscal year 2019 • EIN 36-2388793

Aug 01, 2018 to Jul 31, 2019 • Filed on Jun 10, 2020

900 Prince Crossing RoadWest Chicago, IL 60185

(630) 562-7500

Siviq Scores

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

Liabilities / Assets

69th percentile

0.47x

Higher debt load relative to assets than 69% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Liabilities / Revenue

80th percentile

1.22x

Higher debt load relative to revenue than 80% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Net Margin

43rd percentile

1.4%

Higher net margin than 43% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Top Officer Pay

41st percentile

$216,012

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2019

Asset Growth

37th percentile

1.1%

Faster asset growth than 37% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Revenue Growth

60th percentile

6.9%

Faster revenue growth than 60% of similar nonprofits.

2019 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2018 to 2019

Assets

Up

$44,629,919

Up $487,083 (+1.1%) from 2018

Net Assets

Up

$23,629,641

Up $244,385 (+1.0%) from 2018

Liabilities

Up

$21,000,278

Up $242,698 (+1.2%) from 2018

Revenue

Up

$17,206,661

Up $1,116,997 (+6.9%) from 2018

Expenses

Up

$16,960,604

Up $789,318 (+4.9%) from 2018

Net Income

Up

$246,057

Up $327,679 (+401%) from 2018

Historical Trend

Balance Sheet Trend

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

$80M$60M$40M$20M$0Assets 2012: $36,697,535Liabilities 2012: $18,031,962Net Assets 2012: $18,665,5732012Assets 2013: $37,172,837Liabilities 2013: $18,672,697Net Assets 2013: $18,500,1402013Assets 2014: $40,608,261Liabilities 2014: $19,105,321Net Assets 2014: $21,502,9402014Assets 2015: $41,744,067Liabilities 2015: $19,325,398Net Assets 2015: $22,418,6692015Assets 2016: $42,872,124Liabilities 2016: $19,259,773Net Assets 2016: $23,612,3512016Assets 2017: $43,150,690Liabilities 2017: $19,683,812Net Assets 2017: $23,466,8782017Assets 2018: $44,142,836Liabilities 2018: $20,757,580Net Assets 2018: $23,385,2562018Assets 2019: $44,629,919Liabilities 2019: $21,000,278Net Assets 2019: $23,629,6412019Assets 2020: $39,684,406Liabilities 2020: $14,090,834Net Assets 2020: $25,593,5722020Assets 2021: $41,216,883Liabilities 2021: $14,737,193Net Assets 2021: $26,479,6902021Assets 2022: $48,341,275Liabilities 2022: $15,797,131Net Assets 2022: $32,544,1442022Assets 2023: $55,453,288Liabilities 2023: $20,545,902Net Assets 2023: $34,907,3862023Assets 2024: $67,923,396Liabilities 2024: $26,103,675Net Assets 2024: $41,819,7212024

Highlighted filing

2019

Assets$44,629,919
Liabilities$21,000,278
Net Assets$23,629,641

Operations Trend

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

$30M$20M$10M$0-$10MExpenses 2012: $13,179,3882012Expenses 2013: $13,730,7272013Revenue 2014: $18,496,834Expenses 2014: $14,890,376Net Income 2014: $3,606,4582014Revenue 2015: $17,232,312Expenses 2015: $16,255,790Net Income 2015: $976,5222015Revenue 2016: $16,885,410Expenses 2016: $15,558,685Net Income 2016: $1,326,7252016Revenue 2017: $14,529,930Expenses 2017: $14,658,903Net Income 2017: -$128,9732017Revenue 2018: $16,089,664Expenses 2018: $16,171,286Net Income 2018: -$81,6222018Revenue 2019: $17,206,661Expenses 2019: $16,960,604Net Income 2019: $246,0572019Revenue 2020: $19,169,438Expenses 2020: $17,205,507Net Income 2020: $1,963,9312020Revenue 2021: $18,989,425Expenses 2021: $18,103,307Net Income 2021: $886,1182021Revenue 2022: $25,254,594Expenses 2022: $19,190,140Net Income 2022: $6,064,4542022Revenue 2023: $21,917,855Expenses 2023: $19,554,613Net Income 2023: $2,363,2422023Revenue 2024: $26,709,439Expenses 2024: $19,901,042Net Income 2024: $6,808,3972024

Highlighted filing

2019

Revenue$17,206,661
Expenses$16,960,604
Net Income$246,057
Jump To
Filing Snapshot
Filing Period
Aug 1, 2018 to Jul 31, 2019
Signed
Jun 10, 2020
Return Version
2018v3.1
Gross Receipts
$21,604,334
Mission and Program Overview

Mission

Provide an educational program that is characterized by Biblical values and traditional educational standards using innovative curriculum centered on a caring student/teacher relationship.

Operation of an accredited high school

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$24,164,512$23,958,028▼ $206,484
Savings and Temporary Cash Investments$13,692,072$14,482,663▲ $790,591
Accounts Receivable$5,093,833$5,319,081▲ $225,248
Pledges and Grants Receivable$566,308$316,571▼ $249,737
Cash and Non-Interest-Bearing Accounts$253,079$288,448▲ $35,369
Prepaid Expenses and Deferred Charges$333,417$225,513▼ $107,904
Inventories for Sale or Use$7,115$7,115→ $0
Total Assets$44,142,836$44,629,919▲ $487,083
Other Assets Total$32,500$32,500→ $0
Liabilities
Deferred Revenue$10,853,124$11,528,306▲ $675,182
Tax Exempt Bond Liabilities$8,874,566$8,884,760▲ $10,194
Accounts Payable and Accrued Expenses$705,038$201,405▼ $503,633
Mortgage Notes Payable Secured by Investment Property-$200,203-
Other Liabilities$324,852$185,604▼ $139,248
Total Liabilities$20,757,580$21,000,278▲ $242,698
Net Assets / Fund Balance
Unrestricted Net Assets$23,267,039$22,914,627▼ $352,412
Permanently Rstr Net Assets$118,217$715,014▲ $596,797
Total Net Assets Fund Balance$23,385,256$23,629,641▲ $244,385
Total Liabilities and Net Assets / Fund Balance$44,142,836$44,629,919▲ $487,083

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,829,086$13,102,619$34,931,705
Equipment$925,677$1,750,175$2,675,852
Land$1,067,899-$1,067,899
Other Land Buildings$135,366$150,559$285,925

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2018$2,395,493$51,550▲ $132,791$14,723$2,489,535
2017$2,240,045$49,210▲ $196,260$25,947$2,395,493
2016$2,058,385$41,161▲ $256,904$28,770$2,240,045
2015$2,095,891$42,341▼ $1,853-$2,058,385
2014$2,015,631$71,837▲ $95,660-$2,112,592
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Eugene FrostExec Director WAI & WAF / TrusteePT$186,882$34,719$221,601
Steven BultHead of School / TrusteeFT$166,695$50,027$216,722
Steve KarlsonCOO/CFOFT$133,835$43,627$177,462
Kevin McDonellMath Teacher/Director of Safety/SecurityFT$113,551$28,664$142,215
Jeffrey BrookeTeacher/Vice Principal/DeanFT$108,696$27,882$136,578
Matthew HockettDigital Communications CoordinatorFT$105,543$12,257$117,800

Board Members and Trustees

NameTitle
Steven PearsonPresident
Matt LiftinVice President
Chad ThorsonTrustee
Dr Ruth WilliamsTrustee
Emir AbinionTrustee
Kurt FritzTrustee
Mac AirhartTrustee
Mike BertscheTrustee
Scott PearsonTrustee
Weldon WilliamsTrustee
Doug FranklinSecretary
Sandra DruryTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Joshua ExpeditionsTravel Services6840 Virginia Pkwy, McKinney, TX 75071$194,491
Servicemaster CleanCleaning Service445 Gundersen Dr, Carol Stream, IL 60188$167,572
GTI ToursGTI Travel IncTouring Company513 8th Street Suite 13, Holland, MI 49423$118,038
Highgate CreativeMarketing Services124 S County Farm Rd Ste B, Wheaton, IL 60187$114,702
Revenue and Support

Revenue Composition

Contributions and Grants
$2,891,357
Program Service Revenue
$13,744,083
Investment Income
$196,732
Other Revenue
$374,489
All Other Contributions
$2,737,264
Change in Net Assets
$246,057

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$25,294Mean Price
Total Noncash Contributions4$25,294-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$7,366,895
Other Expenses$6,663,325
Grants and Similar Amounts Paid$2,930,384
Total Fundraising Expense$544,687
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,580,256$1,478,595$267,623$5,326,474
Grants to Domestic Individuals$2,889,939--$2,889,939
Depreciation Depletion$1,151,491$102,355$25,588$1,279,434
Travel$1,068,986$47,260$12,404$1,128,650
Office Expenses$609,651$322,390$59,262$991,303
Other Employee Benefits$537,638$222,038$40,188$799,864
Occupancy$420,645$277,359$7,432$705,436
Fees for Services Other$85,726$555,585$6,409$647,720
Current Officers, Directors, Trustees, and Key Employees$423,270$174,805$31,639$629,714
All Other Expenses$60,314$407,627$53,265$521,206
Payroll Taxes$292,838$120,938$21,890$435,666
Other Expenses$312,402$32,459$5,206$350,067
Interest$222,453$19,774$4,943$247,170
Information Technology$130,984$48,541-$179,525
Insurance$49,992$90,818-$140,810
Pension Plan Contributions$92,866$38,352$6,942$138,160
Grants to Domestic Orgs$40,445--$40,445
Comp Disqual Persons$24,881$10,276$1,860$37,017
Fees for Services Accounting-$31,883-$31,883
Advertising$354$10,228$36$10,618
Total Functional Expenses$12,424,634$3,991,283$544,687$16,960,604
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Kids Alive International IncValparaiso, IN501(c)(3)Support & Missions Trips$30,125
Island EncountersRichmond, VA501(c)(3)Outreach Trip$10,320
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$37,237
Fundraising Gross Income$30,030
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Todd Beamer Golf Outing 2018$117,633$30,030$3,865$26,165
Total Events$117,633$30,030$37,237$-7,207
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family member of Dr. Eugene Frost, Exec Director of WAI & WAFCompensation & BenefitsNo$37,017
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Related Parties$185,604
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 family members
Yes
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
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, line 1

Executive Committee - This committee shall comprise the President and other officers of the Board. It shall have the authority to act for the Board on all matters so long as the Executive Committee determines that it would be imprudent to wait for the next Board meeting to take such action. With respect to any action taken on behalf of the Board, (1) the Executive Committee is required to report the action to the Board within 10 days and (2) the full Board must confirm the action at its next meeting. The Executive Committee is NOT authorized to make decisions with respect to the following matters: - Dissolve the corporation - Hire or fire the Head of School - Enter into major contracts or sue another entity - Make significant changes to a Board-approved budget - Adopt or eliminate major programs - Buy or sell property with a value greater than $500,000 - Amend the Bylaws - Change any policies the Board determines must be changed only by the Board

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

Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's Finance & Audit Committee prior to filing with the IRS.

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

The organization requires all officers and board members to annually complete and sign a conflict of interest questionnaire. The Head of School is responsible for reviewing the signed statements and ensuring that interested persons are in compliance with the conflict of interest policy. The President reviews the Head of School's statement. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.

Form 990, Part VI, Section C, line 19

The governing documents, conflict of interest policy and financial statements are available upon request.

Filing and Contact Details

Filer

Filer Name
Wheaton Academy
EIN
36-2388793
Phone
6305627500
Address
900 Prince Crossing Road, West Chicago, IL 60185

Signing Officer

Name
Steven Pearson
Title
President
Phone
6305627500
Signed
2020-06-10

Organization Details

Principal Officer
Steven Bult
Formed
1958
Legal Domicile
Il
Voting Board Members
14
Independent Board Members
12
Employees
270
Volunteers
140

Preparer

Firm
Capin Crouse LLP
Address
55 Shuman Blvd Suite 300, Naperville, IL 60563
Preparer
Sara Tibbott
Phone
6306829797
Supplemental Narrative

Additional Explanations

Form 990, Part X, Lines 27-29:

In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 7/31/2019. The 2018 Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $22,914,627 Line 29 - Net assets with donor restrictions $ 715,014 Total net assets $23,629,641

Form 990, Part XII, Line 2C:

The organization's board assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.

Financial Statement Notes

Part V, Line 4:

The money is awarded according to the direction of the various endowed scholarships. The students who meet the criteria and are selected are then awarded the scholarships and asked to write thank you notes. Part V, lines 2a-2c: In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 7/31/2019. To date, Schedule D has not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Schedule D, Part V, Lines 2a-2c: Line 2a - Without donor restrictions Line 2b - With donor restrictions Part V, columns (b)-(e): The prior year endowment activity has been updated to reflect corrected balances per the audited financial statements.

Part X, Line 2:

The financial statement effects of a tax position taken or expected to be taken are recognized in the consolidated financial statements when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. Interest and penalties, if any, are included in expenses in the consolidated statements of activities. The Academy underwent an IRS examination for the fiscal years ending July 31, 2018, 2017 and 2016. For the year ending July 31, 2018, The Academy believed that a loss in the form of a settlement was probable and had estimated the settlement to be $487,000, which is reflected in accrued expenses as of July 31, 2018. The actual settlement resulted in a payout of $462,371 during the year ending July 31, 2019. The Academy files information tax returns and is subject to routine audits by taxing jurisdictions. Management believes the Academy is no longer subject to examinations for years prior to 2016.

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IRS990/Form990PartVIISectionAGrp/PersonNm0Steven Pearson
IRS990/Form990PartVIISectionAGrp/PersonNm1Matt Liftin
IRS990/Form990PartVIISectionAGrp/PersonNm2Doug Franklin
IRS990/Form990PartVIISectionAGrp/PersonNm3Sandra Drury
IRS990/Form990PartVIISectionAGrp/PersonNm4Steven Bult
IRS990/Form990PartVIISectionAGrp/PersonNm5Mike Bertsche
IRS990/Form990PartVIISectionAGrp/PersonNm6Emir Abinion
IRS990/Form990PartVIISectionAGrp/PersonNm7Scott Pearson
IRS990/Form990PartVIISectionAGrp/PersonNm8Mac Airhart
IRS990/Form990PartVIISectionAGrp/PersonNm9Kurt Fritz
IRS990/Form990PartVIISectionAGrp/PersonNm10Chad Thorson
IRS990/Form990PartVIISectionAGrp/PersonNm11Dr Ruth Williams
IRS990/Form990PartVIISectionAGrp/PersonNm12Weldon Williams
IRS990/Form990PartVIISectionAGrp/PersonNm13Dr Eugene Frost
IRS990/Form990PartVIISectionAGrp/PersonNm14Steve Karlson
IRS990/Form990PartVIISectionAGrp/PersonNm15Jeffrey Brooke
IRS990/Form990PartVIISectionAGrp/PersonNm16Kevin McDonell
IRS990/Form990PartVIISectionAGrp/PersonNm17Matthew Hockett
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IRS990/Form990PartVIISectionAGrp/TitleTxt2Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt4Head of School / Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt16Math Teacher/Dir. of Safety/Security
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