Civic Intelligence

Hope Academy Inc.

990 • Fiscal year 2024 • EIN 41-1962874

Aug 01, 2023 to Jul 31, 2024 • Filed on Jan 08, 2025

Organization ProfileHOPEACADEMYMPLS.ORG

View Organization Page

2300 Chicago Avenue SouthMinneapolis, MN 55404

(612) 540-2200

Siviq Scores

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

Liabilities / Assets

24th percentile

0.04x

Higher debt load relative to assets than 24% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

14th percentile

0.05x

Higher debt load relative to revenue than 14% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

12th percentile

-17%

Higher net margin than 12% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

30th percentile

$188,750

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

7th percentile

-11%

Faster asset growth than 7% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

67th percentile

18%

Faster revenue growth than 67% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets24th percentile

Assets

Down

$38,156,559

Down $4,586,123 (-11%) from 2023

Net Assets

Down

$36,600,504

Down $5,013,383 (-12%) from 2023

Liabilities

Up

$1,556,055

Up $427,260 (+38%) from 2023

Revenue And Expenses
Liabilities / Revenue14th percentileNet Margin12th percentile

Revenue

Up

$31,800,499

Up $4,756,781 (+18%) from 2023

Expenses

Up

$37,098,056

Up $25,447,122 (+218%) from 2023

Net Income

Down

-$5,297,557

Down $20,690,341 (-134%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth7th percentile

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

$60M$40M$20M$0Assets 2011: $3,307,479Liabilities 2011: $1,450,130Net Assets 2011: $1,857,3492011Assets 2012: $3,873,965Liabilities 2012: $1,449,592Net Assets 2012: $2,424,3732012Assets 2013: $4,104,559Liabilities 2013: $1,455,635Net Assets 2013: $2,648,9242013Assets 2014: $4,886,739Liabilities 2014: $1,463,819Net Assets 2014: $3,422,9202014Assets 2015: $5,535,363Liabilities 2015: $2,470,585Net Assets 2015: $3,064,7782015Assets 2016: $6,354,793Liabilities 2016: $2,519,029Net Assets 2016: $3,835,7642016Assets 2017: $10,503,684Liabilities 2017: $2,591,744Net Assets 2017: $7,911,9402017Assets 2018: $14,609,608Liabilities 2018: $1,806,199Net Assets 2018: $12,803,4092018Assets 2019: $17,233,201Liabilities 2019: $524,764Net Assets 2019: $16,708,4372019Assets 2020: $19,726,791Liabilities 2020: $1,124,851Net Assets 2020: $18,601,9402020Assets 2021: $22,761,341Liabilities 2021: $266,820Net Assets 2021: $22,494,5212021Assets 2022: $26,555,934Liabilities 2022: $334,831Net Assets 2022: $26,221,1032022Assets 2023: $42,742,682Liabilities 2023: $1,128,795Net Assets 2023: $41,613,8872023Assets 2024: $38,156,559Liabilities 2024: $1,556,055Net Assets 2024: $36,600,5042024Assets 2025: $46,908,680Liabilities 2025: $2,966,856Net Assets 2025: $43,941,8242025

Highlighted filing

2024

Assets$38,156,559
Liabilities$1,556,055
Net Assets$36,600,504
Open 2024 Filing

Operations Trend

Revenue Growth67th percentile

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

$40M$20M$0-$20MExpenses 2011: $2,524,3972011Expenses 2012: $2,698,3072012Expenses 2013: $3,164,3312013Revenue 2014: $4,274,517Expenses 2014: $3,500,521Net Income 2014: $773,9962014Revenue 2015: $3,705,610Expenses 2015: $4,063,752Net Income 2015: -$358,1422015Revenue 2016: $5,360,327Expenses 2016: $4,589,341Net Income 2016: $770,9862016Revenue 2017: $9,442,449Expenses 2017: $5,364,125Net Income 2017: $4,078,3242017Revenue 2018: $7,888,681Expenses 2018: $5,985,891Net Income 2018: $1,902,7902018Revenue 2019: $10,262,055Expenses 2019: $6,358,960Net Income 2019: $3,903,0952019Revenue 2020: $9,456,320Expenses 2020: $7,572,303Net Income 2020: $1,884,0172020Revenue 2021: $12,467,556Expenses 2021: $8,626,142Net Income 2021: $3,841,4142021Revenue 2022: $13,659,656Expenses 2022: $9,799,766Net Income 2022: $3,859,8902022Revenue 2023: $27,043,718Expenses 2023: $11,650,934Net Income 2023: $15,392,7842023Revenue 2024: $31,800,499Expenses 2024: $37,098,056Net Income 2024: -$5,297,5572024Revenue 2025: $32,111,922Expenses 2025: $24,944,149Net Income 2025: $7,167,7732025

Highlighted filing

2024

Revenue$31,800,499
Expenses$37,098,056
Net Income-$5,297,557
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Aug 1, 2023 to Jul 31, 2024
Signed
Jan 8, 2025
Return Version
2023v6.0
Gross Receipts
$39,198,007
Mission and Program Overview

Mission

Provide a faith-based education to inner city children

The organization operates a k-12 school in urban minneapolis which provides a classical christian education, with a goal of fostering hope in god within the inner-city neighborhoods of minneapolis by providing youth with a remarkable god-centered education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,022,671$18,827,748▼ $4,194,923
Savings and Temporary Cash Investments$11,494,348$8,232,250▼ $3,262,098
Investments Other Securities$3,857,507$2,994,973▼ $862,534
Investments in Publicly Traded Securities$1,765,176--
Pledges and Grants Receivable$966,200$500,000▼ $466,200
Cash and Non-Interest-Bearing Accounts$480,626$215,483▼ $265,143
Accounts Receivable$245,511$127,989▼ $117,522
Prepaid Expenses and Deferred Charges$66,749$50,116▼ $16,633
Total Assets$42,742,682$38,156,559▼ $4,586,123
Other Assets Total$843,894$7,208,000▲ $6,364,106
Liabilities
Accounts Payable and Accrued Expenses$1,110,315$1,524,131▲ $413,816
Deferred Revenue$18,480$31,924▲ $13,444
Total Liabilities$1,128,795$1,556,055▲ $427,260
Net Assets / Fund Balance
Net Assets With Donor Restrictions$17,908,573$26,037,339▲ $8,128,766
Net Assets Without Donor Restrictions$23,705,314$10,563,165▼ $13,142,149
Total Net Assets Fund Balance$41,613,887$36,600,504▼ $5,013,383
Total Liabilities and Net Assets / Fund Balance$42,742,682$38,156,559▼ $4,586,123

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,663,618$2,689,749$17,353,367
Other Land Buildings$3,299,163$33,767$3,332,930
Equipment$200,006$1,812,677$2,012,683
Land$664,961-$664,961
Other Assets Org$7,208,000--
Other Securities$429,807--
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jim StigmanHead of AdvaFT$181,490$7,260$188,750
Jim StigmanHead of Advancement-$156,490$39,110$188,750
Russ GreggHead of SchoFT$138,994$12,410$151,404
Russ GreggHead of School/VP/tr-$138,994$5,560$151,404
Jeremy DonaldsonDirector ofFT$65,683$11,943$77,626
John VillasCOOPT$61,906$10,972$72,878

Board Members and Trustees

NameTitle
Dan OlsonPresident
Gwen SmithHead of Fina
Brad PieperMember
Donna HarrisMember
Hector FernandezMember
Mike BrockerMember
Paul GuideraMember
Robin MaynardMember
Steve TourekMember
Wayne BuggMember
Doug SmithSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$21,251,021
Program Service Revenue
$9,773,945
Investment Income
$702,429
Other Revenue
$73,104
All Other Contributions
$19,640,842
Change in Net Assets
$-5,297,557

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded39$1,582,930Fair Market Value
Other Non Cash Contri Table1$135,679Fair Market Value
Total Noncash Contributions40$1,718,609-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$23,990,748
Salaries, Compensation, and Employee Benefits$9,712,168
Other Expenses$3,395,140
Total Fundraising Expense$932,434
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$15,060,115--$15,060,115
Grants to Domestic Individuals$8,930,633--$8,930,633
Other Salaries and Wages$6,904,999$460,305$638,175$8,003,479
Depreciation Depletion$805,622$8,221$8,221$822,064
Other Employee Benefits$521,937$37,616$52,149$611,702
Occupancy$548,844$6,540$6,964$562,348
Fees for Services Other$495,242$6,373$41,479$543,094
Payroll Taxes$439,275$31,578$43,780$514,633
Current Officers, Directors, Trustees, and Key Employees$322,275$21,727$30,125$374,127
All Other Expenses$146,844$27,693$42,480$217,017
Pension Plan Contributions$177,631$12,821$17,775$208,227
Information Technology$175,487$12,615$17,490$205,592
Office Expenses$113,421$8,153$11,304$132,878
Insurance$106,708$2,062$2,500$111,270
Advertising$90,008$967$17,672$108,647
Other Expenses$79,420$810$810$81,040
Fees for Services Management$48,000--$48,000
Travel$32,496--$32,496
Fees for Services Accounting-$25,704-$25,704
Fees for Service Investment Mgmnt Fees-$12,310-$12,310
Total Functional Expenses$35,488,617$677,005$932,434$37,098,056
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Hope Academy Holding CompanyMinneapolis, MN501c3Grant to Hahc$4,342,923
Spreading Hope NetworkMinneapolis, MN501c3Christian Schools$40,000
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$12,053
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Evening of Hope$113,483-$1,999-
Total Events$113,483-$12,053$-12,053
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“The board of directors reviewed and approve the form 990 before filing. It is also reviewed by the head of finance and operations.”

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

“The executive director and the board of directors review and monitor all possible issues related to conflict of interest for all officers, employees, and board members.”

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

“The board of directors review, monitor, and approve all changes and adjustments to the head of school's compensation.”

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

“The head of school and the board of directors review, monitor, and approve all changes and adjustments to compensation decisions for the other officers and key employees.”

Form 990, Page 6, Part VI, Line 18

“Any relevant documents are available upon request.”

Form 990, Page 6, Part VI, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Hope Academy Inc
EIN
41-1962874
Phone
6125402200
Address
2300 CHICAGO AVENUE SOUTH, MINNEAPOLIS, MN 55404

Signing Officer

Name
John Villas
Title
COO
Phone
6125402200
Signed
2025-01-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Russ Gregg
Formed
2000
Legal Domicile
Mn
Voting Board Members
10
Independent Board Members
9
Employees
237
Volunteers
503

Preparer

Firm
Boyum & Barenscheer Pllp
Address
3050 METRO DR STE 200, MINNEAPOLIS, MN 55425-1547
Preparer
Ashley Sparks
Phone
9528544244
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The organization operates a k-12 school in urban minneapolis which provides a classical christian education, with a goal of fostering hope in god within the inner-city neighborhoods of minneapolis by providing youth with a remarkable god-centered education.”

Form 990, Part XI, Line 9

“Special event expenses included in revenue 12,053 investment expense -12,310 special event expenses included in revenue -12,053 investment expense 12,310”

Financial Statement Notes

Schedule D, Page 3, Part X

“The academy has not been recently audited; and accordingly, the information tax returns for the past three years are open to examination. Management has evaluated its tax positions and has concluded that they do not result in anything that would require either recording or disclosure in the financial statements based on the criteria set forth in asc 740.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0HEAD OF ADVA
IRS990/Form990PartVIISectionAGrp/TitleTxt1HEAD OF SCHO
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IRS990/Form990PartVIISectionAGrp/TitleTxt4HEAD OF FINA
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6SECRETARY
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IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0THE ORGANIZATION OPERATES A K-12 SCHOOL IN URBAN MINNEAPOLIS WHICH PROVIDES A CLASSICAL CHRISTIAN EDUCATION, WITH A GOAL OF FOSTERING HOPE IN GOD WITHIN THE INNER-CITY NEIGHBORHOODS OF MINNEAPOLIS BY PROVIDING YOUTH WITH A REMARKABLE GOD-CENTERED EDUCATION.
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IRS990/OfficeExpensesGrp/FundraisingAmt011304
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IRS990/OperateHospitalInd0false
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IRS990/OtherAssetsTotalGrp/EOYAmt07208000
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt052149
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt037616
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0521937
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0611702
IRS990/OtherExpensesGrp/Desc0CLASSROOM TEXTS AND SUPPL
IRS990/OtherExpensesGrp/Desc1EQUIPMENT, BUILDING REPAI
IRS990/OtherExpensesGrp/Desc2MISSION TRIP EXPENSES
IRS990/OtherExpensesGrp/Desc3MOVING COSTS
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0460305
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt06904999
IRS990/OtherSalariesAndWagesGrp/TotalAmt08003479
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IRS990/PayrollTaxesGrp/FundraisingAmt043780
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt031578
IRS990/PayrollTaxesGrp/ProgramServicesAmt0439275
IRS990/PayrollTaxesGrp/TotalAmt0514633
IRS990/PensionPlanContributionsGrp/FundraisingAmt017775
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt012821
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0177631
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt050116
IRS990/PrincipalOfficerNm0RUSS GREGG
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Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$38,156,559
Liabilities
$1,556,055
Net assets
$36,600,504
Revenue
$31,800,499
Expenses
$37,098,056
Net income
-$5,297,557
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$46.9$2.97$43.9$32.1$24.9$7.17
2024Detailed filing. Detailed filing data is available for this year.$38.2$1.56$36.6$31.8$37.1$5.30
2023Detailed filing. Detailed filing data is available for this year.$42.7$1.13$41.6$27.0$11.7$15.4
2022Detailed filing. Detailed filing data is available for this year.$26.6$0.33$26.2$13.7$9.80$3.86
2021Detailed filing. Detailed filing data is available for this year.$22.8$0.27$22.5$12.5$8.63$3.84
2020Detailed filing. Detailed filing data is available for this year.$19.7$1.12$18.6$9.46$7.57$1.88
2019Detailed filing. Detailed filing data is available for this year.$17.2$0.52$16.7$10.3$6.36$3.90
2018Detailed filing. Detailed filing data is available for this year.$14.6$1.81$12.8$7.89$5.99$1.90
2017Detailed filing. Detailed filing data is available for this year.$10.5$2.59$7.91$9.44$5.36$4.08
2016Detailed filing. Detailed filing data is available for this year.$6.35$2.52$3.84$5.36$4.59$0.77
2015Detailed filing. Detailed filing data is available for this year.$5.54$2.47$3.06$3.71$4.06$0.36
2014Detailed filing. Detailed filing data is available for this year.$4.89$1.46$3.42$4.27$3.50$0.77
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.10$1.46$2.65$3.16
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.87$1.45$2.42$2.70
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.31$1.45$1.86$2.52