Riverside Military Academy Inc

“Ellen defoor (vp of advancement) and mark defoor (director of athletics) are married.”

“Prior to filing the form 990 with the irs, the board of trustees received a copy of the form 990 electronically. Ten business days were provided for resolving questions and comments before filing the final form 990 with the irs.”

“Employees must disclose any conflicts on an annual basis.”

“Benchmark material was used as well as past experience.”

“All information returns are available upon request.”

“All governing documents are available from the organization upon request.”

“PAYCHECK PROTECTION PROGRAM: In April 2020, the Academy obtained a Small Business Administration ("SBA") loan under the Paycheck Protection Program Flexibility Act ("PPPFA") in the amount of $2,043,700. The Paycheck Protection Program ("PPP") loan bears interest at 1% and will follow the repayment terms outlined by the Coronavirus Aid, Relief, and Economic Securities Act (the "CARES Act") and PPPFA. In June 2021, the Academy obtained PPPFA loan forgiveness and recorded the funds within other changes in the accompanying consolidated statement of activities. In February 2021, the Academy obtained a second Small Business Administration loan under the PPPFA in the amount of $1,537,607 The second PPP loan has the same provisions as the PPPFA first loan mentioned above. During 2022, the Academy obtained PPPFA loan forgiveness and recorded the funds within other changes in the accompanying consolidated statement of activities. recorded the funds within other changes in the accompanying consolidated statement of activities. EMPLOYEE RETENTION CREDIT: As part of the CARES act, employers have the option to participate in the Employee Retention Credit ("ERC"). The ERC is a benefit provided through payroll tax credits to encourage maintaining employee headcounts throughout the Coronavirus pandemic. The Academy is treating the ERC as a conditional grant and records revenue when the conditions are substantially met. During 2022, the Academy met the conditions required by the ERC and recognized grant revenue of $3,027,506 in the accompanying consolidated statement of activities.”

“(CONTINUED) ... leadership, accomplishment, and fulfillment. Colleges nationwide recognize the value of a Riverside Prep education as our 2022 graduates were offered $3.5 million in academic scholarships and $351,000 in ROTC scholarships and were accepted to 161 different colleges, universities, and service academies nationwide, including NYU, Cornell, the United States Air Force and Coast Guard Academies, Texas A&M, Embry-Riddle Aeronautical University, and Georgia Tech - just to name a few. At Riverside Prep, students not only achieve academic excellence, they experience what it's like to be part of a brotherhood, become mentors, and gain true and complete understanding of their potential.”

“12,142 - unrealized loss on beneficial interest in perpetual trust 131,991 - sandy beaver entrepreneur leadership program moved to foundation -------------------------- -144,133 = total other changes in net assets”