Civic Intelligence

Pace Academy Inc.

990 • Fiscal year 2024 • EIN 58-0706812

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

966 West Paces Ferry Road NWAtlanta, GA 30327-2648

(404) 262-1345

Siviq Scores

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

Liabilities / Assets

37th percentile

0.16x

Higher debt load relative to assets than 37% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Liabilities / Revenue

61st percentile

0.62x

Higher debt load relative to revenue than 61% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Net Margin

57th percentile

6.5%

Higher net margin than 57% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Top Officer Pay

80th percentile

$1,000,420

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2024

Asset Growth

30th percentile

2.2%

Faster asset growth than 30% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Revenue Growth

71st percentile

19%

Faster revenue growth than 71% of similar nonprofits.

2024 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2023 to 2024

Assets

Up

$207,548,449

Up $4,532,720 (+2.2%) from 2023

Net Assets

Up

$174,614,042

Up $8,310,238 (+5.0%) from 2023

Liabilities

Down

$32,934,407

Down $3,777,518 (-10%) from 2023

Revenue

Up

$52,814,396

Up $8,261,405 (+19%) from 2023

Expenses

Up

$49,384,115

Up $3,689,996 (+8.1%) from 2023

Net Income

Up

$3,430,281

Up $4,571,409 (+401%) from 2023

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2010: $109,350,699Liabilities 2010: $40,892,892Net Assets 2010: $68,457,8072010Assets 2011: $118,997,879Liabilities 2011: $41,203,564Net Assets 2011: $77,794,3152011Assets 2012: $133,502,634Liabilities 2012: $42,070,714Net Assets 2012: $91,431,9202012Assets 2013: $144,411,223Liabilities 2013: $40,173,263Net Assets 2013: $104,237,9602013Assets 2014: $159,524,052Liabilities 2014: $44,179,618Net Assets 2014: $115,344,4342014Assets 2015: $160,185,185Liabilities 2015: $40,245,194Net Assets 2015: $119,939,9912015Assets 2016: $140,506,293Liabilities 2016: $19,897,308Net Assets 2016: $120,608,9852016Assets 2017: $143,494,442Liabilities 2017: $20,888,202Net Assets 2017: $122,606,2402017Assets 2018: $148,605,048Liabilities 2018: $21,300,412Net Assets 2018: $127,304,6362018Assets 2019: $155,371,117Liabilities 2019: $23,674,954Net Assets 2019: $131,696,1632019Assets 2020: $185,935,585Liabilities 2020: $41,459,020Net Assets 2020: $144,476,5652020Assets 2021: $209,472,717Liabilities 2021: $46,802,960Net Assets 2021: $162,669,7572021Assets 2022: $205,828,647Liabilities 2022: $42,871,448Net Assets 2022: $162,957,1992022Assets 2023: $203,015,729Liabilities 2023: $36,711,925Net Assets 2023: $166,303,8042023Assets 2024: $207,548,449Liabilities 2024: $32,934,407Net Assets 2024: $174,614,0422024

Highlighted filing

2024

Assets$207,548,449
Liabilities$32,934,407
Net Assets$174,614,042

Operations Trend

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

$60M$40M$20M$0-$20MExpenses 2010: $22,065,7282010Expenses 2011: $24,072,7312011Expenses 2012: $25,246,2102012Revenue 2013: $39,443,487Expenses 2013: $27,183,034Net Income 2013: $12,260,4532013Revenue 2014: $34,413,461Expenses 2014: $27,421,341Net Income 2014: $6,992,1202014Revenue 2015: $35,087,335Expenses 2015: $30,110,910Net Income 2015: $4,976,4252015Revenue 2016: $33,634,402Expenses 2016: $31,362,846Net Income 2016: $2,271,5562016Revenue 2017: $36,116,088Expenses 2017: $32,812,278Net Income 2017: $3,303,8102017Revenue 2018: $37,440,227Expenses 2018: $33,983,240Net Income 2018: $3,456,9872018Revenue 2019: $38,183,357Expenses 2019: $36,410,877Net Income 2019: $1,772,4802019Revenue 2020: $47,968,638Expenses 2020: $35,876,079Net Income 2020: $12,092,5592020Revenue 2021: $44,702,216Expenses 2021: $37,000,390Net Income 2021: $7,701,8262021Revenue 2022: $52,734,440Expenses 2022: $41,819,272Net Income 2022: $10,915,1682022Revenue 2023: $44,552,991Expenses 2023: $45,694,119Net Income 2023: -$1,141,1282023Revenue 2024: $52,814,396Expenses 2024: $49,384,115Net Income 2024: $3,430,2812024

Highlighted filing

2024

Revenue$52,814,396
Expenses$49,384,115
Net Income$3,430,281
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 15, 2025
Return Version
2023v6.0
Gross Receipts
$55,733,595
Mission and Program Overview

Mission

Our mission is to create prepared, confident citizens of the world who honor the values and legacy of pace academy.

Pace academy is a pre-first through 12th grade college preparatory independent school in atlanta, georgia.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$91,021,133$90,683,120▼ $338,013
Investments in Publicly Traded Securities$40,320,768$40,225,384▼ $95,384
Savings and Temporary Cash Investments$39,219,227$37,437,234▼ $1,781,993
Investments Other Securities$15,364,544$21,821,039▲ $6,456,495
Accounts Receivable$6,227,229$7,821,088▲ $1,593,859
Pledges and Grants Receivable$8,062,665$5,455,599▼ $2,607,066
Prepaid Expenses and Deferred Charges$2,721,656$3,557,941▲ $836,285
Inventories for Sale or Use$78,007$55,704▼ $22,303
Cash and Non-Interest-Bearing Accounts$500$500→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$203,015,729$207,548,449▲ $4,532,720
Other Assets Total$0$490,840▲ $490,840
Liabilities
Deferred Revenue$27,886,394$29,704,105▲ $1,817,711
Unsecured Notes Loans Payable$6,179,577$0▼ $6,179,577
Accounts Payable and Accrued Expenses$2,358,987$2,404,782▲ $45,795
Other Liabilities$286,967$825,520▲ $538,553
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$36,711,925$32,934,407▼ $3,777,518
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$144,578,205$153,619,251▲ $9,041,046
Net Assets With Donor Restrictions$21,725,599$20,994,791▼ $730,808
Total Net Assets Fund Balance$166,303,804$174,614,042▲ $8,310,238
Total Liabilities and Net Assets / Fund Balance$203,015,729$207,548,449▲ $4,532,720

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$76,032,621$45,813,938$121,846,559
Equipment$4,086,369$6,347,657$10,434,026
Land$9,725,486-$9,725,486
Other Land Buildings$838,644$186,391$1,025,035
Leasehold Improvements$0$0$0
Other Securities$12,948,964--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2023$59,086,011$323,802▲ $7,441,854$2,906,744$63,759,361
2022$54,104,053$120,832▲ $5,213,421$173,525$59,086,011
2021$61,713,782$66,240▼ $7,351,302$168,971$54,104,053
2020$48,144,347$71,331▲ $13,934,116$150,937$61,713,782
2019$47,711,363$141,067▲ $717,367$147,448$48,144,347
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Fred G AssafHead of SchoolFT$597,816$403,387$1,001,203
Aj LashleyCFOFT$301,120$46,224$347,344
Michael GannonHead of Upper SchoolFT$221,670$56,209$277,879
Dorothy HutchesonHead of Lower SchoolFT$160,610$111,667$272,277
Heather WhiteDirector of AdvancementFT$217,207$46,878$264,085
Kellie OwensChief Human Resource OfficerFT$165,130$52,854$217,984
David FortierDirector of FacilitiesFT$161,710$53,465$215,175

Highest Paid Contractors

ContractorServicesLocationCompensation
FlikFood Catering2 INTERNATIONAL DRIVE, Rye Brook, NY 10573$1,738,939
Cleanstar National INCHousekeeping1690-B ENTERPRISE WAY, Marietta, GA 30067$725,586
Delta AirlinesStudent Travel1030 DELTA BLVD, Atlanta, GA 30354$638,479
Envoys INCStudent Travel13 OXFORD COURT, Bellingham, MA 02019$566,298
Tebarco Mechanical CorpHvac Services1690 BLUEGRASS LAKES PARKWAY, Alpharetta, GA 30004$414,161
Revenue and Support

Revenue Composition

Contributions and Grants
$5,507,590
Program Service Revenue
$43,738,305
Investment Income
$3,866,763
Other Revenue
$-298,262
All Other Contributions
$5,129,938
Change in Net Assets
$3,430,281

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded45$1,200,238Average High/low
Other Non Cash Contri Table220$187,112Fair Market Value (FMV)
Total Noncash Contributions265$1,387,350-

Audited Revenue Reconciliation

Revenue per Audited Statements
$49,841,660
Revenue Not Reported on Financial Statements
$2,972,736
Revenue Not Reported on Form 990
$5,348,457
Other Revenue Adjustments
$2,799,972
Total Revenue per Audited Statements
$55,190,117
Total Revenue per Form 990
$52,814,396
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$27,548,694
Other Expenses$18,244,709
Grants and Similar Amounts Paid$3,590,712
Total Fundraising Expense$1,975,491
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$17,902,522$1,561,475$1,103,004$20,567,001
Depreciation Depletion$4,076,470$290,980$13,919$4,381,369
Grants to Domestic Individuals$3,590,712--$3,590,712
Occupancy$2,926,622$309,011$10,144$3,245,777
Other Employee Benefits$2,657,832$149,475$140,060$2,947,367
Travel$1,852,150--$1,852,150
Payroll Taxes$1,156,730$299,682$69,758$1,526,170
Current Officers, Directors, Trustees, and Key Employees$241,204$847,055$241,204$1,329,463
Pension Plan Contributions$845,784$278,408$54,501$1,178,693
Office Expenses$680,050$267,184$69,840$1,017,074
All Other Expenses$472,004$288,567$49,108$809,679
Insurance$578,859$38,455$1,875$619,189
Other Expenses$447,354$255,860$191,479$447,354
Conferences and Meetings$386,764$31,499$9,113$427,376
Fees for Services Legal-$402,895-$402,895
Interest$195,944$13,530$647$210,121
Fees for Service Investment Mgmnt Fees-$172,764-$172,764
Information Technology$102,035$35,750$5,273$143,058
Fees for Services Other-$142,688-$142,688
Advertising$92,766$9,251$4,625$106,642
Fees for Services Accounting-$66,600-$66,600
Total Functional Expenses$41,925,582$5,483,042$1,975,491$49,384,115

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$49,384,115
Expenses per Audited Statements$46,879,879
Total Expenses per Audited Statements$46,879,879
Expenses Not Reported on Financial Statements$2,504,236
Other Expense Adjustments$2,331,472
International Activity

International Summary

Offices
0
Employees
0
Spending
$1,462,689

International Compliance

Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
East Asia and the PacificProgram ServicesGlobal Study Tour00$657,781
Central America and the CaribbeanProgram ServicesGlobal Study Tour00$203,816
North AmericaProgram ServicesGlobal Study Tour00$190,698
South AmericaProgram ServicesGlobal Study Tour00$143,297
Europe (Including Iceland and Greenland)Program ServicesGlobal Study Tour00$141,933
Middle East and North AfricaProgram ServicesGlobal Study Tour00$125,164
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$308,890
Fundraising Direct Expenses$233,902
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$515,151$235,663$41,320$194,343
Fall Fair$108,277$45,326$24,481$20,845
Total Events$686,542$308,890$233,902$74,988
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Liability$500,001
Agency Accounts$325,519
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
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 B, Line 11B

A full and complete government copy is furnished to all trustees for their review prior to filing with the irs.

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

The board of trustees requires that all members complete an annual statement regarding any conflict of interest as defined within the policy statement for conflict of interest. This pledge is to uphold a duty of confidentiality and avoidance of any conflict of interest.

Form 990, Part VI, Section B, Line 15A

The board of trustees has a compensation committee that determines the ceo's compensation. The compensation committee reviews the salary information of other schools based on peer benchmarks when considering the salary of the headmaster (ceo). The board chair provides contemporaneous documentation to the cfo which is kept on file.

Form 990, Part VI, Section C, Line 19

Governing documents can be accessed through the website for the secretary of state of georgia and are readily available. The school's conflict of interest policy and latest audited financial statement are available upon request during business hours from the business office with appropriate consideration for time to accumulate and meet such requests.

Filing and Contact Details

Filer

Filer Name
Pace Academy Inc
EIN
58-0706812
In Care Of
% AJ LASHLEY
Phone
4042621345
Address
966 WEST PACES FERRY ROAD NW, ATLANTA, GA 30327-2648

Signing Officer

Name
Frederick Assaf
Title
CEO/head of School
Phone
4042621345
Signed
2025-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Frederick G Assaf
Formed
1958
Legal Domicile
Ga
Voting Board Members
32
Independent Board Members
32
Employees
457
Volunteers
1,115

Preparer

Firm
Smith & Howard Advisory LLC
Address
271 17TH STREET NW SUITE 2100, ATLANTA, GA 30363
Preparer
Sabre J Linahan
Phone
4048746244
Supplemental Narrative

Additional Explanations

Form 990, Part III, Line 4D

Other program services include summer programs, campus store and snack bar, parent organizations, and keeping pace. Pace's after school program includes knight crew for students to attend after pf and 1st-5th grades are released and their parents are able to attend. This service is offered on a drop in basis and also monthly. In addition to the daily service, specialty programs including athletic workshops and clinics and academic enrichment opportunities are offered during knight crew for an additional fee. Pace summer programs offers programming to keep pace students and students from the community active and engaged when school is not in session. Options include summer day camps; specialty programs and workshops; athletic camps and clinics; and academic enrichment opportunities. Pace summer programs serves approximately 1,000 students each year. Pace's campus store is the source for team gear, custom apparel and pace spirit items, and the snack bar serves pace students, faculty, staff, and campus visitors on a daily basis as well as serving as a concession stand for athletic events on campus. Pace's parent organizations include the parents club, booster club, arts alliance and alumni association. These groups support the pace students, faculty and staff through a variety of volunteer and fundraising services every year. Keeping pace is an outreach program that provides a four-week summer program for underserved youth in partner neighborhoods, and includes academic support and tutoring, leadership training, health and fitness, and recreational activities.

Financial Statement Notes

Schedule D, Part V, Line 4

Endowments consists of 31 donor-restricted endowment funds established for various purposes including financial aid, faculty development and specific programs and activities of pace. The endowment also includes board designated endowment funds for various purposes such as long-term investment and provision for plant replacement, renewal and special maintenance.

Schedule D, Part X, Line 2

Pace was incorporated in 1958 as a georgia not-for-profit corporation and is exempt from federal income tax under the provisions of section 501(a) of the internal revenue code (the "code"), as an organization described in section 501(c)(3) of the code of 1986, as amended. Accordingly, pace is exempt from federal income taxes except for any unrelated business income which is subject to unrelated business income tax. 943 gatewood court, llc, 944 gatewood court, llc, 3463 rilman road, llc, and knights riverview, llc are considered disregarded entities for income tax purposes. Pace annually evaluates all federal and state income tax positions. This process includes an analysis of whether these income tax positions pace takes meet the definition of an uncertain tax position under the income taxes topic of the financial accounting standards codification. In the normal course of business, pace is subject to examination by the federal and state taxing authorities. In general, pace is no longer subject to tax examinations for tax years ending before june 30, 2020.

Schedule D, Part XI, Line 4B

468,500 prior year bad debt write offs (616,593) rental expenses (233,902) fundraising event expenses (184,522) cogs from inventory (32,751) nonoperating expenses with revenue 3,399,240 financial aid netted with tuition ------------ 2,799,972

Schedule D, Part XII, Line 4B

(616,593) rental expenses (233,902) fundraising event expenses (184,522) cogs from inventory (32,751) nonoperating expenses with revenue 3,399,240 financial aid netted with tuition ------------ 2,331,472

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IRS990/Desc0INSTRUCTION - PACE ACADEMY WAS ESTABLISHED IN 1958 AS AN INDEPENDENT COLLEGE PREPARATORY CO-EDUCATIONAL DAY SCHOOL. THE ENROLLMENT IS 1,142 STUDENTS IN PRE-FIRST THROUGH 12TH GRADES. PACE STRIVES TO CREATE AN INNOVATIVE LEARNING ENVIRONMENT THROUGH COLLABORATION, CHALLENGING CURRICULUM, OUTSTANDING TEACHING AND CO-CURRICULAR OFFERINGS. IT MEANS WE REQUIRE STUDENTS TO PLUG INTO THE WORLD AROUND THEM, PUSH BEYOND THEIR COMFORT ZONES AND ACCOMPLISH THINGS THEY NEVER THOUGHT POSSIBLE. PACE STARTS SMALL TO MAKE THESE BIG THINGS HAPPEN BY FOCUSING ON THE INDIVIDUAL STUDENT, MAINTAINING SMALL CLASS SIZES, EMPHASIZING MEANINGFUL STUDENT-TEACHER RELATIONSHIPS AND FOSTERING AN INCLUSIVE, NURTURING COMMUNITY.
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$208$32.9$175$52.8$49.4$3.43
2023Summary only. Only limited summary data is available for this year.$203$36.7$166$44.6$45.7$1.14
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$206$42.9$163$52.7$41.8$10.9
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$209$46.8$163$44.7$37.0$7.70
2020Summary only. Only limited summary data is available for this year.$186$41.5$144$48.0$35.9$12.1
2019Summary only. Only limited summary data is available for this year.$155$23.7$132$38.2$36.4$1.77
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$149$21.3$127$37.4$34.0$3.46
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$143$20.9$123$36.1$32.8$3.30
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$141$19.9$121$33.6$31.4$2.27
2015Summary only. Only limited summary data is available for this year.$160$40.2$120$35.1$30.1$4.98
2014Detailed filing. Detailed filing data is available for this year.$160$44.2$115$34.4$27.4$6.99
2013Summary only. Only limited summary data is available for this year.$144$40.2$104$39.4$27.2$12.3
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$134$42.1$91.4$25.2
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$119$41.2$77.8$24.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$109$40.9$68.5$22.1