Civic Intelligence

Whitefield Academy Inc.

990 • Fiscal year 2018 • EIN 58-1224983

Jul 01, 2017 to Jun 30, 2018 • Filed on May 15, 2019

1 Whitefield DriveMableton, GA 30126

(678) 305-3000

Siviq Scores

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

Liabilities / Assets

56th percentile

0.34x

Higher debt load relative to assets than 56% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

72nd percentile

0.89x

Higher debt load relative to revenue than 72% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Net Margin

78th percentile

23%

Higher net margin than 78% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

47th percentile

$328,145

Higher top officer pay than 47% of similar nonprofits.

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

2018 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2018

Asset Growth

77th percentile

11%

Faster asset growth than 77% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

83rd percentile

28%

Faster revenue growth than 83% of similar nonprofits.

2018 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$64,156,625

Up $6,329,620 (+11%) from 2017

Net Assets

Up

$42,422,164

Up $5,497,525 (+15%) from 2017

Liabilities

Up

$21,734,461

Up $832,095 (+4.0%) from 2017

Revenue

Up

$24,311,821

Up $5,337,726 (+28%) from 2017

Expenses

Up

$18,841,322

Up $1,334,658 (+7.6%) from 2017

Net Income

Up

$5,470,499

Up $4,003,068 (+273%) from 2017

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $43,679,718Liabilities 2010: $24,382,374Net Assets 2010: $19,297,3442010Assets 2011: $46,681,942Liabilities 2011: $21,757,256Net Assets 2011: $24,924,6862011Assets 2012: $50,428,381Liabilities 2012: $24,167,728Net Assets 2012: $26,260,6532012Assets 2013: $49,842,104Liabilities 2013: $22,199,048Net Assets 2013: $27,643,0562013Assets 2014: $51,333,824Liabilities 2014: $22,995,918Net Assets 2014: $28,337,9062014Assets 2015: $53,655,814Liabilities 2015: $21,113,005Net Assets 2015: $32,542,8092015Assets 2016: $55,986,404Liabilities 2016: $20,738,130Net Assets 2016: $35,248,2742016Assets 2017: $57,827,005Liabilities 2017: $20,902,366Net Assets 2017: $36,924,6392017Assets 2018: $64,156,625Liabilities 2018: $21,734,461Net Assets 2018: $42,422,1642018Assets 2019: $71,701,221Liabilities 2019: $21,761,217Net Assets 2019: $49,940,0042019Assets 2020: $75,337,309Liabilities 2020: $24,640,312Net Assets 2020: $50,696,9972020Assets 2021: $76,378,322Liabilities 2021: $24,380,841Net Assets 2021: $51,997,4812021Assets 2022: $87,685,381Liabilities 2022: $24,596,150Net Assets 2022: $63,089,2312022Assets 2023: $94,144,541Liabilities 2023: $26,034,861Net Assets 2023: $68,109,6802023Assets 2024: $100,957,663Liabilities 2024: $26,773,104Net Assets 2024: $74,184,5592024

Highlighted filing

2018

Assets$64,156,625
Liabilities$21,734,461
Net Assets$42,422,164

Operations Trend

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

$40M$30M$20M$10M$0Expenses 2010: $11,502,1212010Revenue 2011: $16,954,270Expenses 2011: $11,589,667Net Income 2011: $5,364,6032011Expenses 2012: $11,852,7202012Expenses 2013: $13,093,2942013Revenue 2014: $14,307,407Expenses 2014: $13,703,011Net Income 2014: $604,3962014Revenue 2015: $19,676,881Expenses 2015: $15,274,977Net Income 2015: $4,401,9042015Revenue 2016: $19,280,123Expenses 2016: $16,416,053Net Income 2016: $2,864,0702016Revenue 2017: $18,974,095Expenses 2017: $17,506,664Net Income 2017: $1,467,4312017Revenue 2018: $24,311,821Expenses 2018: $18,841,322Net Income 2018: $5,470,4992018Revenue 2019: $27,872,236Expenses 2019: $20,334,766Net Income 2019: $7,537,4702019Revenue 2020: $22,501,424Expenses 2020: $21,625,496Net Income 2020: $875,9282020Revenue 2021: $24,777,271Expenses 2021: $23,893,472Net Income 2021: $883,7992021Revenue 2022: $37,485,369Expenses 2022: $25,931,598Net Income 2022: $11,553,7712022Revenue 2023: $33,990,076Expenses 2023: $28,986,777Net Income 2023: $5,003,2992023Revenue 2024: $37,616,219Expenses 2024: $31,641,856Net Income 2024: $5,974,3632024

Highlighted filing

2018

Revenue$24,311,821
Expenses$18,841,322
Net Income$5,470,499
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.3
Gross Receipts
$24,581,561
Mission and Program Overview

Mission

Whitefield academy is a christ-centered college preparatory school that bolsters christian families in rearing young people who go on to college and life with a passion for learning, for putting others ahead of self, and for the living and active jesus. Whitefield academy operates pre-kindergarten through high school with time-tested practices and qualities of a top prep school. The school requires academic excellence without excuse based in evangelical christianity without apology. The school builds a strong sense of community through responsibility and initiative without manipulation or coercion.

A christ-centered college prep school that bolsters christian families with a passion for learning. The school requires academic excellence based in evangelical christianity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$30,376,199$31,371,790▲ $995,591
Cash and Non-Interest-Bearing Accounts$10,169,142$14,441,487▲ $4,272,345
Accounts Receivable$6,922,837$8,120,809▲ $1,197,972
Pledges and Grants Receivable$3,725,507$5,587,354▲ $1,861,847
Savings and Temporary Cash Investments$2,813,475$2,040,953▼ $772,522
Investments in Publicly Traded Securities$3,355,390$2,027,076▼ $1,328,314
Prepaid Expenses and Deferred Charges$226,207$352,797▲ $126,590
Inventories for Sale or Use$194,709$177,040▼ $17,669
Other Notes and Loans Receivable, Net$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$57,827,005$64,156,625▲ $6,329,620
Other Assets Total$43,539$37,319▼ $6,220
Liabilities
Deferred Revenue$13,975,965$15,460,916▲ $1,484,951
Mortgage Notes Payable Secured by Investment Property$6,250,000$4,950,000▼ $1,300,000
Accounts Payable and Accrued Expenses$676,401$1,323,545▲ $647,144
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$20,902,366$21,734,461▲ $832,095
Net Assets / Fund Balance
Unrestricted Net Assets$30,758,650$31,685,368▲ $926,718
Temporarily Rstr Net Assets$4,845,281$9,416,088▲ $4,570,807
Permanently Rstr Net Assets$1,320,708$1,320,708→ $0
Total Net Assets Fund Balance$36,924,639$42,422,164▲ $5,497,525
Total Liabilities and Net Assets / Fund Balance$57,827,005$64,156,625▲ $6,329,620

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$23,573,362$13,249,693$36,823,055
Land$7,131,536-$7,131,536
Equipment$354,639$2,677,322$3,031,961
Leasehold Improvements$305,041$516,676$821,717
Other Land Buildings$7,212$165,300$172,512

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,459,504-▲ $111,692$116,119$1,455,077
2016$1,372,610-▲ $136,911$50,017$1,459,504
2015$1,414,439-▲ $17,049$58,878$1,372,610
2014$1,434,535$2,600▲ $36,152$58,848$1,414,439
2013$1,073,572$270,408▲ $129,109$38,554$1,434,535
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin BracherPresident/HEAD OF SCHOOLFT$238,068$90,436$328,504
Nathan StevensUpper School PrincipalFT$112,922$58,272$171,194
Michelle Durrettdirector of business affairsFT$157,923$12,049$169,972

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Sage Dining ServicesFood & Catering222 Bosley Avenue, Towson, MD 21204$881,201
Collins Cooper CarusiArchitect3391 Peachtree Road, Atlanta, GA 30326$562,907
Info TankInfo Technology Svcs34 Lake Latimer Drive, Kennesaw, GA 30144$329,078
C D MarketingJanitorial1400 Bridle Path Drive, Lawrenceville, GA 30045$220,673
Revenue and Support

Revenue Composition

Contributions and Grants
$5,924,344
Program Service Revenue
$18,295,564
Investment Income
$72,068
Other Revenue
$19,845
All Other Contributions
$5,708,386
Change in Net Assets
$5,470,499

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
Other Non Cash Contri Table1$250,000Fair Market Value (FMV)
Securities Publicly Traded16$173,621Fair Market Value (FMV)
Other Non Cash Contri Table49$55,682Fair Market Value (FMV)
Total Noncash Contributions66$479,303-

Audited Revenue Reconciliation

Revenue per Audited Statements
$21,717,033
Revenue Not Reported on Financial Statements
$2,594,788
Revenue Not Reported on Form 990
$327,411
Other Revenue Adjustments
$2,567,562
Total Revenue per Audited Statements
$22,044,444
Total Revenue per Form 990
$24,311,821
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$9,347,997
Other Expenses$6,820,596
Grants and Similar Amounts Paid$2,597,562
Total Fundraising Expense$879,373
Professional Fundraising Fees$75,167

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,648,536$1,481,798$297,899$7,428,233
Grants to Domestic Individuals$2,597,562--$2,597,562
All Other Expenses$1,119,469$136,251$70,692$1,326,412
Depreciation Depletion$868,182$169,004$54,261$1,091,447
Occupancy$775,832$193,958-$969,790
Other Employee Benefits$466,638$93,643$18,784$579,065
Payroll Taxes$432,528$113,823$22,765$569,116
Current Officers, Directors, Trustees, and Key Employees$381,068$99,849$19,464$500,381
Fees for Services Other$329,636$61,807$20,602$412,045
Information Technology$328,703$69,034$13,142$410,879
Other Expenses$276,172-$262,501$276,172
Pension Plan Contributions$195,266$65,089$10,847$271,202
Office Expenses$127,377$51,831-$179,208
Interest$130,341$24,439$8,146$162,926
Advertising$74,738$74,738-$149,476
Insurance$105,881$16,584$5,103$127,568
Fees for Services Professional Fundraising--$75,167$75,167
Fees for Services Accounting-$51,831-$51,831
Fees for Service Investment Mgmnt Fees-$27,226-$27,226
Fees for Services Legal-$6,167-$6,167
Total Functional Expenses$15,224,877$2,737,072$879,373$18,841,322

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$18,841,322
Total Expenses per Audited Statements$16,546,919
Expenses per Audited Statements$16,404,034
Expenses Not Reported on Financial Statements$2,437,288
Other Expense Adjustments$2,410,062
Expenses Not Reported on Form 990$142,885
International Activity

International Compliance

Foreign grant records maintained
No
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
South AmericaProgram ServicesMission Trip---
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$126,855
Professional Fundraising Fees$75,167
Fundraising Gross Income$52,050
Gaming Direct Expenses$0
Gaming Gross Income$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Celebration$124,304$52,050$45,545$6,505
Total Events$124,304$52,050$126,855$-74,805
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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

Part VI, Section A, Line 9

All trustees, directors and key employees can be contacted through the organization's address as stated on the first page of form 990.

Part VI, Section B, Line 11

The finance committee reviewed and approved the 990. The final version was distributed by email in pdf format to the board of trustees prior to filing the return.

Part VI, Section B, Line 12C

The conflict of interest policy is monitored by the governing board annually. All Board members are required to disclose any conflicts of interest. All conflicts are discussed by the governing board.

Part VI, Section B, Line 15A

Head of school compensation when initially hired in 2013 was based on reasonableness with other organizations through the review of 990s. Current head of school compensation is reviewed annually by a board compensation committee which includes consulting both independent persons and comparable data along with contemporaneous deliberation by compensation committee which made the final compensation decision.

Part VI, Section B, Line 15B

Board officers are not compensated. Compensation for key employees other than the head of school was initially set based on comparable market statistics, and is evaluated annually by the head of school relative to comparable organizations and positions.

Part VI, Section C, Line 19

The organization does not make its governing documents, policies or financial statements available to the general public. The 990 and 1023 is available upon request.

Filing and Contact Details

Filer

Filer Name
Whitefield Academy Inc
EIN
58-1224983
In Care Of
% MICHELLE HINES
Phone
6783053000
Address
1 WHITEFIELD DRIVE, MABLETON, GA 30126

Signing Officer

Name
Kevin Bracher
Title
Head of School
Phone
6783053022
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
michelle hines
Formed
1974
Legal Domicile
Ga
Voting Board Members
17
Independent Board Members
17
Employees
223
Volunteers
75

Preparer

Firm
Smith & Howard Pc
Address
271 17TH STREET NW SUITE 1600, ATLANTA, GA 30363
Preparer
Marc Azar
Phone
4048746244
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

The Academy is recognized as an organization exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code (the "Code"). Only unrelated business income, as defined by Section 512(a)(1) of the Code is subject to income taxes. The Academy's unrelated business income is not significant. The Academy annually evaluates all federal and state income tax positions. This process includes an analysis of whether these income tax positions the academy takes meet the definition of an uncertain tax position under the income taxes topic of the financial accounting standards cofification. In general, the Academy is no longer subject to tax examinations for the tax years ending June 30, 2015. During December 2017, the President of the United States of America signed into law the Tax Cuts and Jobs Act. Under this Act, maximum corporate tax rates were reduced from a rate of 35% to a flat rate of 21%. There are other changes to the tax law that may affect the Academy, but the magnitude of such changes has not been determined. The Academy's tax liability for any potential unrelated business income tax should not be significant.

Schedule D, Part XI, Line 2D

RECONCILIATION OF EXP PER AUDITED FINANCIAL STATEMENTS WITH EXP PER RETURN Cost of Goods Sold for Campus store: $138,994 Rent expense netted with rental income: $3,891 ----------- $142,885

Schedule D, Part XI, Line 4B

Reconciliation of Rev per Audited Financial Statments with Rev per Return Grants netted on financials w/ tuition expense: $2,597,562 Bad Debt on Tuition $(30,000) ----------- $2,567,562

Schedule D, Part XII, Line 2D

Reconciliation of Exp per Audited Financial Statments with Exp per Return: Cost of Goods Sold for Campus store: $138,994 Rent expense netted with rental income: $3,891 ----------- $142,885

Schedule D, Part XII, Line 4B

Reconciliation of Exp per Audited Financial Statments with Exp per Return Grants netted on financials w/ tuition expense: $2,727,589 Prior period adjustment related to Uncollectible pledges: $(157,500) Bad Debt Expense included in tuition on tax return: $(30,000) ------------- $2,410,062

Schedule D, Part XIII

Supplemental Information WHITEFIELD ACADEMY HAS ENDOWMENT ACCOUNTS ESTABLISHED TO PRIMARILY AWARD FINANCIAL ASSISTANCE SCHOLARSHIPS TO MINORITY STUDENTS WHOSE FAMILIES DEMONSTRATE ECONOMIC NEED. OTHER ENDOWED SCHOLARSHIPS ARE FOR AWARDING STUDENTS WHO MEET CERTAIN SERVICE REQUIREMENTS, FOR AWARDING AND RETAINING TOP FACULTY, AND FOR ENHANCING THE LIBRARIES OF THE SCHOOL. THE AMOUNT FOR FY 2018 IS $116,119.

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IRS990/Desc0The Whitefield educational program includes the traditional academic disciplines as well as religious studies, sports, theater, art, and community service. We accept students from all christian denominations who wish to join other christian believers in providing children the finest christ-centered preparatory school education. Enrollment 853, PK4-12.
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Chair
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt4Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6Vice Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt7Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt11Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt12Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt13Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt14Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt15TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt16Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt17President/HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt18director of business affairs
IRS990/Form990PartVIISectionAGrp/TitleTxt19Upper School Principal
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IRS990/MissionDesc0WHITEFIELD ACADEMY IS A CHRIST-CENTERED COLLEGE PREPARATORY SCHOOL THAT BOLSTERS CHRISTIAN FAMILIES IN REARING YOUNG PEOPLE WHO GO ON TO COLLEGE AND LIFE WITH A PASSION FOR LEARNING, FOR PUTTING OTHERS AHEAD OF SELF, AND FOR THE LIVING AND ACTIVE JESUS. WHITEFIELD ACADEMY OPERATES PRE-KINDERGARTEN THROUGH HIGH SCHOOL WITH TIME-TESTED PRACTICES AND QUALITIES OF A TOP PREP SCHOOL. THE SCHOOL REQUIRES ACADEMIC EXCELLENCE WITHOUT EXCUSE BASED IN EVANGELICAL CHRISTIANITY WITHOUT APOLOGY. THE SCHOOL BUILDS A STRONG SENSE OF COMMUNITY THROUGH RESPONSIBILITY AND INITIATIVE WITHOUT MANIPULATION OR COERCION.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$101$26.8$74.2$37.6$31.6$5.97
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$94.1$26.0$68.1$34.0$29.0$5.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$87.7$24.6$63.1$37.5$25.9$11.6
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$76.4$24.4$52.0$24.8$23.9$0.88
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.3$24.6$50.7$22.5$21.6$0.88
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$71.7$21.8$49.9$27.9$20.3$7.54
2018Detailed filing. Detailed filing data is available for this year.$64.2$21.7$42.4$24.3$18.8$5.47
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$57.8$20.9$36.9$19.0$17.5$1.47
2016Detailed filing. Detailed filing data is available for this year.$56.0$20.7$35.2$19.3$16.4$2.86
2015Detailed filing. Detailed filing data is available for this year.$53.7$21.1$32.5$19.7$15.3$4.40
2014Detailed filing. Detailed filing data is available for this year.$51.3$23.0$28.3$14.3$13.7$0.60
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$49.8$22.2$27.6$13.1
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$50.4$24.2$26.3$11.9
2011Summary only. Only limited summary data is available for this year.$46.7$21.8$24.9$17.0$11.6$5.36
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.7$24.4$19.3$11.5