Civic Intelligence

Olivet Academy

990 • Fiscal year 2021 • EIN 81-0683419

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 05, 2023

Organization ProfileWWW.OLIVETACADEMY.ORG
425 Morse Hill RdAmenia, NY 12501

(845) 250-2231

Siviq Scores

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

Liabilities / Assets

86th percentile

0.69x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

91st percentile

1.03x

Higher debt load relative to revenue than 91% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

32nd percentile

3.5%

Higher net margin than 32% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

42nd percentile

$30,700

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

49th percentile

12%

Faster asset growth than 49% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

40th percentile

4.2%

Faster revenue growth than 40% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$4,147,907

Up $444,874 (+12%) from 2020

Net Assets

Up

$1,298,776

Up $322,730 (+33%) from 2020

Liabilities

Up

$2,849,131

Up $122,144 (+4.5%) from 2020

Revenue And Expenses
Liabilities / Revenue91st percentileNet Margin32nd percentile

Revenue

Up

$2,755,116

Up $111,890 (+4.2%) from 2020

Expenses

Up

$2,657,530

Up $897,392 (+51%) from 2020

Net Income

Down

$97,586

Down $785,502 (-89%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth49th percentile

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

$6.0M$4.0M$2.0M$0Assets 2015: $4,384Liabilities 2015: $2,0002015Assets 2019: $354,330Liabilities 2019: $273,398Net Assets 2019: $80,9322019Assets 2020: $3,703,033Liabilities 2020: $2,726,987Net Assets 2020: $976,0462020Assets 2021: $4,147,907Liabilities 2021: $2,849,131Net Assets 2021: $1,298,7762021Assets 2022: $4,082,307Liabilities 2022: $2,754,437Net Assets 2022: $1,327,8702022Assets 2023: $4,272,858Liabilities 2023: $2,914,723Net Assets 2023: $1,358,1352023Assets 2024: $4,280,865Liabilities 2024: $2,857,051Net Assets 2024: $1,423,8142024

Highlighted filing

2021

Assets$4,147,907
Liabilities$2,849,131
Net Assets$1,298,776
Open 2021 Filing

Operations Trend

Revenue Growth40th percentile

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2015: $22,525Expenses 2015: $20,141Net Income 2015: $2,3842015Revenue 2019: $978,082Expenses 2019: $936,856Net Income 2019: $41,2262019Revenue 2020: $2,643,226Expenses 2020: $1,760,138Net Income 2020: $883,0882020Revenue 2021: $2,755,116Expenses 2021: $2,657,530Net Income 2021: $97,5862021Revenue 2022: $2,430,467Expenses 2022: $2,401,373Net Income 2022: $29,0942022Revenue 2023: $2,636,568Expenses 2023: $2,606,303Net Income 2023: $30,2652023Revenue 2024: $3,494,333Expenses 2024: $3,428,654Net Income 2024: $65,6792024

Highlighted filing

2021

Revenue$2,755,116
Expenses$2,657,530
Net Income$97,586
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 5, 2023
Return Version
2021v4.2
Gross Receipts
$2,755,116
Mission and Program Overview

Mission

To glorify God by guiding students to the knowledge of the gospel of Jesus Christ by presenting a Christ-centered worldview through proper biblical integration. Seeks to promote spiritual growth and encourage

To glorify god by guiding students in the gospel of jesus christ by promoting spiritual growth and persuing excellence

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,651,124$3,567,677▼ $83,447
Pledges and Grants Receivable-$540,000-
Cash and Non-Interest-Bearing Accounts$51,909$40,230▼ $11,679
Total Assets$3,703,033$4,147,907▲ $444,874
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,310,288$2,153,813▼ $156,475
Other Liabilities$410,949$695,318▲ $284,369
Accounts Payable and Accrued Expenses$5,750--
Total Liabilities$2,726,987$2,849,131▲ $122,144
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$976,046$1,298,776▲ $322,730
Total Net Assets Fund Balance$976,046$1,298,776▲ $322,730
Total Liabilities and Net Assets / Fund Balance$3,703,033$4,147,907▲ $444,874

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,834,199$80,977$2,915,176
Land$728,794-$728,794
Other Land Buildings$4,017$28,408$32,425
Equipment$667$23,444$24,111
Compensation and Service Providers
Top Officer Pay42nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jen Yan KhorPrincipalFT$30,700$30,700
John VivianMiddle School PrincipaFT$23,520$23,520

Board Members and Trustees

NameTitle
Marian RebroChairman
Lenka GoropevsekTrustee
Haejo YimSecretary
Anabela BartovicTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,539,462
Program Service Revenue
$215,654
Investment Income
$0
Other Revenue
$0
All Other Contributions
$2,539,462
Change in Net Assets
$97,586
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,483,257
Other Expenses$1,068,541
Grants and Similar Amounts Paid$105,732
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,107,810$195,495-$1,303,305
Other Expenses$393,478--$393,478
All Other Expenses-$199,109-$199,109
Grants to Domestic Orgs$105,732--$105,732
Payroll Taxes$88,273$15,578-$103,851
Insurance-$94,059-$94,059
Fees for Services Other$92,499--$92,499
Depreciation Depletion-$83,447-$83,447
Office Expenses$50,578$12,645-$63,223
Travel$49,506$12,376-$61,882
Interest-$57,775-$57,775
Current Officers, Directors, Trustees, and Key Employees-$54,220-$54,220
Other Employee Benefits$21,881--$21,881
Fees for Services Legal-$18,375-$18,375
Fees for Services Accounting-$4,694-$4,694
Total Functional Expenses$1,909,757$747,773$0$2,657,530
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Immanuel Community Church-501c3Ministry Support$89,553
Bethel Prebyterian ChurchBronx, NY501c3Ministry Support$16,178
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
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
Backup withholding compliance
No
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
No
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 Line 11B

“Once the Form 990 has been prepared, it is reviewed by management and”

Part VI Line 11B

“electronically distributed to the board members for review and comment.”

Part VI Line 19

“In addition to the academic subjects, Bible study sessions were also ta”

Filing and Contact Details

Filer

Filer Name
Olivet Academy
EIN
81-0683419
In Care Of
% JEN YAN KHOR
Phone
8452502231
Address
425 MORSE HILL RD, AMENIA, NY 12501

Signing Officer

Name
Jen Yan Khor
Title
Principal
Phone
8452502231
Signed
2023-06-05

Organization Details

Principal Officer
Jen Yan Khor
Formed
2015
Legal Domicile
Ny
Voting Board Members
4
Independent Board Members
4
Employees
46
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0RELIGIOUS AND EDUCATIONAL LEARNING - In this school year Olivet Academ invested in improving classroom tecnology through the purchases of 80 inch screens for each classroom in the middlle and highschool along with the purchase of iPads. Several curriculum improvements were also made and implemented. This includes the establishment of a second language program and an ESL program. A drector for this program was hired along with 2 ESL teachers. New middle and highschool students were enrolled, additional staff was hired. Course offerrings were also expanded with Advanced Placement (AP) courses in collaboration with our educational partners.
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IRS990/ProgSrvcAccomActy2Grp/Desc0AFRTER SCHOOL PROGRAM - Olivet Academy offered after school programs from 14:30 - 16:30 three times a week. Programs on offer include: coding, STEM club, knitting, Chess, Soccer, Basketball, Chinese and Korean Language. For the middle and high school students, golf, tennis and soccer were offered in addition to fishing and STEM.
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IRS990/ProgSrvcAccomActy3Grp/Desc0SUMMER SCHOOL - Olivet Academy held its summer school program over the summer that consisted of academic enrichment in the following subjects English, Math, Social Studies and Science. Coding was also offered to students who expressed interest.In addition to the academic subjects bible study was taught daily. Olivet Academy also brought students on weekly fieldtrips to museums, parks and theme parks. Students also had the opportunity to sign up for sports. Tennis golf and soccer club
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IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt10
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ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,147,907
Liabilities
$2,849,131
Net assets
$1,298,776
Revenue
$2,755,116
Expenses
$2,657,530
Net income
$97,586
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.28$2.86$1.42$3.49$3.43$0.07
2023Detailed filing. Detailed filing data is available for this year.$4.27$2.91$1.36$2.64$2.61$0.03
2022Detailed filing. Detailed filing data is available for this year.$4.08$2.75$1.33$2.43$2.40$0.03
2021Detailed filing. Detailed filing data is available for this year.$4.15$2.85$1.30$2.76$2.66$0.10
2020Detailed filing. Detailed filing data is available for this year.$3.70$2.73$0.98$2.64$1.76$0.88
2019Summary only. Only limited summary data is available for this year.$0.35$0.27$0.08$0.98$0.94$0.04
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.02$0.02$0.00