Civic Intelligence

Independence Classical Academy Inc.

990 • Fiscal year 2022 • EIN 81-2700759

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 18, 2023

Organization ProfileICACHARTER.ORG
2902 S Jenkins RoadFort Pierce, FL 34981

(772) 837-9300

Siviq Scores

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

Liabilities / Assets

94th percentile

1.00x

Higher debt load relative to assets than 94% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

93rd percentile

4.28x

Higher debt load relative to revenue than 93% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

21st percentile

-5.1%

Higher net margin than 21% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

14th percentile

$0

Higher top officer pay than 14% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

100th percentile

3123%

Faster asset growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

52nd percentile

5.3%

Faster revenue growth than 52% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$11,182,975

Up $10,836,027 (+3123%) from 2021

Net Assets

Down

-$25,284

Down $133,602 (-123%) from 2021

Liabilities

Up

$11,208,259

Up $10,969,629 (+4597%) from 2021

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin21st percentile

Revenue

Up

$2,618,925

Up $130,730 (+5.3%) from 2021

Expenses

Up

$2,752,527

Up $323,785 (+13%) from 2021

Net Income

Down

-$133,602

Down $193,055 (-325%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$20M$15M$10M$5.0M$0-$5.0MAssets 2021: $346,948Liabilities 2021: $238,630Net Assets 2021: $108,3182021Assets 2022: $11,182,975Liabilities 2022: $11,208,259Net Assets 2022: -$25,2842022Assets 2023: $11,074,228Liabilities 2023: $10,992,220Net Assets 2023: $82,0082023Assets 2024: $17,252,069Liabilities 2024: $16,645,377Net Assets 2024: $606,6922024Assets 2025: $15,316,332Liabilities 2025: $15,280,569Net Assets 2025: $35,7632025

Highlighted filing

2022

Assets$11,182,975
Liabilities$11,208,259
Net Assets-$25,284
Open 2022 Filing

Operations Trend

Revenue Growth52nd percentile

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MRevenue 2021: $2,488,195Expenses 2021: $2,428,742Net Income 2021: $59,4532021Revenue 2022: $2,618,925Expenses 2022: $2,752,527Net Income 2022: -$133,6022022Revenue 2023: $3,983,027Expenses 2023: $3,875,735Net Income 2023: $107,2922023Revenue 2024: $4,926,179Expenses 2024: $4,401,495Net Income 2024: $524,6842024Revenue 2025: $6,411,254Expenses 2025: $6,987,794Net Income 2025: -$576,5402025

Highlighted filing

2022

Revenue$2,618,925
Expenses$2,752,527
Net Income-$133,602
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 18, 2023
Return Version
2021v4.1
Gross Receipts
$2,618,925
Mission and Program Overview

Mission

Independence classical academy exists to provide a disciplined and highly engaging learning environment rich in scholarship, character building, citizenship, moral virtue, civics, and liberal arts. This time-tested, classical liberal arts education will ensure students are highly prepared, through rigorous and relevant core content with an emphasis on literacy, to be highly productive and successful citizens with a strong sense of character and civic responsibility.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$25,169$10,936,782▲ $10,911,613
Cash and Non-Interest-Bearing Accounts$177,477$109,598▼ $67,879
Pledges and Grants Receivable$110,976$79,934▼ $31,042
Prepaid Expenses and Deferred Charges$33,326$56,661▲ $23,335
Pd in Cap Srpls Land Bldg Eqp Fund$25,169$42,397▲ $17,228
Rtn Earn Endowment Incm Other Fnds$83,149$-67,681▼ $150,830
Total Assets$346,948$11,182,975▲ $10,836,027
Liabilities
Other Liabilities$0$10,894,385▲ $10,894,385
Accounts Payable and Accrued Expenses$131,976$247,012▲ $115,036
Mortgage Notes Payable Secured by Investment Property$106,654$66,862▼ $39,792
Total Liabilities$238,630$11,208,259▲ $10,969,629
Net Assets / Fund Balance
Total Net Assets Fund Balance$108,318$-25,284▼ $133,602
Total Liabilities and Net Assets / Fund Balance$346,948$11,182,975▲ $10,836,027

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$10,894,385$26,965-
Equipment$42,397$15,028-
Compensation and Service Providers
Top Officer Pay14th percentile

Board Members and Trustees

NameTitle
Clay BectonBoard Chair
Arthur CrossVice Chair
Sandy HowardExecutive Director
Cathy TownsendFounder/member
Lance PooleMember
Tamara GavinPrincipal
Sandra CrouchSecretary/treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
East Mountain CommercialFacility Lease775 WEST 1200 NORTH STE 100, Springville, UT 84663$673,068
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,484,032
Investment Income
$0
Other Revenue
$134,893
Change in Net Assets
$-133,602

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,618,925
Total Revenue per Audited Statements
$2,618,925
Total Revenue per Form 990
$2,618,925
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,752,527
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$738,180$0$0$738,180
Interest$614,601$0$0$614,601
Other Expenses$0$93,841$0$93,841
Depreciation Depletion$37,270$0$0$37,270
Total Functional Expenses$2,658,686$93,841$0$2,752,527

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,752,527
Total Expenses per Audited Statements$2,752,527
Total Expenses per Form 990$2,752,527
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long-term Lease Payable$10,894,385
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Independence Classical Academy Inc
EIN
81-2700759
Phone
7728379300
Address
2902 S JENKINS ROAD, FORT PIERCE, FL 34981

Signing Officer

Name
Clay Becton
Title
President
Phone
7728379300
Signed
2023-01-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clay Becton
Formed
2020
Legal Domicile
Fl
Voting Board Members
5
Independent Board Members
5
Employees
69
Volunteers
25

Preparer

Firm
Robert Walker CPA PA
Address
2803 W Busch Blvd Ste 106, Tampa, FL 33618
Preparer
Robert Walker CPA
Phone
8136248643
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“A draft copy of the 990 is provided to the region director for review prior to filing with the irs.”

Pt VI, Line 12C

“At each board meeting, the agenda is notated to remind board members to recuse from voting on any item that may be a conflict of interest.”

Pt VI, Line 15B

“The principal is paid in accordance with the school district's pay scale.”

Form 990, Part IX, Line 24E

“School administration 394945. 394945. 0. 0.”

Form 990, Part IX, Line 24E

“Fiscal services 67138. 67138. 0. 0.”

Form 990, Part IX, Line 24E

“Food services 39106. 39106. 0. 0.”

Form 990, Part IX, Line 24E

“Operation of plant 217431. 217431. 0. 0.”

Form 990, Part IX, Line 24E

“Maintenance of plant 15242. 15242. 0. 0.”

Form 990, Part IX, Line 24E

“Community services 4318. 4318. 0. 0.”

Financial Statement Notes

Pt X, Line 2

“The School is exempt from Federal tax under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the accompanying financial statements. Additionally, no uncertain tax positions have been made requiring disclosure in the related note to financial statements. The School's income tax returns for the past three years are subject to examination by tax authorities and may change upon examination.”

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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt026965
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt010921350
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010894385
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LONG-TERM LEASE PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt02618925
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The School is exempt from Federal tax under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the accompanying financial statements. Additionally, no uncertain tax positions have been made requiring disclosure in the related note to financial statements. The School's income tax returns for the past three years are subject to examination by tax authorities and may change upon examination.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt X, Line 2
IRS990ScheduleD/TotalBookValueLandBuildingsAmt010936782
IRS990ScheduleD/TotalExpensesPerForm990Amt02752527
IRS990ScheduleD/TotalLiabilityAmt010894385
IRS990ScheduleD/TotalRevenuePerForm990Amt02618925
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt02618925
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02752527
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE CHARTER SCHOOL ORGANIZATION SPECIFICALLY STATES ITS NONDISCRIMINATORY POLICY ON THE WEBSITE, NOTICES, AND ALL OF THE PUBLIC ADVERTISEMENTS PUBLISHED BY THE RESPECTIVE SCHOOL BOARD.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE CHARTER SCHOOL RECEIVES GRANTS FROM THEIR COUNTY SCHOOL BOARD.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 6b
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY OF THE 990 IS PROVIDED TO THE REGION DIRECTOR FOR REVIEW PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AT EACH BOARD MEETING, THE AGENDA IS NOTATED TO REMIND BOARD MEMBERS TO RECUSE FROM VOTING ON ANY ITEM THAT MAY BE A CONFLICT OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRINCIPAL IS PAID IN ACCORDANCE WITH THE SCHOOL DISTRICT'S PAY SCALE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SCHOOL ADMINISTRATION 394945. 394945. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FISCAL SERVICES 67138. 67138. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FOOD SERVICES 39106. 39106. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6OPERATION OF PLANT 217431. 217431. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7MAINTENANCE OF PLANT 15242. 15242. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8COMMUNITY SERVICES 4318. 4318. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0346948
IRS990/TotalAssetsEOYAmt011182975
IRS990/TotalAssetsGrp/BOYAmt0346948
IRS990/TotalAssetsGrp/EOYAmt011182975
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt069
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt093841
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02658686
IRS990/TotalFunctionalExpensesGrp/TotalAmt02752527
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0238630
IRS990/TotalLiabilitiesEOYAmt011208259
IRS990/TotalLiabilitiesGrp/BOYAmt0238630
IRS990/TotalLiabilitiesGrp/EOYAmt011208259
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0108318
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-25284
IRS990/TotalProgramServiceExpensesAmt02658686
IRS990/TotalProgramServiceRevenueAmt02484032
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt02618925
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02618925
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt025
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0346948
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt011182975
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt02902 S JENKINS ROAD
IRS990/USAddress/CityNm0FORT PIERCE
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd034981
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WebsiteAddressTxt0ICACHARTER.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/FederatedAssuranceLevelCd0FAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd00
ReturnHeader/BuildTS02023-03-07 01:45:13Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CLAY BECTON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07728379300
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-01-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0INDEPENDENCE CLASSICAL ACADEMY INC
ReturnHeader/Filer/BusinessNameControlTxt0INDE
ReturnHeader/Filer/EIN0812700759
ReturnHeader/Filer/PhoneNum07728379300
ReturnHeader/Filer/USAddress/AddressLine1Txt02902 S JENKINS ROAD
ReturnHeader/Filer/USAddress/CityNm0FORT PIERCE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd034981
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200676201
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0Robert Walker CPA PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt02803 W Busch Blvd Ste 106
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0Tampa
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033618
ReturnHeader/PreparerPersonGrp/PhoneNum08136248643
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0Robert Walker CPA
ReturnHeader/ReturnTs02023-01-18T06:31:40-08:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0CLAY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BECTON
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,182,975
Liabilities
$11,208,259
Net assets
-$25,284
Revenue
$2,618,925
Expenses
$2,752,527
Net income
-$133,602
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$15.3$15.3$0.04$6.41$6.99$0.58
2024Detailed filing. Detailed filing data is available for this year.$17.3$16.6$0.61$4.93$4.40$0.52
2023Detailed filing. Detailed filing data is available for this year.$11.1$11.0$0.08$3.98$3.88$0.11
2022Detailed filing. Detailed filing data is available for this year.$11.2$11.2$0.03$2.62$2.75$0.13
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.35$0.24$0.11$2.49$2.43$0.06