Civic Intelligence

Independence Classical Academy Inc.

990 • Fiscal year 2023 • EIN 81-2700759

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 08, 2024

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

93rd percentile

0.99x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

91st percentile

2.76x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

47th percentile

2.7%

Higher net margin than 47% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

40th percentile

$152,931

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 3.8% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

26th percentile

-1.0%

Faster asset growth than 26% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

88th percentile

52%

Faster revenue growth than 88% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Assets

Down

$11,074,228

Down $108,747 (-1.0%) from 2022

Net Assets

Up

$82,008

Up $107,292 (+424%) from 2022

Liabilities

Down

$10,992,220

Down $216,039 (-1.9%) from 2022

Revenue

Up

$3,983,027

Up $1,364,102 (+52%) from 2022

Expenses

Up

$3,875,735

Up $1,123,208 (+41%) from 2022

Net Income

Up

$107,292

Up $240,894 (+180%) from 2022

Historical Trend

Balance Sheet Trend

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

2023

Assets$11,074,228
Liabilities$10,992,220
Net Assets$82,008

Operations Trend

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

2023

Revenue$3,983,027
Expenses$3,875,735
Net Income$107,292
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 8, 2024
Return Version
2022v5.0
Gross Receipts
$3,989,887
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$10,936,782$10,725,997▼ $210,785
Cash and Non-Interest-Bearing Accounts$109,598$289,908▲ $180,310
Rtn Earn Endowment Incm Other Fnds$-67,681$48,778▲ $116,459
Prepaid Expenses and Deferred Charges$56,661$47,711▼ $8,950
Pd in Cap Srpls Land Bldg Eqp Fund$42,397$33,230▼ $9,167
Pledges and Grants Receivable$79,934$10,612▼ $69,322
Total Assets$11,182,975$11,074,228▼ $108,747
Liabilities
Other Liabilities$10,894,385$10,682,385▼ $212,000
Accounts Payable and Accrued Expenses$247,012$224,453▼ $22,559
Mortgage Notes Payable Secured by Investment Property$66,862$85,382▲ $18,520
Total Liabilities$11,208,259$10,992,220▼ $216,039
Net Assets / Fund Balance
Total Net Assets Fund Balance$-25,284$82,008▲ $107,292
Total Liabilities and Net Assets / Fund Balance$11,182,975$11,074,228▼ $108,747

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,682,385$238,965-
Equipment$43,612$26,513-
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Sandy HowardExecutive DirectorFT$152,931$152,931
Sandy Howard--$152,931$152,931

Board Members and Trustees

NameTitle
Clay BectonBoard Chair
Carlo Frade JrVice Chair
Cathy TownsendFounder/member
Jason RevelsSecretary
Lance PooleTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
East Mountain CommercialFacility Lease775 WEST 1200 NORTH STE 100, Springville, UT 84663$817,781
School Financial ServicesAccountingPO BOX 250, Bonify, FL 32425$132,032
Revenue and Support

Revenue Composition

Contributions and Grants
$175,000
Program Service Revenue
$3,644,714
Investment Income
$0
Other Revenue
$163,313
All Other Contributions
$175,000
Change in Net Assets
$107,292

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,983,027
Total Revenue per Audited Statements
$3,983,027
Total Revenue per Form 990
$3,983,027
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,875,735
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$1,150,468$0$0$1,150,468
Interest$594,573$0$0$594,573
Depreciation Depletion$223,485$0$0$223,485
Other Expenses$0$114,339$0$114,339
Total Functional Expenses$3,761,396$114,339$0$3,875,735

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,875,735
Total Expenses per Audited Statements$3,875,735
Total Expenses per Form 990$3,875,735
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$28,406
Fundraising Direct Expenses$6,860
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Chocolate$21,515$21,515$0$21,515
Bookfair$6,891$6,891$6,860$31
Total Events$28,406$28,406$6,860$21,546
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$10,682,385
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
2024-02-08
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 executive director is paid in accordance with the school district's pay scale.

Form 990, Part IX, Line 24E

School administration 604802. 604802. 0. 0.

Form 990, Part IX, Line 24E

Fiscal services 104709. 104709. 0. 0.

Form 990, Part IX, Line 24E

Operation of plant 345588. 345588. 0. 0.

Form 990, Part IX, Line 24E

Maintenance of plant 19081. 19081. 0. 0.

Form 990, Part IX, Line 24E

Community services 76288. 76288. 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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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03983027
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0-67681
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt048778
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/BuildingsGrp/BookValueAmt010682385
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0238965
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt010921350
IRS990ScheduleD/EquipmentGrp/BookValueAmt043612
IRS990ScheduleD/EquipmentGrp/DepreciationAmt026513
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt070125
IRS990ScheduleD/ExpensesSubtotalAmt03875735
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt010682385
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LONG-TERM LEASE PAYABLE
IRS990ScheduleD/RevenueSubtotalAmt03983027
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/TotalBookValueLandBuildingsAmt010725997
IRS990ScheduleD/TotalExpensesPerForm990Amt03875735
IRS990ScheduleD/TotalLiabilityAmt010682385
IRS990ScheduleD/TotalRevenuePerForm990Amt03983027
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03983027
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03875735
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
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt06860
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0BOOKFAIR
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0CHOCOLATE
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt06891
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt021515
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt028406
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt06891
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt021515
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt028406
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt021546
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt06860
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt06860
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt00
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0152931
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0SANDY HOWARD
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0152931
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
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 EXECUTIVE DIRECTOR IS PAID IN ACCORDANCE WITH THE SCHOOL DISTRICT'S PAY SCALE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SCHOOL ADMINISTRATION 604802. 604802. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FISCAL SERVICES 104709. 104709. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5OPERATION OF PLANT 345588. 345588. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6MAINTENANCE OF PLANT 19081. 19081. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7COMMUNITY SERVICES 76288. 76288. 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
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt011182975
IRS990/TotalAssetsEOYAmt011074228
IRS990/TotalAssetsGrp/BOYAmt011182975
IRS990/TotalAssetsGrp/EOYAmt011074228
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalContributionsAmt0175000
IRS990/TotalEmployeeCnt069
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0114339
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03761396
IRS990/TotalFunctionalExpensesGrp/TotalAmt03875735
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt011208259
IRS990/TotalLiabilitiesEOYAmt010992220
IRS990/TotalLiabilitiesGrp/BOYAmt011208259
IRS990/TotalLiabilitiesGrp/EOYAmt010992220

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