Civic Intelligence

Freedom Classical Academy Inc.

990 • Fiscal year 2023 • EIN 81-3295172

Jul 01, 2022 to Jun 30, 2023 • Filed on Feb 14, 2024

777 E Ann RoadNorth Las Vegas, NV 89081-2903

(702) 533-1896

Siviq Scores

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

Liabilities / Assets

91st percentile

0.92x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

91st percentile

3.33x

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

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Net Margin

42nd percentile

1.3%

Higher net margin than 42% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

44th percentile

$234,842

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2023

Asset Growth

35th percentile

2.1%

Faster asset growth than 35% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

33rd percentile

-3.0%

Faster revenue growth than 33% of similar nonprofits.

2023 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$34,790,937

Up $712,839 (+2.1%) from 2022

Net Assets

Up

$2,716,319

Up $121,151 (+4.7%) from 2022

Liabilities

Up

$32,074,618

Up $591,688 (+1.9%) from 2022

Revenue

Down

$9,619,943

Down $300,388 (-3.0%) from 2022

Expenses

Up

$9,498,792

Up $823,747 (+9.5%) from 2022

Net Income

Down

$121,151

Down $1,124,135 (-90%) from 2022

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2022: $34,078,098Liabilities 2022: $31,482,930Net Assets 2022: $2,595,1682022Assets 2023: $34,790,937Liabilities 2023: $32,074,618Net Assets 2023: $2,716,3192023Assets 2024: $35,650,683Liabilities 2024: $31,894,394Net Assets 2024: $3,756,2892024

Highlighted filing

2023

Assets$34,790,937
Liabilities$32,074,618
Net Assets$2,716,319

Operations Trend

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

$15M$10M$5.0M$0Revenue 2022: $9,920,331Expenses 2022: $8,675,045Net Income 2022: $1,245,2862022Revenue 2023: $9,619,943Expenses 2023: $9,498,792Net Income 2023: $121,1512023Revenue 2024: $11,962,424Expenses 2024: $10,922,454Net Income 2024: $1,039,9702024

Highlighted filing

2023

Revenue$9,619,943
Expenses$9,498,792
Net Income$121,151
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Feb 14, 2024
Return Version
2022v5.0
Gross Receipts
$9,796,649
Mission and Program Overview

Mission

FCAs exempt purpose is to operate a school and devote 100% of its time, resources and activities to the operation of the school and the provision of education to its students. Its mission is to prepare future leaders through education that promotes liberty & virtue.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$19,429,423$19,134,526▼ $294,897
Savings and Temporary Cash Investments$8,614,552$11,333,758▲ $2,719,206
Rtn Earn Endowment Incm Other Fnds$2,595,168$2,716,319▲ $121,151
Pledges and Grants Receivable$1,318,424$119,021▼ $1,199,403
Prepaid Expenses and Deferred Charges$32,535$5,532▼ $27,003
Accounts Receivable$1,635$3,094▲ $1,459
Total Assets$34,078,098$34,790,937▲ $712,839
Other Assets Total$4,681,529$4,195,006▼ $486,523
Liabilities
Mortgage Notes Payable Secured by Investment Property$22,845,000$22,845,000→ $0
Other Liabilities$7,422,128$8,160,036▲ $737,908
Accounts Payable and Accrued Expenses$1,094,434$975,151▼ $119,283
Deferred Revenue-$59,259-
Grants Payable$121,368$35,172▼ $86,196
Total Liabilities$31,482,930$32,074,618▲ $591,688
Net Assets / Fund Balance
Total Net Assets Fund Balance$2,595,168$2,716,319▲ $121,151
Total Liabilities and Net Assets / Fund Balance$34,078,098$34,790,937▲ $712,839

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$16,742,078$1,263,262$18,005,340
Land$2,275,000-$2,275,000
Equipment$116,398$226,546$342,944
Other Land Buildings$1,050-$1,050
Other Assets Org$4,123,217--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeremy ChristensenExecutive DirectorFT$164,250$70,592$234,842

Board Members and Trustees

NameTitle
Lance BohnePresident
Eric ScholerVice President
Julene BallardDirector
Geana RomeroSecretary
Shannon HillerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$9,465,663
Program Service Revenue
$15,965
Investment Income
$71,019
Other Revenue
$67,296
All Other Contributions
$1,144
Change in Net Assets
$121,151

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,619,943
Revenue Not Reported on Form 990
$176,706
Total Revenue per Audited Statements
$9,796,649
Total Revenue per Form 990
$9,619,943
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,089,019
Other Expenses$3,028,331
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,091,574$421,578-$3,513,152
Pension Plan Contributions$1,722,639$234,905-$1,957,544
Interest-$1,155,782-$1,155,782
Depreciation Depletion$247,542$247,542-$495,084
Benefits to Members$381,442--$381,442
Office Expenses$170,761$116,041-$286,802
Other Employee Benefits$247,821$23,566-$271,387
Occupancy$121,810$121,810-$243,620
Fees for Services Accounting-$203,050-$203,050
Information Technology$165,221$29,157-$194,378
Fees for Services Other$186,580--$186,580
Current Officers, Directors, Trustees, and Key Employees$159,720$21,780-$181,500
Payroll Taxes$145,584$19,852-$165,436
Insurance$64,204$16,051-$80,255
Travel-$43,675-$43,675
Conferences and Meetings$28,247$3,139-$31,386
Advertising$24,563$2,729-$27,292
Other Expenses$66,659$15,586-$15,586
Fees for Services Legal-$6,729-$6,729
Total Functional Expenses$6,824,367$2,674,425$0$9,498,792

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$9,675,498
Expenses per Audited Statements$9,498,792
Total Expenses per Form 990$9,498,792
Expenses Not Reported on Form 990$176,706
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$228,265
Fundraising Direct Expenses$176,706
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
SportsFF$66,798$66,798$67,647$-849
Dino Dash$29,549$29,549$9,643$19,906
Total Events$96,347$96,347$77,290$19,057
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net pension liability$7,681,021
Premium on issuance of bonds net$277,792
Deferred inflows-pension$127,598
Right to use lease liability$73,625
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
Yes
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

Governance Explanations

Form 990 governing body review Part VI line 11

The board members get a complete copy of the form 990 and the Executive Director signs the return.

Conflict of interest policy compliance Part VI line 12C

The conflict of interest policy requires officers and key employees to regularly disclose interest that could give rise to conflicts. The policy is monitored annualy and consistently by the governing body.

CEO executive director top management comp Part VI line 15A

Selection of the Executive Director and his compensation must be approved by the Board of Directors.

Other officer or key employee compensation Part VI line 15B

All officers are appointed by the governing board.

Governing documents etc available to public Part VI line 19

The Organizations governing documents, conflict of interest policy, and financial statements are available for public inspection upon request.

Filing and Contact Details

Filer

Filer Name
Freedom Classical Academy Inc
EIN
81-3295172
Address
777 E Ann Road, North Las Vegas, NV 89081-2903

Signing Officer

Name
Jeremy Christensen
Title
Executive Direc
Phone
7025331896
Signed
2024-02-14
Discuss with paid preparer
Yes

Organization Details

Formed
2017
Legal Domicile
Nv
Voting Board Members
5
Independent Board Members
5
Employees
122
Volunteers
200

Preparer

Firm
Dennis K Meservy CPA
Address
601 E Charleston Blvd Ste 101, Las Vegas, NV 89104-1508
Preparer
Dennis K Meservy
Phone
7023857080
Supplemental Narrative

Financial Statement Notes

Other revenues not included on Form 990 (Part XI, line 2D)

Fundraising expenses amounting to $176,706 are shown on Form 990 net of fundraising revenues ($228,265 less $176,706 amounting to $51,559). See part VIII-Statement of Revenue.

Other expenses not included on Form 990 (Part XII, line 2D)

Fundraising expenses amounting to $176,706 are shown on Form 990 net of fundraising revenues ($228,265 less $176,706 amounting to $57,302). See part VIII-Statement of Revenue.

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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt0375971
IRS990/PYContributionsGrantsAmt09842117
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt02620
IRS990/PYOtherExpensesAmt03412801
IRS990/PYOtherRevenueAmt064823
IRS990/PYProgramServiceRevenueAmt010771
IRS990/PYRevenuesLessExpensesAmt01245286
IRS990/PYSalariesCompEmpBnftPaidAmt04886273
IRS990/PYTotalExpensesAmt08675045
IRS990/PYTotalRevenueAmt09920331
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0121151
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt02595168
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt02716319
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08614552
IRS990/SavingsAndTempCashInvstGrp/EOYAmt011333758
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/BookValueAmt016742078
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01263262
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt018005340
IRS990ScheduleD/EquipmentGrp/BookValueAmt0116398
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0226546
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0342944
IRS990ScheduleD/ExpensesNotReportedAmt0176706
IRS990ScheduleD/ExpensesSubtotalAmt09498792
IRS990ScheduleD/LandGrp/BookValueAmt02275000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02275000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt071789
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt14123217
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Right of use lease liability
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deferred pension contribution
IRS990ScheduleD/OtherExpensesIncludedAmt0176706
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01050
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt01050
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt07681021
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1127598
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt273625
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3277792
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Net pension liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred inflows-pension
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Right to use lease liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Premium on issuance of bonds net
IRS990ScheduleD/OtherRevenueAmt0176706
IRS990ScheduleD/RevenueNotReportedAmt0176706
IRS990ScheduleD/RevenueSubtotalAmt09619943
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising expenses amounting to $176,706 are shown on Form 990 net of fundraising revenues ($228,265 less $176,706 amounting to $51,559). See part VIII-Statement of Revenue.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising expenses amounting to $176,706 are shown on Form 990 net of fundraising revenues ($228,265 less $176,706 amounting to $57,302). See part VIII-Statement of Revenue.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Other revenues not included on Form 990 (Part XI, line 2d)
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Other expenses not included on Form 990 (Part XII, line 2d)
IRS990ScheduleD/TotalBookValueLandBuildingsAmt019134526
IRS990ScheduleD/TotalBookValueOtherAssetsAmt04195006
IRS990ScheduleD/TotalExpensesPerForm990Amt09498792
IRS990ScheduleD/TotalLiabilityAmt08160036
IRS990ScheduleD/TotalRevenuePerForm990Amt09619943
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt09796649
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt09675498
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/ExplanationTxt0Freedom Classical Academy Inc has received federal grants and funds from Nevada Department of Education, SPCSA-pass through for federal fund, Nevada Department of Agriculture and US Department of Agriculture (see Schedule B part I).
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Governmental Agency Financial Aid (Questions 6a and 6b)
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt077290
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Dino Dash
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0SportsFF
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt029549
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt066798
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt096347
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt029549
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt066798
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt096347
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt019057
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt077290
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt09643
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent2Amt067647
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd0false
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd0false
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0164250
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt048344
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt022248
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Jeremy Christensen
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0Executive Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0234842
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board members get a complete copy of the form 990 and the Executive Director signs the return.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The conflict of interest policy requires officers and key employees to regularly disclose interest that could give rise to conflicts. The policy is monitored annualy and consistently by the governing body.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Selection of the Executive Director and his compensation must be approved by the Board of Directors.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3All officers are appointed by the governing board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4The Organizations governing documents, conflict of interest policy, and financial statements are available for public inspection upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990 governing body review Part VI line 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Conflict of interest policy compliance Part VI line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2CEO executive director top management comp Part VI line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Other officer or key employee compensation Part VI line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Governing documents etc available to public Part VI line 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxableDistributionsInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt034078098
IRS990/TotalAssetsEOYAmt034790937

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