Civic Intelligence

Liberty Tree Academy

990 • Fiscal year 2022 • EIN 82-2259254

Jul 01, 2021 to Jun 30, 2022 • Filed on Jan 12, 2023

8579 Eastonville RoadFalcon, CO 80831

(719) 559-8733

Siviq Scores

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

Liabilities / Assets

95th percentile

1.04x

Higher debt load relative to assets than 95% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

83rd percentile

0.91x

Higher debt load relative to revenue than 83% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

52nd percentile

7.6%

Higher net margin than 52% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

37th percentile

$93,511

Higher top officer pay than 37% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

15th percentile

-12%

Faster asset growth than 15% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

61st percentile

12%

Faster revenue growth than 61% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Assets

Down

$5,385,621

Down $747,831 (-12%) from 2021

Net Assets

Up

-$238,844

Up $469,018 (+66%) from 2021

Liabilities

Down

$5,624,465

Down $1,216,849 (-18%) from 2021

Revenue

Up

$6,163,071

Up $664,130 (+12%) from 2021

Expenses

Up

$5,694,053

Up $145,293 (+2.6%) from 2021

Net Income

Up

$469,018

Up $518,837 (+1041%) from 2021

Historical Trend

Balance Sheet Trend

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

$20M$10M$0-$10MAssets 2018: $47,206Liabilities 2018: $62,247Net Assets 2018: -$15,0412018Assets 2019: $16,738,389Liabilities 2019: $18,300,396Net Assets 2019: -$1,562,0072019Assets 2020: $15,107,272Liabilities 2020: $17,195,406Net Assets 2020: -$2,088,1342020Assets 2021: $6,133,452Liabilities 2021: $6,841,314Net Assets 2021: -$707,8622021Assets 2022: $5,385,621Liabilities 2022: $5,624,465Net Assets 2022: -$238,8442022Assets 2023: $5,772,657Liabilities 2023: $5,990,831Net Assets 2023: -$218,1742023Assets 2024: $6,776,188Liabilities 2024: $7,321,913Net Assets 2024: -$545,7252024

Highlighted filing

2022

Assets$5,385,621
Liabilities$5,624,465
Net Assets-$238,844

Operations Trend

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

$10M$5.0M$0-$5.0MRevenue 2018: $81,442Expenses 2018: $96,483Net Income 2018: -$15,0412018Revenue 2019: $2,858,202Expenses 2019: $4,405,168Net Income 2019: -$1,546,9662019Revenue 2020: $4,543,391Expenses 2020: $5,069,518Net Income 2020: -$526,1272020Revenue 2021: $5,498,941Expenses 2021: $5,548,760Net Income 2021: -$49,8192021Revenue 2022: $6,163,071Expenses 2022: $5,694,053Net Income 2022: $469,0182022Revenue 2023: $7,164,410Expenses 2023: $7,143,740Net Income 2023: $20,6702023Revenue 2024: $7,174,195Expenses 2024: $7,501,746Net Income 2024: -$327,5512024

Highlighted filing

2022

Revenue$6,163,071
Expenses$5,694,053
Net Income$469,018
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jan 12, 2023
Return Version
2021v4.2
Gross Receipts
$6,163,071
Mission and Program Overview

Mission

Liberty Tree Academy trains the minds and improves the hearts of young people through a classical, content-rich education in the liberal arts and sciences, with instruction in the principles of moral character and civic virtue in an orderly, disciplined environment.

Liberty Tree is dedicated to an authentic, Traditional American Education. To be a community that actively cultivates character in a challenging and enganging learning environment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$568,362$2,574,827▲ $2,006,465
Cash and Non-Interest-Bearing Accounts$1,636,837$531,481▼ $1,105,356
Land, Buildings, and Equipment, Net$118,270$181,008▲ $62,738
Accounts Receivable$56,685$0▼ $56,685
Pledges and Grants Receivable$16,372$37,668▲ $21,296
Prepaid Expenses and Deferred Charges$18,238$19,065▲ $827
Total Assets$6,133,452$5,385,621▼ $747,831
Other Assets Total$3,718,688$2,041,572▼ $1,677,116
Liabilities
Other Liabilities$6,562,308$5,223,777▼ $1,338,531
Accounts Payable and Accrued Expenses$177,044$322,550▲ $145,506
Deferred Revenue$101,962$52,683▼ $49,279
Unsecured Notes Loans Payable-$19,549-
Mortgage Notes Payable Secured by Investment Property-$5,906-
Total Liabilities$6,841,314$5,624,465▼ $1,216,849
Net Assets / Fund Balance
Net Assets With Donor Restrictions$146,000$184,500▲ $38,500
Net Assets Without Donor Restrictions$-853,862$-423,344▲ $430,518
Total Net Assets Fund Balance$-707,862$-238,844▲ $469,018
Total Liabilities and Net Assets / Fund Balance$6,133,452$5,385,621▼ $747,831

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$168,758$57,137$225,895
Other Land Buildings$12,250$2,750$15,000
Other Assets Org$7,290--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Shannon WilsonPrincipalFT$77,132$16,379$93,511
Jeanette HandsBusiness AdministratorFT$69,479$14,757$84,236

Board Members and Trustees

NameTitle
Bill GarrettVice President
Jeanie Stutts-BlucherDirector
Timothy GeitnerDirector
Michael JohnsonSecretary
Michael PetersonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$410,038
Program Service Revenue
$5,747,431
Investment Income
$4,263
Other Revenue
$1,339
All Other Contributions
$49,553
Change in Net Assets
$469,018

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,163,071
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$873,400
Total Revenue per Audited Statements
$7,036,471
Total Revenue per Form 990
$6,163,071
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,193,504
Other Expenses$2,500,549
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,760,392$310,657-$2,071,049
Occupancy$760,625$134,228-$894,853
Pension Plan Contributions$580,831$109,071-$689,902
Other Employee Benefits$164,584$30,906-$195,490
Current Officers, Directors, Trustees, and Key Employees$136,834$45,611-$182,445
Other Expenses$102,759$18,134-$120,893
All Other Expenses$70,397$12,424-$82,821
Payroll Taxes$45,983$8,635-$54,618
Office Expenses$34,750$6,132-$40,882
Depreciation Depletion$30,552$5,392-$35,944
Information Technology$26,164$4,617-$30,781
Insurance$18,126$3,199-$21,325
Fees for Services Legal-$11,398-$11,398
Fees for Services Accounting-$9,200-$9,200
Travel$6,624$1,169-$7,793
Fees for Services Other-$2,061-$2,061
Interest$1,321$233-$1,554
Total Functional Expenses$4,835,664$858,389$0$5,694,053

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,280,313
Expenses per Audited Statements$5,694,053
Total Expenses per Form 990$5,694,053
Expenses Not Reported on Form 990$1,586,260
Expenses Not Reported on Financial Statements$0
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
Net Pension Liabilities$3,623,996
Deferred Inflows of Resources$1,424,451
Net OPEB Liability$175,330
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

Copies of the Form 990 will be reviewed by the Business Administrator, Principal and each Board Member.

Form 990, Part VI, Section C, line 19

Financial information for the organization can be obtained through the schools website and by contacting the school.

Filing and Contact Details

Filer

Filer Name
Liberty Tree Academy
EIN
82-2259254
Phone
7195598733
Address
8579 Eastonville Road, Falcon, CO 80831

Signing Officer

Name
Bill Garrett
Title
Vice President
Phone
7195598733
Signed
2023-01-12
Discuss with paid preparer
No

Organization Details

Principal Officer
Bill Garrett
Formed
2016
Legal Domicile
Co
Voting Board Members
5
Independent Board Members
5
Employees
95
Volunteers
10

Preparer

Firm
Hoelting & Company Inc
Address
31 East Platte Avenue Suite 300, Colorado Springs, CO 80903
Preparer
Thomas G Sistare
Phone
7196301091
Supplemental Narrative

Additional Explanations

Form 990 Part XII, Line 2C:

The finance comittee oversees audit services and selection of independent auditors.

Financial Statement Notes

Part XI, Line 2D - Other Adjustments:

Building Corporation - Investment Income 661. Building Corporation - Rental Income 872,739.

Part XII, Line 2D - Other Adjustments:

Building Corporation - Interest 1,075,023. Building Corporation - Depreciation/Amortization 322,033. Building Corporation - Capital Purchases 112,410. Building Corporation - Insurance 63,879. Building Corporation - Dues and Fees 12,915.

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IRS990/ProgramServiceRevenueGrp/Desc2Mill Levy Override
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt05595284
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1131754
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt220393
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt05595284
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1131754
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt220393
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0849609
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0554
IRS990/PYOtherExpensesAmt02228776
IRS990/PYOtherRevenueAmt021
IRS990/PYProgramServiceRevenueAmt04648757
IRS990/PYRevenuesLessExpensesAmt0-49819
IRS990/PYSalariesCompEmpBnftPaidAmt03319984
IRS990/PYTotalExpensesAmt05548760
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt05498941
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0469018
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd01
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt05748770
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0568362
IRS990/SavingsAndTempCashInvstGrp/EOYAmt02574827
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt0168758
IRS990ScheduleD/EquipmentGrp/DepreciationAmt057137
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0225895
IRS990ScheduleD/ExpensesNotReportedAmt01586260
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt05694053
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt02034282
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt17290
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows of Resources
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deposits
IRS990ScheduleD/OtherExpensesIncludedAmt01586260
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt012250
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02750
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt015000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt03623996
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt11424451
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2175330
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Net Pension Liabilities
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred Inflows of Resources
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Net OPEB Liability
IRS990ScheduleD/OtherRevenueAmt0873400
IRS990ScheduleD/RevenueNotReportedAmt0873400
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt06163071
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Building Corporation - Investment Income 661. Building Corporation - Rental Income 872,739.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Building Corporation - Interest 1,075,023. Building Corporation - Depreciation/Amortization 322,033. Building Corporation - Capital Purchases 112,410. Building Corporation - Insurance 63,879. Building Corporation - Dues and Fees 12,915.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0181008
IRS990ScheduleD/TotalBookValueOtherAssetsAmt02041572
IRS990ScheduleD/TotalExpensesPerForm990Amt05694053
IRS990ScheduleD/TotalLiabilityAmt05223777
IRS990ScheduleD/TotalRevenuePerForm990Amt06163071
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt07036471
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt07280313
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd01
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0The policy is in the Family Handbook on the schools website.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1Per pupil funding and federal grant funding is received through the Colorado Department of Education.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule E, Part I, Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule E, Part I, Line 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Copies of the Form 990 will be reviewed by the Business Administrator, Principal and each Board Member.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Financial information for the organization can be obtained through the schools website and by contacting the school.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The finance comittee oversees audit services and selection of independent auditors.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990 Part XII, Line 2c:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd01
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingEntityName/BusinessNameLine1Txt0Liberty Tree Academy
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN0831398964
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt0C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd0CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/OwnershipPct01.00000
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt0Lease Equipment and property to Liberty Tree Academy
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt0Liberty Tree Academy Building Corporation
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfEOYAssetsAmt014280662
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ShareOfTotalIncomeAmt0873400
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt08579 Eastonville Road
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm0Falcon
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd0CO
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd080831
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd01
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt0872739
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Fair Market Value
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Liberty Tree Academy Building Corporation
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0K
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00

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