Civic Intelligence

Faith Academy

EIN 82-3695813 • 501(c)3 • Iowa City, IA

Profile

The objective of faith academy shall be to provide a christ-centered education, in the form of formal daily instruction, to low-income students in the iowa city area.

1030 Cross Park AveIowa City, IA 52240

faithacademyiowa.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

18th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

19th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

79th percentile

28%

Higher net margin than 79% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

74th percentile

$0

Higher top officer pay than 74% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2021

Asset Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Revenue Growth

Score unavailable

No value available

A valid growth rate could not be computed from the available filing history.

Annualized from 2021 to 2022

Assets

Up

$1,520,834

Up $454,971 (+43%) from 2023

Liabilities

Up

$2,688

Up $2,688 from 2023

Net Assets

Up

$1,518,146

Up $452,283 (+42%) from 2023

Revenue

Up

$1,689,001

Up $312,946 (+23%) from 2023

Expenses

Up

$1,236,718

Up $321,593 (+35%) from 2023

Net Income

Down

$452,283

Down $8,647 (-1.9%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0-$500KAssets 2019: $1,864Liabilities 2019: $29,873Net Assets 2019: -$28,0092019Assets 2020: $183,633Liabilities 2020: $172,985Net Assets 2020: $10,6482020Assets 2021: $0Liabilities 2021: $0Net Assets 2021: $10,6482021Assets 2022: $604,933Liabilities 2022: $0Net Assets 2022: $604,9332022Assets 2023: $1,065,863Liabilities 2023: $0Net Assets 2023: $1,065,8632023Assets 2024: $1,520,834Liabilities 2024: $2,688Net Assets 2024: $1,518,1462024

Highlighted filing

2024

Assets$1,520,834
Liabilities$2,688
Net Assets$1,518,146

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2019: $327,070Expenses 2019: $355,079Net Income 2019: -$28,0092019Revenue 2020: $765,986Expenses 2020: $727,329Net Income 2020: $38,6572020Revenue 2021: $0Expenses 2021: $0Net Income 2021: $02021Revenue 2022: $1,207,307Expenses 2022: $874,919Net Income 2022: $332,3882022Revenue 2023: $1,376,055Expenses 2023: $915,125Net Income 2023: $460,9302023Revenue 2024: $1,689,001Expenses 2024: $1,236,718Net Income 2024: $452,2832024

Highlighted filing

2024

Revenue$1,689,001
Expenses$1,236,718
Net Income$452,283

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jun 1, 2023 to May 31, 2024
Signed
Mar 27, 2025
Return Version
2023v6.0
Gross Receipts
$1,689,001
Mission and Program Overview

Mission

The objective of Faith Academy shall be to provide a Christ-centered education, in the form of formal daily instruction, to low-income students in the Iowa City area.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$1,065,863$1,518,146▲ $452,283
Investments in Publicly Traded Securities$353,076$915,467▲ $562,391
Land, Buildings, and Equipment, Net$660,898$599,619▼ $61,279
Cash and Non-Interest-Bearing Accounts$50,770$5,748▼ $45,022
Other Notes and Loans Receivable, Net$1,119--
Total Assets$1,065,863$1,520,834▲ $454,971
Liabilities
Accounts Payable and Accrued Expenses-$2,688-
Total Liabilities$0$2,688▲ $2,688
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,065,863$1,518,146▲ $452,283
Total Liabilities and Net Assets / Fund Balance$1,065,863$1,520,834▲ $454,971

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$210,000$90,000$300,000
Leasehold Improvements$263,516$10,475$273,991
Buildings$126,103$9,261$135,364
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,588,208
Program Service Revenue
$48,400
Investment Income
$32,912
Other Revenue
$19,481
All Other Contributions
$946,868
Change in Net Assets
$452,283
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$914,046
Other Expenses$322,672
Total Fundraising Expense$37,101
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$753,418$49,676$24,838$827,932
Other Employee Benefits$78,364$5,167$2,583$86,114
Depreciation Depletion$66,573$4,389$2,195$73,157
Occupancy$37,295$2,459$1,230$40,984
All Other Expenses$21,237$1,399$700$23,336
Office Expenses$13,357$881$440$14,678
Other Expenses$13,295$877$438$14,610
Insurance$12,344$814$407$13,565
Fees for Services Other$8,645$570$285$9,500
Fees for Services Accounting$7,578$500$250$8,328
Information Technology$6,921$456$228$7,605
Total Functional Expenses$1,125,414$74,203$37,101$1,236,718
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
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, Page 6, Part VI

Bernadine franks, executive director/head of school, and alicia wenger, principal, are ex-officio non-voting members of the board.

Form 990, Page 6, Part VI, Line 11B

Form 990 is prepared by an independent certified public accountant who provides a draft to the executive director, treasurer, and one additional director for review. Once approved by these three board members, the final draft is submitted to the full board for review prior to the board meeting at which a vote is taken to approve the signing and filing of form 990.

Form 990, Page 6, Part VI, Line 12C

The conflict of interest policy is referenced before the board approves any major purchase, and reviews expenses to ensure that no prohibited transactions took place.

Form 990, Page 6, Part VI, Line 15A

The compensation for the executive director is reviewed and approved by the full board of directors, who utilize benchmarking data to assist in setting an appropriate compensation.

Form 990, Page 6, Part VI, Line 15B

The compensation for other officers and key employees is reviewed and approved by the full board of directors, who utilize benchmarking data to assist in setting an appropriate compensation.

Form 990, Page 6, Part VI, Line 19

UPON REQUEST.

Filing and Contact Details

Filer

Filer Name
Faith Academy
EIN
82-3695813
Phone
3193514860
Address
1030 CROSS PARK AVE, IOWA CITY, IA 52240

Signing Officer

Name
Shane Kelley
Title
Secretary
Phone
3193514980
Signed
2025-03-27

Organization Details

Principal Officer
Jill Schlott
Formed
2017
Legal Domicile
Ia
Voting Board Members
9
Independent Board Members
9
Employees
31
Volunteers
65

Preparer

Firm
Forge Financial & Management Consulting
Address
1245 JORDAN CREEK PKWY STE 100, WEST DES MOINES, IA 50266-2343
Preparer
Ross Vanlaar CPA
Phone
5156203050
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

Volunteer numbers were determined via the office administrator's documentation of active volunteers and volunteer background checks performed.

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IRS990/OtherExpensesGrp/ProgramServicesAmt313295
IRS990/OtherExpensesGrp/TotalAmt043877
IRS990/OtherExpensesGrp/TotalAmt142047
IRS990/OtherExpensesGrp/TotalAmt230985
IRS990/OtherExpensesGrp/TotalAmt314610
IRS990/OtherRevenueMiscGrp/BusinessCd0611710
IRS990/OtherRevenueMiscGrp/Desc0COVID EXPENSE REIMBURSEMENT
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt019481
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt019481
IRS990/OtherRevenueTotalAmt019481
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt024838
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt049676
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0753418
IRS990/OtherSalariesAndWagesGrp/TotalAmt0827932
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt01119
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0JILL SCHLOTT
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/Desc0ACADEMIC TUITION
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt048400
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt048400
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01290242
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt010899
IRS990/PYOtherExpensesAmt0224540
IRS990/PYOtherRevenueAmt019069
IRS990/PYProgramServiceRevenueAmt055845
IRS990/PYRevenuesLessExpensesAmt0460930
IRS990/PYSalariesCompEmpBnftPaidAmt0690585
IRS990/PYTotalExpensesAmt0915125
IRS990/PYTotalRevenueAmt01376055
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0452283
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt048400
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt01065863
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt01518146
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/BookValueAmt0126103
IRS990ScheduleD/BuildingsGrp/DepreciationAmt09261
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt0135364
IRS990ScheduleD/EquipmentGrp/BookValueAmt0210000
IRS990ScheduleD/EquipmentGrp/DepreciationAmt090000
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0300000
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0263516
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt010475
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0273991
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0599619
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/ExplanationTxt0A NOTICE OF NON-DISCRIMINATORY POLICY HAS NOT BEEN PUBLISHED IN A NEWSPAPER OF GENERAL CIRCULATION BECAUSE THAT IS NOT THE KEY WAY NEW/INFORMATION IS DISSEMINATED REGARDING FAITH ACADEMY. THE NON-DISCRIMINATION POLICY IS PUBLISHED ON THE HOMEPAGE OF THE SCHOOL'S WEBSITE: WWW.FAITHACADEMYIOWA.ORG.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ACADEMY PERIODICALLY RECEIVED GOVERNMENTAL FINANCIAL AID TO HELP FUND OPERATIONS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0VOLUNTEER NUMBERS WERE DETERMINED VIA THE OFFICE ADMINISTRATOR'S DOCUMENTATION OF ACTIVE VOLUNTEERS AND VOLUNTEER BACKGROUND CHECKS PERFORMED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BERNADINE FRANKS, EXECUTIVE DIRECTOR/HEAD OF SCHOOL, AND ALICIA WENGER, PRINCIPAL, ARE EX-OFFICIO NON-VOTING MEMBERS OF THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FORM 990 IS PREPARED BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT WHO PROVIDES A DRAFT TO THE EXECUTIVE DIRECTOR, TREASURER, AND ONE ADDITIONAL DIRECTOR FOR REVIEW. ONCE APPROVED BY THESE THREE BOARD MEMBERS, THE FINAL DRAFT IS SUBMITTED TO THE FULL BOARD FOR REVIEW PRIOR TO THE BOARD MEETING AT WHICH A VOTE IS TAKEN TO APPROVE THE SIGNING AND FILING OF FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CONFLICT OF INTEREST POLICY IS REFERENCED BEFORE THE BOARD APPROVES ANY MAJOR PURCHASE, AND REVIEWS EXPENSES TO ENSURE THAT NO PROHIBITED TRANSACTIONS TOOK PLACE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE COMPENSATION FOR THE EXECUTIVE DIRECTOR IS REVIEWED AND APPROVED BY THE FULL BOARD OF DIRECTORS, WHO UTILIZE BENCHMARKING DATA TO ASSIST IN SETTING AN APPROPRIATE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE COMPENSATION FOR OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED AND APPROVED BY THE FULL BOARD OF DIRECTORS, WHO UTILIZE BENCHMARKING DATA TO ASSIST IN SETTING AN APPROPRIATE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0IA
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01065863
IRS990/TotalAssetsEOYAmt01520834
IRS990/TotalAssetsGrp/BOYAmt01065863
IRS990/TotalAssetsGrp/EOYAmt01520834
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01588208
IRS990/TotalEmployeeCnt031
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt037101
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt074203

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