Civic Intelligence

Merit Academy

990 • Fiscal year 2023 • EIN 85-2365942

Jul 01, 2022 to Jun 30, 2023 • Filed on Mar 29, 2024

Organization Profilewww.merit.academy
500 East Kelleys RoadWoodland Park, CO 80863

(719) 686-2274

Siviq Scores

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

Liabilities / Assets

96th percentile

1.29x

Higher debt load relative to assets than 96% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

90th percentile

1.27x

Higher debt load relative to revenue than 90% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

11th percentile

-31%

Higher net margin than 11% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

60th percentile

$84,330

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 1.9% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

98th percentile

257%

Faster asset growth than 98% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

86th percentile

61%

Faster revenue growth than 86% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets96th percentile

Assets

Up

$4,326,463

Up $3,115,137 (+257%) from 2022

Net Assets

Down

-$1,251,252

Down $1,465,103 (-685%) from 2022

Liabilities

Up

$5,577,715

Up $4,580,240 (+459%) from 2022

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin11th percentile

Revenue

Up

$4,399,236

Up $1,664,429 (+61%) from 2022

Expenses

Up

$5,781,676

Up $3,214,524 (+125%) from 2022

Net Income

Down

-$1,382,440

Down $1,550,095 (-925%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

$10M$5.0M$0-$5.0MAssets 2022: $1,211,326Liabilities 2022: $997,475Net Assets 2022: $213,8512022Assets 2023: $4,326,463Liabilities 2023: $5,577,715Net Assets 2023: -$1,251,2522023Assets 2024: $5,019,191Liabilities 2024: $7,714,802Net Assets 2024: -$2,695,6112024

Highlighted filing

2023

Assets$4,326,463
Liabilities$5,577,715
Net Assets-$1,251,252
Open 2023 Filing

Operations Trend

Revenue Growth86th percentile

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

$10M$5.0M$0-$5.0MRevenue 2022: $2,734,807Expenses 2022: $2,567,152Net Income 2022: $167,6552022Revenue 2023: $4,399,236Expenses 2023: $5,781,676Net Income 2023: -$1,382,4402023Revenue 2024: $5,376,591Expenses 2024: $6,820,950Net Income 2024: -$1,444,3592024

Highlighted filing

2023

Revenue$4,399,236
Expenses$5,781,676
Net Income-$1,382,440
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Mar 29, 2024
Return Version
2022v5.0
Gross Receipts
$4,400,236
Mission and Program Overview

Mission

Merit Academy will cultivate the minds and nurture the hearts of K-12 youth in the Ute Pass/Woodland Park region with instruction in the principles of moral character and civic virtue, employing honored foundations of classical education and Core Knowledge.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$634,351$0▼ $634,351
Cash and Non-Interest-Bearing Accounts$478,329$516,059▲ $37,730
Pledges and Grants Receivable$80,501$313,979▲ $233,478
Prepaid Expenses and Deferred Charges$6,687$19,080▲ $12,393
Accounts Receivable-$457-
Total Assets$1,211,326$4,326,463▲ $3,115,137
Other Assets Total$11,458$3,476,888▲ $3,465,430
Liabilities
Other Liabilities$0$4,625,653▲ $4,625,653
Unsecured Notes Loans Payable$804,765$519,263▼ $285,502
Accounts Payable and Accrued Expenses$192,710$432,799▲ $240,089
Total Liabilities$997,475$5,577,715▲ $4,580,240
Net Assets / Fund Balance
Net Assets With Donor Restrictions$63,000$110,000▲ $47,000
Net Assets Without Donor Restrictions$150,851$-1,361,252▼ $1,512,103
Total Net Assets Fund Balance$213,851$-1,251,252▼ $1,465,103
Total Liabilities and Net Assets / Fund Balance$1,211,326$4,326,463▲ $3,115,137

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$3,465,430--
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gwynne PekronHeadmasterFT$62,623$21,707$84,330

Board Members and Trustees

NameTitle
Nicole WaggonerBoard President
Jason LedlieBoard Vice President
John DillBoard Secretary
Mary SekowskiBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$939,968
Program Service Revenue
$3,435,816
Investment Income
$7,524
Other Revenue
$15,928
All Other Contributions
$388,272
Change in Net Assets
$-1,382,440

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,399,236
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$1,000
Total Revenue per Audited Statements
$4,400,236
Total Revenue per Form 990
$4,399,236
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,717,060
Other Expenses$2,064,616
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,802,507$200,279-$2,002,786
Pension Plan Contributions$1,212,239$137,723-$1,349,962
Depreciation Depletion$539,198$95,153-$634,351
Other Employee Benefits$211,919$24,076-$235,995
All Other Expenses$141,033$24,888-$165,921
Other Expenses$84,528$14,917-$99,445
Current Officers, Directors, Trustees, and Key Employees$71,681$12,650-$84,331
Interest$41,261$7,281-$48,542
Payroll Taxes$39,499$4,487-$43,986
Occupancy$33,748$5,955-$39,703
Fees for Services Accounting-$35,049-$35,049
Insurance$7,796$1,376-$9,172
Advertising$5,233$923-$6,156
Travel$5,028$887-$5,915
Fees for Services Legal-$300-$300
Total Functional Expenses$5,096,203$685,473$0$5,781,676

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$5,782,676
Expenses per Audited Statements$5,781,676
Total Expenses per Form 990$5,781,676
Expenses Not Reported on Form 990$1,000
Expenses Not Reported on Financial Statements$0
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$1,000
Fundraising Gross Income$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fund Run$16,331-$250-
Total Events$16,331-$1,000$-1,000
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$4,393,394
Net OPEB Liability$147,908
Deferred Inflows of Resources$52,093
Compensated Absenses$32,258
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
No
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, Part VI, Section B, line 11B

“Copies of the Form 990 are provided to a representative of the board for approval before filing.”

Form 990, Part VI, Section B, line 12C

“The Organization conducts periodic reviews of any compensation or agreements and whether any relationships with taxable organizations conform with the corporation's policies and are properly recorded.”

Form 990, Part VI, Section B, line 15A

“The executive director's performance and compensation is reviewed annually by the board.”

Form 990, Part VI, Section C, line 19

“Documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Merit Academy
EIN
85-2365942
Phone
7196862274
Address
500 East Kelleys Road, Woodland Park, CO 80863

Signing Officer

Name
Gwynne Dawdy Pekron
Title
Headmaster
Phone
7196862274
Signed
2024-03-29
Discuss with paid preparer
No

Organization Details

Principal Officer
Gwynne Dawdy Pekron
Formed
2021
Legal Domicile
Co
Voting Board Members
4
Independent Board Members
4
Employees
84
Volunteers
20

Preparer

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

Financial Statement Notes

Part XI, Line 2D - Other Adjustments:

“Fundraising Event Expense 1,000.”

Part XII, Line 2D - Other Adjustments:

“Fundraising Event Expense 1,000.”

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IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt03460244
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/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt01000
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt05781676
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt011458
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt13465430
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deposits
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Deferred Outflows of Resources
IRS990ScheduleD/OtherExpensesIncludedAmt01000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt052093
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1147908
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt24393394
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt332258
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Deferred Inflows of Resources
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Net OPEB Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Net Pension Liabilities
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Compensated Absenses
IRS990ScheduleD/OtherRevenueAmt01000
IRS990ScheduleD/RevenueNotReportedAmt01000
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt04399236
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising Event Expense 1,000.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising Event Expense 1,000.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part XI, Line 2d - Other Adjustments:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Part XII, Line 2d - Other Adjustments:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueOtherAssetsAmt03476888
IRS990ScheduleD/TotalExpensesPerForm990Amt05781676
IRS990ScheduleD/TotalLiabilityAmt04625653
IRS990ScheduleD/TotalRevenuePerForm990Amt04399236
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04400236
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt05782676
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
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 nondiscriminatory policy is publicized in marketing communications and on the school's website to make it known to all parts of the general community it serves.
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
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContributionsTotAmt016331
IRS990ScheduleG/FundraisingEventInformationGrp/CharitableContriEvent1Amt016331
IRS990ScheduleG/FundraisingEventInformationGrp/DirectExpenseSummaryEventsAmt01000
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentEvent1Amt0200
IRS990ScheduleG/FundraisingEventInformationGrp/EntertainmentTotalEventsAmt0200
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Fund Run
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageEvent1Amt0250
IRS990ScheduleG/FundraisingEventInformationGrp/FoodAndBeverageTotalEventsAmt0250
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt016331
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt016331
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt0-1000
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesEvent1Amt0300
IRS990ScheduleG/FundraisingEventInformationGrp/NonCashPrizesTotalEventsAmt0300
IRS990ScheduleG/FundraisingEventInformationGrp/OthDirectExpnssTotalEventsAmt0250
IRS990ScheduleG/FundraisingEventInformationGrp/OtherDirectExpensesEvent1Amt0250
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Copies of the Form 990 are provided to a representative of the board for approval before filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The Organization conducts periodic reviews of any compensation or agreements and whether any relationships with taxable organizations conform with the corporation's policies and are properly recorded.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The executive director's performance and compensation is reviewed annually by the board.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Documents are made available upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt01211326
IRS990/TotalAssetsEOYAmt04326463
IRS990/TotalAssetsGrp/BOYAmt01211326
IRS990/TotalAssetsGrp/EOYAmt04326463
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0939968
IRS990/TotalEmployeeCnt084
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0685473
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt05096203
IRS990/TotalFunctionalExpensesGrp/TotalAmt05781676
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0997475
IRS990/TotalLiabilitiesEOYAmt05577715
IRS990/TotalLiabilitiesGrp/BOYAmt0997475
IRS990/TotalLiabilitiesGrp/EOYAmt05577715
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0213851
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-1251252
IRS990/TotalOtherCompensationAmt021707
IRS990/TotalProgramServiceExpensesAmt05096203
IRS990/TotalProgramServiceRevenueAmt03435816
IRS990/TotalReportableCompFromOrgAmt062623

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,326,463
Liabilities
$5,577,715
Net assets
-$1,251,252
Revenue
$4,399,236
Expenses
$5,781,676
Net income
-$1,382,440
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.02$7.71$2.70$5.38$6.82$1.44
2023Detailed filing. Detailed filing data is available for this year.$4.33$5.58$1.25$4.40$5.78$1.38
2022Detailed filing. Detailed filing data is available for this year.$1.21$1.00$0.21$2.73$2.57$0.17