Civic Intelligence

Wgu Academy

990 • Fiscal year 2023 • EIN 85-2768979

Jul 01, 2022 to Jun 30, 2023 • Filed on May 06, 2024

Organization ProfileACADEMY.WGU.EDU
4001 SOUTH 700 EAST Suite 700Salt Lake City, UT 84107

(888) 210-8880

Siviq Scores

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

Liabilities / Assets

87th percentile

0.80x

Higher debt load relative to assets than 87% of similar nonprofits.

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

Liabilities / Revenue

23rd percentile

0.07x

Higher debt load relative to revenue than 23% of similar nonprofits.

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

Net Margin

38th percentile

0.0%

Higher net margin than 38% of similar nonprofits.

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

Top Officer Pay

99th percentile

$1,976,036

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 11.4% of source-year revenue.

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

Asset Growth

33rd percentile

0.9%

Faster asset growth than 33% of similar nonprofits.

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

Revenue Growth

60th percentile

11%

Faster revenue growth than 60% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$1,570,757

Up $13,763 (+0.9%) from 2022

Net Assets

Flat

$321,032

Flat from 2022

Liabilities

Up

$1,249,725

Up $13,763 (+1.1%) from 2022

Revenue And Expenses
Liabilities / Revenue23rd percentileNet Margin38th percentile

Revenue

Up

$17,310,646

Up $1,694,204 (+11%) from 2022

Expenses

Up

$17,310,646

Up $2,314,261 (+15%) from 2022

Net Income

Down

$0

Down $620,057 (-100%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth33rd percentile

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

$2.0M$1.5M$1.0M$500K$0-$500KAssets 2021: $434,851Liabilities 2021: $733,876Net Assets 2021: -$299,0252021Assets 2022: $1,556,994Liabilities 2022: $1,235,962Net Assets 2022: $321,0322022Assets 2023: $1,570,757Liabilities 2023: $1,249,725Net Assets 2023: $321,0322023Assets 2024: $0Liabilities 2024: $0Net Assets 2024: $02024

Highlighted filing

2023

Assets$1,570,757
Liabilities$1,249,725
Net Assets$321,032
Open 2023 Filing

Operations Trend

Revenue Growth60th percentile

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

$20M$15M$10M$5.0M$0Revenue 2021: $14,679,967Expenses 2021: $6,938,326Net Income 2021: $7,741,6412021Revenue 2022: $15,616,442Expenses 2022: $14,996,385Net Income 2022: $620,0572022Revenue 2023: $17,310,646Expenses 2023: $17,310,646Net Income 2023: $02023Revenue 2024: $16,297,273Expenses 2024: $16,232,878Net Income 2024: $64,3952024

Highlighted filing

2023

Revenue$17,310,646
Expenses$17,310,646
Net Income$0
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 6, 2024
Return Version
2022v5.0
Gross Receipts
$17,318,058
Mission and Program Overview

Mission

Support the educational and charitable purposes of educational entities by engaging in research and development and offering programs and courses to improve readiness for and success in postsecondary education.

SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$62,382$850,103▲ $787,721
Other Notes and Loans Receivable, Net$0$431,181▲ $431,181
Accounts Receivable$314,549$127,227▼ $187,322
Prepaid Expenses and Deferred Charges$206,995$105,774▼ $101,221
Savings and Temporary Cash Investments$70,936$0▼ $70,936
Investments in Publicly Traded Securities$0$56,472▲ $56,472
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$1,556,994$1,570,757▲ $13,763
Other Assets Total$902,132$0▼ $902,132
Liabilities
Accounts Payable and Accrued Expenses$1,049,386$907,799▼ $141,587
Deferred Revenue$186,576$341,926▲ $155,350
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,235,962$1,249,725▲ $13,763
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$321,032$321,032→ $0
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$321,032$321,032→ $0
Total Liabilities and Net Assets / Fund Balance$1,556,994$1,570,757▲ $13,763

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$780,997$133,341$914,338
Equipment$69,106$53,633$122,740
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chris LeePresidentFT$299,984$126,241$426,225
Chelsea BarnettSr. Director, P & P InnovationFT$145,514$41,009$186,523
Reshma GouravajhalaManager, Advanced AnalyticsFT$126,981$22,650$149,631
Jimmy ChuManager, Software EngineerFT$105,406$34,968$140,374
Juliane KetteringSr. Manager, MarketingFT$101,508$31,732$133,240
Bonnie BuddSr. Manager, Design & Dev.FT$114,210-$114,210

Board Members and Trustees

NameTitle
Tammy JohnsDirector (Chair)
Scott PulsipherDirector
Mark Shaffer UNTIL 12222Secretary
Curt DefriezTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
StraighterLineLearning resources1201 South Sharp Street Suite 110, Baltimore, MD 21230, Mt$3,819,366
Terazo IncSoftware development6802 Paragon Place Suite 625, Richmond, VA 23230$331,988
Intellias Global LimitedSoftware development10813 S River Front Parkway Suite, South Jordan, UT 84095$229,121
ConsultNet LLCSoftware development-$152,866
Revenue and Support

Revenue Composition

Contributions and Grants
$11,122,559
Program Service Revenue
$6,189,778
Investment Income
$-1,691
Other Revenue
$0
All Other Contributions
$111,243
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$8,835,809
Other Expenses$8,158,089
Grants and Similar Amounts Paid$316,748
Total Fundraising Expense$202,477
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$5,354,084$937,705$60,826$6,352,615
Fees for Services Other$4,610,523$995,776$2,130$5,608,429
Other Employee Benefits$985,027$172,602$11,228$1,168,857
Information Technology$893,479$180,795$8,963$1,083,237
Current Officers, Directors, Trustees, and Key Employees$160,412$267,354$106,942$534,708
Payroll Taxes$394,402$68,564$4,257$467,223
Fees for Services Accounting-$358,442-$358,442
Grants to Domestic Individuals$316,748--$316,748
Pension Plan Contributions$261,376$47,364$3,666$312,406
Travel$214,030$34,783-$248,813
Fees for Services Legal-$239,662-$239,662
Office Expenses$186,563$29,463$2,135$218,161
Depreciation Depletion$159,318$24,684$1,897$185,899
Advertising$183,864--$183,864
Insurance$13,861$2,893$362$17,116
Conferences and Meetings$13,380$565$71$14,016
Other Expenses$450--$450
Total Functional Expenses$13,747,517$3,360,652$202,477$17,310,646
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Section B, Line 11B

“The form 990 is reviewed by the organization officers and distributed to the board for review prior to filing.”

Part VI, Section B, Line 12C

“The organization requires all directors to disclose possible conflicts annually.”

Part VI, Section B, Line 15A & 15B

“The Finance Committee of the Board of Trustees hires a compensation consultant every year to assess and review the organization's compensation to Officers. The most recent review was for FY23. In addition, the organization participates in 3 - 5 compensation surveys in order to benchmark its compensation at least annually. The Compensation Committee of the Board of Trustees reviews and approves the base compensation, bonus types, bonus potentials, and the performance goals for the organization. Officers and key employees review compensation for their respective employees. The organization conducts periodic compensation reviews for all employees, including key management and officers. Compensation recommendations and decisions are based on a composite analysis of at least 3 peers or independent sources, including but not limited to salary surveys, aggregate compensation databases, and online-facilitated peer reporting. All compensation programs are evaluated and adhere to generally accepted compensation principles as designated by WorldatWork.”

Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy and financial statements are available upon request.”

Filing and Contact Details

Filer

Filer Name
Wgu Academy
EIN
85-2768979
In Care Of
% NADEEM SYED
Phone
8882108880
Address
4001 SOUTH 700 EAST Suite 700, SALT LAKE CITY, UT 84107

Signing Officer

Name
Curt Defriez
Title
Treasurer
Phone
3854288146
Signed
2024-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Lee
Formed
2020
Legal Domicile
Ut
Voting Board Members
3
Independent Board Members
1
Employees
97
Volunteers
1

Preparer

Firm
Bdo USA
Address
299 S MAIN ST 10TH FLOOR, SALT LAKE CITY, UT 84111
Preparer
Matthew Frerker
Phone
8012691818
Supplemental Narrative

Additional Explanations

Part 1, Line 1

“Support the educational and charitable purposes of educational entities by engaging in research and development and offering programs and courses to improve readiness for and success in postsecondary education.”

Form 990 Part IX Line 11G

“Description:learning resources total fees:3681186”

Form 990 Part IX Line 11G

“Description:operations and hr services total fees:1513265”

Form 990 Part IX Line 11G

“Description:other consulting total fees:386291”

Form 990 Part IX Line 11G

“Description:policy and public affairs svcs total fees:27687”

Financial Statement Notes

SCHEDULE D, PART X, LINE 2:

“The following is the "Income Taxes" footnote from the consolidated financial statements that include the accounts and balances of WGU Academy, among other entities: WGU Corporation, Western Governors University, WGU Labs, WGU Advancement, and WGU Academy qualify as tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code and are generally exempt from federal and state income taxes, except for taxes on income from activities unrelated to their exempt purposes. The consolidated wholly-owned LLC partnerships are treated as disregarded entities for income tax purposes to the extent that their activities are related to an exempt purpose of their tax-exempt parent. The Organization records its allocated income or loss from other majority-owned LLCs, and based on the nature of the operations of those LLCs, determines if any income tax will be due. Activities unrelated to the exempt purpose are subject to income tax. The consolidated LP partnerships seek investments in early-stage, mission-aligned companies. Certain activities of the LP partnerships could be subject to taxation and such taxes are recorded in the consolidated financial statements as applicable. Management believes the Organization has taken no tax positions that more likely than not would not be sustained upon examination by taxing authorities. Accordingly, no provision for income taxes has been made in the accompanying consolidated financial statements.”

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IRS990/Desc0WGU Academy (Academy) began operations as a separate company in January 2021. During FY23, Academy launched its own proprietary platform for delivering individual courses and course bundles, and has developed seven of its own courses as onramps to credential programs at WGU and elsewhere. These courses provide students with skills and confidence that results in improved persistence and graduation rates in degree programs at WGU, increasing a student's return on investment. Academy continues to offer its college readiness program to underserved populations through multiple community and employer partnerships. Academy served over 9,000 students during FY23.
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Manager, Advanced Analytics
IRS990/Form990PartVIISectionAGrp/TitleTxt6Manager, Software Engineer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Sr. Manager, Marketing
IRS990/Form990PartVIISectionAGrp/TitleTxt8Sr. Manager, Design & Dev.
IRS990/Form990PartVIISectionAGrp/TitleTxt9Director (Chair)
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$1,570,757
Liabilities
$1,249,725
Net assets
$321,032
Revenue
$17,310,646
Expenses
$17,310,646
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$16.3$16.2$0.06
2023Detailed filing. Detailed filing data is available for this year.$1.57$1.25$0.32$17.3$17.3$0.00
2022Detailed filing. Detailed filing data is available for this year.$1.56$1.24$0.32$15.6$15.0$0.62
2021Detailed filing. Detailed filing data is available for this year.$0.43$0.73$0.30$14.7$6.94$7.74