Civic Intelligence

Liberty Classical Schools Foundation Inc.

990 • Fiscal year 2024 • EIN 87-3737183

Jul 01, 2023 to Jun 30, 2024 • Filed on Dec 19, 2024

Organization ProfileLIBERTYCLASSICALSCHOOLS.ORG
100 Galleria Parkway SE Ste 500Atlanta, GA 30339

(678) 631-4822

Siviq Scores

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

Liabilities / Assets

90th percentile

0.88x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

95th percentile

5.89x

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

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Net Margin

97th percentile

83%

Higher net margin than 97% of similar nonprofits.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

30th percentile

$188,815

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 3.5% of source-year revenue.

2024 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2024

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2024

Balance Sheet
Liabilities / Assets90th percentile

Assets

$36,583,932

No earlier filing loaded for comparison.

Net Assets

$4,504,659

No earlier filing loaded for comparison.

Liabilities

$32,079,273

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin97th percentile

Revenue

$5,447,445

No earlier filing loaded for comparison.

Expenses

$942,786

No earlier filing loaded for comparison.

Net Income

$4,504,659

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$40M$30M$20M$10M$0Assets 2024: $36,583,932Liabilities 2024: $32,079,273Net Assets 2024: $4,504,6592024Assets 2025: $31,987,263Liabilities 2025: $27,486,124Net Assets 2025: $4,501,1392025

Highlighted filing

2024

Assets$36,583,932
Liabilities$32,079,273
Net Assets$4,504,659
Open 2024 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2024: $5,447,445Expenses 2024: $942,786Net Income 2024: $4,504,6592024Revenue 2025: $1,955,857Expenses 2025: $1,959,377Net Income 2025: -$3,5202025

Highlighted filing

2024

Revenue$5,447,445
Expenses$942,786
Net Income$4,504,659
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Dec 19, 2024
Return Version
2023v5.1
Gross Receipts
$5,447,445
Mission and Program Overview

Mission

To support and further the charitable and educational purposes of charter schools in kennesaw, georgia, by acquiring certain facilities and real property located in kennesaw, georgia and owning, holding, operating, managing, developing, leasing, selling, conveying, mortgaging, and/or otherwise disposing of all or any part of such facilities and real property.

To aquire property for use by certain classical k-12 public charter schools who emphasize virtuous living, traditional learning, and civic responsibility in kennesaw, ga.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments-$7,456,152-
Total Assets$0$36,583,932▲ $36,583,932
Other Assets Total$0$29,127,780▲ $29,127,780
Liabilities
Tax Exempt Bond Liabilities-$27,347,445-
Accounts Payable and Accrued Expenses-$4,731,828-
Total Liabilities$0$32,079,273▲ $32,079,273
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$0$4,504,659▲ $4,504,659
Total Net Assets Fund Balance$0$4,504,659▲ $4,504,659
Total Liabilities and Net Assets / Fund Balance$0$36,583,932▲ $36,583,932

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$29,127,780--
Compensation and Service Providers
Top Officer Pay30th percentile

Employees

NameTitleOtherTotal
Robert KellySecretary / Chief Administrator$117,366$117,366
Mark NolanCFO$112,610$112,610

Board Members and Trustees

NameTitle
Harrison ColemanChair
Matthew KirbyCEO / Executive Director
Bobby JonesMember
Merritt HuberTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$5,447,445
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$4,504,659
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$942,786
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$923,799--$923,799
Depreciation Depletion$18,987--$18,987
Total Functional Expenses$942,786$0$0$942,786
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADevelopment Authority of Cobb County2023-12-21$27,916,740Charter facility (nca project), series 2023a bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$28,065,000--$558,334

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
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
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

“Form 990 was reviewed by the board prior to filing.”

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

“The conflict of interest policy prevents inappropriate private interests. To ensure compliance, our organization follows these steps: 1. At the start of each fiscal year, every board member must fill out a "conflict of interest" form with a series of questions confirming the absence of any conflicts. 2. Throughout the year, we provide training sessions that reinforce our policy and increase awareness of potential conflict situations. 3. We have established efficient procedures for resolving any conflict-of-interest situations should they arise.”

Form 990, Part VI, Section C, Line 19

“Governing documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
Liberty Classical Schools
EIN
87-3737183
Phone
6786314822
Address
100 GALLERIA PARKWAY SE STE 500, ATLANTA, GA 30339

Signing Officer

Name
Merritt Huber
Title
Treasurer
Phone
6786314822
Signed
2024-12-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matthew Kirby
Formed
2021
Legal Domicile
Ga
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Mauldin & Jenkins LLC
Address
200 GALLERIA PKWY SE STE 1700, ATLANTA, GA 30339-5946
Preparer
Mary Jo Alexander
Phone
7709558600
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

“There has been no change to the organization's oversight or review process.”

Financial Statement Notes

PART X, LINE 2:

“The foundation qualifies as a tax-exempt organization as described in internal revenue code section 501(c)(3) and has been classified by the internal revenue service as a publicly supported organization and not as a private foundation. However, income from certain activities not directly related to the foundation's tax-exempt purpose is subject to taxation as unrelated business income. The foundation follows the statutory requirements for its income tax accounting and generally avoids risks associated with potentially problematic tax positions that may be challenged upon examination. Management believes any liability resulting from taxing authorities imposing additional income taxes from activities deemed to be unrelated to the foundation's tax-exempt status would not have a material effect on the foundation's consolidated financial statements.”

Form 990, Part X

“There are no uncertain tax liabilities at december 31, 2023 under fin 48 (asc 740).”

Raw XML AppendixShowing 400 of 414 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0TO AQUIRE PROPERTY FOR USE BY CERTAIN CLASSICAL K-12 PUBLIC CHARTER SCHOOLS WHO EMPHASIZE VIRTUOUS LIVING, TRADITIONAL LEARNING, AND CIVIC RESPONSIBILITY IN KENNESAW, GA.
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IRS990/Desc0DURING THE YEAR ENDED JUNE 30, 2024 THE DEVELOPMENT AUTHORITY OF COBB COUNTY ISSUED REVENUE SERIES 2023 BONDS AND LOANED THE PROCEEDS TO LIBERTY CLASSICAL SCHOOLS FOUNDATION KENNESAW, LLC IN THE AGGREGATE PRINCIPAL AMOUNT OF $28,375,000. THE REVENUE SERIES 2023 BONDS WERE ISSUED TO FACILITATE THE ACQUISITION OF A CHARTER SCHOOL BUILDING AND PROPERTY TO RENT TO ELIGIBLE CHARTER SCHOOLS. THE ORGANIZATION'S LEASING ACTIVITIES CONSIST OF LEASING A BUILDING UNDER A DIRECT FINANCING LEASE EXPIRING IN JUNE 2058. THIS BUILDING IS LEASED TO A CHARTER SCHOOL TO USE AS THEIR PRIMARY SCHOOL LOCATION. THE LEASE DOES NOT PROVIDE AN OPTION FOR THE LESSEE TO PURCHASE THE ASSET OR TO EXTEND THE TERMS.
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IRS990/MissionDesc0TO SUPPORT AND FURTHER THE CHARITABLE AND EDUCATIONAL PURPOSES OF CHARTER SCHOOLS IN KENNESAW, GEORGIA, BY ACQUIRING CERTAIN FACILITIES AND REAL PROPERTY LOCATED IN KENNESAW, GEORGIA AND OWNING, HOLDING, OPERATING, MANAGING, DEVELOPING, LEASING, SELLING, CONVEYING, MORTGAGING, AND/OR OTHERWISE DISPOSING OF ALL OR ANY PART OF SUCH FACILITIES AND REAL PROPERTY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN INTERNAL REVENUE CODE SECTION 501(C)(3) AND HAS BEEN CLASSIFIED BY THE INTERNAL REVENUE SERVICE AS A PUBLICLY SUPPORTED ORGANIZATION AND NOT AS A PRIVATE FOUNDATION. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FOUNDATION FOLLOWS THE STATUTORY REQUIREMENTS FOR ITS INCOME TAX ACCOUNTING AND GENERALLY AVOIDS RISKS ASSOCIATED WITH POTENTIALLY PROBLEMATIC TAX POSITIONS THAT MAY BE CHALLENGED UPON EXAMINATION. MANAGEMENT BELIEVES ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING ADDITIONAL INCOME TAXES FROM ACTIVITIES DEEMED TO BE UNRELATED TO THE FOUNDATION'S TAX-EXEMPT STATUS WOULD NOT HAVE A MATERIAL EFFECT ON THE FOUNDATION'S CONSOLIDATED FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1THERE ARE NO UNCERTAIN TAX LIABILITIES AT DECEMBER 31, 2023 UNDER FIN 48 (ASC 740).
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 WAS REVIEWED BY THE BOARD PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE CONFLICT OF INTEREST POLICY PREVENTS INAPPROPRIATE PRIVATE INTERESTS. TO ENSURE COMPLIANCE, OUR ORGANIZATION FOLLOWS THESE STEPS: 1. AT THE START OF EACH FISCAL YEAR, EVERY BOARD MEMBER MUST FILL OUT A "CONFLICT OF INTEREST" FORM WITH A SERIES OF QUESTIONS CONFIRMING THE ABSENCE OF ANY CONFLICTS. 2. THROUGHOUT THE YEAR, WE PROVIDE TRAINING SESSIONS THAT REINFORCE OUR POLICY AND INCREASE AWARENESS OF POTENTIAL CONFLICT SITUATIONS. 3. WE HAVE ESTABLISHED EFFICIENT PROCEDURES FOR RESOLVING ANY CONFLICT-OF-INTEREST SITUATIONS SHOULD THEY ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THERE HAS BEEN NO CHANGE TO THE ORGANIZATION'S OVERSIGHT OR REVIEW PROCESS.
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 C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XII, LINE 2C
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IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$36,583,932
Liabilities
$32,079,273
Net assets
$4,504,659
Revenue
$5,447,445
Expenses
$942,786
Net income
$4,504,659
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$32.0$27.5$4.50$1.96$1.96$0.00
2024Detailed filing. Detailed filing data is available for this year.$36.6$32.1$4.50$5.45$0.94$4.50