Civic Intelligence

Liberty Classical Schools Foundation Inc.

990 • Fiscal year 2025 • EIN 87-3737183

Jul 01, 2024 to Jun 30, 2025 • Filed on Jan 15, 2026

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

92nd percentile

0.86x

Higher debt load relative to assets than 92% of similar nonprofits.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2025

Liabilities / Revenue

98th percentile

14.05x

Higher debt load relative to revenue than 98% of similar nonprofits.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2025

Net Margin

28th percentile

-0.2%

Higher net margin than 28% of similar nonprofits.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2025

Top Officer Pay

42nd percentile

$217,686

Higher top officer pay than 42% of similar nonprofits.

Top officer pay equals 11.1% of source-year revenue.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2025

Asset Growth

4th percentile

-13%

Faster asset growth than 4% of similar nonprofits.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2024 to 2025

Revenue Growth

2nd percentile

-64%

Faster revenue growth than 2% of similar nonprofits.

2025 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$31,987,263

Down $4,596,669 (-13%) from 2024

Net Assets

Down

$4,501,139

Down $3,520 (-0.1%) from 2024

Liabilities

Down

$27,486,124

Down $4,593,149 (-14%) from 2024

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin28th percentile

Revenue

Down

$1,955,857

Down $3,491,588 (-64%) from 2024

Expenses

Up

$1,959,377

Up $1,016,591 (+108%) from 2024

Net Income

Down

-$3,520

Down $4,508,179 (-100%) from 2024

Historical Trend

Balance Sheet Trend

Asset Growth4th percentile

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

2025

Assets$31,987,263
Liabilities$27,486,124
Net Assets$4,501,139
Open 2025 Filing

Operations Trend

Revenue Growth2nd percentile

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

2025

Revenue$1,955,857
Expenses$1,959,377
Net Income-$3,520
Open 2025 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Jan 15, 2026
Return Version
2024v5.5
Gross Receipts
$1,955,857
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$2,730,983▼ $4,725,169
Total Assets$36,583,932$31,987,263▼ $4,596,669
Other Assets Total$29,127,780$29,256,280▲ $128,500
Liabilities
Tax Exempt Bond Liabilities$27,347,445$27,357,384▲ $9,939
Accounts Payable and Accrued Expenses$4,731,828$128,740▼ $4,603,088
Total Liabilities$32,079,273$27,486,124▼ $4,593,149
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,504,659$4,501,139▼ $3,520
Total Net Assets Fund Balance$4,504,659$4,501,139▼ $3,520
Total Liabilities and Net Assets / Fund Balance$36,583,932$31,987,263▼ $4,596,669

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$29,256,280--
Compensation and Service Providers
Top Officer Pay42nd percentile

Board Members and Trustees

NameTitle
Harrison ColemanChair
Matthew KirbyCEO / Executive Director
Mark NolanCFO
Robert KellyChief Administrator/secretary
Bobby JonesMember
Merritt HuberTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Albion General ContractorsGeneral Contractor8601 DUNWOODY PL 300 330, Sandy Springs, GA 30350$5,153,737
Croft & AssociatesArchitecture And Engineering Design Serv3400 BLUE SPRINGS RD SUITE 200, Kennesaw, GA 30144$117,190
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,955,857
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-3,520
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,959,377
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$1,920,487--$1,920,487
Depreciation Depletion$38,890--$38,890
Total Functional Expenses$1,959,377$0$0$1,959,377
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
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
No
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

“Form 990 is 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
Matt Altmix
Title
Treasurer
Phone
6786314822
Signed
2026-01-15
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
Melissa Seward
Phone
7709558600
Supplemental Narrative

Financial Statement Notes

Form 990, Part X

“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. There are no uncertain tax liabilities at december 31, 2024 under fin 48 (asc 740).”

Raw XML AppendixShowing 400 of 455 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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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. THERE ARE NO UNCERTAIN TAX LIABILITIES AT DECEMBER 31, 2024 UNDER FIN 48 (ASC 740).
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0MATTHEW KIRBY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1MARK NOLAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2ROBERT KELLY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO / EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1CFO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2CHIEF ADMINISTRATOR/SECRETARY
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt1214551
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt2181341
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0DEVELOPMENT AUTHORITY OF COBB COUNTY
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd00
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0CHARTER FACILITY (NCA PROJECT), SERIES 2023A BONDS
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyLeaseArrangementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd00
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondReferenceCd0A
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd00
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd00
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IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS 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/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
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IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0LIBERTY CLASSICAL SCHOOLS FOUNDATION INC
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0LIBERTY CLASSICAL SCHOOLS FOUNDATION KENNESAW LLC
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IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0LEASE AND RENTAL AGREEMENTS
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IRS990ScheduleR/PaidEmployeesSharingInd01
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IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
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IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
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IRS990/TotalLiabilitiesGrp/EOYAmt027486124
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04504659
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04501139

Document Assets

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Filings

Displayed year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$31,987,263
Liabilities
$27,486,124
Net assets
$4,501,139
Revenue
$1,955,857
Expenses
$1,959,377
Net income
-$3,520
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