Covenant Academy FY2022 filing

Tax-deductible

Crossville, TN501(c)(3)EducationEIN 14-1961130Revenue $1.3M in FY2022

On file with the IRScacknights.com325 Braun St, 38555-4653 · Crossville, TNTax-exempt since Jun 2007School — 170(b)(1)(A)(ii)

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Elementary and high school education

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
$40K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $121K a year · 8% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$40K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.3 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$998K
64% of total assets
Fine: liabilities are 64% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
2
of 5 voting members
Worth a look: 2 of 5 voting members are independent, under half.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.3M
+7% vs prior year
Spent
$1.1M
To programs
99%
Net assets
$566K
By yearFY2021–FY2025
Revenue
$1.3M
FY2022▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.2M
FY2022$1.3M
FY2023$1.4M
FY2024$1.5M
FY2025$1.8M
Expenses
$1.1M
FY2022▲ +23%
Tap a bar for its year
Expenses by fiscal year
FY2021$927K
FY2022$1.1M
FY2023$1.3M
FY2024$1.5M
FY2025$1.7M
Net assets
$566K
FY2022▲ +32%
Tap a bar for its year
Net assets by fiscal year
FY2021$429K
FY2022$566K
FY2023$634K
FY2024$629K
FY2025$760K

From the FY2022 Form 990 (year ending May 2022) · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jun 2007.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $1.1M Management & general 1% · $15K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990; $40K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2021); the FY2022 filing did not itemize Part VII
$26,049Pt VII · Sec A
Principal
$14,000Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Kim Wattenbarger’s $45K as Principal is at the 6th percentile of top reported officer pay among 3394 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 6 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Kim Wattenbarger$44,833$41,425$21,650——
Theresa Darcy Barnaby————$34,460
Kelly Dechristofaro$33,333$30,562$29,937$26,049$24,720
Pat Allen———$14,000—
Melynda McElroy————$5,819
Doug Reid————$153

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Provides educational resources and support for K-12 students.

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Provided by the organization

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1 program · $1.1M · in their own filed words · FY2021
01

We have students enrolled in our classes that range from pre-k through grade 12. All of our efforts have been centered around providing these children an academically excellent education as well as a strong christian atmosphere with biblical teaching woven into every aspect of their education in order to produce the most godly…

$1.1Mprogram expense

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$1.3M
Ln 12
Fees for servicesLn 2g$1.2M
Gifts and grantsLn 1h$44K
Other incomeLn 4–11$29K
Money outPt IX
$1.1M
Ln 25
Programscol B$1.1M
Managementcol C$15K
Owns and owesPt X
$566K
net assets · Ln 32
Cash and savingsLn 1–2$217K
Total assetsLn 16$1.6M
LiabilitiesLn 26$998K
PeoplePt VI, VII
6
listed · VII A
PaidVII A2
Voting boardVI 1a5
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$44K
Government grantsLn 1e$44K
Fees for servicesLn 2g$1.2M
Other incomeLn 4–11$29K
Total revenueLn 12$1.3M
Assets in detailPt X, end of year
CashLn 1$217K
Cash and savings togetherLn 1–2$217K
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$23K
Total assetsLn 16$1.6M
LiabilitiesLn 26$998K
Net assetsLn 32$566K
OperationsPt I, VI
EmployeesI 584
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$271K$217K
Land, buildings, equipmentLn 10c$1.2M$1.3M
Total assetsLn 16$1.5M$1.6M
LiabilitiesLn 26$1.1M$998K
Net assetsLn 32$429K$566K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$744K$744K
Payroll taxesLn 10$55K$55K
Accounting feesLn 11c$8K$8K
Advertising and promotionLn 12$2K$2K
Office expensesLn 13$14K$12K$1K
OccupancyLn 16$92K$92K
InterestLn 20$38K$37K$1K
Depreciation, depletion and amortizationLn 22$44K$43K$963
InsuranceLn 23$22K$22K
Other expenses (24a–d)Ln 24$119K$117K$3K
All other expensesLn 24e$4K$4K
Total functional expensesLn 25$1.1M$1.1M$15K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.8M$1.7M$132K$760K 990 PDF
FY2024 $1.5M$1.5M−$6K$629K 990 PDF
FY2023 $1.4M$1.3M$68K$634K 990 PDF
FY2022 Viewing $1.3M$1.1M$138K$566K 990 PDF
FY2021 $1.2M$927K$272K$429K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2022 990 (6 parts)
Part I · Summary $1,280,455 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $180,746$44,156
I-9 Program service revenuePrior year $962,523$1,207,650
I-10 Investment income$0
I-11 Other revenuePrior year $56,329$28,649
I-12 Total revenuePrior year $1,199,598$1,280,455
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $689,281$799,441
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $237,988$343,201
I-18 Total expensesPrior year $927,269$1,142,642
I-19 Revenue less expensesPrior year $272,329$137,813
Part VI · Governance 2 of 5 board members independent, 2 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members2
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $1,280,455 across 5 lines filed
VIII-1e Government grants$44,156
VIII-1h Total contributions, gifts and grants$44,156
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,207,650$1,207,650
VIII-8 Net income from fundraising events$28,649
VIII-12 Total revenueRelated to mission $1,207,650$1,280,455
Part IX · Statement of functional expenses $1,142,642 across 11 lines filed
IX-7 Other salaries and wagesPrograms $744,474$744,474
IX-10 Payroll taxesPrograms $54,967$54,967
IX-11c Accounting feesManagement $8,413$8,413
IX-12 Advertising and promotionPrograms $2,198$2,198
IX-13 Office expensesPrograms $12,343 · Management $1,371$13,714
IX-16 OccupancyPrograms $91,883$91,883
IX-20 InterestPrograms $36,881 · Management $1,141$38,022
IX-22 Depreciation, depletion and amortizationPrograms $42,943 · Management $963$43,906
IX-23 InsurancePrograms $22,053$22,053
IX-24 Other expenses (24a–d)Programs $116,683 · Management $2,801$119,484
IX-24e All other expensesPrograms $3,528$3,528
IX-25 Total functional expensesPrograms $1,127,953 · Management $14,689 · Fundraising $0$1,142,642
Part X · Balance sheet $1,563,947 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $270,711$216,925
X-10c Land, buildings and equipment, netStart of year $1,244,723$1,316,231
X-14 Intangible assetsStart of year $9,548$7,606
X-15 Other assets$23,185
X-16 Total assetsStart of year $1,524,982$1,563,947
X-25 Other liabilitiesStart of year $80,727$16,470
X-26 Total liabilitiesStart of year $1,096,397$997,549
X-27 Net assets without donor restrictionsStart of year $428,585$566,398
X-32 Total net assets or fund balancesStart of year $428,585$566,398
X-33 Total liabilities and net assetsStart of year $1,524,982$1,563,947
Part XI · Reconciliation of net assets $566,398 net assets at year end
XI-1 Total revenue$1,280,455
XI-2 Total expenses$1,142,642
XI-3 Revenue less expenses$137,813
XI-4 Net assets at start of year$428,585
XI-10 Net assets at end of year$566,398

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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