Covenant Academy FY2024 filing

Tax-deductible

Crossville, TN501(c)(3)EducationEIN 14-1961130Revenue $1.5M in FY2024

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.
$72K 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

FY2024 · 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
$72K
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.8 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.3M
67% of total assets
Worth a look: liabilities are 67% of assets; over 65%.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.5M
+9% vs prior year
Spent
$1.5M
To programs
99%
Net assets
$629K
By yearFY2021–FY2025
Revenue
$1.5M
FY2024▲ +9%
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
$1.5M
FY2024▲ +15%
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
$629K
FY2024▼ -0.9%
Tap a bar for its year
Net assets by fiscal year
FY2021$429K
FY2022$566K
FY2023$634K
FY2024$629K
FY2025$760K

From the FY2024 Form 990 (year ending May 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 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% · $1.5M Management & general 1% · $14K

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

7 people listed on the 990; $72K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$41,425Pt VII · Sec A
$30,562Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$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 · $1.5M · in their own filed words · FY2023
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…

$1.5Mprogram expense

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.5M
Ln 12
Fees for servicesLn 2g$1.4M
Gifts and grantsLn 1h$97K
Other incomeLn 4–11$35K
Money outPt IX
$1.5M
Ln 25
Programscol B$1.5M
Managementcol C$14K
Owns and owesPt X
$629K
net assets · Ln 32
Cash and savingsLn 1–2$99K
Total assetsLn 16$1.9M
LiabilitiesLn 26$1.3M
PeoplePt VI, VII
7
listed · VII A
PaidVII A2
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$97K
Government grantsLn 1e$97K
Fees for servicesLn 2g$1.4M
Other incomeLn 4–11$35K
Total revenueLn 12$1.5M
Assets in detailPt X, end of year
CashLn 1$99K
Cash and savings togetherLn 1–2$99K
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$510K
Total assetsLn 16$1.9M
LiabilitiesLn 26$1.3M
Net assetsLn 32$629K
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 FY24End FY24
Cash and savingsLn 1–2$243K$99K
Land, buildings, equipmentLn 10c$1.3M$1.3M
Total assetsLn 16$1.6M$1.9M
LiabilitiesLn 26$948K$1.3M
Net assetsLn 32$634K$629K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$963K$963K
Other employee benefitsLn 9$67K$67K
Payroll taxesLn 10$80K$80K
Accounting feesLn 11c$7K$7K
Other fees for servicesLn 11g$2K$2K
Advertising and promotionLn 12$786$786
Office expensesLn 13$10K$9K$1K
OccupancyLn 16$140K$140K
InterestLn 20$37K$36K$1K
Depreciation, depletion and amortizationLn 22$52K$51K$962
InsuranceLn 23$22K$22K
Other expenses (24a–d)Ln 24$158K$158K
All other expensesLn 24e$5K$1K$4K
Total functional expensesLn 25$1.5M$1.5M$14K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $1.8M$1.7M$132K$760K 990 PDF
FY2024 Viewing $1.5M$1.5M−$6K$629K 990 PDF
FY2023 $1.4M$1.3M$68K$634K 990 PDF
FY2022 $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 FY2024 990 (6 parts)
Part I · Summary $1,538,023 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $18,077$96,672
I-9 Program service revenuePrior year $1,297,604$1,406,831
I-10 Investment income$0
I-11 Other revenuePrior year $98,132$34,520
I-12 Total revenuePrior year $1,413,813$1,538,023
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $957,121$1,110,109
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $388,673$433,674
I-18 Total expensesPrior year $1,345,794$1,543,783
I-19 Revenue less expensesPrior year $68,019−$5,760
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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 $1,538,023 across 5 lines filed
VIII-1e Government grants$96,672
VIII-1h Total contributions, gifts and grants$96,672
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $1,406,831$1,406,831
VIII-8 Net income from fundraising events$34,520
VIII-12 Total revenueRelated to mission $1,406,831$1,538,023
Part IX · Statement of functional expenses $1,543,783 across 13 lines filed
IX-7 Other salaries and wagesPrograms $962,695$962,695
IX-9 Other employee benefitsPrograms $67,310$67,310
IX-10 Payroll taxesPrograms $80,104$80,104
IX-11c Accounting feesManagement $6,860$6,860
IX-11g Other fees for servicesPrograms $1,820$1,820
IX-12 Advertising and promotionPrograms $786$786
IX-13 Office expensesPrograms $9,003 · Management $1,000$10,003
IX-16 OccupancyPrograms $140,231$140,231
IX-20 InterestPrograms $35,688 · Management $1,104$36,792
IX-22 Depreciation, depletion and amortizationPrograms $50,716 · Management $962$51,678
IX-23 InsurancePrograms $21,658$21,658
IX-24 Other expenses (24a–d)Programs $158,347$158,347
IX-24e All other expensesPrograms $1,229 · Management $4,270$5,499
IX-25 Total functional expensesPrograms $1,529,587 · Management $14,196 · Fundraising $0$1,543,783
Part X · Balance sheet $1,889,874 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $243,251$98,900
X-10c Land, buildings and equipment, netStart of year $1,302,247$1,277,156
X-14 Intangible assetsStart of year $5,664$3,722
X-15 Other assetsStart of year $30,773$510,096
X-16 Total assetsStart of year $1,581,935$1,889,874
X-25 Other liabilitiesStart of year $2,368$12,946
X-26 Total liabilitiesStart of year $947,518$1,261,217
X-27 Net assets without donor restrictionsStart of year $634,417$628,657
X-32 Total net assets or fund balancesStart of year $634,417$628,657
X-33 Total liabilities and net assetsStart of year $1,581,935$1,889,874
Part XI · Reconciliation of net assets $628,657 net assets at year end
XI-1 Total revenue$1,538,023
XI-2 Total expenses$1,543,783
XI-3 Revenue less expenses−$5,760
XI-4 Net assets at start of year$634,417
XI-10 Net assets at end of year$628,657

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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