Grace Covenant Academy

Tax-deductible

Frisco, TX501(c)(3)EducationEIN 27-0533151

To assist and coach Christian parents in educating their children in a gospel centered, academically excellent context to teach students to examine all things in light of God's word, cultivating a love for God, applying his truth and enabling them to make his name known in the world.

501(c)(3) charity; gifts are tax-deductible.
89¢ of each $1 spent went to programs.
Run by 20 volunteers and 32 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $36K a year · 3% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
89%
of spending
Looks good: 89% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$276K
to officers and key staff · 18% of spending
Top officer’s pay lower than 87% of similar orgs
Fine: pay to officers and key staff is 18% of spending; 15% to 20%.
Pt VII · Sec A
Cash reserves
2 mo
of spending, in cash
Fine: 2.1 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
3
named funders · $50K
Looks good: 3 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$9K
3% of total assets
Looks good: liabilities are 3% of assets; 50% or less.
Pt X · Ln 26
Independent board members
0
of 3 voting members
Concern: none of 3 voting members are independent.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.7M
+25% vs prior year
Spent
$1.5M
To programs
89%
Net assets
$304K
By yearFY2020–FY2024
Revenue
$1.7M
FY2024▲ +25%
Revenue by fiscal year
FY2020$862K
FY2021$906K
FY2022$1.1M
FY2023$1.4M
FY2024$1.4M
FY2024$1.7M
Expenses
$1.5M
FY2024▲ +8%
Expenses by fiscal year
FY2020$848K
FY2021$840K
FY2022$1.0M
FY2023$1.4M
FY2024$1.4M
FY2024$1.5M
Net assets
$304K
FY2024▲ +144%
Net assets by fiscal year
FY2020$13K
FY2021$79K
FY2022$76K
FY2023$163K
FY2024$124K
FY2024$304K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Exemption reinstated (2012-11-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Sep 2014.

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

Where the money goes

89 cents of each dollar spent went to programs.

Program services 89% · $1.4M Management & general 10% · $157K Fundraising 0% · $5K

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

Who runs it and what they're paid

6 people listed on the 990; $276K paid to officers and key staff.

Part VII, Section A · reportable compensation
President
$68,028Pt VII · Sec A
President
$68,028Pt VII · Sec A
Secretary
$64,948Pt VII · Sec A
Secretary
$64,948Pt VII · Sec A
Board Member
$5,192Pt VII · Sec A
Board Member
$5,192Pt VII · Sec A

Brian P Smith’s $68K as President is at the 13th 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 · 5 named individuals · Part VII

NameFY2024FY2024FY2023FY2022FY2021FY2020
Amy Smith—$74,713$70,741$79,330$65,000$45,050
Brian Smith—$69,085$65,338$43,434$40,000$60,050
Brian P Smith$68,028—————
Amy Smith$64,948—————
John S Eibel$5,192—————

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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Equips Christian parents to teach children gospel-centered academics, fostering love for God and sharing His truth globally.

Provided by the organization

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4 program services account for $2.3M of program spending, described in the organization's own filed words · FY2024.
01

Provides academic instruction and classroom education services to enrolled students, including core curriculum & instructional support.

$1.0Mprogram expense
02

Provides academic instruction and classroom education services to enrolled students, including core curriculum & instructional support.

$1.0Mprogram expense
03

Provides extracurricular and student enrichment programs, including athletics, student activities, field trips, & supplemental educational programs that support student development and enhance the educational experience.

$137Kprogram expense
04

Provides extracurricular and student enrichment programs, including athletics, student activities, field trips, & supplemental educational programs that support student development and enhance the educational experience.

$137Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Total grants receivedfrom 3 funders$50K
See all 3 funders →

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.7M
Ln 12
Fees for servicesLn 2g$1.6M
Gifts and grantsLn 1h$91K
Investment incomeLn 3$290
Money outPt IX
$1.5M
Ln 25
Programscol B$1.4M
Managementcol C$157K
Fundraisingcol D$5K
Owns and owesPt X
$304K
net assets · Ln 32
Cash and savingsLn 1–2$274K
Total assetsLn 16$313K
LiabilitiesLn 26$9K
PeoplePt VI, VII
6
listed · VII A
PaidVII A6
Voting boardVI 1a3
IndependentVI 1b0
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$91K
Fees for servicesLn 2g$1.6M
Investment incomeLn 3$290
Total revenueLn 12$1.7M
Assets in detailPt X, end of year
Cash and savings togetherLn 1–2$274K
Total assetsLn 16$313K
LiabilitiesLn 26$9K
Net assetsLn 32$304K
OperationsPt I, VI
EmployeesI 532
VolunteersI 620
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.4M$1.4M−$39K$124K 990 PDF
FY2023 $1.4M$1.4M$30K$163K 990 PDF
FY2022 $1.1M$1.0M$108K$76K 990 PDF
FY2021 $906K$840K$66K$79K 990 PDF
FY2020 $862K$848K$14K$13K 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

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

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