Grace Covenant Academy FY2021 filing

Tax-deductible

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

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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.
85¢ of each $1 spent went to programs.
$105K 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

FY2021 · 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
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$105K
to officers and key staff · 13% of spending
Looks good: pay to officers and key staff is 13% of spending; 15% or less.
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
$73K
48% of total assets
Looks good: liabilities are 48% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 4 voting members
Looks good: 3 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$906K
+5% vs prior year
Spent
$840K
To programs
85%
Net assets
$79K
By yearFY2020–FY2024
Revenue
$906K
FY2021▲ +5%
Revenue by fiscal year
FY2020$862K
FY2021$906K
FY2022$1.1M
FY2023$1.4M
FY2024$1.4M
FY2024$1.7M
Expenses
$840K
FY2021▼ -1.0%
Expenses by fiscal year
FY2020$848K
FY2021$840K
FY2022$1.0M
FY2023$1.4M
FY2024$1.4M
FY2024$1.5M
Net assets
$79K
FY2021▲ +530%
Net assets by fiscal year
FY2020$13K
FY2021$79K
FY2022$76K
FY2023$163K
FY2024$124K
FY2024$304K

From the FY2021 Form 990 (year ending May 2021) · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

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

85 cents of each dollar spent went to programs.

Program services 85% · $710K Management & general 11% · $95K Fundraising 4% · $35K

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

5 people listed on the 990; $105K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
Director
$65,000Pt VII · Sec A
Executive Dir.
$40,000Pt VII · Sec A
Trustee
$0Pt VII · Sec A
$0Pt VII · Sec A
Trustee
$0Pt 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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1 program service account for $710K of program spending, described in the organization's own filed words · FY2020.
01

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.

$710Kprogram 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 FY2021 990, line by line.

1The main four
Money inPt VIII
$906K
Ln 12
Fees for servicesLn 2g$784K
Gifts and grantsLn 1h$98K
Other incomeLn 4–11$24K
Money outPt IX
$840K
Ln 25
Programscol B$710K
Managementcol C$95K
Fundraisingcol D$35K
Owns and owesPt X
$79K
net assets · Ln 32
Cash and savingsLn 1–2$148K
Total assetsLn 16$152K
LiabilitiesLn 26$73K
PeoplePt VI, VII
5
listed · VII A
PaidVII A2
Voting boardVI 1a4
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$98K
Government grantsLn 1e$61K
Fees for servicesLn 2g$784K
Investment incomeLn 3$29
Other incomeLn 4–11$24K
Gains on assetsLn 7$0
Total revenueLn 12$906K
Assets in detailPt X, end of year
CashLn 1$148K
SavingsLn 2$0
Cash and savings togetherLn 1–2$148K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$4K
Total assetsLn 16$152K
LiabilitiesLn 26$73K
Net assetsLn 32$79K
OperationsPt I, VI
EmployeesI 532
VolunteersI 620
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$168K$148K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$179K$152K
LiabilitiesLn 26$167K$73K
Net assetsLn 32$13K$79K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$0
Pay of current officers, directors and key staffLn 5$105K$79K$26K
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$484K$411K$48K$24K
Pension plan contributionsLn 8$0
Other employee benefitsLn 9$21K$18K$2K$1K
Payroll taxesLn 10$46K$39K$5K$2K
Management feesLn 11a$0
Legal feesLn 11b$2K$1K$151$76
Accounting feesLn 11c$13K$11K$1K$666
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$0
Other fees for servicesLn 11g$0
Advertising and promotionLn 12$0
Office expensesLn 13$39K$33K$4K$2K
Information technologyLn 14$0
RoyaltiesLn 15$0
OccupancyLn 16$84K$72K$8K$4K
TravelLn 17$35$35
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$0
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$0
InsuranceLn 23$2K$2K$245$123
Other expenses (24a–d)Ln 24$43K$43K
All other expensesLn 24e$0
Total functional expensesLn 25$840K$710K$95K$35K

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 Viewing $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
See the full FY2021 990 (4 parts)
Part VIII · Statement of revenue $905,888 across 10 lines filed
VIII-1e Government grants$60,983
VIII-1f All other contributions, gifts and grants$36,664
VIII-1h Total contributions, gifts and grants$97,647
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $784,179$784,179
VIII-3 Investment incomeExcluded from tax $29$29
VIII-5 Royalties$0
VIII-6 Net rental income or loss$0
VIII-7 Net gain or loss on sales of assets$0
VIII-8 Net income from fundraising events$24,033
VIII-12 Total revenueRelated to mission $784,179 · Excluded from tax $29$905,888
Part IX · Statement of functional expenses $839,587 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$0
IX-5 Pay of current officers, directors and key staffPrograms $78,750 · Management $26,250$105,000
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wagesPrograms $411,264 · Management $48,384 · Fundraising $24,192$483,840
IX-8 Pension plan contributions$0
IX-9 Other employee benefitsPrograms $17,809 · Management $2,095 · Fundraising $1,048$20,952
IX-10 Payroll taxesPrograms $39,249 · Management $4,617 · Fundraising $2,309$46,175
IX-11a Management fees$0
IX-11b Legal feesPrograms $1,287 · Management $151 · Fundraising $76$1,514
IX-11c Accounting feesPrograms $11,323 · Management $1,332 · Fundraising $666$13,321
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$0
IX-11g Other fees for services$0
IX-12 Advertising and promotion$0
IX-13 Office expensesPrograms $32,943 · Management $3,875 · Fundraising $1,938$38,756
IX-14 Information technology$0
IX-15 Royalties$0
IX-16 OccupancyPrograms $71,519 · Management $8,414 · Fundraising $4,207$84,140
IX-17 TravelPrograms $35$35
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$0
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$0
IX-23 InsurancePrograms $2,084 · Management $245 · Fundraising $123$2,452
IX-24 Other expenses (24a–d)Programs $43,402$43,402
IX-24e All other expenses$0
IX-25 Total functional expensesPrograms $709,665 · Management $95,363 · Fundraising $34,559$839,587
Part X · Balance sheet $151,771 assets, 20 lines filed
X-1 Cash, non-interest-bearingStart of year $168,289$148,152
X-2 Savings and temporary cash investments$0
X-3 Pledges and grants receivable$0
X-4 Accounts receivable$0
X-8 Inventories for sale or use$0
X-9 Prepaid expenses and deferred chargesStart of year $7,700$0
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securities$0
X-12 Other securities$0
X-13 Program-related investments$0
X-14 Intangible assets$0
X-15 Other assetsStart of year $3,269$3,619
X-16 Total assetsStart of year $179,258$151,771
X-17 Accounts payable and accrued expensesStart of year $3,544$2,128
X-24 Unsecured notes and loans payableStart of year $126,700$65,717
X-25 Other liabilitiesStart of year $6,011$5,104
X-26 Total liabilitiesStart of year $166,737$72,949
X-27 Net assets without donor restrictionsStart of year $12,521$78,822
X-32 Total net assets or fund balancesStart of year $12,521$78,822
X-33 Total liabilities and net assetsStart of year $179,258$151,771
Part XI · Reconciliation of net assets $78,822 net assets at year end
XI-1 Total revenue$905,888
XI-2 Total expenses$839,587
XI-3 Revenue less expenses$66,301
XI-4 Net assets at start of year$12,521
XI-10 Net assets at end of year$78,822

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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