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Firm Foundation Academy

IRS exemption revoked

Clearwater, FLUnknown exempt organizationEIN 46-3388400

To facilitate education of individuals.

64¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Programs: Part IX

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
Revoked
IRS exemption revoked
Concern: the IRS revoked its tax exemption.
IRS Auto-Revocation List
Latest return
FY2021
latest Form 990
Concern: the latest return is for FY2021, 5 tax years back; more than 4 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 2
filings with a surplus
Average deficit $63K a year · 12% of revenue · last 2 filings
Concern: a surplus in 0 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
64%
of spending
Worth a look: 64% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.1 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1K
0.2% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$480K
-22% vs prior year
Spent
$561K
To programs
64%
Net assets
$937K
By yearFY2020–FY2021
Revenue
$480K
FY2021▼ -22%
Revenue by fiscal year
FY2020$617K
FY2021$480K
Expenses
$561K
FY2021▼ -15%
Expenses by fiscal year
FY2020$662K
FY2021$561K
Net assets
$937K
FY2021▼ -8%
Net assets by fiscal year
FY2020$1.0M
FY2021$937K

From the FY2021 Form 990 · see the original

Form 990 (PDF) Claim
IRS revoked this organization's tax-exempt status on May 15, 2025

Is it real?

No. The IRS revoked its tax exemption. Latest filing on record: FY2021.

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

Where the money goes

64 cents of each dollar spent went to programs.

Program services 64% · $359K Management & general 36% · $202K

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

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Chad Jones
Secretary
$0Pt VII · Sec A
Armin Hakim
Treasurer
$0Pt VII · Sec A
See Firm Foundation Academy executive salaries →

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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 15aNo

Programs and updates

Helps people learn and grow through educational programs.

Provided by the organization

This section is blank until Firm Foundation Academy claims this page.

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1 program service account for $359K of program spending, described in the organization's own filed words · FY2021.
01

Firm Foundation Academy has one goal for all of its students -- to significantly improve their reading comprehension and critical thinking. We utilize printed copies of books along with proprietary educational software. Our students attend sessions 10 to 60 days in length year round to accomplish these objectives.

$359Kprogram expense

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By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$480K
Ln 12
Gifts and grantsLn 1h$479K
Other incomeLn 4–11$906
Fees for servicesLn 2g$10
Money outPt IX
$561K
Ln 25
Programscol B$359K
Managementcol C$202K
Owns and owesPt X
$937K
net assets · Ln 32
Cash and savingsLn 1–2$6K
Total assetsLn 16$939K
LiabilitiesLn 26$1K
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$479K
Fees for servicesLn 2g$10
Other incomeLn 4–11$906
Total revenueLn 12$480K
Assets in detailPt X, end of year
CashLn 1$6K
Cash and savings togetherLn 1–2$6K
Land, buildings, equipmentLn 10c$929K
Total assetsLn 16$939K
LiabilitiesLn 26$1K
Net assetsLn 32$937K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
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$32K$6K
Land, buildings, equipmentLn 10c$966K$929K
Total assetsLn 16$1.0M$939K
LiabilitiesLn 26$1K$1K
Net assetsLn 32$1.0M$937K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$100$100
Management feesLn 11a$139$139
Accounting feesLn 11c$2K$2K
Other fees for servicesLn 11g$2K$2K
Office expensesLn 13$66K$66K
Information technologyLn 14$31K$31K
OccupancyLn 16$60K$60K
TravelLn 17$693$693
Depreciation, depletion and amortizationLn 22$36K$36K
InsuranceLn 23$5K$5K
Other expenses (24a–d)Ln 24$356K$328K$28K
All other expensesLn 24e$1K$15$1K
Total functional expensesLn 25$561K$359K$202K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2021 Latest Viewing $480K$561K−$81K$937K 990 PDF
FY2020 $617K$662K−$46K$1.0M 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 $480,016 across 5 lines filed
VIII-1f All other contributions, gifts and grants$479,100
VIII-1h Total contributions, gifts and grants$479,100
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $10$10
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $906$906
VIII-12 Total revenueRelated to mission $916 · Unrelated business $0 · Excluded from tax $0$480,016
Part IX · Statement of functional expenses $561,159 across 12 lines filed
IX-1 Grants to domestic organizationsPrograms $100$100
IX-11a Management feesManagement $139$139
IX-11c Accounting feesManagement $2,216$2,216
IX-11g Other fees for servicesManagement $1,545$1,545
IX-13 Office expensesManagement $65,826$65,826
IX-14 Information technologyPrograms $31,443$31,443
IX-16 OccupancyManagement $60,170$60,170
IX-17 TravelManagement $693$693
IX-22 Depreciation, depletion and amortizationManagement $36,385$36,385
IX-23 InsuranceManagement $5,478$5,478
IX-24 Other expenses (24a–d)Programs $327,787 · Management $28,136$355,923
IX-24e All other expensesPrograms $15 · Management $1,226$1,241
IX-25 Total functional expensesPrograms $359,345 · Management $201,814 · Fundraising $0$561,159
Part X · Balance sheet $938,812 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $31,803$6,339
X-9 Prepaid expenses and deferred chargesStart of year $22,590$3,295
X-10c Land, buildings and equipment, netStart of year $965,562$929,178
X-16 Total assetsStart of year $1,019,955$938,812
X-17 Accounts payable and accrued expensesStart of year $1,411$1,411
X-26 Total liabilitiesStart of year $1,411$1,411
X-32 Total net assets or fund balancesStart of year $1,018,544$937,401
X-33 Total liabilities and net assetsStart of year $1,019,955$938,812
Part XI · Reconciliation of net assets $937,401 net assets at year end
XI-1 Total revenue$480,016
XI-2 Total expenses$561,159
XI-3 Revenue less expenses−$81,143
XI-4 Net assets at start of year$1,018,544
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$937,401

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

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