Pace Academy Foundation EIN 47-1309747 Form 990 (PDF) Claim this org

Pace Academy Foundation FY2022 filing

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Offers Christian education and scholarships to disadvantaged students. For fiscal year 2022 it reported $821K in revenue, $995K in expenses, and $616K in net assets.Pt I

Type
Public charity (501(c)(3)) · Youth Development
Location
Cypress, CA
Website
www.pace-foundation.com
Filings
5 on file (2020–2022)
Revenue
$821KFY2022
Expenses
$995K
Net assets
$616K
People
3
Filings
5
Updates
0
More identity details & actions ⌄
EIN  47-1309747 Public charity (501(c)(3)) Cypress, CA
Form 990 (PDF)
You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →
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Size
$100K–1M
What they do
Offers Christian education and scholarships to disadvantaged students.
Leadership
Sung Hee Yoo · President
Money in and out
$821K revenue, $995K expenses
Bottom line
99% program efficiency
Where the money goes · FY2022
Total revenue
$821K
Pt VIII · Ln 12
Total expenses
$995K
Pt IX · Ln 25
Net assets
$616K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$174K
Where spending went · Part IX cols B–D
Program services $0.99 Management & general $0.01
Program efficiency
99%
of spending reaches programs
Operating runway
13.4mo
months of highly liquid reserves at operating expense rate
Surplus margin
-21%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2022 · Form 990
Revenue
$821K
FY2022▼ -21%
Expenses
$995K
FY2022▲ +89%
Total assets
$1.1M
FY2022▼ -13%
Total liabilities
$500K
FY20220%
Total revenue
$821K
Pt VIII · Ln 12
Total expenses
$995K
Pt IX · Ln 25
Net assets
$616K
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$174K
Total assetsPt X · Ln 16$1.1M
Program-expense ratioPt IX · col B99%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 4pending
Mission & Programs · Part III

Where the work happens

1 program service account for $829K of program spending, described in the organization's own filed words · FY2022.
01

Pace Academy Foundation provides opportunities for high-quality, Christian education to the most disadvantaged, Christian students. It also provides scholarships to Christian students so that they may continue to pursue education.

$829Kprogram expense

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Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CPace Academy Foundation
EINHdr · item D47-1309747
Principal addressHdr · item CCypress, CA
WebsiteHdr · item Jwww.pace-foundation.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCA
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFYouth Development (O50)
Ruling yearIRS BMFOct 2014

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1bpending
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
President
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
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Statement of Revenue

Part VIII
Contributions & grants100%$821K
Investment income$143
Total revenueLn 12$821K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.99 Management & general $0.01
Program services99%$987K
Management & general1%$8K
Total functional expensesLn 25$995K

Balance Sheet

Part X · end of year
CashLn 1$1.1M
Total assetsLn 16$1.1M
Total liabilitiesLn 26$500K
Total net assetsLn 32$616K
Months of cash on handcomputed13.4

Financial Metrics

Form 990 · FY2022 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.1M · Operating expenses/yr $995K
13.4 months
Where the money goes
Program services
Program services $987K · Total expenses $995K
99%
Management & General
Management & general $8K · Total expenses $995K
0.8%
Fundraising
Fundraising $0 · Total expenses $995K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $786K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $821K · Total revenue $821K
100%
Government reliance
Government grants — · Total revenue $821K
Earned-income share
Program service revenue $0 · Total revenue $821K
0%
Investment reliance
Investment income $143 · Total revenue $821K
+0.02%
Program self-sufficiency
Program service revenue $0 · Total expenses $995K
0%
Growth & trend
Revenue growth (YoY)
This year $821K · Prior year $1.0M
-21%
Net-asset trend (YoY)
End of year $616K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $821K · Expenses $995K
-21%
Liabilities-to-Assets
Total liabilities — · Total assets $1.1M
Net-asset ratio
Net assets $616K · Total assets $1.1M
55%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.1M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Sung Hee Yoo · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $995K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $0 · Total expenses $995K
0%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 99%
Overhead ratio 0.8%
Fundraising cost ratio 0%
Revenue growth -21%
Investment management fee ratio 0%
Legal fee ratio 0%
Accounting fee ratio 0%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$1K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$773K revenue · ⤓ 990 PDF
FY2023$609K revenue · ⤓ 990 PDF
FY2022$821K revenue · viewing · ⤓ 990 PDF
FY2021$1.0M revenue · ⤓ 990 PDF
FY2020$510K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2022IRS
Classification, formation year, addressIRS Business Master File
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