Sphinx Academy INC FY2023 filing

Tax-deductible

Lexington, KY501(c)(3)EducationEIN 47-3487919

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Non-profit educational facility for grades 8 through 12

501(c)(3) charity; gifts are tax-deductible.
74¢ of each $1 spent went to programs.
$185K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2023 · 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
3 of 5
filings with a surplus
Average surplus $21K a year · 5% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
74%
of spending
Fine: 74% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$185K
to officers and key staff · 57% of spending
Concern: pay to officers and key staff is 57% of spending; over 30%.
Pt VII · Sec A
Cash reserves
6 mo
of spending, in cash
Looks good: 5.5 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $12K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$19K
12% of total assets
Looks good: liabilities are 12% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 6 voting members
Looks good: 5 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$400K
+6% vs prior year
Spent
$323K
To programs
74%
Net assets
$141K
By yearFY2021–FY2025
Revenue
$400K
FY2023▲ +6%
Revenue by fiscal year
FY2021$366K
FY2022$379K
FY2023$400K
FY2024$327K
FY2025$465K
Expenses
$323K
FY2023▼ -19%
Expenses by fiscal year
FY2021$320K
FY2022$398K
FY2023$323K
FY2024$397K
FY2025$394K
Net assets
$141K
FY2023▲ +122%
Net assets by fiscal year
FY2021$83K
FY2022$63K
FY2023$141K
FY2024$58K
FY2025$127K

From the FY2023 Form 990 (year ending June 2023) · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2017-11-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Jun 2019.

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

Where the money goes

74 cents of each dollar spent went to programs.

Program services 74% · $238K Management & general 26% · $85K

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

12 people listed on the 990; $185K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Director of Education
$45,962Pt VII · Sec A
Instructor
$43,462Pt VII · Sec A
Curriculum Dir/Instructor
$39,426Pt VII · Sec A
Instructor
$35,129Pt VII · Sec A
Business Manager
$9,951Pt VII · Sec A
Instructor
$3,756Pt VII · Sec A
Instructor
$3,756Pt VII · Sec A
$3,756Pt VII · Sec A

Jennifer Lincoln’s $55K as Director of Education is at the 46th percentile of top reported officer pay among 1613 $100K–1M 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 · 8 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021
Jennifer Lincoln$54,615$50,378$45,962$37,981$36,058
Arlo Barnette$45,000$45,000$35,129——
Julia Saderholm$42,404$45,000$43,462——
Wafaa Elghoroury$44,231$27,846$39,426$38,183$39,034
Luke Russell$4,385$38,000———
Nancy Werner——$3,756$37,981$35,865
Benjamin Saderholm———$37,981$35,865
William Fritz—$35,807———

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 15aYes

Programs and updates

Educates students in grades 8 through 12.

Provided by the organization

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1 program service account for $238K of program spending, described in the organization's own filed words · FY2022.
01

Providing secondary level education required for obtaining a high school diploma according to the State of KY certification guidelines.

$238Kprogram 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 1 funder$12K

By the numbers

The FY2023 990, line by line.

1The main four
Money inPt VIII
$400K
Ln 12
Fees for servicesLn 2g$323K
Gifts and grantsLn 1h$77K
Investment incomeLn 3$5
Money outPt IX
$323K
Ln 25
Programscol B$238K
Managementcol C$85K
Owns and owesPt X
$141K
net assets · Ln 32
Cash and savingsLn 1–2$147K
Total assetsLn 16$160K
LiabilitiesLn 26$19K
PeoplePt VI, VII
12
listed · VII A
PaidVII A8
Voting boardVI 1a6
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$77K
Government grantsLn 1e$0
Noncash giftsLn 1g$0
Fundraising eventsLn 1c$0
Fees for servicesLn 2g$323K
Investment incomeLn 3$5
Total revenueLn 12$400K
Assets in detailPt X, end of year
CashLn 1$82K
SavingsLn 2$65K
Cash and savings togetherLn 1–2$147K
Land, buildings, equipmentLn 10c$13K
Total assetsLn 16$160K
LiabilitiesLn 26$19K
Net assetsLn 32$141K
OperationsPt I, VI
EmployeesI 57
VolunteersI 60
Fiscal year endsHeaderJune
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 FY23End FY23
Cash and savingsLn 1–2$84K$147K
Land, buildings, equipmentLn 10c$8K$13K
Total assetsLn 16$92K$160K
LiabilitiesLn 26$28K$19K
Net assetsLn 32$63K$141K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0$0
Grants to domestic individualsLn 2$0$0
Grants and assistance to foreign recipientsLn 3$0$0
Benefits paid to or for membersLn 4$0$0
Pay of current officers, directors and key staffLn 5$185K$185K$0$0
Pay of disqualified personsLn 6$0$0$0$0
Other salaries and wagesLn 7$3K$3K$0$0
Pension plan contributionsLn 8$0$0$0$0
Other employee benefitsLn 9$0$0$0$0
Payroll taxesLn 10$15K$15K$0$0
Management feesLn 11a$0$0$0$0
Legal feesLn 11b$0$0$0$0
Accounting feesLn 11c$279$279$0$0
Lobbying feesLn 11d$0$0$0$0
Professional fundraising feesLn 11e$0$0
Investment management feesLn 11f$0$0$0$0
Other fees for servicesLn 11g$0$0$0$0
Advertising and promotionLn 12$7K$7K$0$0
Office expensesLn 13$12K$0$12K$0
Information technologyLn 14$1K$0$1K$0
RoyaltiesLn 15$0$0$0$0
OccupancyLn 16$66K$0$66K$0
TravelLn 17$275$275$0$0
Travel and entertainment for public officialsLn 18$0$0$0$0
Conferences, conventions and meetingsLn 19$279$279$0$0
InterestLn 20$0$0$0$0
Payments to affiliatesLn 21$0$0$0$0
Depreciation, depletion and amortizationLn 22$0$0$0$0
InsuranceLn 23$6K$0$6K$0
Other expenses (24a–d)Ln 24$27K$27K$0$0
Total functional expensesLn 25$323K$238K$85K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $465K$394K$71K$127K 990 PDF
FY2024 $327K$397K−$71K$58K 990 PDF
FY2023 Viewing $400K$323K$78K$141K 990 PDF
FY2022 $379K$398K−$20K$63K 990 PDF
FY2021 $366K$320K$46K$83K 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 FY2023 990 (4 parts)
Part VIII · Statement of revenue $400,084 across 12 lines filed
VIII-1a Federated campaigns$0
VIII-1b Membership dues$0
VIII-1c Fundraising events$0
VIII-1d Related organizations$0
VIII-1e Government grants$0
VIII-1f All other contributions, gifts and grants$77,297
VIII-1g Noncash contributions (included above)$0
VIII-1h Total contributions, gifts and grants$77,297
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $322,782 · Unrelated business $0 · Excluded from tax $0$322,782
VIII-3 Investment incomeRelated to mission $5 · Unrelated business $0 · Excluded from tax $0$5
VIII-5 RoyaltiesRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$0
VIII-12 Total revenueRelated to mission $322,787 · Unrelated business $0 · Excluded from tax $0$400,084
Part IX · Statement of functional expenses $322,583 across 30 lines filed
IX-1 Grants to domestic organizationsPrograms $0$0
IX-2 Grants to domestic individualsPrograms $0$0
IX-3 Grants and assistance to foreign recipientsPrograms $0$0
IX-4 Benefits paid to or for membersPrograms $0$0
IX-5 Pay of current officers, directors and key staffPrograms $185,198 · Management $0 · Fundraising $0$185,198
IX-6 Pay of disqualified personsPrograms $0 · Management $0 · Fundraising $0$0
IX-7 Other salaries and wagesPrograms $3,211 · Management $0 · Fundraising $0$3,211
IX-8 Pension plan contributionsPrograms $0 · Management $0 · Fundraising $0$0
IX-9 Other employee benefitsPrograms $0 · Management $0 · Fundraising $0$0
IX-10 Payroll taxesPrograms $14,799 · Management $0 · Fundraising $0$14,799
IX-11a Management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11b Legal feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11c Accounting feesPrograms $279 · Management $0 · Fundraising $0$279
IX-11d Lobbying feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11e Professional fundraising feesFundraising $0$0
IX-11f Investment management feesPrograms $0 · Management $0 · Fundraising $0$0
IX-11g Other fees for servicesPrograms $0 · Management $0 · Fundraising $0$0
IX-12 Advertising and promotionPrograms $6,719 · Management $0 · Fundraising $0$6,719
IX-13 Office expensesPrograms $0 · Management $11,841 · Fundraising $0$11,841
IX-14 Information technologyPrograms $0 · Management $1,123 · Fundraising $0$1,123
IX-15 RoyaltiesPrograms $0 · Management $0 · Fundraising $0$0
IX-16 OccupancyPrograms $0 · Management $66,069 · Fundraising $0$66,069
IX-17 TravelPrograms $275 · Management $0 · Fundraising $0$275
IX-18 Travel and entertainment for public officialsPrograms $0 · Management $0 · Fundraising $0$0
IX-19 Conferences, conventions and meetingsPrograms $279 · Management $0 · Fundraising $0$279
IX-20 InterestPrograms $0 · Management $0 · Fundraising $0$0
IX-21 Payments to affiliatesPrograms $0 · Management $0 · Fundraising $0$0
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $0 · Fundraising $0$0
IX-23 InsurancePrograms $0 · Management $5,707 · Fundraising $0$5,707
IX-24 Other expenses (24a–d)Programs $27,083 · Management $0 · Fundraising $0$27,083
IX-25 Total functional expensesPrograms $237,843 · Management $84,740 · Fundraising $0$322,583
Part X · Balance sheet $159,723 assets, 19 lines filed
X-1 Cash, non-interest-bearingStart of year $84,007$82,117
X-2 Savings and temporary cash investmentsStart of year $0$65,005
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $0$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $7,713$12,601
X-16 Total assetsStart of year $91,720$159,723
X-17 Accounts payable and accrued expensesStart of year $4,734$2,119
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $4,375$5,050
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $19,245$11,687
X-26 Total liabilitiesStart of year $28,354$18,856
X-27 Net assets without donor restrictionsStart of year $63,366$140,867
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $63,366$140,867
X-33 Total liabilities and net assetsStart of year $91,720$159,723
Part XI · Reconciliation of net assets $140,867 net assets at year end
XI-1 Total revenue$400,084
XI-2 Total expenses$322,583
XI-3 Revenue less expenses$77,501
XI-4 Net assets at start of year$63,366
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$140,867

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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