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Canton Academic Foundation INC

Tax-deductible

Canton, MS501(c)(3)Since 1965Recreation & SportsEIN 64-0435452Revenue $3.8M in FY2024

On file with the IRScantonacademy.orgPo Box 116, 39046-0116 · Canton, MSTax-exempt since Oct 1992School — 170(b)(1)(A)(ii)

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To educate students with varied learning experiences so that they may grow intellectually socially, morally, and physically.

501(c)(3) charity; gifts are tax-deductible.
87¢ of each $1 spent went to programs.
Run by 50 volunteers and 106 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
3 of 4
filings with a surplus
Average surplus $170K a year · 5% of revenue · last 4 filings
Fine: a surplus in 3 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
87%
of spending
Looks good: 87% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
5 mo
of spending, in cash
Looks good: 4.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $59
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$3.4M
67% of total assets
Worth a look: liabilities are 67% of assets; over 65%.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.8M
+7% vs prior year
Spent
$3.8M
To programs
87%
Net assets
$1.6M
By yearFY2020–FY2024
Revenue
$3.8M
FY2024▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$2.6M
FY2021$2.9M
FY2023$3.4M
FY2024$3.6M
FY2024$3.8M
Expenses
$3.8M
FY2024▲ +6%
Tap a bar for its year
Expenses by fiscal year
FY2020$2.6M
FY2021$2.7M
FY2023$2.9M
FY2024$3.6M
FY2024$3.8M
Net assets
$1.6M
FY2024▼ -16%
Tap a bar for its year
Net assets by fiscal year
FY2020$659K
FY2021$864K
FY2023$2.0M
FY2024$2.0M
FY2024$1.6M

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

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 1992.

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

Where the money goes

87 cents of each dollar spent went to programs.

Program services 87% · $3.3M Management & general 7% · $267K Fundraising 6% · $245K

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.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Jimmy Nix III
Head of Scho
$0Pt VII · Sec A
Leigh Pace
Vice Preside
$0Pt VII · Sec A
Kasey Rather
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
See Canton Academic Foundation INC 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 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Educates students with diverse learning needs for holistic growth.

Provided by the organization

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1 program · $3.3M · in their own filed words · FY2024
01

Academic Programs

The foundation provided education on a nondiscriminatory basis to a student body of approximately 325 students. Student activities: the foundation provides students the opportunities to participate in the normal extracirricular activities such as sports, cheerleading, band, annual staff, student government, and the like.

$3.3Mprogram expense

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 · FY2023
Amazonsmile FoundationFY2023$59
Total grants receivedfrom 1 funder$59

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.8M
Ln 12
Fees for servicesLn 2g$3.8M
Gifts and grantsLn 1h$4K
Money outPt IX
$3.8M
Ln 25
Programscol B$3.3M
Managementcol C$267K
Fundraisingcol D$245K
Owns and owesPt X
$1.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.6M
Total assetsLn 16$5.0M
LiabilitiesLn 26$3.4M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$4K
Fees for servicesLn 2g$3.8M
Total revenueLn 12$3.8M
Assets in detailPt X, end of year
CashLn 1$1.6M
Cash and savings togetherLn 1–2$1.6M
Land, buildings, equipmentLn 10c$1.4M
Total assetsLn 16$5.0M
LiabilitiesLn 26$3.4M
Net assetsLn 32$1.6M
OperationsPt I, VI
EmployeesI 5106
VolunteersI 650
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.6M$1.6M
Land, buildings, equipmentLn 10c$1.2M$1.4M
Total assetsLn 16$5.1M$5.0M
LiabilitiesLn 26$3.1M$3.4M
Net assetsLn 32$2.0M$1.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$2.0M$2.0M
Payroll taxesLn 10$154K$154K
OccupancyLn 16$322K$322K
Depreciation, depletion and amortizationLn 22$139K$139K
InsuranceLn 23$52K$52K
Other expenses (24a–d)Ln 24$887K$626K$260K
All other expensesLn 24e$251K$7K$245K
Total functional expensesLn 25$3.8M$3.3M$267K$245K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $3.6M$3.6M−$54K$2.0M 990 PDF
FY2023 $3.4M$2.9M$479K$2.0M 990 PDF
FY2022 Not on file
FY2021 $2.9M$2.7M$205K$864K 990 PDF
FY2020 $2.6M$2.6M$50K$659K 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 FY2024 990 (6 parts)
Part I · Summary $3,828,482 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $70,457$3,715
I-9 Program service revenuePrior year $3,519,032$3,824,767
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $3,589,489$3,828,482
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $1,964,021$2,197,412
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $1,679,962$1,651,936
I-18 Total expensesPrior year $3,643,983$3,849,348
I-19 Revenue less expensesPrior year −$54,494−$20,866
Part VI · Governance 12 of 12 board members independent, no flags
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $3,828,482 across 4 lines filed
Lines not itemized here account for $218,385 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$3,715
VIII-1h Total contributions, gifts and grants$3,715
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,606,382$3,606,382
VIII-12 Total revenueRelated to mission $3,824,767$3,828,482
Part IX · Statement of functional expenses $3,849,348 across 7 lines filed
IX-7 Other salaries and wagesPrograms $2,043,606$2,043,606
IX-10 Payroll taxesPrograms $153,806$153,806
IX-16 OccupancyPrograms $322,339$322,339
IX-22 Depreciation, depletion and amortizationPrograms $139,397$139,397
IX-23 InsurancePrograms $51,993$51,993
IX-24 Other expenses (24a–d)Programs $626,434 · Management $260,476$886,910
IX-24e All other expensesManagement $6,717 · Fundraising $244,580$251,297
IX-25 Total functional expensesPrograms $3,337,575 · Management $267,193 · Fundraising $244,580$3,849,348
Part X · Balance sheet $5,020,780 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $1,600,416$1,557,410
X-4 Accounts receivableStart of year $1,994,402$2,051,616
X-10c Land, buildings and equipment, netStart of year $1,225,152$1,411,754
X-16 Total assetsStart of year $5,113,925$5,020,780
X-17 Accounts payable and accrued expensesStart of year $36,876$31,892
X-19 Deferred revenueStart of year $2,509,499$2,819,692
X-25 Other liabilitiesStart of year $170,395$150,157
X-26 Total liabilitiesStart of year $3,149,578$3,371,256
X-32 Total net assets or fund balancesStart of year $1,964,347$1,649,524
X-33 Total liabilities and net assetsStart of year $5,113,925$5,020,780
Part XI · Reconciliation of net assets $1,649,524 net assets at year end
XI-1 Total revenue$3,828,482
XI-2 Total expenses$3,849,348
XI-3 Revenue less expenses−$20,866
XI-4 Net assets at start of year$1,964,347
XI-8 Prior period adjustments−$293,957
XI-10 Net assets at end of year$1,649,524

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

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