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Covenant Classical School FY2024 filing

Tax-deductible

Fort Worth, TX501(c)(3)Since 1999Education EIN 75-2821065Revenue $10.8M in FY2024Latest return filed Jun 17, 2026

On file with the IRScovenantfw.orgFort Worth, TXTax-exempt since Dec 1999School — 170(b)(1)(A)(ii)

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To train our students to live and think according to a biblical christ-centered world view. We accomplish this by partnering with parents to provide a rigorous, Classical education that instills a lifelong love of learning.

501(c)(3) charity; gifts are tax-deductible.
68¢ of each $1 spent went to programs.
$489K 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

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
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
6 of 6
filings with a surplus
Average surplus $1.7M a year · 19% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
68%
of spending
Fine: 68% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$489K
to officers and key staff · 6% of spending
Looks good: pay to officers and key staff is 6% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 8.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $517K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$5.4M
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$10.8M
+22% vs prior year
Spent
$8.8M
To programs
68%
Net assets
$20.7M
By yearFY2020–FY2025
Revenue
$10.8M
FY2024▲ +22%
Tap a bar for its year
Revenue by fiscal year
FY2020$6.6M
FY2021$9.5M
FY2022$9.6M
FY2023$8.8M
FY2024$10.8M
FY2025$11.1M
Expenses
$8.8M
FY2024▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$6.1M
FY2021$6.3M
FY2022$7.2M
FY2023$8.1M
FY2024$8.8M
FY2025$9.4M
Net assets
$20.7M
FY2024▲ +10%
Tap a bar for its year
Net assets by fiscal year
FY2020$12.3M
FY2021$15.6M
FY2022$18.1M
FY2023$18.8M
FY2024$20.7M
FY2025$22.4M

From the FY2024 Form 990 (year ending July 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1999.

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

Where the money goes

68 cents of each dollar spent went to programs.

Program services 68% · $6.0M Management & general 29% · $2.5M Fundraising 3% · $293K

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

13 people listed on the 990; $489K paid to officers and key staff.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
Troy Schuknecht
Head of School
$224,457Pt VII · Sec A
$146,674Pt VII · Sec A
Jeremy Martin
Director of Athletics
$117,528Pt VII · Sec A
Ben Cowan
President
$0Pt VII · Sec A
Will Pickett
Treasurer
$0Pt VII · Sec A
Laura Jageman
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Troy Schuknecht’s $224K as Head of School is at the 46th percentile of top reported officer pay among 3683 $10–100M 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

NameFY2025FY2024FY2023FY2022FY2021FY2020
Troy Schuknecht$224,457$224,457$183,750———
Eric Cook———$212,351—$185,115
Eric Cook Ex Officio————$182,346—
Andrew John Elizalde$146,674$146,674$109,780$106,200——
Jeremy Martin$117,528$117,528$103,147———

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.

See Covenant Classical School executive salaries →

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 K-12 students in a biblical, Christ-centered classical worldview.

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1 program · $6.0M · in their own filed words · FY2023
01

To provide k-12 private classical school education.

$6.0Mprogram 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 · FY2024
National Philanthropic TrustFY2024$300K
Natl Christian Charitable Fdn INCFY2024$180K
Fidelity Investments Charitable Gift FundFY2024$22K
Donor Advised Charitable Giving INCFY2024$15K
Total grants receivedfrom 4 funders$517K
See all 4 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$10.8M
Ln 12
Fees for servicesLn 2g$7.5M
Gifts and grantsLn 1h$2.2M
Other incomeLn 4–11$929K
Money outPt IX
$8.8M
Ln 25
Programscol B$6.0M
Managementcol C$2.5M
Fundraisingcol D$293K
Owns and owesPt X
$20.7M
net assets · Ln 32
Cash and savingsLn 1–2$6.4M
Total assetsLn 16$26.1M
LiabilitiesLn 26$5.4M
PeoplePt VI, VII
13
listed · VII A
PaidVII A3
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$2.2M
Fundraising eventsLn 1c$58K
Fees for servicesLn 2g$7.5M
Investment incomeLn 3$152K
Other incomeLn 4–11$929K
Total revenueLn 12$10.8M
Assets in detailPt X, end of year
CashLn 1$245K
SavingsLn 2$6.2M
Cash and savings togetherLn 1–2$6.4M
Pledges and grants receivableLn 3$970K
Accounts receivableLn 4$75K
Inventories for sale or useLn 8$550
Prepaid expenses and deferred chargesLn 9$105K
Land, buildings, equipmentLn 10c$18.5M
Other assetsLn 15$990
Total assetsLn 16$26.1M
LiabilitiesLn 26$5.4M
Net assetsLn 32$20.7M
OperationsPt I, VI
EmployeesI 5144
VolunteersI 6110
Fiscal year endsHeaderJuly
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$6.3M$6.4M
Land, buildings, equipmentLn 10c$18.5M$18.5M
Total assetsLn 16$27.0M$26.1M
LiabilitiesLn 26$8.3M$5.4M
Net assetsLn 32$18.8M$20.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$195K$146K$49K
Other salaries and wagesLn 7$4.4M$3.1M$1.1M$115K
Other employee benefitsLn 9$609K$403K$183K$23K
Payroll taxesLn 10$361K$239K$108K$14K
Management feesLn 11a$30K$2K$28K$11
Other fees for servicesLn 11g$121K$47K$8K$67K
Advertising and promotionLn 12$40K$40K
Office expensesLn 13$353K$335K$17K$956
Information technologyLn 14$94K$84K$10K$368
Depreciation, depletion and amortizationLn 22$801K$758K$40K$3K
InsuranceLn 23$131K$131K
Other expenses (24a–d)Ln 24$1.0M$550K$448K$7K
All other expensesLn 24e$643K$412K$216K$14K
Total functional expensesLn 25$8.8M$6.0M$2.5M$293K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Jun 17, 2026 $11.1M$9.4M$1.7M$22.4M 990 PDF
FY2024 ViewingFiled with the IRS Jun 16, 2025 $10.8M$8.8M$2.0M$20.7M 990 PDF
FY2023Filed with the IRS Jun 13, 2024 $8.8M$8.1M$689K$18.8M 990 PDF
FY2022Filed with the IRS Jun 13, 2023 $9.6M$7.2M$2.4M$18.1M 990 PDF
FY2021Filed with the IRS May 16, 2022 $9.5M$6.3M$3.1M$15.6M 990 PDF
FY2020Filed with the IRS Jun 13, 2021 $6.6M$6.1M$465K$12.3M 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $10,755,035 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,483,095$2,210,056
I-9 Program service revenuePrior year $6,467,802$7,463,297
I-10 Investment incomePrior year $59,092$152,454
I-11 Other revenuePrior year $813,297$929,228
I-12 Total revenuePrior year $8,823,286$10,755,035
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $5,087,154$5,571,950
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,047,516$3,218,317
I-18 Total expensesPrior year $8,134,670$8,790,267
I-19 Revenue less expensesPrior year $688,616$1,964,768
Part VI · Governance 10 of 10 board members independent, no flags
VI-1a Voting members of the governing body10
VI-1b Independent voting members10
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 $10,755,035 across 8 lines filed
VIII-1c Fundraising events$57,506
VIII-1f All other contributions, gifts and grants$2,152,550
VIII-1h Total contributions, gifts and grants$2,210,056
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $7,463,297$7,463,297
VIII-3 Investment incomeExcluded from tax $152,454$152,454
VIII-8 Net income from fundraising eventsExcluded from tax $338,154$338,154
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $591,074$591,074
VIII-12 Total revenueRelated to mission $7,463,297 · Unrelated business $0 · Excluded from tax $1,081,682$10,755,035
Part IX · Statement of functional expenses $8,790,267 across 13 lines filed
IX-5 Pay of current officers, directors and key staffManagement $146,000 · Fundraising $48,667$194,667
IX-7 Other salaries and wagesPrograms $3,149,093 · Management $1,143,463 · Fundraising $114,962$4,407,518
IX-9 Other employee benefitsPrograms $403,195 · Management $182,886 · Fundraising $22,911$608,992
IX-10 Payroll taxesPrograms $238,858 · Management $108,343 · Fundraising $13,572$360,773
IX-11a Management feesPrograms $1,818 · Management $27,784 · Fundraising $11$29,613
IX-11g Other fees for servicesPrograms $46,839 · Management $7,953 · Fundraising $66,624$121,416
IX-12 Advertising and promotionManagement $40,295$40,295
IX-13 Office expensesPrograms $335,095 · Management $16,835 · Fundraising $956$352,886
IX-14 Information technologyPrograms $84,478 · Management $9,565 · Fundraising $368$94,411
IX-22 Depreciation, depletion and amortizationPrograms $757,812 · Management $39,889 · Fundraising $3,284$800,985
IX-23 InsuranceManagement $130,555$130,555
IX-24 Other expenses (24a–d)Programs $549,705 · Management $448,399 · Fundraising $7,325$1,005,429
IX-24e All other expensesPrograms $412,316 · Management $216,314 · Fundraising $14,097$642,727
IX-25 Total functional expensesPrograms $5,979,209 · Management $2,518,281 · Fundraising $292,777$8,790,267
Part X · Balance sheet $26,068,892 assets, 17 lines filed
X-1 Cash, non-interest-bearingStart of year $303,456$245,256
X-2 Savings and temporary cash investmentsStart of year $5,979,341$6,186,680
X-3 Pledges and grants receivableStart of year $1,791,947$969,635
X-4 Accounts receivableStart of year $294,010$75,260
X-8 Inventories for sale or useStart of year $763$550
X-9 Prepaid expenses and deferred chargesStart of year $141,121$104,527
X-10c Land, buildings and equipment, netStart of year $18,528,169$18,485,994
X-15 Other assetsStart of year $990$990
X-16 Total assetsStart of year $27,039,797$26,068,892
X-17 Accounts payable and accrued expensesStart of year $547,957$146,835
X-19 Deferred revenueStart of year $4,544,917$4,741,593
X-23 Secured mortgages and notes payableStart of year $3,166,965$485,604
X-26 Total liabilitiesStart of year $8,259,839$5,374,032
X-27 Net assets without donor restrictionsStart of year $14,809,522$18,982,500
X-28 Net assets with donor restrictionsStart of year $3,970,436$1,712,360
X-32 Total net assets or fund balancesStart of year $18,779,958$20,694,860
X-33 Total liabilities and net assetsStart of year $27,039,797$26,068,892
Part XI · Reconciliation of net assets $20,694,860 net assets at year end
XI-1 Total revenue$10,755,035
XI-2 Total expenses$8,790,267
XI-3 Revenue less expenses$1,964,768
XI-4 Net assets at start of year$18,779,958
XI-8 Prior period adjustments−$49,866
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$20,694,860

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

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