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Independence Classical Academy INC FY2023 filing

Tax-deductible

Fort Pierce, FL501(c)(3)Since 2020EducationEIN 81-2700759Revenue $4.0M in FY2023

On file with the IRSicacharter.org2902 S Jenkins Rd, 34981-4427 · Fort Pierce, FLTax-exempt since Nov 2019School — 170(b)(1)(A)(ii)

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Independence Classical Academy exists to provide a disciplined and highly engaging learning environment rich in scholarship, character building, citizenship, moral virtue, civics, and liberal arts. This time-tested, classical liberal arts education will ensure students are highly prepared, through rigorous and relevant core content with an emphasis on literacy, to be highly productive and successful citizens with a strong sense of character and civic responsibility.

501(c)(3) charity; gifts are tax-deductible.
97¢ of each $1 spent went to programs.
$153K 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

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 deficit $4K a year · under 1% 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
97%
of spending
Looks good: 97% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$153K
to officers and key staff · 4% of spending
Looks good: pay to officers and key staff is 4% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Worth a look: 0.9 months of spending in cash; under 1.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$11.0M
99% of total assets
Concern: liabilities are 99% of assets; over 80%.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$4.0M
+52% vs prior year
Spent
$3.9M
To programs
97%
Net assets
$82K
By yearFY2021–FY2025
Revenue
$4.0M
FY2023▲ +52%
Tap a bar for its year
Revenue by fiscal year
FY2021$2.5M
FY2022$2.6M
FY2023$4.0M
FY2024$4.9M
FY2025$6.4M
Expenses
$3.9M
FY2023▲ +41%
Tap a bar for its year
Expenses by fiscal year
FY2021$2.4M
FY2022$2.8M
FY2023$3.9M
FY2024$4.4M
FY2025$7.0M
Net assets
$82K
FY2023▲ +424%
Tap a bar for its year
Net assets by fiscal year
FY2021$108K
FY2022−$25K
FY2023$82K
FY2024$607K
FY2025$36K

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · 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. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 2019.

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

Where the money goes

97 cents of each dollar spent went to programs.

Program services 97% · $3.8M Management & general 3% · $114K

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

6 people listed on the 990; $153K 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
Sandy Howard
Executive Director
$152,931Pt VII · Sec A
Clay Becton
Board Chair
$0Pt VII · Sec A
Carlo Frade JR
Vice Chair
$0Pt VII · Sec A
Cathy Townsend
Founder/Member
$0Pt VII · Sec A
Jason Revels
Secretary
$0Pt VII · Sec A
Lance Poole
Treasurer
$0Pt VII · Sec A

Sandy Howard’s $254K as Executive Director is at the 91st percentile of top reported officer pay among 3395 $1–10M 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 · 1 named individual · Part VII

NameFY2025FY2024FY2023
Sandy Howard$253,581$245,000$152,931

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 Independence Classical Academy 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 15aNo

Programs and updates

Educates students in classical liberal arts, fostering scholarship, character, and civic responsibility.

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Provided by the organization

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1 program · $3.8M · in their own filed words · FY2022
01

Independence Classical Academy exists to provide a disciplined and highly engaging learning environment rich in scholarship, character building, citizenship, moral virtue, civics, and liberal arts.

$3.8Mprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$4.0M
Ln 12
Fees for servicesLn 2g$3.6M
Gifts and grantsLn 1h$175K
Other incomeLn 4–11$163K
Money outPt IX
$3.9M
Ln 25
Programscol B$3.8M
Managementcol C$114K
Owns and owesPt X
$82K
net assets · Ln 32
Cash and savingsLn 1–2$290K
Total assetsLn 16$11.1M
LiabilitiesLn 26$11.0M
PeoplePt VI, VII
6
listed · VII A
PaidVII A1
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$175K
Fees for servicesLn 2g$3.6M
Other incomeLn 4–11$163K
Total revenueLn 12$4.0M
Assets in detailPt X, end of year
CashLn 1$290K
Cash and savings togetherLn 1–2$290K
Land, buildings, equipmentLn 10c$10.7M
Total assetsLn 16$11.1M
LiabilitiesLn 26$11.0M
Net assetsLn 32$82K
OperationsPt I, VI
EmployeesI 589
VolunteersI 625
Fiscal year endsHeaderJune
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 FY23End FY23
Cash and savingsLn 1–2$110K$290K
Land, buildings, equipmentLn 10c$10.9M$10.7M
Total assetsLn 16$11.2M$11.1M
LiabilitiesLn 26$11.2M$11.0M
Net assetsLn 32−$25K$82K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
InterestLn 20$595K$595K$0$0
Depreciation, depletion and amortizationLn 22$223K$223K$0$0
Other expenses (24a–d)Ln 24$1.9M$1.8M$114K$0
All other expensesLn 24e$1.2M$1.2M$0$0
Total functional expensesLn 25$3.9M$3.8M$114K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $6.4M$7.0M−$577K$36K 990 PDF
FY2024 $4.9M$4.4M$525K$607K 990 PDF
FY2023 Viewing $4.0M$3.9M$107K$82K 990 PDF
FY2022 $2.6M$2.8M−$134K−$25K 990 PDF
FY2021 $2.5M$2.4M$59K$108K 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 (6 parts)
Part I · Summary $3,983,027 revenue, 12 lines filed
I-8 Contributions and grants$175,000
I-9 Program service revenuePrior year $2,484,032$3,644,714
I-10 Investment income$0
I-11 Other revenuePrior year $134,893$163,313
I-12 Total revenuePrior year $2,618,925$3,983,027
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $2,752,527$3,875,735
I-18 Total expensesPrior year $2,752,527$3,875,735
I-19 Revenue less expensesPrior year −$133,602$107,292
Part VI · Governance 5 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-15a Process for setting top official's payNo
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
Part VIII · Statement of revenue $3,983,027 across 6 lines filed
VIII-1f All other contributions, gifts and grants$175,000
VIII-1h Total contributions, gifts and grants$175,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$3,644,714
VIII-8 Net income from fundraising eventsUnrelated business $0 · Excluded from tax $21,546$21,546
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $141,767 · Unrelated business $0 · Excluded from tax $0$141,767
VIII-12 Total revenueRelated to mission $3,786,481 · Unrelated business $0 · Excluded from tax $21,546$3,983,027
Part IX · Statement of functional expenses $3,875,735 across 4 lines filed
IX-20 InterestPrograms $594,573 · Management $0 · Fundraising $0$594,573
IX-22 Depreciation, depletion and amortizationPrograms $223,485 · Management $0 · Fundraising $0$223,485
IX-24 Other expenses (24a–d)Programs $1,792,870 · Management $114,339 · Fundraising $0$1,907,209
IX-24e All other expensesPrograms $1,150,468 · Management $0 · Fundraising $0$1,150,468
IX-25 Total functional expensesPrograms $3,761,396 · Management $114,339 · Fundraising $0$3,875,735
Part X · Balance sheet $11,074,228 assets, 10 lines filed
X-1 Cash, non-interest-bearingStart of year $109,598$289,908
X-3 Pledges and grants receivableStart of year $79,934$10,612
X-9 Prepaid expenses and deferred chargesStart of year $56,661$47,711
X-10c Land, buildings and equipment, netStart of year $10,936,782$10,725,997
X-16 Total assetsStart of year $11,182,975$11,074,228
X-17 Accounts payable and accrued expensesStart of year $247,012$224,453
X-25 Other liabilitiesStart of year $10,894,385$10,682,385
X-26 Total liabilitiesStart of year $11,208,259$10,992,220
X-32 Total net assets or fund balancesStart of year −$25,284$82,008
X-33 Total liabilities and net assetsStart of year $11,182,975$11,074,228
Part XI · Reconciliation of net assets $82,008 net assets at year end
XI-1 Total revenue$3,983,027
XI-2 Total expenses$3,875,735
XI-3 Revenue less expenses$107,292
XI-4 Net assets at start of year−$25,284
XI-10 Net assets at end of year$82,008

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

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