Admiral Farragut Academy Inc

Nonprofit profile at a glance

EIN
593038365
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2021
Location
St Petersburg, FL, USA
Phone
7273845503
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Secondary, High School

Official website

Reported finances

Revenue
$20,738,530
Expenses
$18,807,613
Assets
$21,192,508
Liabilities
$12,151,431

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Highest reported compensation

  • KEVIN LOCKERBIE (PRES & HEAD): $271,571 total reported compensation
  • BRIAN MILES (COO): $219,725 total reported compensation
  • JEFFREY OGDEN (DIR OF ADMIS): $124,313 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Admiral farragut academy provides a college preparatory environment that promotes academic excellence, leadership skills, and character and social development among a diverse community of students.

What it reported doing in 2024

Educate students grades kindergarten through 12 and prepare them for a higher level of education.

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 77
  • Accountability: 91
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.5%; rating input score 72
  • Program expense ratio: 79.7%; rating input score 80
  • Fundraising efficiency: $6.73 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 9.3%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 1.13; rating input score 40; 40th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 6.2%; rating input score 41; 41st percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 5.1% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 72.5% of revenue deployed · 79.7% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $15M in reported program spending
  • Leadership: top reported pay $272K · 18 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $1.2M reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 28/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.
  • Moderate — Sustainability: Officer compensation ratio scored 41/100.