The Classical Academy

Legal name: Classical Academy

Nonprofit profile at a glance

EIN
841349017
IRS 990 coverage
2009–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Colorado Springs, CO, US
Phone
719-484-0091
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$47,530,259
Expenses
$43,548,056
Assets
$98,115,473
Liabilities
$93,433,984

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

Leadership & pay

17 people listed

Executive titles in this filing

  • ROBERT THOMASON (PRESIDENT)

Highest reported compensation

  • ROBERT THOMASON (PRESIDENT): $233,529 total reported compensation
  • WESLEY JOLLY (DIRECTOR OF ACADEMIC SERVICES): $204,534 total reported compensation
  • SEAN SHIELDS (HIGH SCHOOL PRINCIPAL): $188,579 total reported compensation

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

Overview

Mission

The Classical Academy (TCA) partners with parents to provide a rigorous classical education in a nurturing environment, preparing students for college and a life of purpose.

What it reported doing in 2024

Charter school programs-the classical academy is a charter school during the fiscal year. The organization provided educational services for students in grades k-12.

Operating model

Revenue model
Other-operating. 88% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

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: 61
  • Transparency & Controls: 70
  • Accountability: 95
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.5%; rating input score 62
  • Program expense ratio: 65.9%; rating input score 66
  • Fundraising efficiency: $11.52 raised per $1 spent on fundraising; rating input score 42; 42nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.4%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 2.25; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.95; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 28th percentile among comparable filings
  • Revenue growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 4.9% per year; rating input score 100; 34th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 61.5% of revenue deployed · 65.9% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $28.7M in reported program spending
  • Leadership: top reported pay $234K · 17 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.6M reported
  • Consistency: 44 of 44 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 10 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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 42/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Review — Sustainability: Officer compensation ratio scored 59/100.