EPIC Academy

Nonprofit profile at a glance

EIN
208674711
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
7735357930
Rating
85
Verdict
STRONG
Rating confidence
Standard
Sector
Charter Schools

Official website

Reported finances

Revenue
$4,149,453
Expenses
$5,713,677
Assets
$2,626,878
Liabilities
$970,400

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

Leadership & pay

11 people listed

Executive titles in this filing

  • LEEANDRA KHAN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LEEANDRA KHAN (EXECUTIVE DIRECTOR): $266,509 total reported compensation
  • KYLA MATTHEWS (PRINCIPAL): $163,995 total reported compensation
  • KEVYN HARMON (SENIOR DIRECTOR OF FINANCE AND ADMINISTRATION): $160,640 total reported compensation

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

Overview

Mission

EPIC Academy has a shared commitment for our students to pursue excellence and high expectations for postsecondary success, working towards college and career readiness through a variety of pathways.

What it reported doing in 2024

Rigorous college curriculum to prepare students for college and career success. Student enrollment is approximately 260 students. EPIC Academy (the "Academy") was formed to provide educational services to high school students with a rigorous college preparatory curriculum. The Academy is supported primarily through per capita tuition payments under a performance agreement (the "Agreement") with Chicago Public Schools ("CPS") and the Chicago Board of Education (the "Board"). Additional support is provided by grants from state and federal agencies, various community and corporate foundations, and the general public. The Academy has been certified as a charter school by the Illinois State Board of Education, effective July 1, 2010. The first instruction year commenced in September 2009 with 120 students in the 9th grade. The Academy supports grades 9 through 12, to an anticipated total capacity of 600 students in future years. The Academy is located in Chicago, Illinois. The Academy will not charge tuition to any student, unless the student would otherwise be liable under the School Code, as defined within the agreement with the Board. The Academy may charge reasonable fees as permitted for textbooks, instructional material, summer school programs, after school programs and other student activities. The per capita tuition payment for each student from the Board is to be calculated on the basis of the budget adopted by the Board each fiscal year and paid to the academy on a quarterly basis. These payments are reduced by charges assessed to the Academy for services provided by CPS connected to the use of the CPS facility. The Academy may be eligible for additional funding for programs such as special education reimbursements and supplemental programs.

Operating model

Revenue model
Other-operating. 72% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 83
  • Accountability: 100
  • Sustainability: 12
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 74.4%; rating input score 74
  • Fundraising efficiency: $18.23 raised per $1 spent on fundraising; rating input score 56; 56th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -37.7%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.46; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.37; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 12.9%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: 2.3% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 4.4% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: 6.3% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 74.4% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $4.3M in reported program spending
  • Leadership: top reported pay $267K · 11 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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 — Sustainability: Operating margin scored 3/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 56/100.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.