Foundation Academy Incorporated
Nonprofit profile at a glance
- EIN
- 260675871
- IRS 990 coverage
- 2013–2024
- Forms available
- Form 990 2024
- Location
- Mansfield, OH, USA
- Phone
- 4195269540
- Rating
- 89
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Charter Schools
Reported finances
- Revenue
- $5,842,247
- Expenses
- $5,651,084
- Assets
- $12,559,167
- Liabilities
- $4,807,350
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Highest reported compensation
- Adriana Miranda (Board Member): $1,250 total reported compensation
- Dr Tom Gregory (Board Member): $1,250 total reported compensation
- Susan Lehr (Board Member): $1,125 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 purpose for which the corporation was formed, as stated in its Articles of Incorporation, are to establish and run a charter school in the state of Ohio for the benefit of the children of the community and to engage in any other activities incidental to the foregoing purposes for which a corporation may be organized under Chapter 1702 of the Ohio Revised Code; provided, however, that the corporation is organized and shall at all times be operated exclusively within the confines of IRC 501c3.
What it reported doing in 2024
Instructional materials and other expenses for the 2024-2025 school year.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- 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 liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 87
- Transparency & Controls: 90
- Accountability: 100
- Sustainability: 53
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 96.7%; rating input score 97
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 9 of 9 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: 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: 3.3%; rating input score 45; 45th percentile among comparable filings
- Total-asset coverage ratio: 2.22; rating input score 65; 65th percentile among comparable filings
- Liabilities to assets ratio: 0.38; rating input score 28; 28th percentile among comparable filings
- Officer compensation ratio: 0.1%; rating input score 82; 82nd percentile among comparable filings
Growth
- Program expense growth: 7.2% per year; rating input score 100; 52nd percentile among comparable filings
- Revenue growth: 7.2% per year; rating input score 100; 55th percentile among comparable filings
- Asset growth: 17% per year; rating input score 100; 78th percentile among comparable filings
Details
- Where the money goes: 96.7% of revenue deployed · 100% of spending went to programs
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $5.7M in reported program spending
- Leadership: top reported pay $1K · 7 people listed
- Highest-paid contractors: 5 contractors listed · $1.4M reported
- Consistency: 26 of 26 current checks pass
- Schedules: 4 filed schedules
- Filing history: 12 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Money network: 7 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.
- Moderate — Sustainability: Operating margin scored 45/100.
- High — Sustainability: Liabilities to assets ratio scored 28/100.