Merit Academy

Nonprofit profile at a glance

EIN
852365942
IRS 990 coverage
2021–2024
Forms available
Form 990 2024, Form 990-N 2020
Location
Woodland Park, CO, USA
Phone
7196862274
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Elementary, Secondary Education, K - 12

Official website

Reported finances

Revenue
$6,700,512
Expenses
$8,796,135
Assets
$4,298,978
Liabilities
$9,090,212

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Jason Ledlie (President)
  • John Dill (Vice President)

Highest reported compensation

  • Gwynne Pekron (Headmaster): $126,986 total reported compensation
  • Leanna Tally (CFO): $115,856 total reported compensation

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

Overview

Mission

Merit Academy will cultivate the minds and nurture the hearts of K-12 youth in the Ute Pass/Woodland Park region with instruction in the principles of moral character and civic virtue, employing honored foundations of classical education and Core Knowledge.

Operating model

Revenue model
Earned-program. 88% of the money available for current operations came from fees and other program 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 15
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 89.1%; rating input score 89
  • 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: 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: -31.3%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 0.49; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 2.11; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 2.8%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: 33.4% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 26.8% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 26.8% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 89.1% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $7.8M in reported program spending
  • Leadership: top reported pay $127K · 7 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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 4/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.