Midwest Academy Inc

Nonprofit profile at a glance

EIN
351890348
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Carmel, IN, USA
Phone
3178439500
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$2,952,946
Expenses
$2,790,777
Assets
$5,186,605
Liabilities
$1,244,256

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

Leadership & pay

4 people listed

Executive titles in this filing

  • WAYNE KOTULIC (PRESIDENT)

Highest reported compensation

  • KEVIN GAILEY (HEAD OF SCHO): $256,319 total reported compensation

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

Overview

Mission

We offer our students a small, engaging educational setting, an inspiring progressive curriculum and a culture focused on the development of the whole child.

What it reported doing in 2024

Midwest academy is an intentional educational community serving differences, high-functioning autism, and processing challenges. The school is designed to develop academic achievement, self-acceptance, and personal accountability.

Operating model

Revenue model
Other-operating. 75% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 65
  • Accountability: 79
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.4%; rating input score 76
  • Program expense ratio: 80.2%; rating input score 80
  • Fundraising efficiency: $7.76 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.5%; rating input score 52; 52nd percentile among comparable filings
  • Total-asset coverage ratio: 1.86; rating input score 59; 59th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 9.2%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 1.8% per year; rating input score 100; 19th percentile among comparable filings

Details

  • Where the money goes: 76.4% of revenue deployed · 80.2% of spending went to programs
  • Governance: 7 of 7 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.2M in reported program spending
  • Leadership: top reported pay $256K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 29/100.
  • Review — Sustainability: Operating margin scored 52/100.
  • Review — Sustainability: Total-asset coverage ratio scored 59/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.