WHEATON ACADEMY

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1958

Legal Domicile

Principal Officer

STEVEN BULT

Phone

6305627500

Tax Period

2024-08-01 to 2025-07-31

WHEATON ACADEMY, founded in 1958, is a mid-sized nonprofit in the Education sector that reported $23.4M in total revenue in fiscal year 2024. Revenue decreased 12% compared to the prior year. Expenses of $21.6M left a modest 8% surplus.

Mission

PROVIDE AN EDUCATIONAL PROGRAM THAT IS CHARACTERIZED BY BIBLICAL VALUES AND TRADITIONAL EDUCATIONAL STANDARDS USING INNOVATIVE CURRICULUM CENTERED ON A CARING STUDENT/TEACHER RELATIONSHIP.

Program Service Accomplishments

Program 1

Expenses: $16,020,114 Revenue: $17,245,147

OPERATION OF ACCREDITED HIGH SCHOOL WITH AN ENROLLMENT OF APPROXIMATELY 650 STUDENTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,506,253

Program Service Revenue $17,245,147

Investment Income $519,416

Other Revenue $124,646

TOTAL REVENUE $23,395,462

Expense Breakdown

Grants Paid $3,347,984

Salaries & Benefits $9,939,299

Fundraising Expenses $848,846

Program Expenses $16,020,114

Other Expenses $8,300,470

TOTAL EXPENSES $21,587,753

Year-over-Year Comparison

	2024	2023	Change
Revenue	$23,395,462	$26,709,439	-0.1%
Expenses	$21,587,753	$19,901,042	+0.1%
Net Income	$1,807,709	$6,808,397	-0.7%

Key Indicators

✗ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

263

Volunteers

140

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✓ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$554,317

Total Directors

$391,827

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEVEN BULT	HEAD OF SCHOOL / TRUSTEE	40.00	Officer Director	$251,730	$41,267	$292,997
DR EUGENE FROST	EXEC. DIRECTOR WAF	20.00	Director	$71,595	$27,235	$98,830
MARK ANDERSON	PRESIDENT	1.00	Officer Director	$0	$0	$0
MIKE ENGLISH	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
MARTHA VAN ZEE	SECRETARY	1.00	Officer Director	$0	$0	$0
DAVE TORRES	TREASURER	1.00	Officer Director	$0	$0	$0
ALEX BELL	TRUSTEE	1.00	Director	$0	$0	$0
DAVE ELDERSVELD	TRUSTEE	1.00	Director	$0	$0	$0
JANEL PRITCHARD	TRUSTEE	1.00	Director	$0	$0	$0
JOANN MAYO	TRUSTEE	1.00	Director	$0	$0	$0
JOE SELVAGGIO	TRUSTEE	1.00	Director	$0	$0	$0
RANDY RENN	TRUSTEE	1.00	Director	$0	$0	$0
STEVEN PEARSON	TRUSTEE	1.00	Director	$0	$0	$0
TIM LARSON	TRUSTEE	1.00	Director	$0	$0	$0
WELDON WILLIAMS	TRUSTEE	1.00	Director	$0	$0	$0
WENDY FERNANDES	TRUSTEE	1.00	Director	$0	$0	$0
STEVE KARLSON	COO/CFO	40.00	Officer	$186,442	$74,878	$261,320
PHIL STRZALKA	BUSINESS & INNOVATION PROG. DIRECTOR	32.00	Highest	$162,192	$28,672	$190,864
STEVEN WILLEMSSEN	FINE ARTS DEPARTMENT HEAD	40.00	Highest	$106,380	$80,954	$187,334
JOSH BURICK	EDUCATIONAL TECH DIRECTOR	40.00	Highest	$119,622	$60,234	$179,856
KORI HOCKETT	PRINCIPAL	40.00	Highest	$152,330	$26,652	$178,982
BRADLEY THORNTON	VICE PRINCIPAL FOR INSTRUCTION	40.00	Highest	$101,285	$48,123	$149,408

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$23,395,462	$21,587,753	$65,807,361	$1,807,709
2024	$26,709,439	$19,901,042	$67,923,396	$6,808,397
2023	$21,917,855	$19,554,613	$55,453,288	$2,363,242
2022	$25,254,594	$19,190,140	$48,341,275	$6,064,454
2021	$18,989,425	$18,103,307	$41,216,883	$886,118
2020	$19,169,438	$17,205,507	$39,684,406	$1,963,931
2019	$17,206,661	$16,960,604	$44,629,919	$246,057
2018	$16,089,664	$16,171,286	$44,142,836	$-81,622