HERITAGE CLASSICAL 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

2003

Legal Domicile

Principal Officer

DAVID NEES

Phone

3305481338

Tax Period

2024-07-01 to 2025-06-30

HERITAGE CLASSICAL ACADEMY, founded in 2003, is a mid-sized nonprofit in the Education sector that reported $11.7M in total revenue in fiscal year 2024. The organization ran a surplus of $3.0M, a strong 26% operating margin.

Mission

IN PARTNERSHIP WITH PARENTS, HCA DEVELOPS STUDENTS WHO IMPACT THE KINGDON AND THEIR CULTURE B EMPLOYING A CHRIST-CENTERED CURRICULUM TAUGHT WITH EXCELLENCE BY GIFTED EDUCATORS WHO EMBRACE THE CLASSICAL MODEL OF EDUCATION. HCA EMPHASIZED THE ALL-SURPASSING TRUTH, GOODNESS, AND BEAUTY OF JESUS, STRIVING TO MAKE HIM KNOWN, LOVED AND REFLECTED BY OUR STUDENTS. THIS IS REINFORCED THROUGH PURPOSEFUL, DAILY MODELING AND INSTRUCTIONS BY TEACHERS AND STAFF BOTH IN THE CLASSROOM AND BY OFFERING STUDENTS OPPORTUNITIES TO PRACTICE CHRISTIAN VALUES IN THE AREAS OF SERVICE, ART, MUSIC AND SPORTS

Program Service Accomplishments

Program 1

Expenses: $7,234,839 Revenue: $7,370,009

HERITAGE CLASSICAL ACADEMY EXISTS TO EQUIP STUDENTS TO THINK AND LIVE FOR THE GLORY OF JESUS CHRIST. HCA OFFERS TWO DISTINC TRACKS TO SERVE OUR FAMILIES. AT THE ACADEMY, STUDENTS ATTEND CLASSES ON A TRADITIONAL FIVE DAYS PER WEEK SCHEDULE. AT THE STUDY CENTER, WE PARTNER WITH HOMESCHOOL FAMILIES TWO DAYS PER WEEK TO SUPPORT THEIR EFFORTS. IN PARTNERSHIP WITH PARENTS AND GUIDED BY THE SCRIPTURES, WE STRIVE TO EDUCATE STUDENTS IN THE CLASSICAL TRADITIONS, SO THAT THEY MAY GROW IN KNOWLEDGE, WISDOM, AND LOVE OF OUR LORD JESUS CHRIST. WE HOPE TO ENCOURAGE OUR STUDENTS TO USE THEIR GIFTS IN THE SERVICE OF OTHERS, FOR THE GLORY OF CHRIST AND HIS CHURCH. LOCATED ON 2 CAMPUSES (PENINSULA AND BAINBRIDGE) HCA HAS BEEN IN PARTNERSHIP WITH FAMILIES SINCE 2003 TO PROVIDE CHRIST-CENTERED AND CLASSICAL TEACHING. WE OFFER CLASSES IN PHONICS, READING, GRAMMAR, COMPOSITION, LITERATURE, LATIN, HISTORY, LOGIC, MATH, PRE-ALGEBRA, ALGEBRA I, AND SCIENCE FOR STUDENTS IN GRADE K-10TH.

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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 $4,183,112

Program Service Revenue $7,255,029

Investment Income $46,038

Other Revenue $190,984

TOTAL REVENUE $11,675,163

Expense Breakdown

Grants Paid $0

Salaries & Benefits $5,425,571

Fundraising Expenses $84,826

Program Expenses $7,234,839

Other Expenses $3,238,657

TOTAL EXPENSES $8,664,228

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,675,163	$12,265,924	0.0%
Expenses	$8,664,228	$5,641,409	+0.5%
Net Income	$3,010,935	$6,624,515	-0.5%

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

134

Volunteers

150

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

$149,323

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN LURTZ	CHAIR, TRUSTEE	2.00	Officer Director	$0	$0	$0
DEREK MANTEL	VICE CHAIR, TRUSTEE	2.00	Officer Director	$0	$0	$0
JOHN ZALLER	TREASURER, TRUSTEE	2.00	Officer Director	$0	$0	$0
AARON SNYDER	SECRETARY, TRUSTEE	2.00	Officer Director	$0	$0	$0
SAM WILSEY	TRUSTEE	2.00	Director	$0	$0	$0
GEORGE OCHENJELE	TRUSTEE	2.00	Director	$0	$0	$0
KIP LEE	TRUSTEE	2.00	Director	$0	$0	$0
JOSHUA WALLACE	TRUSTEE	2.00	Director	$0	$0	$0
WENDI BORKEY	TRUSTEE	2.00	Director	$0	$0	$0
STEPHEN CRAWFORD	TRUSTEE	2.00	Director	$0	$0	$0
DAVID NEES	HEAD OF SCHOOL	40.00	Officer	$149,323	$0	$149,323

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	$11,675,163	$8,664,228	$21,570,800	$3,010,935
2024	$12,265,924	$5,641,409	$17,138,389	$6,624,515
2023	$4,787,206	$3,827,591	$4,675,756	$959,615
2022	$3,599,401	$3,079,800	$3,596,341	$519,601
2021	$2,680,404	$2,126,778	$2,991,954	$553,626
2020	$3,392,862	$1,623,080	$2,768,138	$1,769,782
2019	$1,645,977	$1,339,914	$630,813	$306,063
2018	$872,866	$860,969	$332,562	$11,897