GREAT LAKES ACADEMY INC

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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

2013

Legal Domicile

Principal Officer

EBONIE DURHAM

Phone

7735303040

Tax Period

2024-07-01 to 2025-06-30

GREAT LAKES ACADEMY INC, founded in 2013, is a mid-sized nonprofit in the Education sector that reported $11.6M in total revenue in fiscal year 2024. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $11.0M left a modest 5% surplus.

Mission

TO PREPARE OUR STUDENTS WITH THE FUNDAMENTAL ACADEMIC SKILLS, CRITICAL THINKING ABILITY, AND STRENGTH OF CHARACTER TO EXCEL IN HIGH SCHOOL, COLLEGE, AND CAREER OF THEIR CHOICE. WE EMPOWER OUR STUDENTS WITH THE EDUCATION TODAY THAT THEY WILL NEED TO CHANGE THE WORLD TOMORROW.

Program Service Accomplishments

Program 1

Expenses: $9,166,477 Revenue: $882,051

THE SCHOOL IS A PUBLIC CHARTER SCHOOL WHOSE MISSION IS TO PREPARE ALL OF OUR STUDENTS WITH THE FUNDAMENTAL ACADEMIC SKILLS, CRITICAL THINKING ABILITY, AND STRENGTH OF CHARACTER TO EXCEL IN HIGH...

THE SCHOOL IS A PUBLIC CHARTER SCHOOL WHOSE MISSION IS TO PREPARE ALL OF OUR STUDENTS WITH THE FUNDAMENTAL ACADEMIC SKILLS, CRITICAL THINKING ABILITY, AND STRENGTH OF CHARACTER TO EXCEL IN HIGH SCHOOL, COLLEGE, AND A CAREER OF THEIR CHOICE. WE EMPOWER ALL OF OUR STUDENTS WITH THE EDUCATION TODAY THAT THEY WILL NEED TO CHANGE THE WORLD TOMORROW. DURING THE YEAR ENDED JUNE 30, 2025 GREAT LAKES ACADEMY, INC. SERVED 545 STUDENTS IN KINDERGARTEN THROUGH EIGHTH GRADE.

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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 $10,591,374

Program Service Revenue $882,051

Investment Income $125,205

Other Revenue $-143

TOTAL REVENUE $11,598,487

Expense Breakdown

Grants Paid $0

Salaries & Benefits $6,546,633

Fundraising Expenses $194,853

Program Expenses $9,166,477

Other Expenses $4,499,248

TOTAL EXPENSES $11,045,881

Year-over-Year Comparison

	2024	2023	Change
Revenue	$11,598,487	$10,523,096	+0.1%
Expenses	$11,045,881	$9,951,028	+0.1%
Net Income	$552,606	$572,068	0.0%

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

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

$233,346

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN WASHINGTON	BOARD CHAIR	3.00	Officer Director	$0	$0	$0
APARUPA BHATTACHARYA	VICE CHAIR	3.00	Officer Director	$0	$0	$0
ANDY BAKER	TREASURER	3.00	Officer Director	$0	$0	$0
CHRISTINE CHEN	DIRECTOR	3.00	Director	$0	$0	$0
KATHERINE CHERRY	DIRECTOR	3.00	Director	$0	$0	$0
DUANE DAVIS	DIRECTOR	3.00	Director	$0	$0	$0
BRAD KARSH	DIRECTOR	3.00	Director	$0	$0	$0
KATIE MCCLAY	DIRECTOR	3.00	Director	$0	$0	$0
MICHAEL MESTERHARM	DIRECTOR	3.00	Director	$0	$0	$0
ADELINE OGBOR	DIRECTOR	3.00	Director	$0	$0	$0
DEION OWENS	DIRECTOR	3.00	Director	$0	$0	$0
MATTHEW SLOAN	DIRECTOR	3.00	Director	$0	$0	$0
NICOLE WOODFORK	DIRECTOR	3.00	Director	$0	$0	$0
EBONIE DURHAM	EXECUTIVE DIRECTOR	50.00	Officer	$198,928	$34,418	$233,346
JOSHUA MILLER	PRINCIPAL	50.00	Highest	$142,092	$26,652	$168,744
EMILY GARBAREK	MANAGING DIRECTOR OF OPERATIONS	50.00	Highest	$110,656	$17,114	$127,770
MEAGAN JOHNSON	ASSISTANT PRINCIPAL	50.00	Highest	$122,636	$23,442	$146,078
STEPHANIE BECK	ASSISTANT PRINCIPAL OF OPERATIONS	50.00	Highest	$102,130	$11,456	$113,586

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	$11,598,487	$11,045,881	$13,861,324	$552,606
2024	No data	No data	No data	No data
2023	$9,019,880	$8,993,988	$13,304,166	$25,892
2022	$9,002,608	$8,151,361	$12,933,457	$851,247
2021	$11,522,034	$5,350,685	$11,871,193	$6,171,349
2020	$3,885,959	$4,738,429	$4,275,450	$-852,470
2019	$4,648,380	$4,078,629	$3,859,600	$569,751
2018	$3,891,262	$3,244,793	$3,356,775	$646,469