FAITH 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

2017

Legal Domicile

Principal Officer

JILL SCHLOTT

Phone

3193514860

Tax Period

2024-06-01 to 2025-05-31

FAITH ACADEMY, founded in 2017, is a community nonprofit in the Education sector that reported $1.6M in total revenue in fiscal year 2024.

Mission

THE OBJECTIVE OF FAITH ACADEMY SHALL BE TO PROVIDE A CHRIST-CENTERED EDUCATION, IN THE FORM OF FORMAL DAILY INSTRUCTION, TO LOW-INCOME STUDENTS IN THE IOWA CITY AREA.

Program Service Accomplishments

Program 1

Expenses: $1,508,094 Revenue: $43,387

FAITH ACADEMY PROVIDED A QUALITY CHRIST CENTERED-EDUCATION TO OVER 130 K- 7TH GRADE STUDENTS, HELPING 80 TO ACHIEVE PROFICIENCY IN READING. FAITH ACADEMY GRADUATED ITS SIXTH 6TH GRADE CLASS. HOWEVER, MANY OF THESE 6TH GRADE GRADUATES REMAINED AT FAITH ACADEMY SINCE FAITH ACADEMY ADDED 7TH GRADE THIS YEAR.

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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 $1,514,182

Program Service Revenue $43,387

Investment Income $38,556

Other Revenue $21,155

TOTAL REVENUE $1,617,280

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,235,603

Fundraising Expenses $49,718

Program Expenses $1,508,094

Other Expenses $421,644

TOTAL EXPENSES $1,657,247

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,617,280	$1,689,001	0.0%
Expenses	$1,657,247	$1,236,718	+0.3%
Net Income	$-39,967	$452,283	-1.1%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID ASPREY	VICE PRESIDE	2.00	Officer Director	$0	$0	$0
RICHARD HOEFER	TREASURER	15.00	Officer Director	$0	$0	$0
JILL SCHLOTT	PRESIDENT	2.00	Officer Director	$0	$0	$0
DANICE KEATING LEFT 2025	DIRECTOR	0.00	Director	$0	$0	$0
BRANDI RADCLIFFE	DIRECTOR	2.00	Director	$0	$0	$0
BERNADINE FRANKS	EXECUTIVE DI	40.00	Officer Director	$0	$0	$0
TONY LUNECKAS	DIRECTOR	2.00	Director	$0	$0	$0
JAMES BALMER	DIRECTOR	2.00	Director	$0	$0	$0
RICHARD WOOTONN	DIRECTOR	2.00	Director	$0	$0	$0
SHANE KELLEY	SECRETARY	2.00	Officer Director	$0	$0	$0
DELBERT DENNY NEW 2025	DIRECTOR	2.00	Director	$0	$0	$0
JEFF DODGE NEW 2025	DIRECTOR	2.00	Director	$0	$0	$0

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	$1,617,280	$1,657,247	$1,480,274	$-39,967
2024	$1,689,001	$1,236,718	$1,520,834	$452,283
2023	$1,376,055	$915,125	$1,065,863	$460,930
2022	$1,207,307	$874,919	$604,933	$332,388
2020	$765,986	$727,329	$183,633	$38,657
2019	$327,070	$355,079	$1,864	$-28,009