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Nonprofit · EIN 82-3695813

FAITH ACADEMY

Tax-exempt · IOWA CITY, IA 52240

Financials

$1.4M$915K2022$1.7M$1.2M2023$1.6M$1.7M2024
Revenue Expenses · by fiscal year end
Financials of FAITH ACADEMY by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
May 31, 2025990$1,617,280$1,657,247-$39,967$1,480,274$2,095$1,478,179
May 31, 2024990$1,689,001$1,236,718$452,283$1,520,834$2,688$1,518,146
May 31, 2023990$1,376,055$915,125$460,930$1,065,863$0$1,065,863
Financial details: 990 for the year ended May 31, 2025

Revenue

Contributions, gifts and grants
$1,514,182
of which government grants
$856,947
Program service revenue
$43,387
Investment income
$38,556
Other revenue
$21,155

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$1,138,020
Salaries, compensation and benefits (total)
$1,235,603
Professional fundraising fees
$0
Legal fees
$762
Accounting fees
$8,500
Occupancy
$55,566
Depreciation
$78,718
Program services (functional)
$1,508,094
Management and general (functional)
$99,435
Fundraising (functional)
$49,718

Balance sheet and other

Total assets, start of year
$1,520,834
Total assets, end of year
$1,480,274
Total liabilities, end of year
$2,095
Net assets, end of year
$1,478,179
Land, buildings and equipment
$697,256
Gross receipts
$1,617,280
Employees
49
Volunteers
65
Year formed
2017
State of legal domicile
IA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended May 31, 2025, highest compensation first.

NameTitleHours / weekCompensation
DAVID ASPREYVICE PRESIDE
Trustee or director, Officer
2$0
RICHARD HOEFERTREASURER
Trustee or director, Officer
15$0
JILL SCHLOTTPRESIDENT
Trustee or director, Officer
2$0
DANICE KEATING LEFT 2025DIRECTOR
Trustee or director
0$0
BRANDI RADCLIFFEDIRECTOR
Trustee or director
2$0
BERNADINE FRANKSEXECUTIVE DI
Trustee or director, Officer
40$0
TONY LUNECKASDIRECTOR
Trustee or director
2$0
JAMES BALMERDIRECTOR
Trustee or director
2$0
RICHARD WOOTONNDIRECTOR
Trustee or director
2$0
SHANE KELLEYSECRETARY
Trustee or director, Officer
2$0
DELBERT DENNY NEW 2025DIRECTOR
Trustee or director
2$0
JEFF DODGE NEW 2025DIRECTOR
Trustee or director
2$0
990 for the year ended May 31, 2024: 15 people
NameTitleHours / weekCompensation
DOUG FERN LEFT 82023EXECUTIVE DI
Trustee or director, Officer
17$0
DAVID ASPREYVICE PRESIDE
Trustee or director, Officer
2$0
MATT JOHNSON LEFT 52024VICE PRESIDE
Trustee or director, Officer
2$0
RICHARD HOEFERTREASURER
Trustee or director, Officer
15$0
CRAIG WELT LEFT 52024SECRETARY
Trustee or director, Officer
2$0
JILL SCHLOTTPRESIDENT
Trustee or director, Officer
2$0
DANICE KEATINGDIRECTOR
Trustee or director
2$0
BRANDI RADCLIFFEDIRECTOR
Trustee or director
2$0
MONIQUE WASHINGTON LEFT 72023DIRECTOR
Trustee or director
2$0
CYNTHIA UKAH LEFT 72023DIRECTOR
Trustee or director
2$0
BERNADINE FRANKSEXECUTIVE DI
Trustee or director, Officer
40$0
TONY LUNECKASDIRECTOR
Trustee or director
2$0
JAMES BALMERDIRECTOR
Trustee or director
2$0
RICHARD WOOTONNDIRECTOR
Trustee or director
2$0
SHANE KELLEYSECRETARY
Trustee or director, Officer
2$0
990 for the year ended May 31, 2023: 10 people
NameTitleHours / weekCompensation
DOUG FERNEXECUTIVE DI
Trustee or director, Officer
17$0
DAVID ASPREYPRESIDENT
Trustee or director, Officer
2$0
MATT JOHNSONVICE PRESIDE
Trustee or director, Officer
2$0
RICHARD HOEFERTREASURER
Trustee or director, Officer
15$0
CRAIG WELTSECRETARY
Trustee or director, Officer
2$0
JILL SCHLOTTDIRECTOR
Trustee or director
2$0
DANICE KEATINGDIRECTOR
Trustee or director
2$0
BRANDI RADCLIFFEDIRECTOR
Trustee or director
2$0
MONIQUE WASHINGTONDIRECTOR
Trustee or director
2$0
CYNTHIA UKAHDIRECTOR
Trustee or director
2$0

Address and contacts

Address (IRS master file)
1030 CROSS PARK AVE, IOWA CITY, IA 52240-4467
Principal officer (990 for 2024)
JILL SCHLOTT, 1030 CROSS PARK AVE, IOWA CITY, IA 52240
Signed the 990
SHANE KELLEY, SECRETARY
Phone
(319) 351-4860
Return prepared by
FORGE FINANCIAL & MANAGEMENT CONSULTING

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.

990 for the year ended May 31, 2025

Program accomplishments

  • 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.
    Expenses $1,508,094 · revenue $43,387

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in May, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025May 31, 2026October 15, 2026Not on file
2024May 31, 2025October 15, 2025990 on file
2023May 31, 2024October 15, 2024990 on file

IRS record

EIN
82-3695813
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
School
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2018
Accounting year ends
May
Files
Form 990 or 990-EZ
Category (NTEE)
Education (B24)
Assets (IRS master file)
$1,480,274
Income (IRS master file)
$1,617,280

Filing history

FormYear endedRevenueExpensesAssetsReturn
990May 2025$1,617,280$1,657,247$1,480,274XML
990May 2024$1,689,001$1,236,718$1,520,834XML
990May 2023$1,376,055$915,125$1,065,863XML
990May 2022$1,207,307$874,919$604,933IRS
990-EZMay 2021–––IRS
990May 2020–––IRS
990May 2019–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 82-3695813).

Questions about FAITH ACADEMY

What is the EIN of FAITH ACADEMY?
The employer identification number (EIN) of FAITH ACADEMY is 82-3695813.
Is FAITH ACADEMY tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2018.
Are donations to FAITH ACADEMY tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does FAITH ACADEMY file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of FAITH ACADEMY due?
The return for tax year 2025 (the year ending May 31, 2026) is due October 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did FAITH ACADEMY last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended May 2025.
Who is the principal officer of FAITH ACADEMY?
The 990 for the year ended May 31, 2025 names JILL SCHLOTT.
Who are the officers and directors of FAITH ACADEMY?
The 990 for the year ended May 31, 2025 lists 12 people; 0 received compensation from the organization.
How much revenue does FAITH ACADEMY have?
On its 990 for the year ended May 31, 2025 it reported revenue of $1,617,280, expenses of $1,657,247 and total assets of $1,480,274 at year end.

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