Legacy Christian Academy in Frisco, Texas (TX)

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Legacy Christian Academy
Employer Identification Number (EIN)752805332
Name of OrganizationLegacy Christian Academy
In Care of NameRaney Payne
Address5000 Academy Dr, Frisco, TX 75034-1206
SubsectionEducational Organization
Ruling Date11/1999
DeductibilityContributions are deductible
FoundationSchool
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period07/2012
Assets$10,000,000 to $49,999,999
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$28,788,852
Amount of Income$8,835,749
Form 990 Revenue Amount$8,765,811
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Elementary, Secondary Education, K - 12


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Amount of income in 2012: $8,835,749
Legacy Christian Academy: 

 $8,835,749
Other organizations performing similar types of work: 

 $426,128

Assets in 2012: $28,788,852
This organization: 

 $28,788,852
Other organizations performing similar types of work: 

 $153,487

Expenses in 2007: $5,333,429
Legacy Christian Academy: 

 $5,333,429
Other organizations performing similar types of work: 

 $5,044,057

Income to expenses ratio in 2007: 1.2
Legacy Christian Academy: 

 1.2
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2007: 81.8%
This organization: 

 81.8%
Other organizations performing similar types of work: 

 81.8%

Number of employees in 2007: 82
Legacy Christian Academy: 

 82
Other organizations performing similar types of work: 

 82

Employees paid over $50,000 in 2007: 9.8%
Legacy Christian Academy: 

 9.8%
Other organizations performing similar types of work: 

 17.0%

Grants share in income in 2007: 5.1%
Legacy Christian Academy: 

 5.1%
Other organizations performing similar types of work: 

 18.9%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2001200220032004200520062007
Total revenue$1,922,077$3,157,520$3,511,478$5,317,782$6,113,581$9,061,839$6,522,069
Contributions, gifts, grants, and similar amounts received$698,897$1,139,328$587,095$1,580,820$1,999,514$4,016,378$330,186
Contributions to donor advised funds$0$0
Direct public support$698,897$1,139,328$587,095$1,580,820$1,999,514$4,016,378$330,186
Indirect public support$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$1,138,730$1,874,263$2,745,749$3,509,219$3,793,090$4,681,928$5,851,909
Membership dues and assessments$11,730$7,110$15,387$26,432$32,663$24,806$50,567
Interest on savings and temporary cash investments$10,130$9,904$12,439$29,171$56,677$94,413$89,254
Dividends and interest from securities$0$0$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0$13,822$585
Gross rents$0$0$0$0$0$13,822$585
Less: rental expenses$0$0$0$0$0$0$0
Other investment income$0$24,223$-2,621$926$9,313$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$0$0$-2,274$4,723
Gross amount from sales of assets other than inventory$0$0$0$0$0$0$4,723
Less: cost or other basis and sales expenses$0$0$0$0$0$2,274$0
Net income or (loss) from special events and activities$60,886$76,073$118,442$107,702$138,002$140,620$127,275
Gross revenue$115,985$106,236$197,595$219,854$230,299$183,697$153,661
Less: direct expenses other than fundraising expenses$55,099$30,163$79,153$112,152$92,297$43,078$26,386
Gross profit or (loss) from sales of inventory$-1,501$8,608$13,433$15,286$17,635$21,981$16,606
Gross sales of inventory, less returns and allowances$14,936$22,895$39,165$44,031$48,120$54,239$63,162
Less: cost of goods sold$16,437$14,287$25,732$28,745$30,485$32,258$46,556
Other revenue$3,205$18,011$21,554$48,228$66,688$70,165$50,964
Total expenses$1,301,843$2,202,563$2,795,132$3,420,364$3,983,534$4,598,853$5,333,429
Program services$1,140,065$1,978,245$2,527,533$2,866,863$3,424,910$3,858,206$4,361,020
Management and general$155,076$218,900$261,533$537,302$552,408$733,357$961,655
Fundraising$6,702$5,418$6,066$16,199$6,216$7,290$10,744
Payments to affiliates$0$0$0$0$0$0$0
Net assets or fund balances at end of year$1,067,100$2,022,057$2,738,403$4,635,821$6,765,868$11,228,854$12,428,041
Excess or (deficit) for the year$620,234$954,957$716,346$1,897,418$2,130,047$4,462,986$1,188,640
Net assets or fund balances at beginning of year$446,866$1,067,100$2,022,057$2,738,403$4,635,821$6,765,868$11,228,854
Other changes in net assets or fund balances$0$0$0$0$0$0$10,547
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$5,333,429$4,361,020$961,665$10,744
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$2,976,796$2,464,814$505,982$6,000
Pension plan contributions not included above$44,430$36,612$7,726$92
Employee benefits not included above$184,174$151,769$32,026$379
Payroll taxes$213,571$175,994$37,137$440
Professional fundraising fees$0$0$0$0
Accounting fees$8,411$0$8,411$0
Legal fees$0$0$0$0
Supplies$28,053$23,117$4,878$58
Telephone$9,753$8,037$1,696$20
Postage and shipping$10,553$8,696$1,835$22
Occupancy$418,083$344,522$72,699$862
Equipment rental and maintenance$17,948$14,790$3,121$37
Printing and publications$95,069$78,342$16,531$196
Travel$6,154$5,072$1,070$12
Conferences, conventions, and meetings$56,282$46,379$9,787$116
Interest$269,038$221,701$46,782$555
Depreciation, depletion, etc.$451,069$371,704$78,435$930
Other expenses not covered above$544,045$409,471$133,549$1,025
Balance Sheets
2001200220032004200520062007
Total assets$6,597,715$10,627,698$11,995,414$13,643,452$15,517,632$20,148,245$22,120,445
Cash - non-interest-bearing$201,776$234,915$578,023$987,152$341,246$288,628$84,565
Savings and temporary cash investments$509,702$758,481$1,473,565$2,028,969$1,100,645$3,248,362$4,039,555
Accounts receivable less allowance for doubtful accounts$2,292$1,800$19,837$175$30$0$0
Pledges receivable less allowance for doubtful accounts$67,283$94,000$75,000$514,491$697,740$2,664,250$1,118,775
Grants receivable$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$7,181$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0
Inventories for sale or use$5,940$9,091$9,195$9,810$7,458$6,728$14,069
Prepaid expenses and deferred charges$69,328$16,076$55,310$59,569$94,384$76,892$136,482
Investments - publicly-traded securities$0$0
Investments - other securities$89,250$173,400$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0
Investments - other$30,000$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$5,622,144$9,339,935$9,784,484$10,036,105$13,276,129$13,863,385$16,726,999
Other assets, including program-related investments$0$0$0$0$0$0$0
Total liabilities$5,530,615$8,605,641$9,257,011$9,007,631$8,751,764$8,919,391$9,692,404
Accounts payable and accrued expenses$45,932$62,766$138,409$27,249$36,147$41,414$43,263
Grants payable$0$0$0$0$0$0$0
Deferred revenue$903,433$1,862,875$2,613,735$2,689,628$2,632,304$3,033,865$3,225,095
Loans from officers, directors, trustees, and key employees$4,581,250$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0
Mortgages and other notes payable$0$6,680,000$6,504,867$6,287,229$6,079,788$5,840,587$6,424,046
Other liabilities$0$0$0$3,525$3,525$3,525$0
Total liabilities and net assets/fund balances$6,597,715$10,627,698$11,995,414$13,643,452$15,517,632$20,148,245$22,120,445
Total net assets or fund balances$1,067,100$2,022,057$2,738,403$4,635,821$6,765,868$11,228,854$12,428,041
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2001200220032004200520062007
Total revenue$0$0$0$0$0$0$0
Total revenue, gains, and other support per audited financial statements$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2001200220032004200520062007
Total expenses$0$0$0$0$0$0$0
Total expenses and losses per audited financial statements$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings6
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 200682
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$94,562$6,097,321
Program service revenue
Program service revenue 1000000$000$0$5,294,638
Program service revenue 2000000$000$0$434,551
Program service revenue 3000000$000$0$122,720
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$50,567
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$89,254$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$585$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$0Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))$4,723$0
Net income or (loss) from special events000000$000$0$127,275
Gross profit or (loss) from sales of inventory000000$000$0$16,606
Other revenue000000$000$0$50,964
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$74,756$2,243$0
$58,000$1,740$0
$68,000$1,190$0
$89,000$2,670$0
$120,000$0$0
Total number of other employees paid over $50,0003
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isSchool
Support Schedule
2000200120022003200420052006
Total$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2011)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2011)
Total revenue$8,208,891
Contributions, Gifts, Grants and Other Similar Amounts$731,693
Program Service Revenue$7,237,502
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$6,503
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$200
Gross rents (Real / Personal)$200 / $0
Less: rental expenses (Real / Personal)$0 / $0
Rental income or (loss) (Real / Personal)$200 / $0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$85,036
Gross income from fundraising events$117,662
Less: direct expenses$32,626
Net income from gaming activities$0
Net income from sales of inventory$41,462
Gross sales of inventory, less returns and allowances$76,637
Less: cost of goods sold$35,175
Miscellaneous Revenue$106,495
Statement of Functional Expenses (for 2011)
Total functional expenses$6,824,523
Compensation of current officers, directors, trustees, and key employees$151,140
Other salaries and wages$3,543,109
Payroll taxes$285,968
Professional fundraising services$0
Other$2,844,306
Balance Sheet (for 2011)
Total assets$28,066,750
Total liabilities$10,799,714
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$6,622,141
Unsecured notes and loans payable to unrelated third parties$0
Other$4,177,573
Total net assets or fund balances$17,267,036
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2011)
The organization is not a private foundation because it is:A school described in section 170(b)(1)(A)(ii)
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Number of organizations performing similar types of work
Alaska4
Alabama54
Arkansas37
Arizona85
California310
Colorado84
Connecticut30
District of Columbia26
Delaware10
Florida238
Georgia156
Hawaii11
Iowa23
Idaho26
Illinois123
Indiana71
Kansas18
Kentucky48
Louisiana33
Massachusetts55
Maryland55
Maine22
Michigan37
Minnesota70
Missouri98
Mississippi37
Montana17
North Carolina102
North Dakota5
Nebraska17
New Hampshire13
New Jersey96
New Mexico33
Nevada17
New York126
Ohio81
Oklahoma37
Oregon63
Pennsylvania106
Rhode Island6
South Carolina51
South Dakota6
Tennessee62
Texas263
Utah20
Virginia99
Vermont12
Washington94
Wisconsin63
West Virginia13
Wyoming2
International33
Total3,198

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