2024-11-14T09:52:57-06:00 2024-06-30 204193611 Batts Morrison Wales and Lee PA 801 North Orange Avenue Suite 800 Orlando FL 32801 990 2023-07-01 592663620 The Master's Academy of Central Florida Inc MAST 4079712221 1500 Lukas Lane Oviedo FL 32765 Darryl De Ruiter Head of School 4079712221 2024-11-13 1 1 Michele M Wales CPA P00428093 4077706000 2024-11-13 2023 2024-10-15 13:58:12Z Darryl De Ruiter 1500 Lukas Lane Oviedo FL 32765 20750607 0 X www.mastersacademy.org X 1986 FL Operation of a non-profit Christian preschool, elementary, and secondary school pursuing spiritual and academic excellence with Christian families by going the second mile. 5 5 313 275 0 0 364149 1437999 18734844 19237679 -6226 14984 -32911 23234 19059856 20713896 2744724 3057344 0 0 11247406 11264506 0 0 170834 5220744 5585006 19212874 19906856 -153018 807040 25998417 26153720 16548625 15654403 9449792 10499317 Operation of a non-profit Christian preschool, elementary, and secondary school. 0 0 16595566 3057344 19237679 The Master's Academy operates a private, non-profit, college-preparatory, non-denominational Christian preschool, elementary, and secondary school. 16595566 1 1 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 1 1 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 1 18 0 1 313 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 5 5 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X Jade Matthews 4079712221 1500 Lukas Lane Oviedo FL 32765 Dr Timothy Pursley Chairman/Director 2.00 2.00 X X 0 0 0 Dr Bradley Jahnke Vice Chairman/Sec./Dir. 1.00 1.00 X X 0 0 0 Yiqiang Dennis Wen Treasurer/Dir. 1.00 1.00 X X 0 0 0 Lori Ross Director 1.00 0.00 X 0 0 0 Dr Deena Slockett Director 1.00 0.00 X 0 0 0 Dr Dana Dionne Head of School (End 11/23) 50.00 1.00 X 314353 0 17123 Jade Matthews CFO 45.00 0.00 X 115004 0 27142 Dr William Harris Interim HOS (1/24 - 6/24) 50.00 0.00 X 0 0 8560 Darryl De Ruiter Head of School (Beg 6/24) 50.00 1.00 X 0 0 0 Mike Macbeth LS Teacher/Ath. Dir./Camp Dir. 40.00 0.00 X 109371 0 14104 Marcus Mennenga Director of Advancement 40.00 0.00 X 100320 0 11752 Trevor Berryhill Director of Athletics 40.00 0.00 X 100791 0 9763 739839 0 88444 5 0 1 0 B&T Building Services Inc 1514 Illinois Street Orlando FL 32803 Custodial Services 323914 Advanced Refrigeration & Air Inc 7617 Narcoossee Road Orlando FL 32822 HVAC Repairs 262518 GUTI Landscaping and Maintenance LLC PO Box 281 Goldenrod FL 32733 Landscaping Services 154520 3 38975 1150606 195570 52848 1437999 Tuition and Fees 611710 17191409 17191409 Auxiliary Activities 611710 2046270 2046270 19237679 13044 13044 2668 728 1940 1940 1940 59217 38975 35983 23234 23234 20713896 19237679 0 38218 2761226 2761226 296118 296118 586124 170117 416007 153136 90796 62340 7525961 5939915 1481964 104082 250830 191647 59183 2158315 2033848 118169 6298 590140 441258 140920 7962 24986 24986 96447 96447 43195 43195 62582 17069 45513 257992 212691 45301 103670 32814 70856 2014958 1930885 84073 155876 90295 65581 366307 366307 396741 376904 19837 330576 305721 24855 Auxiliary Activities 1343000 1336021 6979 Instructional Expenses 266173 266173 Dues & Subscriptions 68789 65350 3439 Miscellaneous 27029 10033 16996 26685 26685 19906856 16595566 3140456 170834 774283 654317 104655 52330 212980 165880 90586 107146 5895413 3752611 2027153 2142802 22788760 23031245 25998417 26153720 697921 921890 2693534 2207207 13157170 12525306 16548625 15654403 X 9449792 10499317 9449792 10499317 25998417 26153720 X 807040 242485 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000000 102511 102511 1000000 1000000 5604 5604 1000000 1000000 47975 47975 1000000 1000000 28589 28589 1000000 1000000 43662 43662 1000000 1.00000 0 1 1 5342306 3414941 1927365 553107 337670 215437 2142802 Interest in leasehold held by TMA Properties Foundation, Inc. 22738036 Deposits 55845 Interest Rate Swap Contract 237364 23031245 Part V, Line 4: The $1 Million Permanent Endowment is held by TMA Heritage Foundation, Inc. for the benefits, compensation, and resources of the teaching faculty of the Academy. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 Schedule E, Part I, Line 3 The Academy published an ad in the local newspaper of general circulation, the Orlando Sentinel. Schedule E, Part I, Line 6 During the year ended June 30, 2024, the Academy received Emergency Assistance to Non-Public Schools (EANS) funding from the Florida Department of Education. This was recognized as "grant revenue" in the Academy's statement of revenue for the year ended June 30, 2024. Clay Shooting Tournament 60611 26350 34261 1191 10159 1243 5787 Fishing Tournament 19402 12625 6777 70 118 2572 1 18179 18179 14843 98192 38975 59217 1261 10159 1361 23202 35983 23234 1 TMA Properties Foundation Inc 1500 Lukas Lane Oviedo FL 32765 204717769 501(c)(3) 586085 0 Capital expenditures TMA Heritage Foundation Inc 1500 Lukas Lane Oviedo FL 32765 455615288 501(c)(3) 2175141 0 Investment of non-operating funds 2 0 Need based financial aid 119 296118 Part I, Line 2: The Academy makes grants only to related organizations. The use of grant funds are monitored by regular Board and management review of financial and operational records. Part III, Line 1: The Academy provides need based financial aid to individuals to attend the Academy. Financial aid recipients are selected based on information provided via an electronic application, which is reviewed by the Academy's staff. Financial aid is awarded based on student financial need as verified by an independent third party and is applied directly to the student's account as a reduction in tuition. The Academy monitors each recipient student to ensure that he/she remains an active, enrolled student and satisfies the academic and behavioral criteria for maintaining the financial aid. X X X X X X 1 0 0 0 0 0 0 0 0 Dr Dana Dionne Head of School (End 11/23) 196395 0 40 0 117918 0 8894 0 8229 0 331476 0 0 0 Part I, Line 3 The Academy's Board of Directors as a whole served as the compensation committee. In setting such compensation for Dr. Dana Dionne, the Board considered the scope of her duties which included those of Chief Executive Officer, Chief Academic Officer, Head of School, and other administrative duties for all operations of The Master's Academy. Her more than 30 years of service at The Academy were also considered. Dr. Dionne's employment with The Master's Academy ended on November 14, 2023. Dr. William Harris, the Academy's former President, returned in the capacity of Interim Head of School, first as a volunteer on November 15, 2023, then as a paid full-time employee on January 1, 2024. The Board of Directors approved a six-month contract for Dr. Harris which restored him to the salary he was earning prior to his retirement on June 30, 2021. His salary prior to his retirement was set in accordance with The Master's Academy's executive compensation setting procedures. Under the terms of the six-month contract, Dr. Harris was paid $200,000 between January 1, 2024 and June 30, 2024. An executive search firm was contracted in December 2023 to conduct the search for the Academy's next Head of School. Candidate Darryl De Ruiter was hired through this process, and began his employment with the Academy on June 17, 2024. In addition to his annual salary of $235,000, the Board approved reimbursing moving expenses for Mr. De Ruiter. Mr. De Ruiter's written employment contract was entered into under the Academy's executive compensation setting procedures, which includes the use of comparability data in determining the reasonableness of compensation arrangements. Part I, Line 4a The Academy's former President, Dr. William Harris, retired effective June 30, 2021. The Form 990 for the fiscal year ended June 30, 2021 included an accrued severance payment in the amount of $400,000 payable to Dr. William Harris on Part IX, Line 5. The severance arrangement was made pursuant to a written employment contract with Dr. Harris that was approved by the Academy's Board of Directors, all of whom are independent with respect to Dr. Harris. The written employment contract was entered into under the Academy's executive compensation setting procedures, which include the use of comparability data in determining the reasonableness of compensation arrangements. Under the severance arrangement, severance payments were made to Dr. Harris over the twelve month period beginning July 1, 2021 and ending June 30, 2022. Similarly, pursuant to the severance arrangement, the Academy provides medical and prescription drug coverage to Dr. Harris on the same terms and conditions as provided to the Academy's administrative personnel and will continue to do so through September 30, 2025. Dr. Dionne's employment with The Master's Academy ended on November 14, 2023. A severance agreement was provided to her, and the severance payment of $116,263 was subsequently paid to her on November 30, 2023. The severance arrangement was approved by the Academy's Board of Directors, all of whom are independent with respect to Dr. Dionne. Pursuant to Form 990 instructions, the amounts reported on Schedule J, Part II, Column (B)(iii) and Column D include the severance payments and insurance benefits provided to Dr. Dionne from January 1, 2023 through December 31, 2023. A Seminole County Industr Devel Authority 592349746 2015-06-19 19000000 See Part VI 0 0 0 A 6406018 19000000 198132 7877494 10924374 2016 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 1 0 1 1 PNC Bank NA 10.000000000000 0 0 0 0 1 A 1 Part I, Line A, columns (a) through (f): The issuance reported on the Form 8038 includes Industrial Development Revenue Note (The Master's Academy of Central Florida, Inc.), Series 2015A in the amount of $11,000,000 to refund a prior issuance for educational facility improvements, including issuance costs of $75,626, and Series 2015B in the amount of $8,000,000 to construct and equip an additional educational facility improvement. Part II, Line 11: Other spent proceeds includes $10,924,374 to refund a prior bond issuance. Of this amount, $320,000 was related to the termination of the swap agreement. Kristin Chadwick Daughter of Former Officer 12098 Compensation 0 Jessica Sellers Sister of Officer 66440 Compensation 0 Cale Matthews Husband of Officer 55059 Compensation 0 Form 990, Part VI, Section B, line 11b The Academy's top management official and top financial official each review the Form 990 prior to its filing with the IRS. A copy of the final Form 990 is also provided to the voting members of the Academy's governing body prior to its filing with the IRS. Form 990, Part VI, Section B, line 12c The Academy's conflict of interest policy is distributed to each member of the Academy's governing body, its officers and its key employees. Each such individual provides an annual disclosure statement indicating that they have received, read, understood and agreed to comply with the policy, certifying that: (1) they have no relationships or interests that present a conflict of interest, (2) they have one or more conflicts of interest that have been fully disclosed as required by the policy and have been properly administered in conformity with the policy, or (3) they have previously undisclosed conflicts of interest and disclosing the details of such conflicts. Any disclosure statements with previously undisclosed conflicts of interest are forwarded to appropriate Academy officials to take appropriate actions as required by the policy. Form 990, Part VI, Section B, line 15 The Academy has adopted an executive compensation-setting policy applicable to all of the Organization's key executives, including the Organization's Head of School, officers and key employees. Under the policy, an independent committee of the Board of Directors annually reviews and approves the compensation levels of the Head of School. The deliberations and decisions of the committee are contemporaneously substantiated. The committee utilizes comparability data in its deliberations; updated comparability data is generally obtained every two to three years. The Head of School is responsible for setting compensation for all other key executives of the Organization, using similar procedures to those described above. Form 990, Part VI, Section C, line 19 The Academy's Articles of Incorporation are publicly available online. The Academy's bylaws, conflicts of interest policy, and other policies are provided to those responsible for complying with them. Form 990, Part VI: An audit of the Academy's financial statements is conducted annually by an independent certified public accounting firm, which has resulted in the issuance of an unqualified opinion. In addition, the Academy is a fully accredited member of the Evangelical Council for Financial Accountability (ECFA) and, as such, subscribes to ECFA's Seven Standards of Responsible Stewardship addressing: (1) operation in conformity with the Academy's evangelical Christian doctrinal statement, (2) oversight by a Board of Directors, the majority of which are independent, (3) submission of complete, accurate, audited financial statements, (4) proper management and financial controls over the use of the Academy's resources, (5) public availability of the Academy's current financial statements upon written request, (6) avoidance of conflicts of interest, and (7) responsible, truthful fund-raising practices. Form 990, Part XI, line 9: Change in estimated fair value of interest rate swap contracts -161,549. Change in interest in leasehold 404,034. Form 990, Part XII, Line 2c: The Academy's Board of Directors, or a committee of thereof, assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year. TMA Heritage Foundation Inc 1500 Lukas Lane Oviedo FL 32765 455615288 Supporting Organization FL 501(c)(3) Line 12a, I The Master's Academy of Central Florida Inc 1 TMA Properties Foundation Inc 1500 Lukas Lane Oviedo FL 32765 204717769 Supporting Organization FL 501(c)(3) Line 12a, I The Master's Academy of Central Florida Inc 1 0 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 TMA Properties Foundation Inc B 586085 Actual amount paid TMA Properties Foundation Inc C 265000 Actual amount paid TMA Heritage Foundation Inc B 2175141 Actual amount paid TMA Heritage Foundation Inc C 885606 Actual amount paid