Hope Academy Inc.

The information in this column was provided to MinistryWatch by the ministry itself. It was last updated 11/9/2021. To update the information in this column, please email: info@ministrywatch.com


Summary

Started in 2000, Hope Academy is a private, Christ-centered, classical academy founded as an opportunity-equalizer for urban youth. Today we serve 550 students in grades K-12, with a vision of growing to 700 students.


Contact information

Mailing address:
Hope Academy Inc.
2300 Chicago Ave
Minneapolis, MN 55404-3834

Website: hopeschool.org

Phone: 612-540-2000

Email: communications@hopeschool.org


Organization details

EIN: 411962874

CEO/President: Russ Gregg

Chairman: Dan Olson

Board size: 11

Founder: Russ Gregg and Jeff Bird

Ruling year: 2001

Tax deductible: Yes

Fiscal year end: 07/31

Member of ECFA: No

Member of ECFA since:


Purpose

Believing that all children are created for God's glory and endowed by him with an inalienable potential to acquire wisdom and knowledge, Hope Academy covenants with urban families to equip their children to become responsible, servant leaders of the 21st Century. Committed to the truth, discipline, and values of the gospel of Jesus Christ, Hope Academy pursues this aim by mobilizing educational, business, and community leaders towards the important goal of serving the children of Minneapolis with a remarkable education, permeated with a God-centered perspective. This inter-denominational school will seek to unleash kingdom citizens who work for justice, economic opportunity, racial harmony, hope for the family, and joy in the community.


Mission statement

Our mission is to foster hope in God in the inner-city by providing youth with a remarkable, Christ-centered education.

The mission of Hope Academy is deeply rooted in the following core values:

Redemption: We are passionate about God's transformational work to redeem all things through the gospel of Christ.

Relationships: We believe in the necessity of building deep, authentic, loving relationships with one another.

Radical Dependence: We exercise a daily, moment by moment, radical dependence on God and His Word.

Remarkable: By God's power at work within us, we pursue excellence that goes above and beyond all that is expected or imagined.


Statement of faith

Transparency grade

D

To understand our transparency grade, click here.


Financial efficiency ratings

Sector: K-12 Schools/Academies

CategoryRatingOverall rankSector rank
Overall efficiency rating108 of 9993 of 35
Fund acquisition rating2 of 10012 of 35
Resource allocation rating220 of 10017 of 35
Asset utilization rating510 of 99921 of 35

Financial ratios

Funding ratiosSector median20202019201820172016
Return on fundraising efforts Return on fundraising efforts =
Fundraising expense /
Total contributions
17%6%6%7%2%3%
Fundraising cost ratio Fundraising cost ratio =
Fundraising expense /
Total revenue
3%6%5%6%2%3%
Contributions reliance Contributions reliance =
Total contributions /
Total revenue
12%89%90%90%96%94%
Fundraising expense ratio Fundraising expense ratio =
Fundraising expense /
Total expenses
3%7%8%8%3%3%
Other revenue reliance Other revenue reliance =
Total other revenue /
Total revenue
88%11%10%10%4%6%
 
Operating ratiosSector median20202019201820172016
Program expense ratio Program expense ratio =
Program services /
Total expenses
82%88%87%87%95%94%
Spending ratio Spending ratio =
Total expenses /
Total revenue
96%80%62%76%57%86%
Program output ratio Program output ratio =
Program services /
Total revenue
77%71%54%66%54%80%
Savings ratio Savings ratio =
Surplus (deficit) /
Total revenue
4%20%38%24%43%14%
Reserve accumulation rate Reserve accumulation rate =
Surplus (deficit) /
Net assets
2%10%23%15%52%20%
General and admin ratio General and admin ratio =
Management and general expense /
Total expenses
14%5%5%5%2%3%
 
Investing ratiosSector median20202019201820172016
Total asset turnover Total asset turnover =
Total expenses /
Total assets
0.410.380.370.410.510.72
Degree of long-term investment Degree of long-term investment =
Total assets /
Total current assets
3.375.512.971.941.571.61
Current asset turnover Current asset turnover =
Total expenses /
Total current assets
1.422.111.100.800.801.16
 
Liquidity ratiosSector median20202019201820172016
Current ratio Current ratio =
Total current assets /
Total current liabilities
2.9812.2911.0519.735.823.67
Current liabilities ratio Current liabilities ratio =
Total current liabilities /
Total current assets
0.340.080.090.050.170.27
Liquid reserve level Liquid reserve level =
(Total current assets -
Total current liabilities) /
(Total expenses / 12)
3.955.229.9614.3212.437.53
 
Solvency ratiosSector median20202019201820172016
Liabilities ratio Liabilities ratio =
Total liabilities /
Total assets
32%6%3%12%25%40%
Debt ratio Debt ratio =
Debt /
Total assets
13%4%0%10%14%23%
Reserve coverage ratio Reserve coverage ratio =
Net assets /
Total expenses
160%246%263%214%147%84%

Financials

Balance sheet
 
Assets20202019201820172016
Cash$3,149,871$4,523,893$5,469,831$6,636,215$3,881,201
Receivables, inventories, prepaids$150,342$187,950$981,066$73,365$76,186
Short-term investments$282,873$1,088,363$1,071,951$0$0
Other current assets$0$0$0$0$0
Total current assets$3,583,086$5,800,206$7,522,848$6,709,580$3,957,387
Long-term investments$1,464,306$161,725$154,792$0$0
Fixed assets$13,074,038$10,194,876$4,782,390$3,794,104$2,397,406
Other long-term assets$1,605,361$1,076,394$2,149,578$0$0
Total long-term assets$16,143,705$11,432,995$7,086,760$3,794,104$2,397,406
Total assets$19,726,791$17,233,201$14,609,608$10,503,684$6,354,793
 
Liabilities20202019201820172016
Payables and accrued expenses$275,832$497,262$357,012$154,645$88,714
Other current liabilities$15,619$27,502$24,187$998,099$990,315
Total current liabilities$291,451$524,764$381,199$1,152,744$1,079,029
Debt$833,400$0$1,425,000$1,439,000$1,440,000
Due to (from) affiliates$0$0$0$0$0
Other long-term liabilities$0$0$0$0$0
Total long-term liabilities$833,400$0$1,425,000$1,439,000$1,440,000
Total liabilities$1,124,851$524,764$1,806,199$2,591,744$2,519,029
 
Net assets20202019201820172016
Without donor restrictions$16,177,560$7,354,312$0$0$0
With donor restrictions$2,424,380$9,354,125$0$0$0
Net assets$18,601,940$16,708,437$12,803,409$7,911,940$3,835,764
 
Revenues and expenses
 
Revenue20202019201820172016
Total contributions$8,432,753$9,199,222$7,070,982$9,099,540$5,064,200
Program service revenue$780,807$731,366$655,835$0$0
Membership dues$0$0$0$0$0
Investment income$119,103$183,934$19,762$7,253$2,222
Other revenue$123,657$147,533$142,102$335,656$293,905
Total other revenue$1,023,567$1,062,833$817,699$342,909$296,127
Total revenue$9,456,320$10,262,055$7,888,681$9,442,449$5,360,327
 
Expenses20202019201820172016
Program services$6,670,500$5,526,995$5,199,781$5,089,176$4,313,830
Management and general$365,550$299,627$296,623$116,204$125,839
Fundraising$536,253$532,338$489,487$158,745$149,672
Total expenses$7,572,303$6,358,960$5,985,891$5,364,125$4,589,341
 
Change in net assets20202019201820172016
Surplus (deficit)$1,884,017$3,903,095$1,902,790$4,078,324$770,986
Other changes in net assets$0$0$0$0$0
Total change in net assets$1,884,017$3,903,095$1,902,790$4,078,324$770,986

Compensation

NameTitleCompensation
Jim StigmanHead of Advancement$127,398
Russ GreggHead of School/VP/Treasurer$88,951
John VillasHead of Finance and Ops$41,460

Compensation data as of: 7/31/2020


Response from ministry

No response has been provided by this ministry.


The information below was provided to MinistryWatch by the ministry itself. It was last updated 11/9/2021. To update the information below, please email: info@ministrywatch.com


History

In 1998, our founders Russ Gregg and Jeff Bird had never met. That year, Jeff was in a Bible study when he felt a calling to start a school. Having worked as an insurance lawyer and never as an educator, he spent a year praying, to discern if it was from the Lord. That same year, Russ Gregg was working as an administrator for a Christian school in Edina. He lived in the Philips neighborhood with his family and dreamed of one day starting a Christian school for his inner city neighbors. However, he thought God would use someone else to complete such a task. In 1999, Russ and Jeff had a divine appointment, and shared their mutual call. They met for six weeks to discuss the vision for the school. That same Sunday, September 13, 1999, Russ was in church. At the conclusion of a sermon on Romans 4:13-15, the pastor challenged the congregation to "venture something for God that is a little bit crazy." Russ felt it was God's word for him, and that to not take this step of faith would be disobedient. The next day, Russ called Jeff and said, "I quit my job. Let's start this school." The next fall, Hope Academy began with just 35 students in grades K-2.

1999 - Mr. Bird & Mr. Gregg were called to start Hope Academy.

2000 - Hope Academy opened its doors to 35 students in grades K-2 in the education wing of Christ Church International. (3015 13th Ave S, Minneapolis).

2006 - Now with 115 students in grades K-7, Hope Academy moves to 2300 Chicago Ave S, Minneapolis, MN 55404.

2007 - A class of eleven 8th graders graduate from Hope Academy's only 8th grade graduating class.

2008 - Hope Academy adds a 9th grade, beginning the process of growing Hope Academy High School.

2012 - Hope Academy graduates its first ever senior class, with 100% being accepted into a 2 or 4 year college.


Program accomplishments

As of 2016, we have graduated 63 students in five senior classes.
587 Students K-12
96% Graduation Rate
Millions of dollars in college scholarships


Needs