Hope Academy Inc. 
The information on this page was last updated 5/18/2023. If you see errors or omissions, please email: [email protected]
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: [email protected]
Organization details
EIN: 411962874
CEO/President: Russ Gregg
Chairman: Dan Olson
Board size: 10
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
Donor confidence score
Transparency grade
D
To understand our transparency grade, click here.
Financial efficiency ratings
Sector: K-12 Schools/Academies
| Category | Rating | Overall rank | Sector rank |
| Overall efficiency rating | | 166 of 1096 | 6 of 47 |
| Fund acquisition rating | | 2 of 1098 | 1 of 47 |
| Resource allocation rating | | 199 of 1098 | 5 of 47 |
| Asset utilization rating | | 720 of 1096 | 37 of 47 |
Financial ratios
| Funding ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Return on fundraising efforts Return on fundraising efforts = Fundraising expense / Total contributions | 10% | 4% | 5% | 6% | 6% | 7% |
Fundraising cost ratio Fundraising cost ratio = Fundraising expense / Total revenue | 2% | 4% | 5% | 6% | 5% | 6% |
Contributions reliance Contributions reliance = Total contributions / Total revenue | 17% | 94% | 94% | 89% | 90% | 90% |
Fundraising expense ratio Fundraising expense ratio = Fundraising expense / Total expenses | 3% | 6% | 7% | 7% | 8% | 8% |
Other revenue reliance Other revenue reliance = Total other revenue / Total revenue | 83% | 6% | 6% | 11% | 10% | 10% |
| Operating ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Program expense ratio Program expense ratio = Program services / Total expenses | 83% | 90% | 89% | 88% | 87% | 87% |
Spending ratio Spending ratio = Total expenses / Total revenue | 90% | 72% | 69% | 80% | 62% | 76% |
Program output ratio Program output ratio = Program services / Total revenue | 73% | 65% | 61% | 71% | 54% | 66% |
Savings ratio Savings ratio = Surplus (deficit) / Total revenue | 10% | 28% | 31% | 20% | 38% | 24% |
Reserve accumulation rate Reserve accumulation rate = Surplus (deficit) / Net assets | 8% | 15% | 17% | 10% | 23% | 15% |
General and admin ratio General and admin ratio = Management and general expense / Total expenses | 14% | 4% | 5% | 5% | 5% | 5% |
| Investing ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Total asset turnover Total asset turnover = Total expenses / Total assets | 0.44 | 0.37 | 0.38 | 0.38 | 0.37 | 0.41 |
Degree of long-term investment Degree of long-term investment = Total assets / Total current assets | 3.10 | 4.38 | 4.55 | 5.51 | 2.97 | 1.94 |
Current asset turnover Current asset turnover = Total expenses / Total current assets | 1.52 | 1.62 | 1.72 | 2.11 | 1.10 | 0.80 |
| Liquidity ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Current ratio Current ratio = Total current assets / Total current liabilities | 3.10 | 18.10 | 18.75 | 12.29 | 11.05 | 19.73 |
Current liabilities ratio Current liabilities ratio = Total current liabilities / Total current assets | 0.32 | 0.06 | 0.05 | 0.08 | 0.09 | 0.05 |
Liquid reserve level Liquid reserve level = (Total current assets - Total current liabilities) / (Total expenses / 12) | 4.76 | 7.01 | 6.59 | 5.22 | 9.96 | 14.32 |
| Solvency ratios | Sector median | 2022 | 2021 | 2020 | 2019 | 2018 |
Liabilities ratio Liabilities ratio = Total liabilities / Total assets | 32% | 1% | 1% | 6% | 3% | 12% |
Debt ratio Debt ratio = Debt / Total assets | 11% | 0% | 0% | 4% | 0% | 10% |
Reserve coverage ratio Reserve coverage ratio = Net assets / Total expenses | 147% | 268% | 261% | 246% | 263% | 214% |
Financials
| Balance sheet | |||||
| Assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Cash | $5,466,180 | $4,350,796 | $3,149,871 | $4,523,893 | $5,469,831 |
| Receivables, inventories, prepaids | $312,486 | $372,987 | $150,342 | $187,950 | $981,066 |
| Short-term investments | $280,446 | $277,835 | $282,873 | $1,088,363 | $1,071,951 |
| Other current assets | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $6,059,112 | $5,001,618 | $3,583,086 | $5,800,206 | $7,522,848 |
| Long-term investments | $3,575,724 | $2,133,213 | $1,464,306 | $161,725 | $154,792 |
| Fixed assets | $13,942,397 | $13,295,303 | $13,074,038 | $10,194,876 | $4,782,390 |
| Other long-term assets | $2,978,701 | $2,331,207 | $1,605,361 | $1,076,394 | $2,149,578 |
| Total long-term assets | $20,496,822 | $17,759,723 | $16,143,705 | $11,432,995 | $7,086,760 |
| Total assets | $26,555,934 | $22,761,341 | $19,726,791 | $17,233,201 | $14,609,608 |
| Liabilities | 2022 | 2021 | 2020 | 2019 | 2018 |
| Payables and accrued expenses | $318,424 | $249,420 | $275,832 | $497,262 | $357,012 |
| Other current liabilities | $16,407 | $17,400 | $15,619 | $27,502 | $24,187 |
| Total current liabilities | $334,831 | $266,820 | $291,451 | $524,764 | $381,199 |
| Debt | $0 | $0 | $833,400 | $0 | $1,425,000 |
| Due to (from) affiliates | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 |
| Total long-term liabilities | $0 | $0 | $833,400 | $0 | $1,425,000 |
| Total liabilities | $334,831 | $266,820 | $1,124,851 | $524,764 | $1,806,199 |
| Net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Without donor restrictions | $22,196,886 | $19,092,293 | $16,177,560 | $7,354,312 | $0 |
| With donor restrictions | $4,024,217 | $3,402,228 | $2,424,380 | $9,354,125 | $0 |
| Net assets | $26,221,103 | $22,494,521 | $18,601,940 | $16,708,437 | $12,803,409 |
| Revenues and expenses | |||||
| Revenue | 2022 | 2021 | 2020 | 2019 | 2018 |
| Total contributions | $12,781,611 | $11,713,845 | $8,432,753 | $9,199,222 | $7,070,982 |
| Program service revenue | $785,044 | $689,347 | $780,807 | $731,366 | $655,835 |
| Membership dues | $0 | $0 | $0 | $0 | $0 |
| Investment income | $52,800 | $7,992 | $119,103 | $183,934 | $19,762 |
| Other revenue | $40,201 | $56,372 | $123,657 | $147,533 | $142,102 |
| Total other revenue | $878,045 | $753,711 | $1,023,567 | $1,062,833 | $817,699 |
| Total revenue | $13,659,656 | $12,467,556 | $9,456,320 | $10,262,055 | $7,888,681 |
| Expenses | 2022 | 2021 | 2020 | 2019 | 2018 |
| Program services | $8,851,036 | $7,644,746 | $6,670,500 | $5,526,995 | $5,199,781 |
| Management and general | $394,747 | $410,859 | $365,550 | $299,627 | $296,623 |
| Fundraising | $553,983 | $570,537 | $536,253 | $532,338 | $489,487 |
| Total expenses | $9,799,766 | $8,626,142 | $7,572,303 | $6,358,960 | $5,985,891 |
| Change in net assets | 2022 | 2021 | 2020 | 2019 | 2018 |
| Surplus (deficit) | $3,859,890 | $3,841,414 | $1,884,017 | $3,903,095 | $1,902,790 |
| Other changes in net assets | $0 | $0 | $0 | $0 | $0 |
| Total change in net assets | $3,859,890 | $3,841,414 | $1,884,017 | $3,903,095 | $1,902,790 |
Compensation
| Name | Title | Compensation |
| Jim Stigman | Head of Advancement | $160,154 |
| Russ Gregg | Head of School/VP/Treasure | $107,347 |
| John Villas | Head of Finance and Ops | $51,923 |
Compensation data as of: 7/31/2022
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 5/18/2023. To update the information below, please email: [email protected]
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.
2015- Double the Kindergarten
2016- Growing Hope Campaign Kickoff
2019- Spreading Hope to Houston
2019- Growing Hope Expansion Complete!
Program accomplishments
HOLISTIC EDUCATION TO URBAN YOUTH
Students K-12- 577
AMAZING RESULTS
96% Graduation Rate
Millions of dollars in college scholarships.
REMARKABLE STEWARDSHIP
Cost Per Student
$23.4K- Minneapolis Public Schools
$13.5K- Hope Academy