2025-10-24T14:36:23-05:00 2025-06-30 204193611 Batts Morrison Wales and Lee PA 801 North Orange Avenue Suite 800 Orlando FL 32801 990 2024-07-01 592663620 The Master's Academy of Central Florida Inc MAST 4079712221 1500 Lukas Lane Oviedo FL 32765 Darryl De Ruiter Head of School 4079712221 2025-10-07 1 1 Michele M Wales CPA P00428093 4077706000 2025-10-07 2024 2025-03-06 01:10:19Z Darryl De Ruiter 1500 Lukas Lane Oviedo FL 32765 21855208 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. 7 7 322 275 0 0 1437999 3667281 19237679 18100106 14984 24049 23234 23511 20713896 21814947 3057344 3910162 0 0 11264506 10618660 0 0 220499 5585006 5514202 19906856 20043024 807040 1771923 26153720 25967622 15654403 14704674 10499317 11262948 Operation of a non-profit Christian preschool, elementary, and secondary school. 0 0 17108730 3910162 18100106 The Master's Academy operates a private, non-profit, college-preparatory, non-denominational Christian preschool, elementary, and secondary school. 17108730 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 20 0 1 322 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 7 7 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 Michael Booth Director (began 7/24) 1.00 1.00 X 0 0 0 Ethan Olberding Director (began 7/24) 1.00 1.00 X 0 0 0 Jade Matthews CFO 45.00 0.00 X 133357 0 27527 Darryl De Ruiter Head of School 50.00 1.00 X 147915 0 9129 Mike Macbeth LS Teacher/Ath. Dir./Camp Dir. 40.00 0.00 X 118047 0 13921 Marcus Mennenga Director of Advancement 40.00 0.00 X 104830 0 11993 Trevor Berryhill Director of Athletics 40.00 0.00 X 107299 0 9590 Michael Fernandes High School Principal 40.00 0.00 X 102981 0 599 Dr William Harris Former Interim Head of School 50.00 1.00 X 198638 0 10310 913067 0 83069 7 1 1 0 B&T Building Services Inc 1514 Illinois Street Orlando FL 32803 Custodial Services 341194 Advanced Refrigeration & Air Inc 7617 Narcoossee Road Orlando FL 32822 HVAC Repairs 225185 GUTI Landscaping and Maintenance LLC PO Box 281 Goldenrod FL 32733 Landscaping Services 156960 CJS Communications 125 W Ohio Ave Orange City FL 32763 Install Service for Access Controls and 136447 4 40466 3390514 236301 3667281 Tuition and Fees 611710 16180595 16180595 Auxiliary Activities 611710 1919511 1919511 18100106 24402 24402 353 -353 -353 -353 63419 40466 39908 23511 23511 21814947 18100106 0 47560 3910162 3910162 435544 435544 148432 73736 74696 8398951 7080502 1157241 161208 147500 115389 32111 839815 720680 112837 6298 648418 523880 112206 12332 25899 25899 86373 86373 47189 47189 22304 22304 82664 54481 28183 75689 15138 60551 1853711 1775399 78312 92867 50235 42632 345110 345110 453757 431069 22688 376856 348593 28263 Auxiliary Activities 1462725 1422064 40661 Instructional Expenses 490956 490956 Dues & Subscriptions 61273 58209 3064 Miscellaneous 36829 15933 20896 20043024 17108730 2713795 220499 654317 1342155 52330 107498 165880 105357 107146 104229 6237992 3952562 2142802 2285430 23031245 22022953 26153720 25967622 921890 778009 2207207 2050071 12525306 11876594 15654403 14704674 X 10499317 11262948 10499317 11262948 26153720 25967622 X 1771923 -1008292 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1000000 27808 27808 1000000 1000000 102511 102511 1000000 1000000 5604 5604 1000000 1000000 47975 47975 1000000 1000000 28589 28589 1000000 1.00000 0 1 1 5670489 3585674 2084815 567503 366888 200615 2285430 Interest in leasehold held by TMA Properties Foundation, Inc. 21954153 Deposits 55845 Interest Rate Swap Contract 12955 22022953 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 0 0 1 Schedule E, Part I, Line 3 The Academy published an ad in the local newspaper of general circulation, the Orlando Sentinel. Clay Shooting Tournament 70222 29970 40252 2511 13451 1276 8567 Fishing Tournament 18981 10496 8485 200 123 4555 1 14682 14682 9225 103885 40466 63419 2711 13451 1399 22347 39908 23511 1 TMA Properties Foundation Inc 1500 Lukas Lane Oviedo FL 32765 204717769 501(c)(3) 114932 0 Capital expenditures TMA Heritage Foundation Inc 1500 Lukas Lane Oviedo FL 32765 455615288 501(c)(3) 3795230 0 Investment of non-operating funds 2 0 Tuition discounts for students attending the Academy 104 324815 FMV The Academy provides need-based tuition discounts to students to attend the Academy. 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. Part III, Tuition Discounts: The Academy provides need-based tuition discounts to students to attend the Academy, and are reported as non-cash assistance on Schedule I. However, tuition discounts and assistance provided to employees do not constitute an amount received by an organization. Thus, pursuant to the Form 990 instructions, tuition discounts and assistance should not be included in an organization's gross receipts (and therefore have not been included in total revenue in Part VIII). For consistency in reporting, the tuition discounts and assistance are also not reported as an expense in Form 990, Part IX. X X X X X X 1 0 0 0 0 0 0 0 0 Dr William Harris Former Interim Head of School 197037 0 115 0 1486 0 0 0 10310 0 208948 0 0 0 Jade Matthews CFO 130074 0 2829 0 454 0 5464 0 22063 0 160884 0 0 0 Darryl De Ruiter Head of School 122212 0 7281 0 18422 0 0 0 9129 0 157044 0 0 0 Part I, Line 3 The Academy's Board of Directors serve as the compensation committee. In setting such compensation for Darryl De Ruiter, the Academy's Head of School who began in June 17, 2024, the board considered the scope of his duties which included those of Chief Executive Officer, Chief Academic Officer, Head of School, and other administrative duties for all operations of the Academy. In addition to his annual salary of $235,000, the Board approved reimbursement of moving expenses in the amount of $16,876. 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. It includes an annual increase in salary of 5%, subject to reevaluation per comparability data after 3 years. Dr. William Harris, the Academy's former President, served as Interim Head of School from January 1, 2024 to June 30, 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. The salary of $200,000 was paid between January 1, 2024 and June 30, 2024. Part I, Line 4a The Academy's former President, Dr. William Harris, retired effective June 30, 2021. A 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. A Seminole County Industr Devel Authority 592349746 2015-06-19 19000000 See Part VI 0 0 0 A 7069667 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. Jessica Sellers Sister of Officer 64730 Compensation 0 Cale Matthews Husband of Officer 58701 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 -224,409. Change in interest in leasehold -783,883. 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 114933 Actual amount paid TMA Heritage Foundation Inc B 3795230 Actual amount paid TMA Heritage Foundation Inc C 3390514 Actual amount paid