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Masters Study Inc

Organization summary

Type of Nonprofit

Designated as a Organizations for any of the following purposes: religious, educational, charitable, scientific, literary, testing for public safety, fostering national or international amateur sports competition (as long as it doesn't provide athletic facilities or equipment), or the prevention of cruelty to children or animals.

Category: Educational Institutions and Related Activities / Primary, Elementary Schools (NTEE)

Donations to this organization are tax deductible.

Details

According to its June 2025 tax filing, this nonprofit:

Operated a donor-advised fund
Organization maintained a donor-advised fund or similar account through which donors could direct the distribution or investment of funds. Details are reported on Schedule D.
Operated a school
Organization is a school. Details are reported on Schedule E.

Summary charts: organization finances over time

Revenue
$493k (2025)

Expenses
$484k (2025)

Total Assets
$178k (2025)

Total Liabilities
$7.27k (2025)

Source: Form 990 tax filings from 2012 to 2025

Tax Filings by Year

Form 990 is an information return that most organizations claiming federal tax-exempt status must file yearly with the IRS. Nonprofit Explorer has IRS digitized Form 990 data for filings processed in 2012 and later. If this organization filed an amended return, it may not be reflected below. Duplicate download links may indicate a resubmission or amendment to this organization's original return. Form 990 data is from the IRS.

Fiscal Year Ending June
2025

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$493,149
Expenses
$484,175
Net Income
$8,974
Net Assets
$170,334
Notable Sources of Revenue Percent of Total Revenue
Contributions $537
0.1%
Program Services $492,187
99.8%
Investment Income $425
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $358,990
74.1%
Assets/Debt
Total Assets $177,602
Total Liabilities $7,268
Net Assets $170,334
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Tim Arden (Secretary) $0 $0 $0
Paul Britton (President) $0 $0 $0
Cheryl Hamilton (Director) $0 $0 $0
John Keller (Treasurer) $0 $0 $0
Jeremy Hardymon (Vice President) $0 $0 $0
Lori Alt (Director) $0 $0 $0
Kelli Sears (Director) $0 $0 $0
Tym Flory (Director) $0 $0 $0
Neil Hinders (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2024

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$457,523
Expenses
$453,431
Net Income
$4,092
Net Assets
$161,360
Notable Sources of Revenue Percent of Total Revenue
Contributions $3,042
0.7%
Program Services $454,058
99.2%
Investment Income $423
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $1,600
0.4%
Professional Fundraising Fees $0
Other Salaries and Wages $329,987
72.8%
Assets/Debt
Total Assets $164,201
Total Liabilities $2,841
Net Assets $161,360
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $1,600 $0 $0
Paul Britton (President) $0 $0 $0
Cheryl Hamilton (Secretary) $0 $0 $0
John Keller (Treasurer) $0 $0 $0
Jeremy Hardymon (Vice President) $0 $0 $0
Lori Alt (Secretary) $0 $0 $0
Kelli Sears (Director) $0 $0 $0
Tym Flory (Director) $0 $0 $0
Neil Hinders (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2023

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$425,529
Expenses
$407,410
Net Income
$18,119
Net Assets
$157,268
Notable Sources of Revenue Percent of Total Revenue
Contributions $236
0.1%
Program Services $425,046
99.9%
Investment Income $247
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $1,600
0.4%
Professional Fundraising Fees $0
Other Salaries and Wages $0
Assets/Debt
Total Assets $160,880
Total Liabilities $3,612
Net Assets $157,268
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $1,600 $0 $0
Paul Britton (President) $0 $0 $0
Cheryl Hamilton (Director) $0 $0 $0
John Keller (Treasurer) $0 $0 $0
Jeremy Hardymon (Vice President) $0 $0 $0
Lori Alt (Secretary) $0 $0 $0
Kelli Sears (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2022

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$415,353
Expenses
$385,747
Net Income
$29,606
Net Assets
$139,149
Notable Sources of Revenue Percent of Total Revenue
Contributions $97
0.0%
Program Services $415,069
99.9%
Investment Income $187
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $1,100
0.3%
Professional Fundraising Fees $0
Other Salaries and Wages $297,045
77.0%
Assets/Debt
Total Assets $140,754
Total Liabilities $1,605
Net Assets $139,149
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $1,100 $0 $0
Paul Britton (President) $0 $0 $0
Cheryl Hamilton (Secretary) $0 $0 $0
John Keller (Treasurer) $0 $0 $0
Jeremy Hardymon (Vice President) $0 $0 $0
Lori Alt (Director) $0 $0 $0
Aaron Gick (Director) $0 $0 $0
Kyle Bingel (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2021

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$405,772
Expenses
$404,888
Net Income
$884
Net Assets
$109,543
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,972
0.5%
Program Services $403,586
99.5%
Investment Income $214
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $304,627
75.2%
Professional Fundraising Fees $0
Other Salaries and Wages $0
Assets/Debt
Total Assets $109,543
Total Liabilities $0
Net Assets $109,543
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $743 $0 $0
Kyle Bingle (Director) $0 $0 $0
Aaron Gick (Director) $0 $0 $0
John Keller (Treasurer) $0 $0 $0
Paul Britton (President) $0 $0 $0
Jeremy Hardymon (Vice President) $0 $0 $0
Lori Alt (Director) $0 $0 $0
Cheryl Hamilton (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending June
2020

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$371,629
Expenses
$383,212
Net Income
-$11,583
Net Assets
$108,659
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,067
0.3%
Program Services $370,146
99.6%
Investment Income $416
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $280,131
73.1%
Professional Fundraising Fees $0
Other Salaries and Wages $0
Assets/Debt
Total Assets $108,659
Total Liabilities $0
Net Assets $108,659
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $2,050 $0 $0
Ryan Benson (Director) $0 $0 $0
Aaron Gick (President) $0 $0 $0
Steve Perkins (Director) $0 $0 $0
Paul Britton (Vice President) $0 $0 $0
Jeremy Hardymon (Treasurer) $0 $0 $0
Tim Litz (Director) $0 $0 $0
Cheryl Hamilton (Director) $0 $0 $0
Doug Perrigin (Director) $0 $0 $0
Lori Alt (Secretary) $0 $0 $0

Document Links

Fiscal Year Ending June
2019

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$405,799
Expenses
$405,769
Net Income
$30
Net Assets
$120,242
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,627
0.4%
Program Services $403,768
99.5%
Investment Income $404
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $297,525
73.3%
Professional Fundraising Fees $0
Other Salaries and Wages $0
Assets/Debt
Total Assets $120,242
Total Liabilities $0
Net Assets $120,242
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Gigi Calhoun (Director) $1,825 $0 $0
Ryan Benson (Director) $0 $0 $0
Aaron Gick (Director) $0 $0 $0
Steve Perkins (Vice President) $0 $0 $0
Paul Britton (Secretary) $0 $0 $0
Jeremy Hardymon (Treasurer) $0 $0 $0
Tim Litz (Director) $0 $0 $0
Rob Thomas (President) $0 $0 $0
Doug Perrigin (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2018

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$540,900
Expenses
$585,325
Net Income
-$44,425
Net Assets
$120,212
Notable Sources of Revenue Percent of Total Revenue
Contributions $2,616
0.5%
Program Services $537,909
99.4%
Investment Income $375
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $0
Professional Fundraising Fees $0
Other Salaries and Wages $0
Assets/Debt
Total Assets $120,212
Total Liabilities $0
Net Assets $120,212
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Ryan Benson (Director) $0 $0 $0
Gigi Calhoun (Director) $0 $0 $0
Aaron Gick (Treasurer) $0 $0 $0
Steve Perkins (Director) $0 $0 $0
Laurie Carter (Director) $0 $0 $0
Jeremy Hardymon (Ass't Treasurer) $0 $0 $0
Jonathan Henrichsen (Program Director) $0 $0 $0
Rob Thomas (President) $0 $0 $0
Tim Litz (Director) $0 $0 $0
Rick Diaz (Director) $0 $0 $0
Doug Perrigin (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2017

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$546,978
Expenses
$542,832
Net Income
$4,146
Net Assets
$164,637
Notable Sources of Revenue Percent of Total Revenue
Contributions $2,809
0.5%
Program Services $543,786
99.4%
Investment Income $383
0.1%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $39,661
7.3%
Professional Fundraising Fees $0
Other Salaries and Wages $327,376
60.3%
Assets/Debt
Total Assets $168,136
Total Liabilities $3,499
Net Assets $164,637
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Cindy Brumbarger (Program Director) $39,662 $0 $0
Ryan Benson (Director) $0 $0 $0
Jason Elmore (Secretary) $0 $0 $0
Aaron Gick (Treasurer) $0 $0 $0
Steve Perkins (Director) $0 $0 $0
Laurie Carter (Director) $0 $0 $0
Jeremy Hardymon (Ass't Treasurer) $0 $0 $0
Rob Thomas (President) $0 $0 $0
Tim Litz (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2016

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$564,071
Expenses
$533,389
Net Income
$30,682
Net Assets
$160,491
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,108
0.2%
Program Services $562,789
99.8%
Investment Income $174
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $37,474
7.0%
Professional Fundraising Fees $0
Other Salaries and Wages $316,689
59.4%
Assets/Debt
Total Assets $160,812
Total Liabilities $321
Net Assets $160,491
Other
Operated a donor-advised fund
Operated a school
Reported conflict of interest transactions
Compensation
Key Employees and Officers Compensation Related Other
Cindy Brumbarger (Program Director) $37,474 $0 $0
Ron Brumbarger (Treasurer) $636 $0 $0
Ryan Benson (Chairman) $0 $0 $0
Jason Elmore (Secretary) $0 $0 $0
Aaron Gick (Director) $0 $0 $0
Steve Perkins (Director) $0 $0 $0
Jeff Haskins (Vice Chairman) $0 $0 $0
Rob Thomas (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2015

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$423,453
Expenses
$433,760
Net Income
-$10,307
Net Assets
$129,809
Notable Sources of Revenue Percent of Total Revenue
Contributions $968
0.2%
Program Services $422,455
99.8%
Investment Income $30
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $30,000
6.9%
Professional Fundraising Fees $0
Other Salaries and Wages $276,028
63.6%
Assets/Debt
Total Assets $130,097
Total Liabilities $288
Net Assets $129,809
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Cindy Brumbarger (Program Director) $30,000 $0 $0
Ryan Benson (Chairman) $0 $0 $0
Jason Elmore (Director) $0 $0 $0
Aaron Gick (Secretary) $0 $0 $0
Elizabeth Ewbank (Director) $0 $0 $0
Jeff Haskins (Vice Chairman) $0 $0 $0
Ron Brumbarger (Treasurer) $0 $0 $0
Jim Snyder (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2014

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$408,057
Expenses
$371,077
Net Income
$36,980
Net Assets
$140,116
Notable Sources of Revenue Percent of Total Revenue
Contributions $12,730
3.1%
Program Services $395,217
96.9%
Investment Income $110
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $37,219
10.0%
Professional Fundraising Fees $0
Other Salaries and Wages $17,520
4.7%
Assets/Debt
Total Assets $140,363
Total Liabilities $247
Net Assets $140,116
Other
Operated a donor-advised fund
Operated a school
Compensation
Key Employees and Officers Compensation Related Other
Cindy Brumbarger (Program Director) $35,695 $0 $0
Ryan Benson (President) $0 $0 $0
Jason Elmore (Director) $0 $0 $0
Aaron Gick (Director) $0 $0 $0
Elizabeth Ewbank (Director) $0 $0 $0
Jeff Haskins (Director) $0 $0 $0
Ron Brumbarger (Treasurer) $0 $0 $0
Valerie Litke (Director) $0 $0 $0

Document Links

Fiscal Year Ending June
2013

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$311,748
Expenses
$302,083
Net Income
$9,665
Net Assets
$103,136
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,521
0.5%
Program Services $310,083
99.5%
Investment Income $144
0.0%
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $24,500
8.1%
Professional Fundraising Fees $0
Other Salaries and Wages $9,260
3.1%
Assets/Debt
Total Assets $103,343
Total Liabilities $207
Net Assets $103,136

Document Links

Fiscal Year Ending June
2012

Extracted Financial Data

Extracted Financial Data from Form 990
Revenue
$217,801
Expenses
$186,896
Net Income
$30,905
Net Assets
$93,471
Notable Sources of Revenue Percent of Total Revenue
Contributions $1,880
0.9%
Program Services $216,031
99.2%
Investment Income -$110
Bond Proceeds $0
Royalties $0
Rental Property Income $0
Net Fundraising $0
Sales of Assets $0
Net Inventory Sales $0
Other Revenue $0
Notable Expenses Percent of Total Expenses
Executive Compensation $15,000
8.0%
Professional Fundraising Fees $0
Other Salaries and Wages $13,165
7.0%
Assets/Debt
Total Assets $93,821
Total Liabilities $350
Net Assets $93,471

Document Links

Fiscal Year Ending June
2011

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending June
2010

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending June
2009

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending June
2008

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending June
2007

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

Fiscal Year Ending June
2006

No Extracted Financial Data

Extracted financial data is not available for the forms filed in this tax period, but Form 990 documents are available for download.

Document Links

About This Data

What Is This Data?

Nonprofit Explorer includes summary data for nonprofit tax returns and full Form 990 documents, in both PDF and digital formats.

The summary data contains information processed by the IRS during the 2012-2019 calendar years; this generally consists of filings for the 2011-2018 fiscal years, but may include older records. This data release includes only a subset of what can be found in the full Form 990s.

In addition to the raw summary data, we link to PDFs and digital copies of full Form 990 documents wherever possible. This consists of separate releases by the IRS of Form 990 documents processed by the agency, which we update regularly.

We also link to copies of audits nonprofit organizations that spent $750,000 or more in Federal grant money in a single fiscal year since 2016. These audits are copied from the Federal Audit Clearinghouse.

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Every organization that has been recognized as tax exempt by the IRS has to file Form 990 every year, unless they make less than $200,000 in revenue and have less than $500,000 in assets, in which case they have to file form 990-EZ. Organizations making less than $50,000 don’t have to file either form but do have to let the IRS they’re still in business via a Form 990N "e-Postcard."

Nonprofit Explorer has organizations claiming tax exemption in each of the 27 subsections of the 501(c) section of the tax code, and which have filed a Form 990, Form 990EZ or Form 990PF. Taxable trusts and private foundations that are required to file a form 990PF are also included. Small organizations filing a Form 990N "e-Postcard" are not included in this data.

Types of Nonprofits

There are 27 nonprofit designations based on the numbered subsections of section 501(c) of the tax code. See the list »

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