Civic Intelligence

Socrates Academy Inc.

990 • Fiscal year 2023 • EIN 20-1361228

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 22, 2024

3909 Weddington RoadMatthews, NC 28105

(704) 321-1711

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

98th percentile

1.45x

Higher debt load relative to assets than 98% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Liabilities / Revenue

87th percentile

1.39x

Higher debt load relative to revenue than 87% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Net Margin

57th percentile

7.8%

Higher net margin than 57% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Top Officer Pay

38th percentile

$98,060

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 1.1% of source-year revenue.

2023 filings • NTEE B • $5M-$10M nonprofits • Source year 2023

Asset Growth

85th percentile

58%

Faster asset growth than 85% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Revenue Growth

48th percentile

5.0%

Faster revenue growth than 48% of similar nonprofits.

2023 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2022 to 2023

Assets

Up

$8,977,389

Up $3,306,316 (+58%) from 2022

Net Assets

Up

-$3,996,711

Up $676,083 (+14%) from 2022

Liabilities

Up

$12,974,100

Up $2,630,233 (+25%) from 2022

Revenue

Up

$9,329,665

Up $445,031 (+5.0%) from 2022

Expenses

Up

$8,606,495

Up $1,113,475 (+15%) from 2022

Net Income

Down

$723,170

Down $668,444 (-48%) from 2022

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$20M$10M$0-$10MAssets 2011: $1,115,558Liabilities 2011: $14,216Net Assets 2011: $1,101,3422011Assets 2012: $1,016,826Liabilities 2012: $8,279Net Assets 2012: $1,008,5472012Assets 2013: $1,198,348Liabilities 2013: $106,156Net Assets 2013: $1,092,1922013Assets 2014: $1,305,287Liabilities 2014: $168,087Net Assets 2014: $1,137,2002014Assets 2015: $1,576,632Liabilities 2015: $1,143,503Net Assets 2015: $433,1292015Assets 2016: $1,549,380Liabilities 2016: $994,570Net Assets 2016: $554,8102016Assets 2017: $2,387,931Liabilities 2017: $1,914,664Net Assets 2017: $473,2672017Assets 2018: $2,257,221Liabilities 2018: $9,431,004Net Assets 2018: -$7,173,7832018Assets 2019: $2,842,889Liabilities 2019: $10,106,663Net Assets 2019: -$7,263,7742019Assets 2020: $3,971,311Liabilities 2020: $11,320,742Net Assets 2020: -$7,349,4312020Assets 2021: $4,819,836Liabilities 2021: $10,884,952Net Assets 2021: -$6,065,1162021Assets 2022: $5,671,073Liabilities 2022: $10,343,867Net Assets 2022: -$4,672,7942022Assets 2023: $8,977,389Liabilities 2023: $12,974,100Net Assets 2023: -$3,996,7112023Assets 2024: $7,692,920Liabilities 2024: $13,353,093Net Assets 2024: -$5,660,1732024Assets 2025: $10,209,723Liabilities 2025: $14,077,955Net Assets 2025: -$3,868,2322025

Highlighted filing

2023

Assets$8,977,389
Liabilities$12,974,100
Net Assets-$3,996,711

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MExpenses 2011: $3,325,9262011Expenses 2012: $4,036,1912012Revenue 2013: $4,757,175Expenses 2013: $4,673,530Net Income 2013: $83,6452013Revenue 2014: $5,161,537Expenses 2014: $5,116,529Net Income 2014: $45,0082014Revenue 2015: $5,183,298Expenses 2015: $5,050,327Net Income 2015: $132,9712015Revenue 2016: $5,449,592Expenses 2016: $5,327,911Net Income 2016: $121,6812016Revenue 2017: $5,692,582Expenses 2017: $5,774,125Net Income 2017: -$81,5432017Revenue 2018: $5,826,634Expenses 2018: $6,483,153Net Income 2018: -$656,5192018Revenue 2019: $6,287,499Expenses 2019: $6,377,494Net Income 2019: -$89,9952019Revenue 2020: $6,940,900Expenses 2020: $7,026,557Net Income 2020: -$85,6572020Revenue 2021: $7,974,700Expenses 2021: $6,690,430Net Income 2021: $1,284,2702021Revenue 2022: $8,884,634Expenses 2022: $7,493,020Net Income 2022: $1,391,6142022Revenue 2023: $9,329,665Expenses 2023: $8,606,495Net Income 2023: $723,1702023Revenue 2024: $10,640,730Expenses 2024: $12,304,192Net Income 2024: -$1,663,4622024Revenue 2025: $13,730,688Expenses 2025: $11,938,747Net Income 2025: $1,791,9412025

Highlighted filing

2023

Revenue$9,329,665
Expenses$8,606,495
Net Income$723,170
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 22, 2024
Return Version
2022v5.0
Gross Receipts
$9,329,665
Mission and Program Overview

Mission

Operate a charter school.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$2,927,229$1,728,623▼ $1,198,606
Savings and Temporary Cash Investments-$1,721,652-
Accounts Receivable$263,447$220,943▼ $42,504
Land, Buildings, and Equipment, Net$83,890$81,085▼ $2,805
Prepaid Expenses and Deferred Charges$9,410$16,056▲ $6,646
Total Assets$5,671,073$8,977,389▲ $3,306,316
Other Assets Total$2,387,097$5,209,030▲ $2,821,933
Liabilities
Other Liabilities$10,051,299$12,667,057▲ $2,615,758
Accounts Payable and Accrued Expenses$292,568$260,639▼ $31,929
Deferred Revenue-$46,404-
Mortgage Notes Payable Secured by Investment Property-$0-
Total Liabilities$10,343,867$12,974,100▲ $2,630,233
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-4,672,794$-3,996,711▲ $676,083
Total Net Assets Fund Balance$-4,672,794$-3,996,711▲ $676,083
Total Liabilities and Net Assets / Fund Balance$5,671,073$8,977,389▲ $3,306,316

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$0$201,899$201,899
Buildings$31,085$27,975$59,060
Land$50,000-$50,000
Other Assets Org$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Vanessa BakerPrincipalFT$98,060$98,060
Lena BakisBusiness ManagerFT$36,337$36,337

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$8,748,157
Program Service Revenue
$181,666
Investment Income
$0
Other Revenue
$399,842
All Other Contributions
$145,308
Change in Net Assets
$723,170
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,431,787
Other Expenses$2,174,708
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,606,107$1,788$0$4,607,895
Pension Plan Contributions$801,728$377$0$802,105
Occupancy$0$700,388$0$700,388
Other Employee Benefits$526,188$1$0$526,189
Payroll Taxes$361,065$136$0$361,201
All Other Expenses$102,012$77,677$0$179,689
Current Officers, Directors, Trustees, and Key Employees$134,397$0$0$134,397
Office Expenses$67,633$38,900$0$106,533
Other Expenses$51,129$7,779$0$58,908
Insurance$0$54,723$0$54,723
Information Technology$31,813$0$0$31,813
Conferences and Meetings$30,571$0$0$30,571
Travel$26,499$0$0$26,499
Advertising$0$2,873$0$2,873
Depreciation Depletion$587$2,218$0$2,805
Total Functional Expenses$7,249,381$1,357,114$0$8,606,495
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net OPEB Liability$5,715,835
Net Pension Liability$4,133,563
Deferred Inflows-GASB 68$2,817,659
Compensated Absences$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Socrates Academy Inc
EIN
20-1361228
Phone
7043211711
Address
3909 Weddington Road, Matthews, NC 28105

Signing Officer

Name
John Couchell
Title
President
Phone
7043211711
Signed
2024-04-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Couchell
Formed
2004
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
149
Volunteers
200

Preparer

Firm
Darrell L Keller CPA PA
Address
PO Box 1028, Kings Mountain, NC 28086
Preparer
Darrell L Keller
Phone
7047390771
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

Board reviews 990 prior to filing.

Pt VI, Line 12C

Conflict of Interest statements signed annually.

Pt VI, Line 15A

Compared to other charter schools.

Pt VI, Line 15B

Compared to other charter schools.

Pt XI

Adoption of GASB 75 required restatement of beginning balance

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IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0School Activities
IRS990/OtherRevenueMiscGrp/Desc1Others
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0221316
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1178526
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0221316
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1178526
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueTotalAmt0399842
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt01788
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt04606107
IRS990/OtherSalariesAndWagesGrp/TotalAmt04607895
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt0136
IRS990/PayrollTaxesGrp/ProgramServicesAmt0361065
IRS990/PayrollTaxesGrp/TotalAmt0361201
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0377
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0801728
IRS990/PensionPlanContributionsGrp/TotalAmt0802105
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09410
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt016056
IRS990/PrincipalOfficerNm0John Couchell
IRS990/PriorPeriodAdjustmentsAmt0-47087
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0Child care fees
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0181666
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt08513967
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt01489435
IRS990/PYOtherRevenueAmt0241295
IRS990/PYProgramServiceRevenueAmt0129372
IRS990/PYRevenuesLessExpensesAmt01391614
IRS990/PYSalariesCompEmpBnftPaidAmt06003585
IRS990/PYTotalExpensesAmt07493020
IRS990/PYTotalRevenueAmt08884634
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0723170
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt09342003
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01721652
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt031085
IRS990ScheduleD/BuildingsGrp/DepreciationAmt027975
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt059060
IRS990ScheduleD/EquipmentGrp/BookValueAmt00
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0201899
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0201899
IRS990ScheduleD/LandGrp/BookValueAmt050000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt050000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt05209030
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt10
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows-GASB 68
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Net OPEB Asset
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt14133563
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt22817659
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt35715835
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Compensated Absences
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Net Pension Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Deferred Inflows-GASB 68
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Net OPEB Liability
IRS990ScheduleD/TotalBookValueLandBuildingsAmt081085
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05209030
IRS990ScheduleD/TotalLiabilityAmt012667057
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0Policy is included in statment of purpose and any advetising. N/A
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 6b
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board reviews 990 prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Conflict of Interest statements signed annually.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compared to other charter schools.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Compared to other charter schools.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Adoption of GASB 75 required restatement of beginning balance
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 15b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt XI
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0true
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Socrates Academy Foundation Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0262352170
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Supporting Entity
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt011(b)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03909 Weddington Road
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Matthews

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$10.2$14.1$3.87$13.7$11.9$1.79
2024Detailed filing. Detailed filing data is available for this year.$7.69$13.4$5.66$10.6$12.3$1.66
2023Detailed filing. Detailed filing data is available for this year.$8.98$13.0$4.00$9.33$8.61$0.72
2022Detailed filing. Detailed filing data is available for this year.$5.67$10.3$4.67$8.88$7.49$1.39
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.82$10.9$6.07$7.97$6.69$1.28
2020Detailed filing. Detailed filing data is available for this year.$3.97$11.3$7.35$6.94$7.03$0.09
2019Summary only. Only limited summary data is available for this year.$2.84$10.1$7.26$6.29$6.38$0.09
2018Summary only. Only limited summary data is available for this year.$2.26$9.43$7.17$5.83$6.48$0.66
2017Summary only. Only limited summary data is available for this year.$2.39$1.91$0.47$5.69$5.77$0.08
2016Summary only. Only limited summary data is available for this year.$1.55$0.99$0.55$5.45$5.33$0.12
2015Summary only. Only limited summary data is available for this year.$1.58$1.14$0.43$5.18$5.05$0.13
2014Summary only. Only limited summary data is available for this year.$1.31$0.17$1.14$5.16$5.12$0.05
2013Summary only. Only limited summary data is available for this year.$1.20$0.11$1.09$4.76$4.67$0.08
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.02$0.01$1.01$4.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.12$0.01$1.10$3.33
Peer Organizations

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