Civic Intelligence

Rocky Mount Academy

990 • Fiscal year 2018 • EIN 23-7005337

Jul 01, 2017 to Jun 30, 2018 • Filed on May 14, 2018

Organization ProfileWWW.RMACADEMY.COM

View Organization Page

1313 Avondale AvenueRocky Mount, NC 27803

(252) 443-4126

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$8,517,810

Up $3,401,382 (+66%) from 2017

Net Assets

Up

$4,793,272

Up $962,511 (+25%) from 2017

Liabilities

Up

$3,724,538

Up $2,438,871 (+190%) from 2017

Revenue And Expenses

Revenue

Up

$6,855,901

Up $543,616 (+8.6%) from 2017

Expenses

Up

$5,902,846

Up $47,784 (+0.8%) from 2017

Net Income

Up

$953,055

Up $495,832 (+108%) from 2017

Historical Trend

Balance Sheet Trend

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

$10M$5.0M$0Assets 2011: $3,916,938Liabilities 2011: $1,321,010Net Assets 2011: $2,595,9282011Assets 2012: $3,817,473Liabilities 2012: $1,242,089Net Assets 2012: $2,575,3842012Assets 2013: $4,016,043Liabilities 2013: $1,257,608Net Assets 2013: $2,758,4352013Assets 2014: $4,054,791Liabilities 2014: $1,196,839Net Assets 2014: $2,857,9522014Assets 2015: $4,495,920Liabilities 2015: $1,436,627Net Assets 2015: $3,059,2932015Assets 2016: $4,569,076Liabilities 2016: $1,195,538Net Assets 2016: $3,373,5382016Assets 2017: $5,116,428Liabilities 2017: $1,285,667Net Assets 2017: $3,830,7612017Assets 2018: $8,517,810Liabilities 2018: $3,724,538Net Assets 2018: $4,793,2722018Assets 2020: $7,945,381Liabilities 2020: $3,257,264Net Assets 2020: $4,688,1172020Assets 2021: $8,086,918Liabilities 2021: $2,459,752Net Assets 2021: $5,627,1662021Assets 2022: $7,682,754Liabilities 2022: $2,425,130Net Assets 2022: $5,257,6242022

Highlighted filing

2018

Assets$8,517,810
Liabilities$3,724,538
Net Assets$4,793,272
Open 2018 Filing

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $4,188,1502011Expenses 2012: $4,889,8652012Expenses 2013: $4,955,2912013Revenue 2014: $5,237,825Expenses 2014: $5,212,530Net Income 2014: $25,2952014Revenue 2015: $5,600,615Expenses 2015: $5,418,511Net Income 2015: $182,1042015Revenue 2016: $5,692,192Expenses 2016: $5,337,011Net Income 2016: $355,1812016Revenue 2017: $6,312,285Expenses 2017: $5,855,062Net Income 2017: $457,2232017Revenue 2018: $6,855,901Expenses 2018: $5,902,846Net Income 2018: $953,0552018Revenue 2020: $6,096,066Expenses 2020: $6,443,061Net Income 2020: -$346,9952020Revenue 2021: $6,840,196Expenses 2021: $6,425,124Net Income 2021: $415,0722021Revenue 2022: $7,236,904Expenses 2022: $7,254,804Net Income 2022: -$17,9002022

Highlighted filing

2018

Revenue$6,855,901
Expenses$5,902,846
Net Income$953,055
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 14, 2018
Return Version
2017v2.3
Gross Receipts
$6,855,901
Mission and Program Overview

Mission

Rocky mount academy is an independent school with the mission to prepare its students for the challenges, opportunities, and responsibilities that they will encounter in life and college.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,496,130$5,428,104▲ $2,931,974
Investments in Publicly Traded Securities$1,635,213$1,772,989▲ $137,776
Cash and Non-Interest-Bearing Accounts$399,159$649,677▲ $250,518
Accounts Receivable$126,993$347,497▲ $220,504
Savings and Temporary Cash Investments$384,923$223,812▼ $161,111
Prepaid Expenses and Deferred Charges$70,310$76,511▲ $6,201
Intangible Assets-$14,940-
Inventories for Sale or Use$3,700$4,280▲ $580
Total Assets$5,116,428$8,517,810▲ $3,401,382
Liabilities
Mortgage Notes Payable Secured by Investment Property-$2,275,004-
Other Liabilities$919,201$1,060,598▲ $141,397
Accounts Payable and Accrued Expenses$366,466$388,936▲ $22,470
Total Liabilities$1,285,667$3,724,538▲ $2,438,871
Net Assets / Fund Balance
Unrestricted Net Assets$2,285,363$3,074,045▲ $788,682
Permanently Rstr Net Assets$947,500$1,062,241▲ $114,741
Temporarily Rstr Net Assets$597,898$656,986▲ $59,088
Total Net Assets Fund Balance$3,830,761$4,793,272▲ $962,511
Total Liabilities and Net Assets / Fund Balance$5,116,428$8,517,810▲ $3,401,382

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,524,791$2,645,702$7,170,493
Leasehold Improvements$807,709$1,859,034$2,666,743
Land$95,604-$95,604

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,545,398$89,667▲ $99,162-$1,719,227
2016$1,221,447$173,833▲ $165,118-$1,545,398
2015$1,149,219$68,829▲ $4,127-$1,221,447
2014$739,842$348,086▲ $76,291-$1,149,219
2013$570,821$64,451▲ $89,570-$739,842
Compensation and Service Providers

Employees

NameTitleBaseTotal
Beth CovoloHeadmaster$167,484$167,484

Board Members and Trustees

NameTitle
Bob LarimerChairman
Margaret Ann WootenVice-chair
Bill Boddie JrTrustee
Bill PrudenTrustee
Bob BatchelorTrustee
Janie Mac PittmanTrustee
Jason KolesarTrustee
Jennifer EppsTrustee
Ken ChestonTrustee
Leslie PaszekTrustee
Martha ChesnuttTrustee
Marty NealeyTrustee
Mary MccallTrustee
Sandra LivermonTrustee
Scott WingfieldTrustee
Patsy BradleyFinance Offi
Kevin CoxSecretary
Trey ThorneSecretary
Wayne BosemanTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$639,571
Program Service Revenue
$5,901,032
Investment Income
$111,975
Other Revenue
$203,323
All Other Contributions
$639,571
Change in Net Assets
$953,055

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,855,901
Total Revenue per Audited Statements
$6,855,901
Total Revenue per Form 990
$6,855,901
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,518,796
Other Expenses$1,527,955
Grants and Similar Amounts Paid$856,095
Total Fundraising Expense$141,540
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,620,077$179,299$92,541$2,891,917
Grants to Domestic Individuals$856,095--$856,095
Occupancy$281,975$33,174$16,587$331,736
Depreciation Depletion$309,857$16,482$3,296$329,635
Other Employee Benefits$274,972$36,984$9,648$321,604
Payroll Taxes$187,872$25,269$6,592$219,733
All Other Expenses$135,387--$135,387
Office Expenses$107,448$12,641$6,320$126,409
Other Expenses$93,846--$93,846
Pension Plan Contributions$73,139$9,837$2,566$85,542
Insurance$41,394$4,870$2,435$48,699
Fees for Services Accounting-$13,395$1,555$14,950
Interest-$1,195-$1,195
Total Functional Expenses$5,428,160$333,146$141,540$5,902,846

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,902,846
Total Expenses per Audited Statements$5,902,846
Total Expenses per Form 990$5,902,846
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$112,313
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$112,313$112,313-$112,313
Total Events$112,313$112,313-$112,313
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advance Tuition$883,484
Other Advanced Receipts$90,396
Current Portion Lt Debt$77,328
Redeemable Certificates$9,390
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Backup withholding compliance
Yes
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 12C

“The board of trustees is reminded at each meeting of the conflict of interest policy in order to maintain awareness of the policy and the need to follow it closely.”

Form 990, Page 6, Part VI, Line 15A

“The headmaster's salary is determined by independent trustees who use both performance criteria and comparative salary data for individuals leading similar organizations with similar responsibilities. Performance goals are set by the independent trustees annually and salary adjustments are made based on performance and comparable salaries.”

Form 990, Page 6, Part VI, Line 19

“The organization's governming documents, conflict of interest policies, and financial information as reported on form 990 are available to interested parties upon request.”

Filing and Contact Details

Filer

Filer Name
Rocky Mount Academy
EIN
23-7005337
Phone
2524434126
Address
1313 AVONDALE AVENUE, ROCKY MOUNT, NC 27803

Signing Officer

Name
Patsy Bradley
Title
Finance Officer
Phone
2524434126
Signed
2018-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patsy Bradley
Formed
1968
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
14
Employees
160
Volunteers
100

Preparer

Firm
Flowers & Stanley Llp
Address
PO BOX 579, TARBORO, NC 27886
Preparer
Michael L Stanley
Phone
2528233125
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IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportLandBuildingEquipmentInd0true
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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$8,517,810
Liabilities
$3,724,538
Net assets
$4,793,272
Revenue
$6,855,901
Expenses
$5,902,846
Net income
$953,055
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.68$2.43$5.26$7.24$7.25$0.02
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.09$2.46$5.63$6.84$6.43$0.42
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.95$3.26$4.69$6.10$6.44$0.35
2018Detailed filing. Detailed filing data is available for this year.$8.52$3.72$4.79$6.86$5.90$0.95
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.12$1.29$3.83$6.31$5.86$0.46
2016Detailed filing. Detailed filing data is available for this year.$4.57$1.20$3.37$5.69$5.34$0.36
2015Detailed filing. Detailed filing data is available for this year.$4.50$1.44$3.06$5.60$5.42$0.18
2014Detailed filing. Detailed filing data is available for this year.$4.05$1.20$2.86$5.24$5.21$0.03
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.02$1.26$2.76$4.96
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.82$1.24$2.58$4.89
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.92$1.32$2.60$4.19