Civic Intelligence

Socrates Academy Foundation Inc

EIN 26-2352170 • 501(c)3 • Matthews, NC

Profile

To raise funds for Socrates Academy and lease real property to Socrates Academy.

3909 Weddington RdMatthews, NC 28105

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

85th percentile

0.74x

Higher debt load relative to assets than 85% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

22.40x

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

501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

6th percentile

-52%

Higher net margin than 6% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

83rd percentile

23%

Faster asset growth than 83% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

9th percentile

-28%

Faster revenue growth than 9% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets85th percentile

Assets

Up

$35,396,859

Up $18,835,368 (+114%) from 2023

Liabilities

Up

$30,249,332

Up $17,616,734 (+139%) from 2023

Net Assets

Up

$5,147,527

Up $1,218,634 (+31%) from 2023

Operations
Liabilities / Revenue98th percentileNet Margin6th percentile

Revenue

Up

$3,289,337

Up $2,736,999 (+496%) from 2023

Expenses

Up

$2,099,891

Up $1,205,163 (+135%) from 2023

Net Income

Up

$1,189,446

Up $1,531,836 (+447%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth83rd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2011: $7,593,339Liabilities 2011: $5,148,628Net Assets 2011: $2,444,7112011Assets 2012: $8,562,788Liabilities 2012: $5,827,384Net Assets 2012: $2,735,4042012Assets 2013: $13,722,961Liabilities 2013: $10,740,439Net Assets 2013: $2,982,5222013Assets 2014: $13,115,629Liabilities 2014: $9,868,439Net Assets 2014: $3,247,1902014Assets 2015: $12,956,908Liabilities 2015: $9,548,271Net Assets 2015: $3,408,6372015Assets 2016: $12,918,871Liabilities 2016: $9,316,580Net Assets 2016: $3,602,2912016Assets 2017: $12,623,687Liabilities 2017: $8,667,827Net Assets 2017: $3,955,8602017Assets 2018: $12,352,873Liabilities 2018: $8,154,412Net Assets 2018: $4,198,4612018Assets 2019: $12,032,206Liabilities 2019: $7,761,439Net Assets 2019: $4,270,7672019Assets 2020: $11,832,859Liabilities 2020: $7,394,871Net Assets 2020: $4,437,9882020Assets 2021: $13,473,060Liabilities 2021: $8,914,957Net Assets 2021: $4,558,1032021Assets 2022: $16,583,864Liabilities 2022: $12,312,581Net Assets 2022: $4,271,2832022Assets 2023: $16,561,491Liabilities 2023: $12,632,598Net Assets 2023: $3,928,8932023Assets 2024: $35,396,859Liabilities 2024: $30,249,332Net Assets 2024: $5,147,5272024

Highlighted filing

2024

Assets$35,396,859
Liabilities$30,249,332
Net Assets$5,147,527
Open 2024 Filing

Operations Trend

Revenue Growth9th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$4.0M$3.0M$2.0M$1.0M$0-$1.0MExpenses 2011: $184,1512011Expenses 2012: $435,5502012Expenses 2013: $607,5172013Revenue 2014: $880,866Expenses 2014: $616,198Net Income 2014: $264,6682014Revenue 2015: $903,481Expenses 2015: $742,034Net Income 2015: $161,4472015Revenue 2016: $1,040,882Expenses 2016: $847,228Net Income 2016: $193,6542016Revenue 2017: $1,097,952Expenses 2017: $744,383Net Income 2017: $353,5692017Revenue 2018: $823,179Expenses 2018: $678,990Net Income 2018: $144,1892018Revenue 2019: $809,950Expenses 2019: $694,541Net Income 2019: $115,4092019Revenue 2020: $835,425Expenses 2020: $668,204Net Income 2020: $167,2212020Revenue 2021: $761,787Expenses 2021: $641,672Net Income 2021: $120,1152021Revenue 2022: $549,780Expenses 2022: $836,600Net Income 2022: -$286,8202022Revenue 2023: $552,338Expenses 2023: $894,728Net Income 2023: -$342,3902023Revenue 2024: $3,289,337Expenses 2024: $2,099,891Net Income 2024: $1,189,4462024

Highlighted filing

2024

Revenue$3,289,337
Expenses$2,099,891
Net Income$1,189,446
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$35,396,859
Liabilities
$30,249,332
Net assets
$5,147,527
Revenue
$3,289,337
Expenses
$2,099,891
Net income
$1,189,446
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$35.4$30.2$5.15$3.29$2.10$1.19
2023Detailed filing. Detailed filing data is available for this year.$16.6$12.6$3.93$0.55$0.89$0.34
2022Detailed filing. Detailed filing data is available for this year.$16.6$12.3$4.27$0.55$0.84$0.29
2021Detailed filing. Detailed filing data is available for this year.$13.5$8.91$4.56$0.76$0.64$0.12
2020Detailed filing. Detailed filing data is available for this year.$11.8$7.39$4.44$0.84$0.67$0.17
2019Detailed filing. Detailed filing data is available for this year.$12.0$7.76$4.27$0.81$0.69$0.12
2018Detailed filing. Detailed filing data is available for this year.$12.4$8.15$4.20$0.82$0.68$0.14
2017Detailed filing. Detailed filing data is available for this year.$12.6$8.67$3.96$1.10$0.74$0.35
2016Detailed filing. Detailed filing data is available for this year.$12.9$9.32$3.60$1.04$0.85$0.19
2015Detailed filing. Detailed filing data is available for this year.$13.0$9.55$3.41$0.90$0.74$0.16
2014Detailed filing. Detailed filing data is available for this year.$13.1$9.87$3.25$0.88$0.62$0.26
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.7$10.7$2.98$0.61
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.56$5.83$2.74$0.44
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.59$5.15$2.44$0.18
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Dec 2, 2024
Return Version
2023v6.0
Gross Receipts
$3,289,337
Mission and Program Overview

Mission

To raise funds for Socrates Academy and lease real property to Socrates Academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$484,860$19,391,667▲ $18,906,807
Land, Buildings, and Equipment, Net$16,020,311$15,979,672▼ $40,639
Cash and Non-Interest-Bearing Accounts$56,320$25,520▼ $30,800
Total Assets$16,561,491$35,396,859▲ $18,835,368
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,406,076$30,189,056▲ $17,782,980
Accounts Payable and Accrued Expenses$226,522$60,276▼ $166,246
Other Liabilities$0$0→ $0
Total Liabilities$12,632,598$30,249,332▲ $17,616,734
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,928,893$5,147,527▲ $1,218,634
Total Net Assets Fund Balance$3,928,893$5,147,527▲ $1,218,634
Total Liabilities and Net Assets / Fund Balance$16,561,491$35,396,859▲ $18,835,368

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,039,435$3,545,287$15,584,722
Land$3,927,111-$3,927,111
Equipment$13,126$136,880$150,006
Other Assets Org$0--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Klea MihoChair
Antonis StylianouMember
Ben DresserMember
Casey BrewerMember
Despina KoumantarcosMember
John CouchellMember
Mitch ChristenberryMember
Shenelle BrodhurstSecretary
Samantha PrasadTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,537,069
Program Service Revenue
$1,215,246
Investment Income
$537,022
Other Revenue
$0
All Other Contributions
$1,537,069
Change in Net Assets
$1,189,446

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,289,337
Total Revenue per Audited Statements
$3,289,337
Total Revenue per Form 990
$3,289,337
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,092,891
Total Fundraising Expense$117,120
Professional Fundraising Fees$7,000
Grants and Similar Amounts Paid$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,434,590$0$0$1,434,590
Depreciation Depletion$514,207$0$0$514,207
Other Expenses$0$5,000$110,120$115,120
Office Expenses$0$12,418$0$12,418
Fees for Services Professional Fundraising--$7,000$7,000
Fees for Services Accounting$0$5,560$0$5,560
Fees for Services Legal$0$2,200$0$2,200
Travel$0$519$0$519
Total Functional Expenses$1,948,797$33,974$117,120$2,099,891

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,099,891
Total Expenses per Audited Statements$2,099,891
Total Expenses per Form 990$2,099,891
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Socrates Academy IncMatthews, NC-Support-
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$7,000
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap Agreement$0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
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
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No
Filing and Contact Details

Filer

Filer Name
Socrates Academy Foundation Inc
EIN
26-2352170
Phone
7043211711
Address
3909 Weddington Rd, Matthews, NC 28105

Signing Officer

Name
Klea Miho
Title
President
Phone
7043211711
Signed
2024-12-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Klea Miho
Formed
2008
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
5

Preparer

Firm
Darrell L Keller CPA PA
Address
105 S City Street, Kings Mountain, NC 28086
Preparer
Darrell L Keller
Phone
7047390771
Supplemental Narrative

Additional Explanations

Pt VI, Line 11B

“Form 990 reviewed by the board prior to filing.”

Pt XI

“Unrealized gain on interest rate swap”

Financial Statement Notes

Pt XI, Line 2D

“Fundraising expenses”

Pt XII, Line 2D

“Fundraising expenses”

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The Foundation is organized to support the Charter School.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Pt IV Sec A Ln 1
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IRS990ScheduleA/SupportingOrgType2Ind0X
IRS990ScheduleA/SupportSumAmt05000
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt03545287
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IRS990ScheduleD/EquipmentGrp/BookValueAmt013126
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0136880
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0150006
IRS990ScheduleD/ExpensesSubtotalAmt02099891
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan closing costs
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Interest Rate Swap Agreement
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI, Line 2d
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XII, Line 2d
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IRS990ScheduleD/TotalLiabilityAmt00
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IRS990ScheduleI/RecipientTable/RecipientEIN0201361228
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt03909 Weddington Rd
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Matthews
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IRS990ScheduleI/RecipientTable/USAddress/ZIPCd028105
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 reviewed by the board prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Unrealized gain on interest rate swap
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XI
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Charter School
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt011(b)
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IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0b
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IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2j
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IRS990/TotalGrossUBIAmt00
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IRS990/TotalVolunteersCnt05
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