Civic Intelligence

Socrates Academy Foundation Inc.

990 • Fiscal year 2015 • EIN 26-2352170

Jul 01, 2014 to Jun 30, 2015 • Filed on Feb 11, 2016

Organization ProfileN/A
3909 Weddington RdMatthews, NC 28105

(704) 321-1711

Siviq Scores

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

Liabilities / Assets

79th percentile

0.74x

Higher debt load relative to assets than 79% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

97th percentile

10.57x

Higher debt load relative to revenue than 97% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Net Margin

76th percentile

18%

Higher net margin than 76% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

21st percentile

$0

Higher top officer pay than 21% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Asset Growth

31st percentile

-1.2%

Faster asset growth than 31% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

41st percentile

2.6%

Faster revenue growth than 41% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets79th percentile

Assets

Down

$12,956,908

Down $158,721 (-1.2%) from 2014

Net Assets

Up

$3,408,637

Up $161,447 (+5.0%) from 2014

Liabilities

Down

$9,548,271

Down $320,168 (-3.2%) from 2014

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin76th percentile

Revenue

Up

$903,481

Up $22,615 (+2.6%) from 2014

Expenses

Up

$742,034

Up $125,836 (+20%) from 2014

Net Income

Down

$161,447

Down $103,221 (-39%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth31st percentile

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

$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

2015

Assets$12,956,908
Liabilities$9,548,271
Net Assets$3,408,637
Open 2015 Filing

Operations Trend

Revenue Growth41st percentile

Revenue, expenses, and net income across loaded years, with this 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

2015

Revenue$903,481
Expenses$742,034
Net Income$161,447
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Feb 11, 2016
Return Version
2014v6.0
Gross Receipts
$933,476
Mission and Program Overview

Mission

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

To raise funds for the Socrates Academy Middle School Building.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,001,609$11,722,761▼ $278,848
Cash and Non-Interest-Bearing Accounts$859,651$578,808▼ $280,843
Savings and Temporary Cash Investments-$500,000-
Pledges and Grants Receivable$93,160$1,892▼ $91,268
Accounts Receivable-$400-
Total Assets$13,115,629$12,956,908▼ $158,721
Other Assets Total$161,209$153,047▼ $8,162
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,762,751$9,411,004▼ $351,747
Other Liabilities$94,440$131,290▲ $36,850
Accounts Payable and Accrued Expenses$11,248$5,977▼ $5,271
Total Liabilities$9,868,439$9,548,271▼ $320,168
Net Assets / Fund Balance
Unrestricted Net Assets$3,220,231$3,408,637▲ $188,406
Temporarily Rstr Net Assets$26,959--
Total Net Assets Fund Balance$3,247,190$3,408,637▲ $161,447
Total Liabilities and Net Assets / Fund Balance$13,115,629$12,956,908▼ $158,721

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,386,903$876,912$11,263,815
Land$1,260,000-$1,260,000
Equipment$75,858$49,333$125,191
Other Assets Org$153,047--
Compensation and Service Providers
Top Officer Pay21st percentile

Board Members and Trustees

NameTitle
Mike KarrisPresident
Monika FosterVice President
Antonis StylianouDirector
Larry PeroulasDirector
Boyce BainTrustee
Kim SalterTrustee
Mandy RappeSecretary
Charles TaftTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$16,316
Program Service Revenue
$787,500
Investment Income
$686
Other Revenue
$98,979
All Other Contributions
$16,316
Change in Net Assets
$161,447

Audited Revenue Reconciliation

Revenue per Audited Statements
$903,481
Revenue Not Reported on Form 990
$29,995
Total Revenue per Audited Statements
$933,476
Total Revenue per Form 990
$903,481
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$665,131
Grants and Similar Amounts Paid$76,903
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$316,424$0$0$316,424
Interest$292,793$0$0$292,793
Grants to Domestic Orgs$76,903--$76,903
Office Expenses$0$4,232$0$4,232
Fees for Services Accounting$0$4,200$0$4,200
Other Expenses$0$1,384$0$1,384
Total Functional Expenses$725,070$16,964$0$742,034

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$772,029
Expenses per Audited Statements$742,034
Total Expenses per Form 990$742,034
Expenses Not Reported on Form 990$29,995
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Socrates Academy IncMatthews, NC501(c)(3)Support$76,903
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$128,908
Fundraising Direct Expenses$29,995
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Golf Tounament----
Read a thon----
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$131,290
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
Charles Taft
Title
Treasurer
Phone
7043211711
Signed
2016-02-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Charles Taft
Formed
2008
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
7

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

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

Financial Statement Notes

Pt XI, Line 2D

“Fundraising expenses”

Pt XII, Line 2D

“Fundraising expenses”

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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0876912
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011263815
IRS990ScheduleD/EquipmentGrp/BookValueAmt075858
IRS990ScheduleD/EquipmentGrp/DepreciationAmt049333
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0125191
IRS990ScheduleD/ExpensesNotReportedAmt029995
IRS990ScheduleD/ExpensesSubtotalAmt0742034
IRS990ScheduleD/LandGrp/BookValueAmt01260000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01260000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0153047
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan closing costs
IRS990ScheduleD/OtherExpensesIncludedAmt029995
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0131290
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Interest Rate Swap Agreement
IRS990ScheduleD/OtherRevenueAmt029995
IRS990ScheduleD/RevenueNotReportedAmt029995
IRS990ScheduleD/RevenueSubtotalAmt0903481
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI, Line 2d
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XII, Line 2d
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011722761
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0153047
IRS990ScheduleD/TotalExpensesPerForm990Amt0742034
IRS990ScheduleD/TotalLiabilityAmt0131290
IRS990ScheduleD/TotalRevenuePerForm990Amt0903481
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0933476
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0772029
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0Read a thon
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0Golf Tounament
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt076903
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0N/A
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Support
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Socrates Academy Inc
IRS990ScheduleI/RecipientTable/RecipientEIN0201361228
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt03909 Weddington Rd
IRS990ScheduleI/RecipientTable/USAddress/CityNm0Matthews
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd028105
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0Cash
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 reviewed by the board prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0true
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt0NA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Socrates Academy Inc
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0201361228
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Charter School
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt011(b)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt03909 Weddington Road
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Matthews
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd028105
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0true
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0true
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0false
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1Loan Amount
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2Cash
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0Socrates Academy Inc
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1Socrates Academy inc
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2Socrates Academy Inc
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0b
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1d
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2j
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt026959
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt013115629
IRS990/TotalAssetsEOYAmt012956908
IRS990/TotalAssetsGrp/BOYAmt013115629
IRS990/TotalAssetsGrp/EOYAmt012956908
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt016316
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt016964
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0725070
IRS990/TotalFunctionalExpensesGrp/TotalAmt0742034
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09868439
IRS990/TotalLiabilitiesEOYAmt09548271
IRS990/TotalLiabilitiesGrp/BOYAmt09868439
IRS990/TotalLiabilitiesGrp/EOYAmt09548271
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03247190
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03408637
IRS990/TotalProgramServiceExpensesAmt0725070
IRS990/TotalProgramServiceRevenueAmt0787500
IRS990/TotalRevenueGrp/ExclusionAmt098913
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0788252
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0903481
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt013115629
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt012956908
IRS990/TransactionWithControlEntInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt03220231
IRS990/UnrestrictedNetAssetsGrp/EOYAmt03408637
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03909 Weddinton Rd
IRS990/USAddress/CityNm0Matthews
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028105
IRS990/VotingMembersGoverningBodyCnt08

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,956,908
Liabilities
$9,548,271
Net assets
$3,408,637
Revenue
$903,481
Expenses
$742,034
Net income
$161,447
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