Civic Intelligence

Socrates Academy Foundation Inc.

990 • Fiscal year 2016 • EIN 26-2352170

Jul 01, 2015 to Jun 30, 2016 • Filed on Aug 02, 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

78th percentile

0.72x

Higher debt load relative to assets than 78% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Liabilities / Revenue

97th percentile

8.95x

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

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Net Margin

85th percentile

19%

Higher net margin than 85% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2016 filings • NTEE B • $10M-$25M nonprofits • Source year 2016

Asset Growth

38th percentile

-0.3%

Faster asset growth than 38% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Revenue Growth

77th percentile

15%

Faster revenue growth than 77% of similar nonprofits.

2016 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets78th percentile

Assets

Down

$12,918,871

Down $38,037 (-0.3%) from 2015

Net Assets

Up

$3,602,291

Up $193,654 (+5.7%) from 2015

Liabilities

Down

$9,316,580

Down $231,691 (-2.4%) from 2015

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin85th percentile

Revenue

Up

$1,040,882

Up $137,401 (+15%) from 2015

Expenses

Up

$847,228

Up $105,194 (+14%) from 2015

Net Income

Up

$193,654

Up $32,207 (+20%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth38th 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

2016

Assets$12,918,871
Liabilities$9,316,580
Net Assets$3,602,291
Open 2016 Filing

Operations Trend

Revenue Growth77th 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

2016

Revenue$1,040,882
Expenses$847,228
Net Income$193,654
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Aug 2, 2016
Return Version
2015v3.0
Gross Receipts
$1,076,607
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$11,722,761$11,433,222▼ $289,539
Cash and Non-Interest-Bearing Accounts$578,808$838,604▲ $259,796
Savings and Temporary Cash Investments$500,000$500,000→ $0
Pledges and Grants Receivable$1,892$2,161▲ $269
Accounts Receivable$400--
Total Assets$12,956,908$12,918,871▼ $38,037
Other Assets Total$153,047$144,884▼ $8,163
Liabilities
Mortgage Notes Payable Secured by Investment Property$9,411,004$9,047,755▼ $363,249
Other Liabilities$131,290$245,947▲ $114,657
Accounts Payable and Accrued Expenses$5,977$22,878▲ $16,901
Total Liabilities$9,548,271$9,316,580▼ $231,691
Net Assets / Fund Balance
Unrestricted Net Assets$3,408,637$3,602,291▲ $193,654
Total Net Assets Fund Balance$3,408,637$3,602,291▲ $193,654
Total Liabilities and Net Assets / Fund Balance$12,956,908$12,918,871▼ $38,037

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,096,975$1,166,840$11,263,815
Land$1,260,000-$1,260,000
Equipment$76,247$70,156$146,403
Other Assets Org$144,884--
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$12,785
Program Service Revenue
$799,500
Investment Income
$2,714
Other Revenue
$225,883
All Other Contributions
$12,785
Change in Net Assets
$193,654

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,040,882
Revenue Not Reported on Form 990
$35,725
Total Revenue per Audited Statements
$1,076,607
Total Revenue per Form 990
$1,040,882
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$736,291
Grants and Similar Amounts Paid$110,937
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$318,914$0$0$318,914
Interest$294,532$0$0$294,532
Grants to Domestic Orgs$110,937--$110,937
Fees for Services Accounting$0$4,000$0$4,000
Office Expenses$0$3,867$0$3,867
Other Expenses$0$322$0$322
Total Functional Expenses$839,039$8,189$0$847,228

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$882,953
Expenses per Audited Statements$847,228
Total Expenses per Form 990$847,228
Expenses Not Reported on Form 990$35,725
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$261,457
Fundraising Direct Expenses$35,725
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$245,947
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
Mike Karras
Title
President
Phone
7043211711
Signed
2016-08-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mike Karras
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/LandGrp/OtherCostOrOtherBasisAmt01260000
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt0144884
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan closing costs
IRS990ScheduleD/OtherExpensesIncludedAmt035725
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0245947
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Interest Rate Swap Agreement
IRS990ScheduleD/OtherRevenueAmt035725
IRS990ScheduleD/RevenueNotReportedAmt035725
IRS990ScheduleD/RevenueSubtotalAmt01040882
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI, Line 2d
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XII, Line 2d
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011433222
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0144884
IRS990ScheduleD/TotalExpensesPerForm990Amt0847228
IRS990ScheduleD/TotalLiabilityAmt0245947
IRS990ScheduleD/TotalRevenuePerForm990Amt01040882
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01076607
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0882953
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/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt012956908
IRS990/TotalAssetsEOYAmt012918871
IRS990/TotalAssetsGrp/BOYAmt012956908
IRS990/TotalAssetsGrp/EOYAmt012918871
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt012785
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt08189
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0839039
IRS990/TotalFunctionalExpensesGrp/TotalAmt0847228
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09548271
IRS990/TotalLiabilitiesEOYAmt09316580
IRS990/TotalLiabilitiesGrp/BOYAmt09548271
IRS990/TotalLiabilitiesGrp/EOYAmt09316580
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt03408637
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt03602291
IRS990/TotalProgramServiceExpensesAmt0839039
IRS990/TotalProgramServiceRevenueAmt0799500
IRS990/TotalRevenueGrp/ExclusionAmt0225732
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0802365
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01040882
IRS990/TotalVolunteersCnt07
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt012956908
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt012918871
IRS990/TransactionWithControlEntInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt03408637
IRS990/UnrestrictedNetAssetsGrp/EOYAmt03602291
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03909 Weddinton Rd
IRS990/USAddress/CityNm0Matthews
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028105
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MIKE KARRAS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07043211711
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-08-02
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0Socrates Academy Foundation Inc

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,918,871
Liabilities
$9,316,580
Net assets
$3,602,291
Revenue
$1,040,882
Expenses
$847,228
Net income
$193,654
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