Civic Intelligence

Socrates Academy Foundation Inc.

990 • Fiscal year 2020 • EIN 26-2352170

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 19, 2021

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

69th percentile

0.62x

Higher debt load relative to assets than 69% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

96th percentile

8.85x

Higher debt load relative to revenue than 96% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

83rd percentile

20%

Higher net margin than 83% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

22nd percentile

$0

Higher top officer pay than 22% of similar nonprofits.

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

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

20th percentile

-1.7%

Faster asset growth than 20% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

50th percentile

3.1%

Faster revenue growth than 50% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets69th percentile

Assets

Down

$11,832,859

Down $199,347 (-1.7%) from 2019

Net Assets

Up

$4,437,988

Up $167,221 (+3.9%) from 2019

Liabilities

Down

$7,394,871

Down $366,568 (-4.7%) from 2019

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin83rd percentile

Revenue

Up

$835,425

Up $25,475 (+3.1%) from 2019

Expenses

Down

$668,204

Down $26,337 (-3.8%) from 2019

Net Income

Up

$167,221

Up $51,812 (+45%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth20th 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

2020

Assets$11,832,859
Liabilities$7,394,871
Net Assets$4,437,988
Open 2020 Filing

Operations Trend

Revenue Growth50th 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

2020

Revenue$835,425
Expenses$668,204
Net Income$167,221
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 19, 2021
Return Version
2019v5.1
Gross Receipts
$835,425
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$11,437,958$11,515,831▲ $77,873
Cash and Non-Interest-Bearing Accounts$527,163$317,028▼ $210,135
Pledges and Grants Receivable$67,085--
Total Assets$12,032,206$11,832,859▼ $199,347
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$7,758,356$7,349,765▼ $408,591
Accounts Payable and Accrued Expenses$350$45,106▲ $44,756
Grants Payable$2,733--
Other Liabilities$0$0→ $0
Total Liabilities$7,761,439$7,394,871▼ $366,568
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$4,233,035$4,191,715▼ $41,320
Net Assets With Donor Restrictions$37,732$246,273▲ $208,541
Total Net Assets Fund Balance$4,270,767$4,437,988▲ $167,221
Total Liabilities and Net Assets / Fund Balance$12,032,206$11,832,859▼ $199,347

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,930,876$2,354,153$11,285,029
Land$2,502,419-$2,502,419
Equipment$882$127,245$128,127
Other Land Buildings$81,654$0$81,654
Other Assets Org$0--
Compensation and Service Providers
Top Officer Pay22nd percentile

Board Members and Trustees

NameTitle
Gretchen CarsonPresident
Antonis StylianouDirector
Larry PeroulasDirector
Mike KarrisDirector
LD JacksonSecretary/Vice Pres
Matias Garcia-AvilaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$27,966
Program Service Revenue
$804,000
Investment Income
$726
Other Revenue
$2,733
All Other Contributions
$27,966
Change in Net Assets
$167,221

Audited Revenue Reconciliation

Revenue per Audited Statements
$835,425
Total Revenue per Audited Statements
$835,425
Total Revenue per Form 990
$835,425
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$601,372
Grants and Similar Amounts Paid$66,832
Total Fundraising Expense$119
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$293,593$0$0$293,593
Depreciation Depletion$292,123$0$0$292,123
Grants to Domestic Orgs$66,832--$66,832
Fees for Services Accounting$0$8,850$0$8,850
Office Expenses$0$3,390$0$3,390
Insurance$0$1,108$0$1,108
Other Expenses$370$242$0$612
Total Functional Expenses$652,918$15,167$119$668,204

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$668,204
Total Expenses per Audited Statements$668,204
Total Expenses per Form 990$668,204
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Socrates Academy IncMatthews, NC501(c)(3)Support$66,832
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
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
Gretchen Carson
Title
President
Phone
7043211711
Signed
2021-03-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gretchen Carson
Formed
2008
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
0
Volunteers
5

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.”

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/SupportedOrganizationsTotalCnt01
IRS990ScheduleA/SupportedOrgInformationGrp/EIN0201361228
IRS990ScheduleA/SupportedOrgInformationGrp/GoverningDocumentListedInd0false
IRS990ScheduleA/SupportedOrgInformationGrp/OrganizationTypeCd02
IRS990ScheduleA/SupportedOrgInformationGrp/OtherSupportAmt00
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt066832
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0Socrates Academy
IRS990ScheduleA/SupportingOrganization509a3Ind0X
IRS990ScheduleA/SupportingOrgType2Ind0X
IRS990ScheduleA/SupportSumAmt066832
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt08930876
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02354153
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011285029
IRS990ScheduleD/EquipmentGrp/BookValueAmt0882
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0127245
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0128127
IRS990ScheduleD/ExpensesSubtotalAmt0668204
IRS990ScheduleD/LandGrp/BookValueAmt02502419
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02502419
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt00
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Loan closing costs
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt081654
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt00
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt081654
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt00
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Interest Rate Swap Agreement
IRS990ScheduleD/RevenueSubtotalAmt0835425
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Fundraising expenses
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI, Line 2d
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XII, Line 2d
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011515831
IRS990ScheduleD/TotalBookValueOtherAssetsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0668204
IRS990ScheduleD/TotalLiabilityAmt00
IRS990ScheduleD/TotalRevenuePerForm990Amt0835425
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0835425
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0668204
IRS990ScheduleI/GrantRecordsMaintainedInd0true
IRS990ScheduleI/RecipientTable/CashGrantAmt066832
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
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/ExplanationTxt1Unrealized gain on interest rate swap
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XI
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 Balance
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/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt012032206
IRS990/TotalAssetsEOYAmt011832859
IRS990/TotalAssetsGrp/BOYAmt012032206
IRS990/TotalAssetsGrp/EOYAmt011832859
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt027966
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt0119
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt015167
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0652918
IRS990/TotalFunctionalExpensesGrp/TotalAmt0668204
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07761439
IRS990/TotalLiabilitiesEOYAmt07394871
IRS990/TotalLiabilitiesGrp/BOYAmt07761439
IRS990/TotalLiabilitiesGrp/EOYAmt07394871
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt04270767
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04437988
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0652918
IRS990/TotalProgramServiceRevenueAmt0804000

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,832,859
Liabilities
$7,394,871
Net assets
$4,437,988
Revenue
$835,425
Expenses
$668,204
Net income
$167,221
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