Civic Intelligence

Classical Academies Cfa Inc.

990 • Fiscal year 2016 • EIN 27-1315350

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 01, 2017

P O Box 6Lake Lure, NC 28746

(828) 625-9292

Siviq Scores

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

Liabilities / Assets

90th percentile

0.95x

Higher debt load relative to assets than 90% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

90th percentile

2.82x

Higher debt load relative to revenue than 90% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

21st percentile

-8.6%

Higher net margin than 21% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2016

Asset Growth

8th percentile

-12%

Faster asset growth than 8% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

70th percentile

11%

Faster revenue growth than 70% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Assets

Down

$9,661,289

Down $1,258,572 (-12%) from 2015

Net Assets

Down

$473,294

Down $279,885 (-37%) from 2015

Liabilities

Down

$9,187,995

Down $978,687 (-9.6%) from 2015

Revenue

Up

$3,256,830

Up $328,825 (+11%) from 2015

Expenses

Up

$3,536,715

Up $349,203 (+11%) from 2015

Net Income

Down

-$279,885

Down $20,378 (-7.9%) from 2015

Historical Trend

Balance Sheet Trend

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

$15M$10M$5.0M$0Assets 2012: $620,296Liabilities 2012: $164,973Net Assets 2012: $455,3232012Assets 2013: $687,216Liabilities 2013: $69,246Net Assets 2013: $617,9702013Assets 2014: $1,156,686Liabilities 2014: $130,923Net Assets 2014: $1,025,7632014Assets 2015: $10,919,861Liabilities 2015: $10,166,682Net Assets 2015: $753,1792015Assets 2016: $9,661,289Liabilities 2016: $9,187,995Net Assets 2016: $473,2942016Assets 2017: $9,450,706Liabilities 2017: $9,209,383Net Assets 2017: $241,3232017Assets 2018: $975,672Liabilities 2018: $51,781Net Assets 2018: $923,8912018Assets 2019: $1,191,717Liabilities 2019: $217,819Net Assets 2019: $973,8982019Assets 2020: $1,713,689Liabilities 2020: $650,567Net Assets 2020: $1,063,1222020Assets 2021: $1,845,129Liabilities 2021: $93,461Net Assets 2021: $1,751,6682021Assets 2022: $2,066,749Liabilities 2022: $264,270Net Assets 2022: $1,802,4792022Assets 2023: $3,096,714Liabilities 2023: $286,376Net Assets 2023: $2,810,3382023Assets 2024: $2,527,313Liabilities 2024: $166,344Net Assets 2024: $2,360,9692024Assets 2025: $2,955,819Liabilities 2025: $600,237Net Assets 2025: $2,355,5822025

Highlighted filing

2016

Assets$9,661,289
Liabilities$9,187,995
Net Assets$473,294

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 2012: $1,886,8362012Expenses 2013: $2,301,6272013Revenue 2014: $2,881,769Expenses 2014: $2,473,976Net Income 2014: $407,7932014Revenue 2015: $2,928,005Expenses 2015: $3,187,512Net Income 2015: -$259,5072015Revenue 2016: $3,256,830Expenses 2016: $3,536,715Net Income 2016: -$279,8852016Revenue 2017: $3,473,271Expenses 2017: $3,705,242Net Income 2017: -$231,9712017Revenue 2018: $5,176,778Expenses 2018: $4,494,210Net Income 2018: $682,5682018Revenue 2019: $4,830,828Expenses 2019: $4,781,886Net Income 2019: $48,9422019Revenue 2020: $4,977,532Expenses 2020: $4,888,308Net Income 2020: $89,2242020Revenue 2021: $6,420,854Expenses 2021: $5,732,308Net Income 2021: $688,5462021Revenue 2022: $6,033,498Expenses 2022: $5,982,687Net Income 2022: $50,8112022Revenue 2023: $6,734,210Expenses 2023: $5,726,351Net Income 2023: $1,007,8592023Revenue 2024: $5,670,976Expenses 2024: $6,120,345Net Income 2024: -$449,3692024Revenue 2025: $6,101,604Expenses 2025: $6,106,991Net Income 2025: -$5,3872025

Highlighted filing

2016

Revenue$3,256,830
Expenses$3,536,715
Net Income-$279,885
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 1, 2017
Return Version
2015v3.0
Gross Receipts
$3,427,719
Mission and Program Overview

Mission

Operate a public charter school to educate children in the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,184,541$8,032,929▲ $848,388
Cash and Non-Interest-Bearing Accounts$3,689,086$1,544,392▼ $2,144,694
Accounts Receivable$36,795$83,674▲ $46,879
Prepaid Expenses and Deferred Charges$9,439$294▼ $9,145
Total Assets$10,919,861$9,661,289▼ $1,258,572
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,895,500$8,901,000▲ $5,500
Accounts Payable and Accrued Expenses$1,256,074$269,650▼ $986,424
Deferred Revenue$15,108$17,345▲ $2,237
Total Liabilities$10,166,682$9,187,995▼ $978,687
Net Assets / Fund Balance
Temporarily Rstr Net Assets$580,531$517,999▼ $62,532
Unrestricted Net Assets$172,648$-44,705▼ $217,353
Total Net Assets Fund Balance$753,179$473,294▼ $279,885
Total Liabilities and Net Assets / Fund Balance$10,919,861$9,661,289▼ $1,258,572

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,738,640$276,889-
Land$255,000--
Equipment$39,289$76,596-
Leasehold Improvements-$26,145-
Compensation and Service Providers

Employees

NameTitleBaseTotal
Preston WalkerDirector/Emp$36,132$36,132

Board Members and Trustees

NameTitle
Jim ProctorChairman
Mike HarringtonV Chair
Carol PritchettDirector
Clint CalhounDirector
Gary KlingDirector
Margery SherrillDirector
Russell PittsDirector
Tim Turner JrDirector
Joe MaimoneSecretary
Chris BraundTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,334,933
Program Service Revenue
$2,676
Investment Income
$-170,889
Other Revenue
$90,110
All Other Contributions
$82,682
Change in Net Assets
$-279,885

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,256,830
Total Revenue per Audited Statements
$3,256,830
Total Revenue per Form 990
$3,256,830
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,070,313
Other Expenses$1,466,402
Total Fundraising Expense$12,690
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,464,287$170,839$0$1,635,126
Interest$0$599,393$0$599,393
Other Employee Benefits$187,973$16,342$0$204,315
Payroll Taxes$119,010$16,169$0$135,179
Depreciation Depletion$4,986$116,648$0$121,634
All Other Expenses$43,256$43,501$0$86,757
Occupancy$0$71,329$0$71,329
Office Expenses$57,290$13,542$0$70,832
Other Expenses$66,565$0$0$66,565
Pension Plan Contributions$55,541$4,020$0$59,561
Current Officers, Directors, Trustees, and Key Employees$36,132$0$0$36,132
Insurance$0$34,608$0$34,608
Conferences and Meetings$16,052$0$0$16,052
Advertising$0$11,899$0$11,899
Fees for Services Accounting$0$8,200$0$8,200
Information Technology$5,772$0$0$5,772
Travel$2,420$0$0$2,420
Fees for Services Legal$0$1,550$0$1,550
Total Functional Expenses$2,248,372$1,275,653$12,690$3,536,715

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,536,715
Total Expenses per Audited Statements$3,536,715
Total Expenses per Form 990$3,536,715
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

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2014-11-06$8,470,000Real Estate Improv

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,000,000--$530,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
Filing and Contact Details

Filer

Filer Name
Classical Academies CFA Inc
EIN
27-1315350
Phone
8286259292
Address
P O Box 6, Lake Lure, NC 28746

Signing Officer

Name
Chris Braund
Title
Chair
Phone
8286259292
Signed
2017-02-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Braund
Formed
2009
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
10
Employees
64
Volunteers
45

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

Board reviews 990 prior to filing.

Pt VI, Line 12C

Conflict of Interest statements are signed annually.

Pt VI, Line 15A

Compared to other charter schools.

Form 990, Part IX, Line 24E

Field Trips 40871. 40871. 0. 0.

Form 990, Part IX, Line 24E

Student Transportation 27199. 0. 27199. 0.

Form 990, Part IX, Line 24E

Other 18687. 2385. 16302. 0.

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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0187973
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0204315
IRS990/OtherExpensesGrp/Desc0Contracted Services
IRS990/OtherExpensesGrp/Desc1Textbooks and Supplies
IRS990/OtherExpensesGrp/Desc2Repairs & Maint
IRS990/OtherExpensesGrp/Desc3Non Capital Purchases
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt112690
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0133248
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt112986
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt221379
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt068592
IRS990/OtherExpensesGrp/ProgramServicesAmt1120496
IRS990/OtherExpensesGrp/ProgramServicesAmt20
IRS990/OtherExpensesGrp/ProgramServicesAmt366565
IRS990/OtherExpensesGrp/TotalAmt0201840
IRS990/OtherExpensesGrp/TotalAmt1146172
IRS990/OtherExpensesGrp/TotalAmt221379
IRS990/OtherExpensesGrp/TotalAmt366565
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0Student Activities
IRS990/OtherRevenueMiscGrp/Desc1Various
IRS990/OtherRevenueMiscGrp/Desc2Fines & Forfeitures
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt033848
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt146394
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt29868
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt033848
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt146394
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt29868
IRS990/OtherRevenueTotalAmt090110
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0170839
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01464287
IRS990/OtherSalariesAndWagesGrp/TotalAmt01635126
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt016169
IRS990/PayrollTaxesGrp/ProgramServicesAmt0119010
IRS990/PayrollTaxesGrp/TotalAmt0135179
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt04020
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt055541
IRS990/PensionPlanContributionsGrp/TotalAmt059561
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt09439
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0294
IRS990/PrincipalOfficerNm0CHRIS BRAUND
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0Child Care
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt02676
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02830902
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0871
IRS990/PYOtherExpensesAmt01300674
IRS990/PYOtherRevenueAmt096232
IRS990/PYRevenuesLessExpensesAmt0-259507
IRS990/PYSalariesCompEmpBnftPaidAmt01886838
IRS990/PYTotalExpensesAmt03187512
IRS990/PYTotalRevenueAmt02928005
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-279885
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03256830
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt07738640
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0276889
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt08015529
IRS990ScheduleD/EquipmentGrp/BookValueAmt039289
IRS990ScheduleD/EquipmentGrp/DepreciationAmt076596
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0115885
IRS990ScheduleD/ExpensesSubtotalAmt03536715
IRS990ScheduleD/LandGrp/BookValueAmt0255000
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0255000
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt026145
IRS990ScheduleD/LeaseholdImprovementsGrp/InvestmentCostOrOtherBasisAmt026145
IRS990ScheduleD/RevenueSubtotalAmt03256830
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08032929
IRS990ScheduleD/TotalExpensesPerForm990Amt03536715
IRS990ScheduleD/TotalRevenuePerForm990Amt03256830
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03256830
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03536715
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0false
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0POLICY IS INCLUDED IN BROCHURES AND MEDIA ADVERTISING N/A
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 6b
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02014-11-06
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0273866124
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum074442EAS9
IRS990ScheduleK/TaxExemptBondsIssuesGrp/DefeasedInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt08470000
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0Public Finance Authority
IRS990ScheduleK/TaxExemptBondsIssuesGrp/OnBehalfOfIssuerInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0Real Estate Improv
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdequateBooksAndRecMaintInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/AdvanceRefundingInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CapitalExpendituresAmt08470000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/CurrentRefundingInd0false
IRS990ScheduleK/TaxExemptBondsProceedsGrp/FinalAllocationMadeInd0true
IRS990ScheduleK/TaxExemptBondsProceedsGrp/IssuanceCostsFromProceedsAmt0530000
IRS990ScheduleK/TaxExemptBondsProceedsGrp/SubstantialCompletionYr02015
IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt09000000
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Board reviews 990 prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Conflict of Interest statements are signed annually.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compared to other charter schools.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Field Trips 40871. 40871. 0. 0.

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.96$0.60$2.36$6.10$6.11$0.01
2024Detailed filing. Detailed filing data is available for this year.$2.53$0.17$2.36$5.67$6.12$0.45
2023Detailed filing. Detailed filing data is available for this year.$3.10$0.29$2.81$6.73$5.73$1.01
2022Detailed filing. Detailed filing data is available for this year.$2.07$0.26$1.80$6.03$5.98$0.05
2021Detailed filing. Detailed filing data is available for this year.$1.85$0.09$1.75$6.42$5.73$0.69
2020Detailed filing. Detailed filing data is available for this year.$1.71$0.65$1.06$4.98$4.89$0.09
2019Detailed filing. Detailed filing data is available for this year.$1.19$0.22$0.97$4.83$4.78$0.05
2018Detailed filing. Detailed filing data is available for this year.$0.98$0.05$0.92$5.18$4.49$0.68
2017Detailed filing. Detailed filing data is available for this year.$9.45$9.21$0.24$3.47$3.71$0.23
2016Detailed filing. Detailed filing data is available for this year.$9.66$9.19$0.47$3.26$3.54$0.28
2015Detailed filing. Detailed filing data is available for this year.$10.9$10.2$0.75$2.93$3.19$0.26
2014Detailed filing. Detailed filing data is available for this year.$1.16$0.13$1.03$2.88$2.47$0.41
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.69$0.07$0.62$2.30
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.62$0.16$0.46$1.89