Civic Intelligence

Classical Academies Cfa Inc.

990 • Fiscal year 2017 • EIN 27-1315350

Jul 01, 2016 to Jun 30, 2017 • Filed on Jan 23, 2018

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

91st percentile

0.97x

Higher debt load relative to assets than 91% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

93rd percentile

2.65x

Higher debt load relative to revenue than 93% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Net Margin

16th percentile

-6.7%

Higher net margin than 16% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

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.

2017 filings • NTEE B • $5M-$10M nonprofits • Source year 2017

Asset Growth

21st percentile

-2.2%

Faster asset growth than 21% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

53rd percentile

6.6%

Faster revenue growth than 53% of similar nonprofits.

2017 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Down

$9,450,706

Down $210,583 (-2.2%) from 2016

Net Assets

Down

$241,323

Down $231,971 (-49%) from 2016

Liabilities

Up

$9,209,383

Up $21,388 (+0.2%) from 2016

Revenue

Up

$3,473,271

Up $216,441 (+6.6%) from 2016

Expenses

Up

$3,705,242

Up $168,527 (+4.8%) from 2016

Net Income

Up

-$231,971

Up $47,914 (+17%) from 2016

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

2017

Assets$9,450,706
Liabilities$9,209,383
Net Assets$241,323

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

2017

Revenue$3,473,271
Expenses$3,705,242
Net Income-$231,971
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Jan 23, 2018
Return Version
2016v3.0
Gross Receipts
$3,473,271
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$8,032,929$7,999,728▼ $33,201
Savings and Temporary Cash Investments-$1,156,249-
Cash and Non-Interest-Bearing Accounts$1,544,392$239,000▼ $1,305,392
Accounts Receivable$83,674$51,861▼ $31,813
Prepaid Expenses and Deferred Charges$294$3,868▲ $3,574
Total Assets$9,661,289$9,450,706▼ $210,583
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,901,000$8,906,500▲ $5,500
Accounts Payable and Accrued Expenses$269,650$267,985▼ $1,665
Deferred Revenue$17,345$34,898▲ $17,553
Total Liabilities$9,187,995$9,209,383▲ $21,388
Net Assets / Fund Balance
Temporarily Rstr Net Assets$517,999$249,477▼ $268,522
Unrestricted Net Assets$-44,705$-8,154▲ $36,551
Total Net Assets Fund Balance$473,294$241,323▼ $231,971
Total Liabilities and Net Assets / Fund Balance$9,661,289$9,450,706▼ $210,583

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,712,584$197,357$7,909,941
Land$255,000-$255,000
Equipment$32,144$66,591$98,735
Compensation and Service Providers

Board Members and Trustees

NameTitle
Linda TurnerChairman
Mike HarringtonV Chair
Clint CalhounDirector
Gary KlingDirector
Mark HammmanDirector
Michael FriermanDirector
Tim Turner JrDirector
Wolf KutterDirector
Margery SherrillSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$3,404,310
Program Service Revenue
$6,952
Investment Income
$0
Other Revenue
$62,009
All Other Contributions
$95,019
Change in Net Assets
$-231,971

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,473,271
Total Revenue per Audited Statements
$3,473,271
Total Revenue per Form 990
$3,473,271
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,344,128
Other Expenses$1,361,114
Total Fundraising Expense$28,915
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,673,682$224,346$0$1,898,028
Interest$0$599,388$0$599,388
Other Employee Benefits$201,444$20,015$0$221,459
Payroll Taxes$139,146$20,199$0$159,345
Depreciation Depletion$3,486$103,059$0$106,545
All Other Expenses$14,133$63,129$0$77,262
Pension Plan Contributions$63,799$1,497$0$65,296
Occupancy$0$63,360$0$63,360
Office Expenses$43,991$15,454$0$59,445
Insurance$0$31,487$0$31,487
Other Expenses$27,582$0$0$27,582
Conferences and Meetings$22,504$0$0$22,504
Advertising$0$13,585$0$13,585
Fees for Services Accounting$0$8,200$0$8,200
Information Technology$5,871$0$0$5,871
Travel$1,780$0$0$1,780
Fees for Services Legal$0$825$0$825
Total Functional Expenses$2,364,269$1,312,058$28,915$3,705,242

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,705,242
Total Expenses per Audited Statements$3,705,242
Total Expenses per Form 990$3,705,242
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
Wolf Kutter
Title
Chair
Phone
8286259292
Signed
2018-01-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Wolf Kutter
Formed
2009
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
83
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 6980. 6980. 0. 0.

Form 990, Part IX, Line 24E

Student Transportation 44913. 0. 44913. 0.

Form 990, Part IX, Line 24E

Other 25369. 7153. 18216. 0.

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IRS990/OtherRevenueMiscGrp/Desc1Various
IRS990/OtherRevenueMiscGrp/Desc2Fines & Forfeitures
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt038478
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt113793
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt29738
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt038478
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt113793
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt29738
IRS990/OtherRevenueTotalAmt062009
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0224346
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt01673682
IRS990/OtherSalariesAndWagesGrp/TotalAmt01898028
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt020199
IRS990/PayrollTaxesGrp/ProgramServicesAmt0139146
IRS990/PayrollTaxesGrp/TotalAmt0159345
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01497
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt063799
IRS990/PensionPlanContributionsGrp/TotalAmt065296
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0294
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03868
IRS990/PrincipalOfficerNm0WOLF KUTTER
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0900099
IRS990/ProgramServiceRevenueGrp/Desc0Child Care
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt06952
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt03334933
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0-170889
IRS990/PYOtherExpensesAmt01466402
IRS990/PYOtherRevenueAmt090110
IRS990/PYProgramServiceRevenueAmt02676
IRS990/PYRevenuesLessExpensesAmt0-279885
IRS990/PYSalariesCompEmpBnftPaidAmt02070313
IRS990/PYTotalExpensesAmt03536715
IRS990/PYTotalRevenueAmt03256830
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-231971
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03473271
IRS990/SavingsAndTempCashInvstGrp/EOYAmt01156249
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal170Amt00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt07712584
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0197357
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07909941
IRS990ScheduleD/EquipmentGrp/BookValueAmt032144
IRS990ScheduleD/EquipmentGrp/DepreciationAmt066591
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt098735
IRS990ScheduleD/ExpensesSubtotalAmt03705242
IRS990ScheduleD/LandGrp/BookValueAmt0255000
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0255000
IRS990ScheduleD/RevenueSubtotalAmt03473271
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07999728
IRS990ScheduleD/TotalExpensesPerForm990Amt03705242
IRS990ScheduleD/TotalRevenuePerForm990Amt03473271
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03473271
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03705242
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 6980. 6980. 0. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Student Transportation 44913. 0. 44913. 0.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5Other 25369. 7153. 18216. 0.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part IX, Line 24e
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5Form 990, Part IX, Line 24e
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0true
IRS990/TemporarilyRstrNetAssetsGrp/BOYAmt0517999
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt0249477
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt09661289
IRS990/TotalAssetsEOYAmt09450706

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