Civic Intelligence

Ace Academy

EIN 32-0407024 • 501(c)3 • Harrisburg, NC

Profile

Ace academy will equip students from all backgrounds to succeed in the college and career of their choice by driving academicexcellence, developing a strong mindset, and instilling an entrepreneurial mindset.

7807 Caldwell RoadHarrisburg, NC 28075

www.aceacademycharter.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

87th percentile

0.91x

Higher debt load relative to assets than 87% of similar nonprofits.

NTEE B • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

84th percentile

1.15x

Higher debt load relative to revenue than 84% of similar nonprofits.

NTEE B • $5M-$10M nonprofits • Source year 2024

Net Margin

29th percentile

-2.2%

Higher net margin than 29% of similar nonprofits.

NTEE B • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

50th percentile

$136,127

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 2.4% of source-year revenue.

NTEE B • $5M-$10M nonprofits • Source year 2024

Asset Growth

24th percentile

-4.8%

Faster asset growth than 24% of similar nonprofits.

NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

35th percentile

0.5%

Faster revenue growth than 35% of similar nonprofits.

NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Down

$7,142,652

Down $358,287 (-4.8%) from 2023

Liabilities

Down

$6,487,048

Down $234,128 (-3.5%) from 2023

Net Assets

Down

$655,604

Down $124,159 (-16%) from 2023

Revenue

Up

$5,645,946

Up $29,186 (+0.5%) from 2023

Expenses

Up

$5,770,105

Up $158,714 (+2.8%) from 2023

Net Income

Down

-$124,159

Down $129,528 (-2413%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2017: $580,918Liabilities 2017: $34,926Net Assets 2017: $545,9922017Assets 2018: $1,348,348Liabilities 2018: $471,952Net Assets 2018: $876,3962018Assets 2019: $1,478,552Liabilities 2019: $104,206Net Assets 2019: $1,374,3462019Assets 2020: $7,757,210Liabilities 2020: $7,145,555Net Assets 2020: $611,6552020Assets 2021: $8,029,456Liabilities 2021: $7,054,472Net Assets 2021: $974,9842021Assets 2022: $20,004,076Liabilities 2022: $19,228,533Net Assets 2022: $775,5432022Assets 2023: $7,500,939Liabilities 2023: $6,721,176Net Assets 2023: $779,7632023Assets 2024: $7,142,652Liabilities 2024: $6,487,048Net Assets 2024: $655,6042024

Highlighted filing

2024

Assets$7,142,652
Liabilities$6,487,048
Net Assets$655,604

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MRevenue 2017: $3,285,050Expenses 2017: $2,884,919Net Income 2017: $400,1312017Revenue 2018: $3,766,585Expenses 2018: $3,436,181Net Income 2018: $330,4042018Revenue 2019: $4,369,017Expenses 2019: $3,871,067Net Income 2019: $497,9502019Revenue 2020: $4,170,164Expenses 2020: $4,020,464Net Income 2020: $149,7002020Revenue 2021: $4,614,442Expenses 2021: $4,251,113Net Income 2021: $363,3292021Revenue 2022: $5,341,670Expenses 2022: $5,541,111Net Income 2022: -$199,4412022Revenue 2023: $5,616,760Expenses 2023: $5,611,391Net Income 2023: $5,3692023Revenue 2024: $5,645,946Expenses 2024: $5,770,105Net Income 2024: -$124,1592024

Highlighted filing

2024

Revenue$5,645,946
Expenses$5,770,105
Net Income-$124,159

Filings

Latest Detailed Filing

The latest 2024 filing currently has linked XML that has not been fully parsed yet. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
May 16, 2022
Return Version
2020v4.0
Gross Receipts
$5,167,434
Mission and Program Overview

Mission

Ace academy will equip students from all backgrounds to succeed in the college and career of their choice by driving academic excellence, developing a strong mindset, and instilling an entrepreneurial mindset.

Ace academy will equip students from all backgrounds to succeed in the college and career of their choice by driving academicexcellence, developing a strong mindset, and instilling an entrepreneurial mindset.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,984,466$5,754,040▼ $230,426
Cash and Non-Interest-Bearing Accounts$1,627,310$2,211,919▲ $584,609
Accounts Receivable$141,734--
Prepaid Expenses and Deferred Charges-$59,797-
Total Assets$7,757,210$8,029,456▲ $272,246
Other Assets Total$3,700$3,700→ $0
Liabilities
Other Liabilities-$6,890,000-
Mortgage Notes Payable Secured by Investment Property$6,645,000--
Unsecured Notes Loans Payable$450,000--
Accounts Payable and Accrued Expenses$50,555$164,472▲ $113,917
Total Liabilities$7,145,555$7,054,472▼ $91,083
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$611,655$974,984▲ $363,329
Total Net Assets Fund Balance$611,655$974,984▲ $363,329
Total Liabilities and Net Assets / Fund Balance$7,757,210$8,029,456▲ $272,246

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,742,366$353,908$5,096,274
Leasehold Improvements$1,011,674$218,128$1,229,802
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Laila MinottExecutive DiFT$126,924$126,924

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$4,585,586
Program Service Revenue
$1,864
Investment Income
$1,626
Other Revenue
$25,366
All Other Contributions
$8,859
Change in Net Assets
$363,329

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,614,442
Total Revenue per Audited Statements
$4,614,442
Total Revenue per Form 990
$4,614,442
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,183,674
Salaries, Compensation, and Employee Benefits$67,439
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$533,845$415,481-$949,326
Other Expenses$175,466$143,563-$319,029
Other Salaries and Wages$37,091$30,348-$67,439
Depreciation Depletion$60,550--$60,550
Information Technology$13,816$11,304-$25,120
Fees for Services Other$66$54-$120
Total Functional Expenses$2,377,075$1,874,038$0$4,251,113

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,251,113
Total Expenses per Audited Statements$4,251,113
Total Expenses per Form 990$4,251,113
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
More Than One Year$6,757,500
Within One Year$132,500
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

The board of directors will review the form 990 prior to filing.

Form 990, Page 6, Part VI, Line 19

The organization's governing documents and financial statements are available to the public at the front of the school office.

Filing and Contact Details

Filer

Filer Name
Ace Academy
EIN
32-0407024
Phone
7044567153
Address
7807 CALDWELL ROAD, HARRISBURG, NC 28075

Signing Officer

Name
Laila Minott
Title
Executive Director
Phone
7044567153
Signed
2022-05-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Laila Minott
Formed
2012
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
89

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 510, CHARLOTTE, NC 28203-4489
Preparer
Megan Rushford CPA
Phone
7044993893
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Curricular support 160,558 131,365 0 alternative 115,425 94,439 0 special populations 100,582 82,294 0 financial and hr 73,282 59,958 0 school based support svs 47,981 39,258 0 cogs 26,034 0 0 nutrition 9,079 7,428 0 other 696 570 0 materials and supplies 107 87 0 co-curricular 101 82 0 total 533,845 415,481 0

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IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0false
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0false
IRS990ScheduleE/MaintainRacialCompRecsInd0false
IRS990ScheduleE/MaintainScholarshipsRecsInd0false
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0false
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0false
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0false
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0A.C.E. ACADEMY IS A PUBLIC CHARTER SCHOOL AND IS NOT REQUIRED TO FILE FORM 5578. THEREFORE, SCHEDULE E IS NOT APPLICABLE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1A.C.E. ACADEMY IS A PUBLIC CHARTER SCHOOL AND IS NOT REQUIRED TO FILE FORM 5578. THEREFORE, SCHEDULE E IS NOT APPLICABLE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL IS ORGANIZED AS A CHARTER SCHOOL UNDER NORTH CAROLINA GENERAL STATUTE 115C-238 29A. ACCORDINGLY, IT RECEIVES BOTH FEDERAL AND STATE FUNDING AS ITS PRIMARY MEANS OF SUPPORT.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, LINE 6
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD OF DIRECTORS WILL REVIEW THE FORM 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC AT THE FRONT OF THE SCHOOL OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2CURRICULAR SUPPORT 160,558 131,365 0 ALTERNATIVE 115,425 94,439 0 SPECIAL POPULATIONS 100,582 82,294 0 FINANCIAL AND HR 73,282 59,958 0 SCHOOL BASED SUPPORT SVS 47,981 39,258 0 COGS 26,034 0 0 NUTRITION 9,079 7,428 0 OTHER 696 570 0 MATERIALS AND SUPPLIES 107 87 0 CO-CURRICULAR 101 82 0 TOTAL 533,845 415,481 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART IX, LINE 24E
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0ACE ACADEM
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0ACE ACADEMY FOUNDATION LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0841876607
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt05986825
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0549122
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt07807 CALDWELL ROAD
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm0HARRISBURG
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd028075
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt07757210
IRS990/TotalAssetsEOYAmt08029456
IRS990/TotalAssetsGrp/BOYAmt07757210
IRS990/TotalAssetsGrp/EOYAmt08029456
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt04585586
IRS990/TotalEmployeeCnt089
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01874038
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02377075
IRS990/TotalFunctionalExpensesGrp/TotalAmt04251113
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07145555
IRS990/TotalLiabilitiesEOYAmt07054472
IRS990/TotalLiabilitiesGrp/BOYAmt07145555
IRS990/TotalLiabilitiesGrp/EOYAmt07054472
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0611655
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0974984
IRS990/TotalProgramServiceExpensesAmt02377075
IRS990/TotalProgramServiceRevenueAmt01864
IRS990/TotalReportableCompFromOrgAmt0126924
IRS990/TotalRevenueGrp/ExclusionAmt0-2323
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt031179
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04614442
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt07757210
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt08029456
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt0450000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07807 CALDWELL ROAD
IRS990/USAddress/CityNm0HARRISBURG
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028075
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.ACEACADEMYCHARTER.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0LAILA MINOTT
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07044567153
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-16
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ACE ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0ACEA
ReturnHeader/Filer/EIN0320407024
ReturnHeader/Filer/PhoneNum07044567153
ReturnHeader/Filer/USAddress/AddressLine1Txt07807 CALDWELL ROAD
ReturnHeader/Filer/USAddress/CityNm0HARRISBURG
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028075
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0844233121
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SHARPE PATEL CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0325 ARLINGTON AVE STE 510
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0282034489
ReturnHeader/PreparerPersonGrp/PhoneNum07044993893
ReturnHeader/PreparerPersonGrp/PreparationDt02022-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MEGAN RUSHFORD CPA
ReturnHeader/ReturnTs02022-05-16T12:21:43-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0LAILA
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0MINOTT
ReturnHeader/TaxPeriodBeginDt02020-07-01
ReturnHeader/TaxPeriodEndDt02021-06-30
ReturnHeader/TaxYr02020

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