Civic Intelligence

A C E Academy

990 • Fiscal year 2022 • EIN 32-0407024

Jul 01, 2021 to Jun 30, 2022 • Filed on Mar 25, 2023

Organization ProfileWWW.ACEACADEMYCHARTER.ORG
7807 Caldwell RoadHarrisburg, NC 28075

(704) 456-7153

Siviq Scores

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

Liabilities / Assets

81st percentile

0.96x

Higher debt load relative to assets than 81% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

96th percentile

3.60x

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

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Net Margin

15th percentile

-3.7%

Higher net margin than 15% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

35th percentile

$126,924

Higher top officer pay than 35% of similar nonprofits.

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

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Asset Growth

92nd percentile

149%

Faster asset growth than 92% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

62nd percentile

16%

Faster revenue growth than 62% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets81st percentile

Assets

Up

$20,004,076

Up $11,974,620 (+149%) from 2021

Net Assets

Down

$775,543

Down $199,441 (-20%) from 2021

Liabilities

Up

$19,228,533

Up $12,174,061 (+173%) from 2021

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin15th percentile

Revenue

Up

$5,341,670

Up $727,228 (+16%) from 2021

Expenses

Up

$5,541,111

Up $1,289,998 (+30%) from 2021

Net Income

Down

-$199,441

Down $562,770 (-155%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth92nd percentile

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

$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

2022

Assets$20,004,076
Liabilities$19,228,533
Net Assets$775,543
Open 2022 Filing

Operations Trend

Revenue Growth62nd percentile

Revenue, expenses, and net income across loaded years, with this 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

2022

Revenue$5,341,670
Expenses$5,541,111
Net Income-$199,441
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Mar 25, 2023
Return Version
2021v4.0
Gross Receipts
$5,946,294
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$5,754,040$5,592,804▼ $161,236
Cash and Non-Interest-Bearing Accounts$2,211,919$1,848,518▼ $363,401
Accounts Receivable-$240,118-
Prepaid Expenses and Deferred Charges$59,797$11,337▼ $48,460
Total Assets$8,029,456$20,004,076▲ $11,974,620
Other Assets Total$3,700$12,311,299▲ $12,307,599
Liabilities
Other Liabilities$6,890,000$19,119,844▲ $12,229,844
Accounts Payable and Accrued Expenses$164,472$108,689▼ $55,783
Total Liabilities$7,054,472$19,228,533▲ $12,174,061
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$974,984$775,543▼ $199,441
Total Net Assets Fund Balance$974,984$775,543▼ $199,441
Total Liabilities and Net Assets / Fund Balance$8,029,456$20,004,076▲ $11,974,620

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$4,572,490$523,784$5,096,274
Leasehold Improvements$1,020,314$284,073$1,304,387
Other Assets Org$3,700--
Compensation and Service Providers
Top Officer Pay35th percentile

Employees

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

Board Members and Trustees

NameTitle
Gwen AbdullahChair
Chyncia RodgersMember
Dionna GrahamMember
Joyce FigaroaMember
Kendric BestMember
Adolphe ThorpeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,080,343
Program Service Revenue
$6,623
Investment Income
$393
Other Revenue
$254,311
All Other Contributions
$20,596
Change in Net Assets
$-199,441

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,341,670
Total Revenue per Audited Statements
$5,341,670
Total Revenue per Form 990
$5,341,670
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,869,575
Other Expenses$2,671,536
Total Fundraising Expense$5,477
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,417,724$730,343-$2,148,067
Interest$297,157$153,081-$450,238
Other Employee Benefits$272,289$140,270-$412,559
Occupancy$228,681$117,805-$346,486
Fees for Services Other$211,522$108,966-$320,488
All Other Expenses$142,279$66,955$5,477$214,711
Payroll Taxes$120,137$61,889-$182,026
Other Expenses$103,316$48,619-$151,935
Information Technology$93,450$48,141-$141,591
Current Officers, Directors, Trustees, and Key Employees$86,308$40,615-$126,923
Office Expenses$75,500$38,894-$114,394
Fees for Services Accounting$46,992$24,208-$71,200
Travel$46,960$24,191-$71,151
Depreciation Depletion$43,524$22,422-$65,946
Advertising$24,638$12,692-$37,330
Insurance$18,642$9,604-$28,246
Fees for Services Legal$9,355$4,820-$14,175
Conferences and Meetings$6,924$3,567-$10,491
Total Functional Expenses$3,675,943$1,859,691$5,477$5,541,111

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,541,111
Total Expenses per Audited Statements$5,541,111
Total Expenses per Form 990$5,541,111
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$12,729,960
Deffered Inflows$6,142,167
Within One Year$247,717
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
2023-03-25
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 630, CHARLOTTE, NC 28203
Preparer
Megan Rushford CPA
Phone
7044993893
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IRS990/PrincipalOfficerNm0LAILA MINOTT
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0611710
IRS990/ProgramServiceRevenueGrp/BusinessCd1611710
IRS990/ProgramServiceRevenueGrp/Desc0STUDENT ACTIVITIES AND FEES
IRS990/ProgramServiceRevenueGrp/Desc1FOOD SERVICE AND SCHOOL CARE
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt04263
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12360
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt04263
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt12360
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt04585586
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt01626
IRS990/PYOtherExpensesAmt04183674
IRS990/PYOtherRevenueAmt025366
IRS990/PYProgramServiceRevenueAmt01864
IRS990/PYRevenuesLessExpensesAmt0363329
IRS990/PYSalariesCompEmpBnftPaidAmt067439
IRS990/PYTotalExpensesAmt04251113
IRS990/PYTotalRevenueAmt04614442
IRS990/ReconcilationRevenueExpnssAmt0-199441
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/RealAmt0151314
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt06623
IRS990ScheduleA/SchoolInd0X
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd0true
IRS990ScheduleD/ExpensesSubtotalAmt05541111
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01020314
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0284073
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01304387
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt06149572
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt16132823
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt225204
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt33700
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0LEASE RECEIVABLE, NONCURRENT
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1RIGHT TO USE LEASED ASSETS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2ACCRUED INTEREST ON LEASE REC
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3SECURITY DEPOSITS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt04572490
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0523784
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt05096274
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt012729960
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt16142167
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2247717
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0MORE THAN ONE YEAR
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEFFERED INFLOWS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2WITHIN ONE YEAR
IRS990ScheduleD/RevenueSubtotalAmt05341670
IRS990ScheduleD/TotalBookValueLandBuildingsAmt05592804
IRS990ScheduleD/TotalBookValueOtherAssetsAmt012311299
IRS990ScheduleD/TotalExpensesPerForm990Amt05541111
IRS990ScheduleD/TotalLiabilityAmt019119844
IRS990ScheduleD/TotalRevenuePerForm990Amt05341670
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt05341670
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt05541111
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
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/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0ACE ACADEM
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0ACE ACADEMY FOUNDATION LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0841876607
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt012120541
IRS990ScheduleR/IdDisregardedEntitiesGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt0755938
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/TotalAssetsBOYAmt08029456
IRS990/TotalAssetsEOYAmt020004076
IRS990/TotalAssetsGrp/BOYAmt08029456
IRS990/TotalAssetsGrp/EOYAmt020004076
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt05080343
IRS990/TotalEmployeeCnt089
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt05477
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01859691
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03675943
IRS990/TotalFunctionalExpensesGrp/TotalAmt05541111
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt07054472
IRS990/TotalLiabilitiesEOYAmt019228533
IRS990/TotalLiabilitiesGrp/BOYAmt07054472
IRS990/TotalLiabilitiesGrp/EOYAmt019228533
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0974984
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0775543
IRS990/TotalProgramServiceExpensesAmt03675943
IRS990/TotalProgramServiceRevenueAmt06623
IRS990/TotalReportableCompFromOrgAmt0126924
IRS990/TotalRevenueGrp/ExclusionAmt0151707
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0109620

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$20,004,076
Liabilities
$19,228,533
Net assets
$775,543
Revenue
$5,341,670
Expenses
$5,541,111
Net income
-$199,441
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.14$6.49$0.66$5.65$5.77$0.12
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.50$6.72$0.78$5.62$5.61$0.01
2022Detailed filing. Detailed filing data is available for this year.$20.0$19.2$0.78$5.34$5.54$0.20
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.03$7.05$0.97$4.61$4.25$0.36
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$7.76$7.15$0.61$4.17$4.02$0.15
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.48$0.10$1.37$4.37$3.87$0.50
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.35$0.47$0.88$3.77$3.44$0.33
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.58$0.03$0.55$3.29$2.88$0.40