Civic Intelligence

Legacy Preparatory Academy

990 • Fiscal year 2016 • EIN 45-3568037

Jul 01, 2015 to Jun 30, 2016 • Filed on Dec 08, 2016

Organization ProfileWWW.CHARLOTTELEARNINGACADEMY.ORG
701 Scaleybark RoadCharlotte, NC 28209

(704) 661-7134

Siviq Scores

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

Liabilities / Assets

71st percentile

0.33x

Higher debt load relative to assets than 71% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Liabilities / Revenue

29th percentile

0.03x

Higher debt load relative to revenue than 29% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2016

Net Margin

80th percentile

20%

Higher net margin than 80% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M 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

80th percentile

17%

Faster asset growth than 80% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Revenue Growth

90th percentile

54%

Faster revenue growth than 90% of similar nonprofits.

2016 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$174,581

Up $25,995 (+17%) from 2015

Net Assets

Up

$116,168

Up $380,339 (+144%) from 2015

Liabilities

Down

$58,413

Down $354,344 (-86%) from 2015

Revenue And Expenses
Liabilities / Revenue29th percentileNet Margin80th percentile

Revenue

Up

$1,906,383

Up $669,499 (+54%) from 2015

Expenses

Up

$1,526,044

Up $24,989 (+1.7%) from 2015

Net Income

Up

$380,339

Up $644,510 (+244%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

$1.0M$500K$0-$500KAssets 2012: $1Liabilities 2012: $02012Assets 2013: $1Liabilities 2013: $02013Assets 2014: $1Liabilities 2014: $02014Assets 2015: $148,586Liabilities 2015: $412,757Net Assets 2015: -$264,1712015Assets 2016: $174,581Liabilities 2016: $58,413Net Assets 2016: $116,1682016Assets 2017: $232,569Liabilities 2017: $41,337Net Assets 2017: $191,2322017Assets 2018: $599,929Liabilities 2018: $579,664Net Assets 2018: $20,2652018

Highlighted filing

2016

Assets$174,581
Liabilities$58,413
Net Assets$116,168
Open 2016 Filing

Operations Trend

Revenue Growth90th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2012: $0Expenses 2012: $0Net Income 2012: $02012Revenue 2013: $0Expenses 2013: $0Net Income 2013: $02013Revenue 2014: $0Expenses 2014: $0Net Income 2014: $02014Revenue 2015: $1,236,884Expenses 2015: $1,501,055Net Income 2015: -$264,1712015Revenue 2016: $1,906,383Expenses 2016: $1,526,044Net Income 2016: $380,3392016Revenue 2017: $2,353,384Expenses 2017: $2,278,320Net Income 2017: $75,0642017Revenue 2018: $2,767,833Expenses 2018: $2,938,800Net Income 2018: -$170,9672018

Highlighted filing

2016

Revenue$1,906,383
Expenses$1,526,044
Net Income$380,339
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Dec 8, 2016
Return Version
2015v3.0
Gross Receipts
$1,912,099
Mission and Program Overview

Mission

The mission of charlotte learning academy (cla) is to create a student- centered educational environment for at-risk students that challenge them to maintain high levels of motivation and achievement while installing the discipline, respect, perseverance, scholarship and excellence they need to succeed in college and other post-secondary opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Loans From Officers Directors$125,984--
Land, Buildings, and Equipment, Net$137,110$118,031▼ $19,079
Cash and Non-Interest-Bearing Accounts$473$36,380▲ $35,907
Prepaid Expenses and Deferred Charges$3,168$13,903▲ $10,735
Accounts Receivable$7,335$5,767▼ $1,568
Total Assets$148,586$174,581▲ $25,995
Other Assets Total$500$500→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$165,673$57,177▼ $108,496
Accounts Payable and Accrued Expenses$121,100$1,236▼ $119,864
Total Liabilities$412,757$58,413▼ $354,344
Net Assets / Fund Balance
Unrestricted Net Assets$-264,171$116,168▲ $380,339
Total Net Assets Fund Balance$-264,171$116,168▲ $380,339
Total Liabilities and Net Assets / Fund Balance$148,586$174,581▲ $25,995

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$91,126$28,477$119,603
Leasehold Improvements$26,905$2,990$29,895
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stacey RoseFounder & PrFT$50,838$2,250$53,088

Board Members and Trustees

NameTitle
Pamela FarewellChairman
Kim ScottVice Chairma
Akenna BlackmonBoard Member
Jonathan Coppedge-henleyBoard Member
Shannon HamesBoard Member
Andre RoseSecretary
Montae MonroeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,834,183
Program Service Revenue
$62,485
Investment Income
$0
Other Revenue
$9,715
All Other Contributions
$4,168
Change in Net Assets
$380,339

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,906,383
Revenue Not Reported on Form 990
$5,716
Total Revenue per Audited Statements
$1,912,099
Total Revenue per Form 990
$1,906,383
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$889,267
Other Expenses$636,777
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$703,485$6,000-$709,485
Occupancy-$137,729-$137,729
Other Employee Benefits$65,576$221-$65,797
Payroll Taxes$62,643$504-$63,147
Current Officers, Directors, Trustees, and Key Employees$50,838--$50,838
Interest-$20,189-$20,189
Depreciation Depletion$19,079--$19,079
Other Expenses$16,371$257,734-$16,371
Total Functional Expenses$1,103,667$422,377$0$1,526,044

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,531,760
Expenses per Audited Statements$1,526,044
Total Expenses per Form 990$1,526,044
Expenses Not Reported on Form 990$5,716
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$5,716
Fundraising Gross Income$5,565
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$125,984--
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
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
Yes
Other officer compensation reviewed
Yes
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

“Form 990 is provided to the board for a review prior to filing”

Form 990, Page 6, Part VI, Line 15A

“The board of directors reviews and approves the compensation of the organization's officers and employees”

Form 990, Page 6, Part VI, Line 15B

“The board of directors reviews and approves the compensation of the organization's officers and employees”

Form 990, Page 6, Part VI, Line 19

“The organization's governing documents, conflicts of interest policy and financial statements are available to the public in the front office of the school.”

Filing and Contact Details

Filer

Filer Name
Charlotte Learning Academy
EIN
45-3568037
Phone
7046617134
Address
701 SCALEYBARK ROAD, CHARLOTTE, NC 28209

Signing Officer

Name
Stacey Rose
Title
Founder & Principal
Phone
7046617134
Signed
2016-12-08

Organization Details

Principal Officer
Stacey Rose
Formed
2011
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
27
Volunteers
6

Preparer

Firm
Rives & Associates Llp
Address
4515 FALLS OF NEUSE ROAD SUITE 450, RALEIGH, NC 27609
Preparer
Thomas B Cornwell CPA
Phone
9198326848
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The mission of charlotte learning academy (cla) is to create a student- centered educational environment for at-risk students that challenge them to maintain high levels of motivation and achievement while installing the discipline, respect, perseverance, scholarship and excellence they need to succeed in college and other post-secondary opportunities.”

Form 990, Part XI, Line 9

“Fundraising 5,716 fundraising -5,716”

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

“FUNDRAISING 5,716”

Schedule D, Page 4, Part XII, Line 2D

“FUNDRAISING 5,716”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/TotalRevenuePerForm990Amt01906383
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01912099
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01531760
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
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IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0CHARLOTTE LEARNING ACADEMY IS A PUBLIC CHARTER SCHOOL AND IS NOT REQUIRED TO FILE FORM 5578. THEREFORE SCHEDULE E IS NOT APPLICABLE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1CHARLOTTE LEARNING 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 MISSION OF CHARLOTTE LEARNING ACADEMY (CLA) IS TO CREATE A STUDENT- CENTERED EDUCATIONAL ENVIRONMENT FOR AT-RISK STUDENTS THAT CHALLENGE THEM TO MAINTAIN HIGH LEVELS OF MOTIVATION AND ACHIEVEMENT WHILE INSTALLING THE DISCIPLINE, RESPECT, PERSEVERANCE, SCHOLARSHIP AND EXCELLENCE THEY NEED TO SUCCEED IN COLLEGE AND OTHER POST-SECONDARY OPPORTUNITIES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PROVIDED TO THE BOARD FOR A REVIEW PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION OF THE ORGANIZATION'S OFFICERS AND EMPLOYEES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION OF THE ORGANIZATION'S OFFICERS AND EMPLOYEES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICTS OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC IN THE FRONT OFFICE OF THE SCHOOL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5FUNDRAISING 5,716 FUNDRAISING -5,716
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt0174581
IRS990/TotalAssetsGrp/BOYAmt0148586
IRS990/TotalAssetsGrp/EOYAmt0174581
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01834183
IRS990/TotalEmployeeCnt027
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0422377
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01103667
IRS990/TotalFunctionalExpensesGrp/TotalAmt01526044
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0412757
IRS990/TotalLiabilitiesEOYAmt058413
IRS990/TotalLiabilitiesGrp/BOYAmt0412757
IRS990/TotalLiabilitiesGrp/EOYAmt058413
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-264171
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0116168
IRS990/TotalOtherCompensationAmt02250
IRS990/TotalProgramServiceExpensesAmt01103667
IRS990/TotalProgramServiceRevenueAmt062485
IRS990/TotalReportableCompFromOrgAmt050838
IRS990/TotalRevenueGrp/ExclusionAmt0-151
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt072351
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01906383
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0148586
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0174581
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-264171
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0116168
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt011205 SEDGEMOOR LANE
IRS990/USAddress/CityNm0CHARLOTTE
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028277
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.CHARLOTTELEARNINGACADEMY.ORG
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0STACEY ROSE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0FOUNDER & PRINCIPAL
ReturnHeader/BusinessOfficerGrp/PhoneNum07046617134
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-12-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CHARLOTTE LEARNING ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0CHAR
ReturnHeader/Filer/EIN0453568037
ReturnHeader/Filer/PhoneNum07046617134
ReturnHeader/Filer/USAddress/AddressLine1Txt0701 SCALEYBARK ROAD
ReturnHeader/Filer/USAddress/CityNm0CHARLOTTE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028209
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200427530
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RIVES & ASSOCIATES LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04515 FALLS OF NEUSE ROAD SUITE 450
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027609
ReturnHeader/PreparerPersonGrp/PhoneNum09198326848
ReturnHeader/PreparerPersonGrp/PreparationDt02017-01-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0THOMAS B CORNWELL CPA
ReturnHeader/ReturnTs02017-01-24T11:55:55-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-07-01
ReturnHeader/TaxPeriodEndDt02016-06-30
ReturnHeader/TaxYr02015

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$174,581
Liabilities
$58,413
Net assets
$116,168
Revenue
$1,906,383
Expenses
$1,526,044
Net income
$380,339
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$0.60$0.58$0.02$2.77$2.94$0.17
2017Detailed filing. Detailed filing data is available for this year.$0.23$0.04$0.19$2.35$2.28$0.08
2016Detailed filing. Detailed filing data is available for this year.$0.17$0.06$0.12$1.91$1.53$0.38
2015Detailed filing. Detailed filing data is available for this year.$0.15$0.41$0.26$1.24$1.50$0.26
2014Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2013Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2012Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00