Civic Intelligence

Falls Lake Academy Inc.

990 • Fiscal year 2015 • EIN 46-1167805

Jul 01, 2014 to Jun 30, 2015 • Filed on Mar 07, 2016

Organization ProfileWWW.FALLSLAKEACADEMY.COM
1701 E Lyon Station RoadCreedmoor, NC 27522

(919) 964-9003

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.98x

Higher debt load relative to assets than 92% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

93rd percentile

3.63x

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

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Net Margin

27th percentile

-1.0%

Higher net margin than 27% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

25th percentile

$60,345

Higher top officer pay than 25% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

2015 filings • NTEE B • $10M-$25M nonprofits • Source year 2015

Asset Growth

99th percentile

3541%

Faster asset growth than 99% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

79th percentile

31%

Faster revenue growth than 79% of similar nonprofits.

2015 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$12,406,616

Up $12,065,886 (+3541%) from 2014

Net Assets

Down

$238,444

Down $33,121 (-12%) from 2014

Liabilities

Up

$12,168,172

Up $12,099,007 (+17493%) from 2014

Revenue And Expenses
Liabilities / Revenue93rd percentileNet Margin27th percentile

Revenue

Up

$3,352,590

Up $792,226 (+31%) from 2014

Expenses

Up

$3,385,711

Up $1,096,202 (+48%) from 2014

Net Income

Down

-$33,121

Down $303,976 (-112%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth99th percentile

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

$30M$20M$10M$0Assets 2014: $340,730Liabilities 2014: $69,165Net Assets 2014: $271,5652014Assets 2015: $12,406,616Liabilities 2015: $12,168,172Net Assets 2015: $238,4442015Assets 2016: $12,224,443Liabilities 2016: $11,927,999Net Assets 2016: $296,4442016Assets 2017: $12,312,769Liabilities 2017: $11,699,698Net Assets 2017: $613,0712017Assets 2018: $18,445,986Liabilities 2018: $17,386,848Net Assets 2018: $1,059,1382018Assets 2019: $22,864,129Liabilities 2019: $20,949,103Net Assets 2019: $1,915,0262019Assets 2020: $23,108,673Liabilities 2020: $20,610,050Net Assets 2020: $2,498,6232020Assets 2021: $23,874,712Liabilities 2021: $20,324,852Net Assets 2021: $3,549,8602021Assets 2022: $23,813,178Liabilities 2022: $20,028,287Net Assets 2022: $3,784,8912022Assets 2023: $24,418,135Liabilities 2023: $19,679,145Net Assets 2023: $4,738,9902023Assets 2024: $24,911,864Liabilities 2024: $19,342,956Net Assets 2024: $5,568,9082024

Highlighted filing

2015

Assets$12,406,616
Liabilities$12,168,172
Net Assets$238,444
Open 2015 Filing

Operations Trend

Revenue Growth79th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2014: $2,560,364Expenses 2014: $2,289,509Net Income 2014: $270,8552014Revenue 2015: $3,352,590Expenses 2015: $3,385,711Net Income 2015: -$33,1212015Revenue 2016: $4,613,588Expenses 2016: $4,555,588Net Income 2016: $58,0002016Revenue 2017: $5,817,167Expenses 2017: $5,500,540Net Income 2017: $316,6272017Revenue 2018: $8,367,318Expenses 2018: $7,921,251Net Income 2018: $446,0672018Revenue 2019: $10,094,057Expenses 2019: $9,238,169Net Income 2019: $855,8882019Revenue 2020: $10,816,343Expenses 2020: $10,232,746Net Income 2020: $583,5972020Revenue 2021: $10,593,661Expenses 2021: $9,542,424Net Income 2021: $1,051,2372021Revenue 2022: $12,156,063Expenses 2022: $11,921,032Net Income 2022: $235,0312022Revenue 2023: $12,803,354Expenses 2023: $11,849,255Net Income 2023: $954,0992023Revenue 2024: $13,682,611Expenses 2024: $12,852,693Net Income 2024: $829,9182024

Highlighted filing

2015

Revenue$3,352,590
Expenses$3,385,711
Net Income-$33,121
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Mar 7, 2016
Return Version
2014v6.0
Gross Receipts
$3,352,590
Mission and Program Overview

Mission

Falls lake academy seeks to create a challenging learning environment while striving to meet the academic, social, and emotional needs of our 21st century learners to prepare them for citizenship, leadership, and success in a rapidly changing world. Our school promotes a safe, orderly, caring and supportive community. Each student's self-esteem is fostered by positive relationships with students and staff. We strive to have our parents, teachers, and community members actively involved in our student's learning.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$13,616$11,178,685▲ $11,165,069
Cash and Non-Interest-Bearing Accounts$327,114$1,227,931▲ $900,817
Rtn Earn Endowment Incm Other Fnds$257,949$642,359▲ $384,410
Cap Stk Tr Prin Current Funds$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$13,616$-403,915▼ $417,531
Total Assets$340,730$12,406,616▲ $12,065,886
Liabilities
Mortgage Notes Payable Secured by Investment Property-$12,067,619-
Accounts Payable and Accrued Expenses$69,165$100,553▲ $31,388
Total Liabilities$69,165$12,168,172▲ $12,099,007
Net Assets / Fund Balance
Total Net Assets Fund Balance$271,565$238,444▼ $33,121
Total Liabilities and Net Assets / Fund Balance$340,730$12,406,616▲ $12,065,886

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,696,457$89,886-
Other Land Buildings$5,866$734-
Land$354,177--
Equipment$122,185$6,638-
Compensation and Service Providers
Top Officer Pay25th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Robert DanielPrincipalFT$60,345$60,345

Board Members and Trustees

NameTitle
Andrew PetersonBoard Chairman
Tracy TealBoard Vice Chairman
Bridget TannerBoard Member
Kevin NolteBoard Member
Mandy JohnsonBoard Member
Larry VaughtBoard Secretary
Katrina CookeBoard Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$3,267,190
Program Service Revenue
$85,215
Investment Income
$185
Other Revenue
$0
All Other Contributions
$273,740
Change in Net Assets
$-33,121

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,352,590
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,352,590
Total Revenue per Form 990
$3,352,590
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,814,607
Other Expenses$1,571,104
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,243,596$185,825-$1,429,421
Occupancy$426,216$22,432-$448,648
All Other Expenses$228,957$25,440-$254,397
Other Expenses$171,384$30,244-$201,628
Other Employee Benefits$133,072$23,483-$156,555
Payroll Taxes$90,851$16,033-$106,884
Depreciation Depletion$86,444$9,605-$96,049
Pension Plan Contributions$52,192$9,210-$61,402
Current Officers, Directors, Trustees, and Key Employees$45,259$15,086-$60,345
Insurance-$44,599-$44,599
Office Expenses-$15,228-$15,228
Information Technology$8,689--$8,689
Conferences and Meetings-$4,352-$4,352
Total Functional Expenses$2,722,215$663,496$0$3,385,711

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,385,711
Total Expenses per Audited Statements$3,385,711
Total Expenses per Form 990$3,385,711
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section B, Line 11

“A draft copy of the 990 return was given to the board of directors for review and approval.”

Form 990, Part VI, Section B, Line 15A

“The board of directors reviewed comparable salary data to determine the principal's salary”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy and financial statements are available for public inspection at the oranization's office upon request. Organization staff are available to provide supervision and answer any questions the inquiring party may have.”

Filing and Contact Details

Filer

Filer Name
Falls Lake Academy
EIN
46-1167805
Phone
9199649003
Address
1701 E LYON STATION ROAD, CREEDMOOR, NC 27522

Signing Officer

Name
Andrew Peterson
Title
Board Chairman
Phone
9199649003
Signed
2016-03-07
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew Peterson
Formed
2013
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
48
Volunteers
200

Preparer

Firm
Potter & Company Pa
Address
434 COPPERFIELD BLVD NE STE A, CONCORD, NC 28025
Preparer
Samuel M Leder CPA
Phone
7047868189
Raw XML Appendix389 raw XML fields

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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IRS990/PYSalariesCompEmpBnftPaidAmt01256929
IRS990/PYTotalExpensesAmt02289509
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt02560364
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt0-33121
IRS990/RegularMonitoringEnfrcInd00
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0257949
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0642359
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/BuildingsGrp/BookValueAmt010696457
IRS990ScheduleD/BuildingsGrp/DepreciationAmt089886
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt010786343
IRS990ScheduleD/EquipmentGrp/BookValueAmt0122185
IRS990ScheduleD/EquipmentGrp/DepreciationAmt06638
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0128823
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt03385711
IRS990ScheduleD/LandGrp/BookValueAmt0354177
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0354177
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt05866
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0734
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt06600
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03352590
IRS990ScheduleD/TotalBookValueLandBuildingsAmt011178685
IRS990ScheduleD/TotalExpensesPerForm990Amt03385711
IRS990ScheduleD/TotalRevenuePerForm990Amt03352590
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03352590
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt03385711
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd01
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0THE POLICY IS INCLUDED IN THE ORGANIZATION'S STATEMENT OF PURPOSE.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION RECEIVES FEDERAL AND STATE ASSISTANCE THROUGH THE STATE BOARD OF EDUCATION.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A DRAFT COPY OF THE 990 RETURN WAS GIVEN TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD OF DIRECTORS REVIEWED COMPARABLE SALARY DATA TO DETERMINE THE PRINCIPAL'S SALARY
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORANIZATION'S OFFICE UPON REQUEST. ORGANIZATION STAFF ARE AVAILABLE TO PROVIDE SUPERVISION AND ANSWER ANY QUESTIONS THE INQUIRING PARTY MAY HAVE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0340730
IRS990/TotalAssetsEOYAmt012406616
IRS990/TotalAssetsGrp/BOYAmt0340730
IRS990/TotalAssetsGrp/EOYAmt012406616
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt03267190
IRS990/TotalEmployeeCnt048
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0663496
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt02722215
IRS990/TotalFunctionalExpensesGrp/TotalAmt03385711
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt069165
IRS990/TotalLiabilitiesEOYAmt012168172
IRS990/TotalLiabilitiesGrp/BOYAmt069165
IRS990/TotalLiabilitiesGrp/EOYAmt012168172
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0271565
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0238444
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt02722215
IRS990/TotalProgramServiceRevenueAmt085215
IRS990/TotalReportableCompFromOrgAmt060345
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt085400
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03352590
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt0200
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0340730
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt012406616
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01701 E LYON STATION ROAD
IRS990/USAddress/CityNm0CREEDMOOR
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027522
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.FALLSLAKEACADEMY.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0ANDREW PETERSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum09199649003
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-03-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FALLS LAKE ACADEMY
ReturnHeader/Filer/BusinessNameControlTxt0FALL
ReturnHeader/Filer/EIN0461167805
ReturnHeader/Filer/PhoneNum09199649003
ReturnHeader/Filer/USAddress/AddressLine1Txt01701 E LYON STATION ROAD
ReturnHeader/Filer/USAddress/CityNm0CREEDMOOR
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027522
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561220683
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0POTTER & COMPANY PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0434 COPPERFIELD BLVD NE STE A
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CONCORD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028025
ReturnHeader/PreparerPersonGrp/PhoneNum07047868189
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0SAMUEL M LEDER CPA
ReturnHeader/ReturnTs02016-04-28T11:45:54-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$12,406,616
Liabilities
$12,168,172
Net assets
$238,444
Revenue
$3,352,590
Expenses
$3,385,711
Net income
-$33,121
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.9$19.3$5.57$13.7$12.9$0.83
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$24.4$19.7$4.74$12.8$11.8$0.95
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$23.8$20.0$3.78$12.2$11.9$0.24
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.9$20.3$3.55$10.6$9.54$1.05
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$23.1$20.6$2.50$10.8$10.2$0.58
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$22.9$20.9$1.92$10.1$9.24$0.86
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$18.4$17.4$1.06$8.37$7.92$0.45
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.3$11.7$0.61$5.82$5.50$0.32
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$12.2$11.9$0.30$4.61$4.56$0.06
2015Detailed filing. Detailed filing data is available for this year.$12.4$12.2$0.24$3.35$3.39$0.03
2014Detailed filing. Detailed filing data is available for this year.$0.34$0.07$0.27$2.56$2.29$0.27