Civic Intelligence

Pinnacle Classical Academy

990 • Fiscal year 2020 • EIN 46-1982572

Jul 01, 2019 to Jun 30, 2020 • Filed on Mar 21, 2021

P O Box 2695Shelby, NC 28151

(704) 740-4040

Siviq Scores

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

Liabilities / Assets

94th percentile

1.14x

Higher debt load relative to assets than 94% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

92nd percentile

3.14x

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

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

38th percentile

0.4%

Higher net margin than 38% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

33rd percentile

$109,118

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

56th percentile

9.0%

Faster asset growth than 56% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

71st percentile

12%

Faster revenue growth than 71% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Up

$23,204,581

Up $1,922,023 (+9.0%) from 2019

Net Assets

Up

-$3,321,437

Up $34,704 (+1.0%) from 2019

Liabilities

Up

$26,526,018

Up $1,887,319 (+7.7%) from 2019

Revenue

Up

$8,459,419

Up $927,033 (+12%) from 2019

Expenses

Up

$8,424,715

Up $765,182 (+10.0%) from 2019

Net Income

Up

$34,704

Up $161,851 (+127%) from 2019

Historical Trend

Balance Sheet Trend

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

$40M$20M$0-$20MAssets 2013: $432Liabilities 2013: $8,4542013Assets 2014: $1,002,218Liabilities 2014: $118,508Net Assets 2014: $883,7102014Assets 2015: $1,846,462Liabilities 2015: $399,017Net Assets 2015: $1,447,4452015Assets 2016: $3,639,416Liabilities 2016: $1,590,518Net Assets 2016: $2,048,8982016Assets 2017: $14,588,370Liabilities 2017: $12,473,021Net Assets 2017: $2,115,3492017Assets 2018: $18,523,019Liabilities 2018: $21,752,013Net Assets 2018: -$3,228,9942018Assets 2019: $21,282,558Liabilities 2019: $24,638,699Net Assets 2019: -$3,356,1412019Assets 2020: $23,204,581Liabilities 2020: $26,526,018Net Assets 2020: -$3,321,4372020Assets 2021: $23,281,442Liabilities 2021: $25,917,523Net Assets 2021: -$2,636,0812021Assets 2022: $24,218,850Liabilities 2022: $24,835,587Net Assets 2022: -$616,7372022Assets 2023: $28,679,451Liabilities 2023: $27,076,705Net Assets 2023: $1,602,7462023Assets 2024: $38,943,037Liabilities 2024: $35,734,818Net Assets 2024: $3,208,2192024

Highlighted filing

2020

Assets$23,204,581
Liabilities$26,526,018
Net Assets-$3,321,437

Operations Trend

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

$15M$10M$5.0M$0-$5.0MRevenue 2013: $339Expenses 2013: $8,361Net Income 2013: -$8,0222013Revenue 2014: $2,619,107Expenses 2014: $1,727,375Net Income 2014: $891,7322014Revenue 2015: $2,710,230Expenses 2015: $2,213,225Net Income 2015: $497,0052015Revenue 2016: $3,441,624Expenses 2016: $2,840,171Net Income 2016: $601,4532016Revenue 2017: $4,390,654Expenses 2017: $4,324,203Net Income 2017: $66,4512017Revenue 2018: $5,741,778Expenses 2018: $6,623,762Net Income 2018: -$881,9842018Revenue 2019: $7,532,386Expenses 2019: $7,659,533Net Income 2019: -$127,1472019Revenue 2020: $8,459,419Expenses 2020: $8,424,715Net Income 2020: $34,7042020Revenue 2021: $9,762,458Expenses 2021: $9,077,102Net Income 2021: $685,3562021Revenue 2022: $11,125,515Expenses 2022: $9,106,171Net Income 2022: $2,019,3442022Revenue 2023: $11,482,706Expenses 2023: $9,263,223Net Income 2023: $2,219,4832023Revenue 2024: $13,134,663Expenses 2024: $11,529,190Net Income 2024: $1,605,4732024

Highlighted filing

2020

Revenue$8,459,419
Expenses$8,424,715
Net Income$34,704
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Mar 21, 2021
Return Version
2019v5.1
Gross Receipts
$8,459,419
Mission and Program Overview

Mission

To operate a public charter school for the education of children.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$12,645,811$14,586,898▲ $1,941,087
Cash and Non-Interest-Bearing Accounts$3,104,578$2,832,686▼ $271,892
Savings and Temporary Cash Investments$585,453$382,618▼ $202,835
Accounts Receivable$149,031$43,260▼ $105,771
Prepaid Expenses and Deferred Charges$3,085$5,885▲ $2,800
Total Assets$21,282,558$23,204,581▲ $1,922,023
Other Assets Total$4,794,600$5,353,234▲ $558,634
Liabilities
Other Liabilities$24,316,528$25,962,506▲ $1,645,978
Accounts Payable and Accrued Expenses$292,908$513,917▲ $221,009
Deferred Revenue$29,263$49,595▲ $20,332
Total Liabilities$24,638,699$26,526,018▲ $1,887,319
Net Assets / Fund Balance
Net Assets With Donor Restrictions$-528,543$1,332,921▲ $1,861,464
Net Assets Without Donor Restrictions$-2,827,598$-4,654,358▼ $1,826,760
Total Net Assets Fund Balance$-3,356,141$-3,321,437▲ $34,704
Total Liabilities and Net Assets / Fund Balance$21,282,558$23,204,581▲ $1,922,023

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,514,765$1,040,672$11,555,437
Land$2,996,529-$2,996,529
Leasehold Improvements$1,035,939$183,176$1,219,115
Equipment$39,665$96,123$135,788
Other Assets Org$9,925--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Robert BrownHeadmasterFT$109,118$109,118
Emily BullardDeanFT$76,050$76,050

Board Members and Trustees

NameTitle
Debbie ClaryChair
T G WestmorelandVice Chair
Becky SainDirector
Betsy HarnageDirector
Bobby DearminDirector
Jason PhilbeckDirector
Pauline CahillDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$8,190,263
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$269,156
All Other Contributions
$148,338
Change in Net Assets
$34,704

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,459,419
Total Revenue per Audited Statements
$8,459,419
Total Revenue per Form 990
$8,459,419
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,109,640
Other Expenses$2,315,075
Total Fundraising Expense$28,796
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,161,881$86,429$0$3,248,310
Pension Plan Contributions$1,853,863$54,205$0$1,908,068
Other Employee Benefits$487,180$17,894$0$505,074
Interest$0$484,658$0$484,658
Depreciation Depletion$15,866$444,975$0$460,841
Payroll Taxes$263,020$0$0$263,020
Other Expenses$237,677$0$0$237,677
Current Officers, Directors, Trustees, and Key Employees$185,168$0$0$185,168
Office Expenses$55,266$47,774$0$103,040
All Other Expenses$66,284$16,685$0$82,969
Occupancy$0$80,385$0$80,385
Conferences and Meetings$31,081$0$0$31,081
Insurance$0$28,652$0$28,652
Information Technology$21,140$0$0$21,140
Advertising$0$9,462$0$9,462
Fees for Services Accounting$0$7,500$0$7,500
Travel$5,775$0$0$5,775
Fees for Services Legal$0$2,443$0$2,443
Total Functional Expenses$6,917,385$1,478,534$28,796$8,424,715

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$8,424,715
Total Expenses per Audited Statements$8,424,715
Total Expenses per Form 990$8,424,715
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family MemberMaintenance, Repairs and improvementsNo$123,892
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long-term liabilities$13,479,527
Net Pension Liability$9,907,937
Deferred Inflows of Resources$2,575,042
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with 35% controlled entity
No
Business relationship with family members
Yes
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
Pinnacle Classical Academy
EIN
46-1982572
Phone
7047404040
Address
P O Box 2695, Shelby, NC 28151

Signing Officer

Name
Debbie Clary
Title
Chair
Phone
7047404040
Signed
2021-03-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Debbie Clary
Formed
2012
Legal Domicile
Nc
Voting Board Members
7
Independent Board Members
7
Employees
134
Volunteers
50

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

The board reviews the 990 prior to filing.

Pt VI, Line 12C

Conflict of Interest statemetns signed annually.

Pt VI, Line 15A

Compared to other charter schools.

Pt XI

Adoption of GASB 75 required restatement of beginning balance

Financial Statement Notes

Pt XI, Line 4B

Expense netted against revenue in audit

Pt XII, Line 4B

Expense neted against revenue in audit

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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt228698
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt0146526
IRS990/OtherExpensesGrp/ProgramServicesAmt1132925
IRS990/OtherExpensesGrp/ProgramServicesAmt2253733
IRS990/OtherExpensesGrp/ProgramServicesAmt3237677
IRS990/OtherExpensesGrp/TotalAmt0344096
IRS990/OtherExpensesGrp/TotalAmt1132925
IRS990/OtherExpensesGrp/TotalAmt2282431
IRS990/OtherExpensesGrp/TotalAmt3237677
IRS990/OtherLiabilitiesGrp/BOYAmt024316528
IRS990/OtherLiabilitiesGrp/EOYAmt025962506
IRS990/OtherRevenueMiscGrp/BusinessCd0900099
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/BusinessCd2900099
IRS990/OtherRevenueMiscGrp/Desc0Field Trips
IRS990/OtherRevenueMiscGrp/Desc1Student Activities
IRS990/OtherRevenueMiscGrp/Desc2Other
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/ExclusionAmt20
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt0137031
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt175511
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt256614
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt0137031
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt175511
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt256614
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt0269156
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt086429
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03161881
IRS990/OtherSalariesAndWagesGrp/TotalAmt03248310
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt0263020
IRS990/PayrollTaxesGrp/TotalAmt0263020
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt054205
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt01853863
IRS990/PensionPlanContributionsGrp/TotalAmt01908068
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt03085
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt05885
IRS990/PrincipalOfficerNm0Debbie Clary
IRS990/ProfessionalFundraisingInd0true
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt07275078
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt02977176
IRS990/PYOtherRevenueAmt0257308
IRS990/PYRevenuesLessExpensesAmt0-127147
IRS990/PYSalariesCompEmpBnftPaidAmt04659017
IRS990/PYTotalExpensesAmt07659533
IRS990/PYTotalProfFndrsngExpnsAmt023340
IRS990/PYTotalRevenueAmt07532386
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt034704
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt08459419
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0585453
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0382618
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt010514765
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01040672
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt011555437
IRS990ScheduleD/EquipmentGrp/BookValueAmt039665
IRS990ScheduleD/EquipmentGrp/DepreciationAmt096123
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0135788
IRS990ScheduleD/ExpensesSubtotalAmt08424715
IRS990ScheduleD/LandGrp/BookValueAmt02996529
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02996529
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt01035939
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0183176
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt01219115
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt05343309
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt19925
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows of Resources
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Net OPEB Asset
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09907937
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt12575042
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt213479527
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Net Pension Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred Inflows of Resources
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Long-term liabilities
IRS990ScheduleD/RevenueSubtotalAmt08459419
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Expense netted against revenue in audit
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1Expense neted against revenue in audit
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt XI, Line 4b
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt XII, Line 4b
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014586898
IRS990ScheduleD/TotalBookValueOtherAssetsAmt05353234
IRS990ScheduleD/TotalExpensesPerForm990Amt08424715
IRS990ScheduleD/TotalLiabilityAmt025962506
IRS990ScheduleD/TotalRevenuePerForm990Amt08459419
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt08459419
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt08424715
IRS990ScheduleE/ComplianceWithRevProc7550Ind0true
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0Radio and newspaper advertisements. N/A
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1N/A
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 6b
IRS990ScheduleG/AgrmtProfFundraisingActyInd0true
IRS990ScheduleG/FundraiserActivityInfoGrp/ActivityTxt0Special Event
IRS990ScheduleG/FundraiserActivityInfoGrp/FundraiserControlOfFundsInd0false
IRS990ScheduleG/FundraiserActivityInfoGrp/GrossReceiptsAmt046346
IRS990ScheduleG/FundraiserActivityInfoGrp/NetToOrganizationAmt017550
IRS990ScheduleG/FundraiserActivityInfoGrp/OrganizationBusinessName/BusinessNameLine1Txt0Boosterthon Enterprises Inc
IRS990ScheduleG/FundraiserActivityInfoGrp/RetainedByContractorAmt028796
IRS990ScheduleG/LicensedStatesCd0NC
IRS990ScheduleG/SpecialFundraisingEventsInd0X
IRS990ScheduleG/TotalGrossReceiptsAmt046346
IRS990ScheduleG/TotalNetToOrganizationAmt017550

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