Civic Intelligence

Pinnacle Classical Academy

990 • Fiscal year 2021 • EIN 46-1982572

Jul 01, 2020 to Jun 30, 2021 • Filed on Jan 28, 2022

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

95th percentile

1.11x

Higher debt load relative to assets than 95% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

90th percentile

2.65x

Higher debt load relative to revenue than 90% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Net Margin

43rd percentile

7.0%

Higher net margin than 43% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

29th percentile

$96,110

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

22nd percentile

0.3%

Faster asset growth than 22% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

61st percentile

15%

Faster revenue growth than 61% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Assets

Up

$23,281,442

Up $76,861 (+0.3%) from 2020

Net Assets

Up

-$2,636,081

Up $685,356 (+21%) from 2020

Liabilities

Down

$25,917,523

Down $608,495 (-2.3%) from 2020

Revenue

Up

$9,762,458

Up $1,303,039 (+15%) from 2020

Expenses

Up

$9,077,102

Up $652,387 (+7.7%) from 2020

Net Income

Up

$685,356

Up $650,652 (+1875%) from 2020

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

2021

Assets$23,281,442
Liabilities$25,917,523
Net Assets-$2,636,081

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

2021

Revenue$9,762,458
Expenses$9,077,102
Net Income$685,356
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Jan 28, 2022
Return Version
2020v4.1
Gross Receipts
$9,762,458
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$14,586,898$15,127,485▲ $540,587
Cash and Non-Interest-Bearing Accounts$2,832,686$3,383,496▲ $550,810
Savings and Temporary Cash Investments$382,618$233,915▼ $148,703
Accounts Receivable$43,260$114,685▲ $71,425
Prepaid Expenses and Deferred Charges$5,885$21,109▲ $15,224
Total Assets$23,204,581$23,281,442▲ $76,861
Other Assets Total$5,353,234$4,400,752▼ $952,482
Liabilities
Other Liabilities$25,962,506$25,596,849▼ $365,657
Accounts Payable and Accrued Expenses$513,917$283,553▼ $230,364
Deferred Revenue$49,595$37,121▼ $12,474
Total Liabilities$26,526,018$25,917,523▼ $608,495
Net Assets / Fund Balance
Net Assets With Donor Restrictions$1,332,921$1,875,820▲ $542,899
Net Assets Without Donor Restrictions$-4,654,358$-4,511,901▲ $142,457
Total Net Assets Fund Balance$-3,321,437$-2,636,081▲ $685,356
Total Liabilities and Net Assets / Fund Balance$23,204,581$23,281,442▲ $76,861

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$10,674,175$1,462,711$12,136,886
Leasehold Improvements$3,805,970$271,620$4,077,590
Land$551,700-$551,700
Equipment$95,640$117,514$213,154
Other Assets Org$10,931--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Shelly BullardHeadmasterFT$96,110$96,110

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$9,720,612
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$41,846
All Other Contributions
$24,489
Change in Net Assets
$685,356

Audited Revenue Reconciliation

Revenue per Audited Statements
$9,762,458
Total Revenue per Audited Statements
$9,762,458
Total Revenue per Form 990
$9,762,458
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,039,582
Other Expenses$3,037,520
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,481,969$118,982$0$3,600,951
Pension Plan Contributions$1,480,613$50,868$0$1,531,481
Depreciation Depletion$15,867$516,013$0$531,880
Other Employee Benefits$500,168$25,774$0$525,942
Interest$0$474,455$0$474,455
Other Expenses$458,769$1,866$0$460,635
Payroll Taxes$276,114$8,984$0$285,098
Office Expenses$77,443$53,450$0$130,893
All Other Expenses$6,380$112,612$0$118,992
Current Officers, Directors, Trustees, and Key Employees$96,110$0$0$96,110
Occupancy$0$84,768$0$84,768
Insurance$0$44,398$0$44,398
Information Technology$30,418$2,175$0$32,593
Conferences and Meetings$19,822$0$0$19,822
Fees for Services Accounting$0$19,500$0$19,500
Fees for Services Legal$0$7,000$0$7,000
Advertising$0$3,120$0$3,120
Travel$265$275$0$540
Total Functional Expenses$7,311,132$1,765,970$0$9,077,102

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$9,077,102
Total Expenses per Audited Statements$9,077,102
Total Expenses per Form 990$9,077,102
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-Family MemberMaintenance, Repairs and improvementsNo$168,190
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Long-term liabilities$13,264,599
Net Pension Liability$9,177,969
Deferred Inflows of Resources$3,154,281
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
2022-01-28
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
147
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 statements 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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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/OtherLiabilitiesGrp/EOYAmt025596849
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/RelatedOrExemptFuncIncomeAmt05035
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt112729
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt224082
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt05035
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt112729
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt224082
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt041846
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0118982
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03481969
IRS990/OtherSalariesAndWagesGrp/TotalAmt03600951
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt08984
IRS990/PayrollTaxesGrp/ProgramServicesAmt0276114
IRS990/PayrollTaxesGrp/TotalAmt0285098
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt050868
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt01480613
IRS990/PensionPlanContributionsGrp/TotalAmt01531481
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05885
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt021109
IRS990/PrincipalOfficerNm0Debbie Clary
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt08190263
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt02315075
IRS990/PYOtherRevenueAmt0269156
IRS990/PYRevenuesLessExpensesAmt034704
IRS990/PYSalariesCompEmpBnftPaidAmt06109640
IRS990/PYTotalExpensesAmt08424715
IRS990/PYTotalRevenueAmt08459419
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0685356
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt09762458
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0382618
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0233915
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt010674175
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01462711
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt012136886
IRS990ScheduleD/EquipmentGrp/BookValueAmt095640
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0117514
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0213154
IRS990ScheduleD/ExpensesSubtotalAmt09077102
IRS990ScheduleD/LandGrp/BookValueAmt0551700
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0551700
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt03805970
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt0271620
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt04077590
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt04389821
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt110931
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows of Resources
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Net OPEB Asset
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09177969
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13154281
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt213264599
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Net Pension Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred Inflows of Resources
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Long-term liabilities
IRS990ScheduleD/RevenueSubtotalAmt09762458
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/TotalBookValueLandBuildingsAmt015127485
IRS990ScheduleD/TotalBookValueOtherAssetsAmt04400752
IRS990ScheduleD/TotalExpensesPerForm990Amt09077102
IRS990ScheduleD/TotalLiabilityAmt025596849
IRS990ScheduleD/TotalRevenuePerForm990Amt09762458
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt09762458
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt09077102
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
IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0Clary Construction
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0Family Member
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt0168190
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0Maintenance, Repairs and improvements
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The board reviews the 990 prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Conflict of Interest statements signed annually.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compared to other charter schools.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Adoption of GASB 75 required restatement of beginning balance
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt XI
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false

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