Civic Intelligence

Pinnacle Classical Academy

990 • Fiscal year 2023 • EIN 46-1982572

Jul 01, 2022 to Jun 30, 2023 • Filed on Apr 22, 2024

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

87th percentile

0.94x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

75th percentile

2.36x

Higher debt load relative to revenue than 75% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Net Margin

80th percentile

19%

Higher net margin than 80% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

29th percentile

$133,338

Higher top officer pay than 29% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2023 filings • NTEE B • $25M-$50M nonprofits • Source year 2023

Asset Growth

71st percentile

18%

Faster asset growth than 71% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

47th percentile

3.2%

Faster revenue growth than 47% of similar nonprofits.

2023 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2022 to 2023

Assets

Up

$28,679,451

Up $4,460,601 (+18%) from 2022

Net Assets

Up

$1,602,746

Up $2,219,483 (+360%) from 2022

Liabilities

Up

$27,076,705

Up $2,241,118 (+9.0%) from 2022

Revenue

Up

$11,482,706

Up $357,191 (+3.2%) from 2022

Expenses

Up

$9,263,223

Up $157,052 (+1.7%) from 2022

Net Income

Up

$2,219,483

Up $200,139 (+9.9%) from 2022

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

2023

Assets$28,679,451
Liabilities$27,076,705
Net Assets$1,602,746

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

2023

Revenue$11,482,706
Expenses$9,263,223
Net Income$2,219,483
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Apr 22, 2024
Return Version
2022v5.0
Gross Receipts
$11,482,706
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$14,596,312$17,502,477▲ $2,906,165
Savings and Temporary Cash Investments$296,065$5,417,425▲ $5,121,360
Cash and Non-Interest-Bearing Accounts$5,440,282$1,673,811▼ $3,766,471
Accounts Receivable$150,430$223,005▲ $72,575
Prepaid Expenses and Deferred Charges$8,561$61▼ $8,500
Total Assets$24,218,850$28,679,451▲ $4,460,601
Other Assets Total$3,727,200$3,862,672▲ $135,472
Liabilities
Mortgage Notes Payable Secured by Investment Property$12,351,784$14,312,498▲ $1,960,714
Other Liabilities$11,771,258$11,911,426▲ $140,168
Accounts Payable and Accrued Expenses$613,178$752,966▲ $139,788
Deferred Revenue$99,367$99,815▲ $448
Total Liabilities$24,835,587$27,076,705▲ $2,241,118
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-616,737$1,602,746▲ $2,219,483
Total Net Assets Fund Balance$-616,737$1,602,746▲ $2,219,483
Total Liabilities and Net Assets / Fund Balance$24,218,850$28,679,451▲ $4,460,601

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$13,165,550$2,214,310$15,379,860
Buildings$3,735,492$667,970$4,403,462
Land$551,700-$551,700
Equipment$49,735$106,963$156,698
Other Assets Org$0--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Shelly BullardHeadmasterFT$133,338$133,338
Wendy ClaryElementary PrincipalFT$94,215$94,215
Angela BrooksSecondary PrincipalFT$84,106$84,106
Donna MabryFinance ManagerFT$65,106$65,106

Board Members and Trustees

NameTitle
Debbie ClaryChair
T G WestmorelandVice Chair
Jason PhilbeckDirector
Pauline CahillDirector
Amy DulinMember
Bobby HortonMember
Ken MooneyMember

Highest Paid Contractors

ContractorServicesLocationCompensation
Clary Construction ConceptsConstruction35 Clifton Drive, Shelby, NC 28152$188,523
Revenue and Support

Revenue Composition

Contributions and Grants
$11,141,725
Program Service Revenue
$0
Investment Income
$138,017
Other Revenue
$202,964
All Other Contributions
$56,464
Change in Net Assets
$2,219,483

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,482,706
Total Revenue per Audited Statements
$11,482,706
Total Revenue per Form 990
$11,482,706
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,223,827
Other Expenses$3,039,396
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,824,041$160,237$0$3,984,278
Pension Plan Contributions$878,399$28,760$0$907,159
Other Employee Benefits$585,829$29,588$0$615,417
Depreciation Depletion$15,588$581,231$0$596,819
Interest$0$432,357$0$432,357
Current Officers, Directors, Trustees, and Key Employees$376,765$0$0$376,765
Payroll Taxes$328,583$11,625$0$340,208
Other Expenses$243,097$3,223$0$246,320
Office Expenses$91,110$57,984$0$149,094
Occupancy$0$98,230$0$98,230
All Other Expenses$12,115$68,957$0$81,072
Information Technology$60,889$0$0$60,889
Conferences and Meetings$39,569$0$0$39,569
Insurance$0$34,029$0$34,029
Travel$14,631$1,545$0$16,176
Advertising$0$14,379$0$14,379
Total Functional Expenses$7,359,609$1,903,614$0$9,263,223

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$9,263,223
Total Expenses per Audited Statements$9,263,223
Total Expenses per Form 990$9,263,223
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$188,523
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Net Pension Liability$8,911,013
Deferred Inflows of Resources$3,000,413
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
2024-04-22
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
171
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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IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt01602746
IRS990/NondeductibleContributionsInd0false
IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt098230
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt098230
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt057984
IRS990/OfficeExpensesGrp/ProgramServicesAmt091110
IRS990/OfficeExpensesGrp/TotalAmt0149094
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03727200
IRS990/OtherAssetsTotalGrp/EOYAmt03862672
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt029588
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0585829
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0615417
IRS990/OtherExpensesGrp/Desc0Contracted services
IRS990/OtherExpensesGrp/Desc1Field Trips
IRS990/OtherExpensesGrp/Desc2Supplies and Books
IRS990/OtherExpensesGrp/Desc3Non-Cap Equipment
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0350083
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt231386
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt33223
IRS990/OtherExpensesGrp/ProgramServicesAmt0271953
IRS990/OtherExpensesGrp/ProgramServicesAmt164452
IRS990/OtherExpensesGrp/ProgramServicesAmt2552588
IRS990/OtherExpensesGrp/ProgramServicesAmt3243097
IRS990/OtherExpensesGrp/TotalAmt0622036
IRS990/OtherExpensesGrp/TotalAmt164452
IRS990/OtherExpensesGrp/TotalAmt2583974
IRS990/OtherExpensesGrp/TotalAmt3246320
IRS990/OtherLiabilitiesGrp/BOYAmt011771258
IRS990/OtherLiabilitiesGrp/EOYAmt011911426
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/RelatedOrExemptFuncIncomeAmt053226
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt183724
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt266014
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt053226
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt183724
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt266014
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt00
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt20
IRS990/OtherRevenueTotalAmt0202964
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt00
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0160237
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03824041
IRS990/OtherSalariesAndWagesGrp/TotalAmt03984278
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt011625
IRS990/PayrollTaxesGrp/ProgramServicesAmt0328583
IRS990/PayrollTaxesGrp/TotalAmt0340208
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt028760
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0878399
IRS990/PensionPlanContributionsGrp/TotalAmt0907159
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt08561
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt061
IRS990/PrincipalOfficerNm0Debbie Clary
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt010964038
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt03105911
IRS990/PYOtherRevenueAmt0161477
IRS990/PYRevenuesLessExpensesAmt02019344
IRS990/PYSalariesCompEmpBnftPaidAmt06000260
IRS990/PYTotalExpensesAmt09106171
IRS990/PYTotalRevenueAmt011125515
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt02219483
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt011482706
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0296065
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05417425
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt03735492
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0667970
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt04403462
IRS990ScheduleD/EquipmentGrp/BookValueAmt049735
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0106963
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0156698
IRS990ScheduleD/ExpensesSubtotalAmt09263223
IRS990ScheduleD/LandGrp/BookValueAmt0551700
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt00
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0551700
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt013165550
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt02214310
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt015379860
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt03862672
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt10
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Deferred Outflows of Resources
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Net OPEB Asset
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt08911013
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt13000413
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Net Pension Liability
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Deferred Inflows of Resources
IRS990ScheduleD/RevenueSubtotalAmt011482706
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/TotalBookValueLandBuildingsAmt017502477
IRS990ScheduleD/TotalBookValueOtherAssetsAmt03862672
IRS990ScheduleD/TotalExpensesPerForm990Amt09263223
IRS990ScheduleD/TotalLiabilityAmt011911426
IRS990ScheduleD/TotalRevenuePerForm990Amt011482706
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt011482706
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt09263223
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

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