Civic Intelligence

Bonnie Cone Classical Academy Inc.

990 • Fiscal year 2021 • EIN 46-4248852

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 05, 2022

Organization Profilewww.bccas.org
10700 Asbury Chapel RoadHuntersville, NC 28078

(704) 948-4439

Siviq Scores

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

Liabilities / Assets

62nd percentile

0.68x

Higher debt load relative to assets than 62% of similar nonprofits.

2021 filings • NTEE B29 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

52nd percentile

0.17x

Higher debt load relative to revenue than 52% of similar nonprofits.

2021 filings • NTEE B29 • $5M-$10M nonprofits • Source year 2021

Net Margin

70th percentile

13%

Higher net margin than 70% of similar nonprofits.

2021 filings • NTEE B29 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

38th percentile

$107,000

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2021 filings • NTEE B29 • $5M-$10M nonprofits • Source year 2021

Asset Growth

90th percentile

73%

Faster asset growth than 90% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

93rd percentile

151%

Faster revenue growth than 93% of similar nonprofits.

2021 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets62nd percentile

Assets

Up

$1,684,332

Up $709,571 (+73%) from 2020

Net Assets

Up

$533,922

Up $850,453 (+269%) from 2020

Liabilities

Down

$1,150,410

Down $140,882 (-11%) from 2020

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin70th percentile

Revenue

Up

$6,658,211

Up $4,005,968 (+151%) from 2020

Expenses

Up

$5,807,758

Up $2,838,884 (+96%) from 2020

Net Income

Up

$850,453

Up $1,167,084 (+369%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth90th percentile

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

$100M$50M$0-$50MAssets 2019: $1Liabilities 2019: $02019Assets 2020: $974,761Liabilities 2020: $1,291,292Net Assets 2020: -$316,5312020Assets 2021: $1,684,332Liabilities 2021: $1,150,410Net Assets 2021: $533,9222021Assets 2022: $19,451,229Liabilities 2022: $17,987,003Net Assets 2022: $1,464,2262022Assets 2023: $21,235,380Liabilities 2023: $18,172,866Net Assets 2023: $3,062,5142023Assets 2024: $83,260,600Liabilities 2024: $84,239,172Net Assets 2024: -$978,5722024

Highlighted filing

2021

Assets$1,684,332
Liabilities$1,150,410
Net Assets$533,922
Open 2021 Filing

Operations Trend

Revenue Growth93rd percentile

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

$30M$20M$10M$0-$10MRevenue 2019: $1Expenses 2019: $0Net Income 2019: $12019Revenue 2020: $2,652,243Expenses 2020: $2,968,874Net Income 2020: -$316,6312020Revenue 2021: $6,658,211Expenses 2021: $5,807,758Net Income 2021: $850,4532021Revenue 2022: $8,882,059Expenses 2022: $7,951,755Net Income 2022: $930,3042022Revenue 2023: $9,504,047Expenses 2023: $7,905,759Net Income 2023: $1,598,2882023Revenue 2024: $18,232,383Expenses 2024: $23,301,967Net Income 2024: -$5,069,5842024

Highlighted filing

2021

Revenue$6,658,211
Expenses$5,807,758
Net Income$850,453
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 5, 2022
Return Version
2020v4.1
Gross Receipts
$6,658,211
Mission and Program Overview

Mission

The operation of a public charter school for the education of children in the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$731,013$1,444,257▲ $713,244
Accounts Receivable$233,184$240,075▲ $6,891
Prepaid Expenses and Deferred Charges$10,564--
Total Assets$974,761$1,684,332▲ $709,571
Liabilities
Mortgage Notes Payable Secured by Investment Property$908,519$667,001▼ $241,518
Accounts Payable and Accrued Expenses$382,773$483,409▲ $100,636
Total Liabilities$1,291,292$1,150,410▼ $140,882
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-316,531$533,922▲ $850,453
Total Net Assets Fund Balance$-316,531$533,922▲ $850,453
Total Liabilities and Net Assets / Fund Balance$974,761$1,684,332▲ $709,571
Compensation and Service Providers
Top Officer Pay38th percentile

Employees

NameTitleFull / Part TimeOtherTotal
Joan RomanExecutive DirectorFT$107,000$107,000

Board Members and Trustees

NameTitle
Martin McCarthyChair
Brian PuckettVice Chair
Crystal BrownDirector
Judy RussoDirector
Stephanie NewbroughDirector
William MillsDirector
Kyle KingSecretary
Megan TanTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Charter OneCharter School Mgmt6913 E Rembrandt Rd, Mesa, AZ 85212$979,585
Revenue and Support

Revenue Composition

Contributions and Grants
$6,620,498
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$37,713
All Other Contributions
$208,724
Change in Net Assets
$850,453

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,658,211
Total Revenue per Audited Statements
$6,658,211
Total Revenue per Form 990
$6,658,211
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,298,485
Salaries, Compensation, and Employee Benefits$2,509,273
Total Fundraising Expense$32,293
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,070,257$110,482$0$2,180,739
Occupancy$0$1,179,063$0$1,179,063
Other Expenses$217,156$13,975$0$231,131
Payroll Taxes$166,833$9,335$0$176,168
Other Employee Benefits$140,657$5,043$0$145,700
Fees for Services Management$0$107,000$0$107,000
Information Technology$82,856$0$0$82,856
Advertising$0$68,132$0$68,132
Office Expenses$7,767$40,681$0$48,448
Insurance$0$44,439$0$44,439
All Other Expenses$25,420$5,835$0$31,255
Interest$0$26,586$0$26,586
Fees for Services Legal$0$8,897$0$8,897
Fees for Services Accounting$0$7,000$0$7,000
Pension Plan Contributions$6,629$37$0$6,666
Conferences and Meetings$1,500$0$0$1,500
Total Functional Expenses$3,175,480$2,599,985$32,293$5,807,758

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$5,807,758
Total Expenses per Audited Statements$5,807,758
Total Expenses per Form 990$5,807,758
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
Business relationship with 35% controlled entity
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
No
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
Yes
Filing and Contact Details

Filer

Filer Name
Bonnie Cone Classical Academy Inc
EIN
46-4248852
Phone
7049484439
Address
10700 Asbury Chapel Road, Huntersville, NC 28078

Signing Officer

Name
Martin McCarthy
Title
Chair
Phone
7049484439
Signed
2022-02-05
Discuss with paid preparer
Yes

Organization Details

Formed
2013
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
83
Volunteers
100

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

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

Pt VI, Line 12C

“Conflict of interest signed by board members annually”

Pt VI, Line 15A

“Compared to other charter schools”

Pt VI, Line 2

“Board Member works for Insurance agency providing insurance coverage for school”

Pt VI, Line 3

“Charter One EMO contracted to manage HR, Facilities and other operational functions”

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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt010564
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Martin McCarthy
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt02423882
IRS990/PYExcessBenefitTransInd0false
IRS990/PYOtherExpensesAmt01713347
IRS990/PYOtherRevenueAmt0228361
IRS990/PYRevenuesLessExpensesAmt0-316631
IRS990/PYSalariesCompEmpBnftPaidAmt01255527
IRS990/PYTotalExpensesAmt02968874
IRS990/PYTotalRevenueAmt02652243
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0850453
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0false
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt06658211
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/OtherSupportSumAmt00
IRS990ScheduleA/PublicSupportCY170Pct00
IRS990ScheduleA/PublicSupportCY509Pct00
IRS990ScheduleA/PublicSupportTotal509Amt00
IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt05807758
IRS990ScheduleD/RevenueSubtotalAmt06658211
IRS990ScheduleD/TotalExpensesPerForm990Amt05807758
IRS990ScheduleD/TotalRevenuePerForm990Amt06658211
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt06658211
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt05807758
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/ExplanationTxt0Not applicable
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1Included in all brochures, applications, and any advertising done on behalf of the school. Included in all forms of advertising
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0Line 6b
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1Line 3
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is given to the board for review prior to filing
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1Conflict of interest signed by board members annually
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Compared to other charter schools
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Board Member works for Insurance agency providing insurance coverage for school
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Charter One EMO contracted to manage HR, Facilities and other operational functions
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt VI, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Pt VI, Line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Pt VI, Line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Pt VI, Line 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Pt VI, Line 3
IRS990/SchoolOperatingInd0true
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0974761
IRS990/TotalAssetsEOYAmt01684332
IRS990/TotalAssetsGrp/BOYAmt0974761
IRS990/TotalAssetsGrp/EOYAmt01684332
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt06620498
IRS990/TotalEmployeeCnt083
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt032293
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt02599985
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03175480
IRS990/TotalFunctionalExpensesGrp/TotalAmt05807758
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01291292
IRS990/TotalLiabilitiesEOYAmt01150410
IRS990/TotalLiabilitiesGrp/BOYAmt01291292
IRS990/TotalLiabilitiesGrp/EOYAmt01150410
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-316531
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0533922
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt03175480
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt037713
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt06658211
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt0100
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0974761
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01684332
IRS990/TotReportableCompRltdOrgAmt0107000
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt010700 Asbury Chapel Rd
IRS990/USAddress/CityNm0Huntersville
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028078
IRS990/VotingMembersGoverningBodyCnt08

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$1,684,332
Liabilities
$1,150,410
Net assets
$533,922
Revenue
$6,658,211
Expenses
$5,807,758
Net income
$850,453
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$83.3$84.2$0.98$18.2$23.3$5.07
2023Detailed filing. Detailed filing data is available for this year.$21.2$18.2$3.06$9.50$7.91$1.60
2022Detailed filing. Detailed filing data is available for this year.$19.5$18.0$1.46$8.88$7.95$0.93
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.68$1.15$0.53$6.66$5.81$0.85
2020Detailed filing. Detailed filing data is available for this year.$0.97$1.29$0.32$2.65$2.97$0.32
2019Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00