Civic Intelligence

Virtus Academy of South Carolina

990 • Fiscal year 2019 • EIN 46-5411636

Jul 01, 2018 to Jun 30, 2019 • Filed on May 20, 2020

Organization ProfileWWW.VIRTUSACADEMYSC.ORG
PO Box 3103Florence, SC 29502

(843) 799-4032

Siviq Scores

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

Liabilities / Assets

88th percentile

0.76x

Higher debt load relative to assets than 88% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Liabilities / Revenue

66th percentile

0.21x

Higher debt load relative to revenue than 66% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Net Margin

56th percentile

5.4%

Higher net margin than 56% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Top Officer Pay

41st percentile

$34,278

Higher top officer pay than 41% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2019

Asset Growth

100th percentile

3412%

Faster asset growth than 100% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Revenue Growth

99th percentile

696%

Faster revenue growth than 99% of similar nonprofits.

2019 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets88th percentile

Assets

Up

$559,139

Up $543,217 (+3412%) from 2018

Net Assets

Up

$136,483

Up $155,624 (+813%) from 2018

Liabilities

Up

$422,656

Up $387,593 (+1105%) from 2018

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin56th percentile

Revenue

Up

$2,031,047

Up $1,775,897 (+696%) from 2018

Expenses

Up

$1,921,374

Up $1,647,083 (+600%) from 2018

Net Income

Up

$109,673

Up $128,814 (+673%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth100th percentile

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

$40M$30M$20M$10M$0-$10MAssets 2015: $0Liabilities 2015: $02015Assets 2016: $0Liabilities 2016: $02016Assets 2018: $15,922Liabilities 2018: $35,063Net Assets 2018: -$19,1412018Assets 2019: $559,139Liabilities 2019: $422,656Net Assets 2019: $136,4832019Assets 2020: $1,113,969Liabilities 2020: $1,011,473Net Assets 2020: $102,4962020Assets 2021: $1,953,186Liabilities 2021: $641,738Net Assets 2021: $1,311,4482021Assets 2022: $15,699,579Liabilities 2022: $13,725,595Net Assets 2022: $1,973,9842022Assets 2023: $16,728,153Liabilities 2023: $13,367,459Net Assets 2023: $3,360,6942023Assets 2024: $30,310,550Liabilities 2024: $26,849,854Net Assets 2024: $3,460,6962024Assets 2025: $29,714,783Liabilities 2025: $26,386,113Net Assets 2025: $3,328,6702025

Highlighted filing

2019

Assets$559,139
Liabilities$422,656
Net Assets$136,483
Open 2019 Filing

Operations Trend

Revenue Growth99th percentile

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

$15M$10M$5.0M$0-$5.0MRevenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $0Expenses 2016: $0Net Income 2016: $02016Revenue 2018: $255,150Expenses 2018: $274,291Net Income 2018: -$19,1412018Revenue 2019: $2,031,047Expenses 2019: $1,921,374Net Income 2019: $109,6732019Revenue 2020: $3,212,329Expenses 2020: $3,246,316Net Income 2020: -$33,9872020Revenue 2021: $5,956,969Expenses 2021: $4,748,017Net Income 2021: $1,208,9522021Revenue 2022: $7,187,455Expenses 2022: $6,524,919Net Income 2022: $662,5362022Revenue 2023: $8,045,087Expenses 2023: $6,658,377Net Income 2023: $1,386,7102023Revenue 2024: $10,161,947Expenses 2024: $10,061,945Net Income 2024: $100,0022024Revenue 2025: $10,477,701Expenses 2025: $10,609,727Net Income 2025: -$132,0262025

Highlighted filing

2019

Revenue$2,031,047
Expenses$1,921,374
Net Income$109,673
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
May 20, 2020
Return Version
2018v3.1
Gross Receipts
$2,031,047
Mission and Program Overview

Mission

Virtus academy will advance student achievement by preparing students for civic and career success thorugh rigorous academics, leadership development, and project-based learning.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$-20,236$290,412▲ $310,648
Land, Buildings, and Equipment, Net$0$183,315▲ $183,315
Pledges and Grants Receivable$36,158$66,535▲ $30,377
Prepaid Expenses and Deferred Charges-$18,877-
Total Assets$15,922$559,139▲ $543,217
Liabilities
Accounts Payable and Accrued Expenses$35,063$316,818▲ $281,755
Other Liabilities$0$105,838▲ $105,838
Total Liabilities$35,063$422,656▲ $387,593
Net Assets / Fund Balance
Temporarily Rstr Net Assets-$183,315-
Unrestricted Net Assets$-19,141$-46,832▼ $27,691
Total Net Assets Fund Balance$-19,141$136,483▲ $155,624
Total Liabilities and Net Assets / Fund Balance$15,922$559,139▲ $543,217

Asset Categories

AssetBook ValueDepreciationBasis
Leasehold Improvements$151,270$61,998$213,268
Equipment$32,045$15,090$47,135
Compensation and Service Providers
Top Officer Pay41st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Amanda BaileyPrincipalFT$32,500$1,778$34,278

Board Members and Trustees

NameTitle
Bill PickleBoard Chairman
Carlos WashingtonVice Chairman
Renee MatthewsInterm Principal Start 1-16-19
Amanda TynerMember at Large
John AtkinsMember at Large
Trayce JohnsonMember at Large
Gary SummerfieldSecretary
Cherry GerraldTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$2,000,417
Program Service Revenue
$30,630
Investment Income
$0
Other Revenue
$0
All Other Contributions
$3,382
Change in Net Assets
$109,673

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,031,047
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$2,031,047
Total Revenue per Form 990
$2,031,047
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,092,767
Other Expenses$828,607
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$763,009$16,906-$779,915
Other Employee Benefits$262,481$17,871-$280,352
Depreciation Depletion$61,670$15,418-$77,088
Fees for Services Legal$53,894$13,474-$67,368
Current Officers, Directors, Trustees, and Key Employees-$32,500-$32,500
Other Expenses$19,177$5,000-$24,177
Fees for Services Accounting$6,216$1,554-$7,770
Interest$242$60-$302
All Other Expenses-$270-$270
Total Functional Expenses$1,696,952$224,422$0$1,921,374

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,921,374
Total Expenses per Audited Statements$1,921,374
Total Expenses per Form 990$1,921,374
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Liabilities$78,048
Due to Pto$17,508
Due to Other Governmental Units$9,782
Unearned Revenue$500
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
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
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

“Board of directors receives a copy of form 990 and reviews it, asks questions (if any) of the preparer before the return is filed.”

Form 990, Part VI, Section B, Line 12C

“Officers, directors and ke employees are required to disclose any conflicts of interest arising and to recuse themselves from participating in any discussions related to parties of interst.”

Form 990, Part VI, Section B, Line 15

“The board serves without compensation. Salaries of key employees must be approved by the board.”

Form 990, Part VI, Section C, Line 18

“Form 990 is available for inspection by the general public upon request.”

Form 990, Part VI, Section C, Line 19

“Governing documents are available to the genral public upon written request to the board of directors.”

Filing and Contact Details

Filer

Filer Name
Virtus Academy
EIN
46-5411636
Phone
8437994032
Address
PO BOX 3103, FLORENCE, SC 29502

Signing Officer

Name
William C Pickle
Title
Chairman of Board
Phone
8437994032
Signed
2020-05-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William C Pickle
Formed
2013
Legal Domicile
Sc
Voting Board Members
7
Independent Board Members
7
Employees
29
Volunteers
7

Preparer

Firm
Elliott Davis Llcpllc
Address
1901 MAIN STREET SUITE 900, COLUMBIA, SC 29201
Preparer
Denise P Hill
Phone
8032560002
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Miscellaneous: program service expenses 0. Management and general expenses 270. Fundraising expenses 0. Total expenses 270.”

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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt032045
IRS990ScheduleD/EquipmentGrp/DepreciationAmt015090
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt047135
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt01921374
IRS990ScheduleD/LeaseholdImprovementsGrp/BookValueAmt0151270
IRS990ScheduleD/LeaseholdImprovementsGrp/DepreciationAmt061998
IRS990ScheduleD/LeaseholdImprovementsGrp/OtherCostOrOtherBasisAmt0213268
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09782
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt278048
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt3500
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO OTHER GOVERNMENTAL UNITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DUE TO PTO
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED LIABILITIES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3UNEARNED REVENUE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt02031047
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0183315
IRS990ScheduleD/TotalExpensesPerForm990Amt01921374
IRS990ScheduleD/TotalLiabilityAmt0105838
IRS990ScheduleD/TotalRevenuePerForm990Amt02031047
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IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt01921374
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/MaintainScholarshipsRecsInd00
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0VIRTUS ACADEMY IS A SC PUBLIC CHARTER SCHOOL AND, AS SUCH, IT IS SUBJECT TO THE SAME NONDISCRIMINATORY POLICIES OF ALL SC PUBLIC SCHOOLS (I.E. DISCRIMINATION ON ANY BASIS IS NOT ALLOWED.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1THE SCHOOL DOES NOT AWARD SCHOLARSHIPS OR OTHER FINANCIAL ASSISTANCE TO STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt2THE SCHOOL HAS A FEDERALLY FUNDED PLANNING AND IMPLEMENTATION GRANT THAT IS PASSED THROUGH THE SC DEPARTMENT OF EDUCATION.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, PART I, LINE 4
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE E, PART I, LINE 6
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BOARD OF DIRECTORS RECEIVES A COPY OF FORM 990 AND REVIEWS IT, ASKS QUESTIONS (IF ANY) OF THE PREPARER BEFORE THE RETURN IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1OFFICERS, DIRECTORS AND KE EMPLOYEES ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ARISING AND TO RECUSE THEMSELVES FROM PARTICIPATING IN ANY DISCUSSIONS RELATED TO PARTIES OF INTERST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD SERVES WITHOUT COMPENSATION. SALARIES OF KEY EMPLOYEES MUST BE APPROVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS AVAILABLE FOR INSPECTION BY THE GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS ARE AVAILABLE TO THE GENRAL PUBLIC UPON WRITTEN REQUEST TO THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5MISCELLANEOUS: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 270. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 270.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART IX, LINE 24E
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
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IRS990/TempOrPermanentEndowmentsInd00
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IRS990/WebsiteAddressTxt0WWW.VIRTUSACADEMYSC.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0WILLIAM C PICKLE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN OF BOARD
ReturnHeader/BusinessOfficerGrp/PhoneNum08437994032
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-20
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ReturnHeader/Filer/BusinessNameControlTxt0VIRT
ReturnHeader/Filer/EIN0465411636
ReturnHeader/Filer/PhoneNum08437994032
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ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0456A077AA41A555002169CA24192AD8570A33BAD

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$559,139
Liabilities
$422,656
Net assets
$136,483
Revenue
$2,031,047
Expenses
$1,921,374
Net income
$109,673
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$29.7$26.4$3.33$10.5$10.6$0.13
2024Detailed filing. Detailed filing data is available for this year.$30.3$26.8$3.46$10.2$10.1$0.10
2023Detailed filing. Detailed filing data is available for this year.$16.7$13.4$3.36$8.05$6.66$1.39
2022Detailed filing. Detailed filing data is available for this year.$15.7$13.7$1.97$7.19$6.52$0.66
2021Detailed filing. Detailed filing data is available for this year.$1.95$0.64$1.31$5.96$4.75$1.21
2020Detailed filing. Detailed filing data is available for this year.$1.11$1.01$0.10$3.21$3.25$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.56$0.42$0.14$2.03$1.92$0.11
2018Detailed filing. Detailed filing data is available for this year.$0.02$0.04$0.02$0.26$0.27$0.02
2016Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00
2015Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00