Civic Intelligence

North Carolina Learns Inc.

990 • Fiscal year 2017 • EIN 47-4549510

Jul 01, 2016 to Jun 30, 2017 • Filed on May 07, 2018

Organization ProfileWWW.NCVA.K12.COM

View Organization Page

4220 NC Hwy 55 Ste 130Durham, NC 27713

(919) 346-0121

Siviq Scores

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

Liabilities / Assets

25th percentile

0.06x

Higher debt load relative to assets than 25% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

7th percentile

0.01x

Higher debt load relative to revenue than 7% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Net Margin

67th percentile

7.4%

Higher net margin than 67% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

20th percentile

$0

Higher top officer pay than 20% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2017 filings • NTEE B • $10M-$25M nonprofits • Source year 2017

Asset Growth

89th percentile

39%

Faster asset growth than 89% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

80th percentile

25%

Faster revenue growth than 80% of similar nonprofits.

2017 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets25th percentile

Assets

Up

$1,215,595

Up $342,557 (+39%) from 2016

Net Assets

Up

$1,143,771

Up $835,876 (+271%) from 2016

Liabilities

Down

$71,824

Down $493,319 (-87%) from 2016

Revenue And Expenses
Liabilities / Revenue7th percentileNet Margin67th percentile

Revenue

Up

$11,257,375

Up $2,240,027 (+25%) from 2016

Expenses

Up

$10,421,499

Up $1,712,046 (+20%) from 2016

Net Income

Up

$835,876

Up $527,981 (+171%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth89th percentile

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

$15M$10M$5.0M$0Assets 2016: $873,038Liabilities 2016: $565,143Net Assets 2016: $307,8952016Assets 2017: $1,215,595Liabilities 2017: $71,824Net Assets 2017: $1,143,7712017Assets 2018: $1,590,355Liabilities 2018: $422,106Net Assets 2018: $1,168,2492018Assets 2019: $2,367,090Liabilities 2019: $445,076Net Assets 2019: $1,922,0142019Assets 2020: $3,621,682Liabilities 2020: $629,971Net Assets 2020: $2,991,7112020Assets 2021: $5,388,982Liabilities 2021: $123,772Net Assets 2021: $5,265,2102021Assets 2022: $7,560,116Liabilities 2022: $243,340Net Assets 2022: $7,316,7762022Assets 2023: $9,119,531Liabilities 2023: $1,525,752Net Assets 2023: $7,593,7792023Assets 2024: $13,318,031Liabilities 2024: $967,689Net Assets 2024: $12,350,3422024

Highlighted filing

2017

Assets$1,215,595
Liabilities$71,824
Net Assets$1,143,771
Open 2017 Filing

Operations Trend

Revenue Growth80th percentile

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

$40M$30M$20M$10M$0Revenue 2016: $9,017,348Expenses 2016: $8,709,453Net Income 2016: $307,8952016Revenue 2017: $11,257,375Expenses 2017: $10,421,499Net Income 2017: $835,8762017Revenue 2018: $13,785,797Expenses 2018: $13,761,319Net Income 2018: $24,4782018Revenue 2019: $17,721,748Expenses 2019: $16,967,983Net Income 2019: $753,7652019Revenue 2020: $20,522,998Expenses 2020: $19,453,301Net Income 2020: $1,069,6972020Revenue 2021: $24,131,838Expenses 2021: $21,858,339Net Income 2021: $2,273,4992021Revenue 2022: $27,525,464Expenses 2022: $25,473,898Net Income 2022: $2,051,5662022Revenue 2023: $26,443,841Expenses 2023: $25,426,056Net Income 2023: $1,017,7852023Revenue 2024: $31,563,893Expenses 2024: $26,809,771Net Income 2024: $4,754,1222024

Highlighted filing

2017

Revenue$11,257,375
Expenses$10,421,499
Net Income$835,876
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 7, 2018
Return Version
2016v3.1
Gross Receipts
$11,257,375
Mission and Program Overview

Mission

North carolina virtual academy is a community of students, families and educators dedicated to expanding educational choice through innovative and technology rich instructional practices, and is accountable for developing each student's full potential for academic and post-secondary success.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$861,822$1,189,715▲ $327,893
Accounts Receivable$2,653$15,692▲ $13,039
Prepaid Expenses and Deferred Charges$8,563$1,875▼ $6,688
Total Assets$873,038$1,215,595▲ $342,557
Other Assets Total-$8,313-
Liabilities
Accounts Payable and Accrued Expenses$515,143$71,824▼ $443,319
Unsecured Notes Loans Payable$50,000--
Total Liabilities$565,143$71,824▼ $493,319
Net Assets / Fund Balance
Unrestricted Net Assets$257,895$1,143,771▲ $885,876
Temporarily Rstr Net Assets$50,000--
Total Net Assets Fund Balance$307,895$1,143,771▲ $835,876
Total Liabilities and Net Assets / Fund Balance$873,038$1,215,595▲ $342,557
Compensation and Service Providers
Top Officer Pay20th percentile

Board Members and Trustees

NameTitle
Steve MoodyBoard Chair
Sara StruhsVice Chair
Brenda RobertsonDirector
Catherine ZambranoDirector
Tracy L JohnsonDirector
Richard ThomasTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
K12 Virtual Schools LLCManagement Svcs2300 CORPORATE PARKE DR STE 200, Herndon, VA 20171$7,122,574
Revenue and Support

Revenue Composition

Contributions and Grants
$11,245,237
Program Service Revenue
$0
Investment Income
$18
Other Revenue
$12,120
Change in Net Assets
$835,876

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,257,375
Total Revenue per Audited Statements
$11,257,375
Total Revenue per Form 990
$11,257,375
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$7,410,769
Salaries, Compensation, and Employee Benefits$3,010,730
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,280,680$120,036-$2,400,716
Fees for Services Management$634,583$1,480,695-$2,115,278
Fees for Services Other$431,248$2,537-$433,785
Other Employee Benefits$289,932$17,199-$307,131
Payroll Taxes$176,062$10,444-$186,506
Occupancy$128,798$14,368-$143,166
Office Expenses$63,893$52,548-$116,441
Conferences and Meetings$46,467$38,019-$84,486
Travel$47,493$25,573-$73,066
Current Officers, Directors, Trustees, and Key Employees$58,400$14,600-$73,000
Pension Plan Contributions$40,948$2,429-$43,377
Insurance-$34,466-$34,466
Fees for Services Legal-$20,825-$20,825
Other Expenses$17,550--$17,550
Information Technology$8,429$8,430-$16,859
Fees for Services Accounting-$11,786-$11,786
All Other Expenses$2,850$5,517-$8,367
Total Functional Expenses$8,562,027$1,859,472$0$10,421,499

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$10,421,499
Total Expenses per Audited Statements$10,421,499
Total Expenses per Form 990$10,421,499
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
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“K12 virtual schools, llc administration & management services”

Form 990, Page 6, Part VI, Line 11B

“The finance committee reviews the 990 and it is provided to the board of directors for final approval prior to submission.”

Form 990, Page 6, Part VI, Line 12C

“Potential conflicts of interest are reviewed and resolved by the board of directors. Board members with any potential conflict of interest are forbidden from voting on said matter. There are three different policies adopted by the board to cover conflicts of interest.”

Form 990, Page 6, Part VI, Line 15A

“Top management official's compensation is reviewed and approved by the board of directors and is based on comparibility data.”

Form 990, Page 6, Part VI, Line 15B

“The board of directors approves all compensation for key employees. Compensation is based on comparibility data.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, school policies, and financial statements are available for viewing by the public at the organization's office upon request.”

Filing and Contact Details

Filer

Filer Name
North Carolina Learns Inc
EIN
47-4549510
Phone
9193460121
Address
4220 NC HWY 55 STE 130, DURHAM, NC 27713
Doing Business As
Nc Virtural Academy

Signing Officer

Name
Steve Moody
Title
Board Chair
Phone
9193460121
Signed
2018-05-07

Organization Details

Principal Officer
Steve Moody
Formed
2012
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
71
Volunteers
6

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“North carolina virtual academy is a community of students, families and educators dedicated to expanding educational choice through innovative and technology rich instructional practices, and is accountable for developing each student's full potential for academic and post-secondary success.”

Raw XML Appendix374 raw XML fields

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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IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt018
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt020660
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IRS990ScheduleA/PublicSupportCY170Pct01.00000
IRS990ScheduleA/PublicSupportTotal170Amt020254045
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt011245237
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt09008808
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt020254045
IRS990ScheduleA/TotalSupportAmt020254063
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
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IRS990ScheduleD/RevenueSubtotalAmt011257375
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IRS990ScheduleD/TotalRevenuePerForm990Amt011257375
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt011257375
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt010421499
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NORTH CAROLINA VIRTUAL ACADEMY IS A COMMUNITY OF STUDENTS, FAMILIES AND EDUCATORS DEDICATED TO EXPANDING EDUCATIONAL CHOICE THROUGH INNOVATIVE AND TECHNOLOGY RICH INSTRUCTIONAL PRACTICES, AND IS ACCOUNTABLE FOR DEVELOPING EACH STUDENT'S FULL POTENTIAL FOR ACADEMIC AND POST-SECONDARY SUCCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1K12 VIRTUAL SCHOOLS, LLC ADMINISTRATION & MANAGEMENT SERVICES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FINANCE COMMITTEE REVIEWS THE 990 AND IT IS PROVIDED TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL PRIOR TO SUBMISSION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED AND RESOLVED BY THE BOARD OF DIRECTORS. BOARD MEMBERS WITH ANY POTENTIAL CONFLICT OF INTEREST ARE FORBIDDEN FROM VOTING ON SAID MATTER. THERE ARE THREE DIFFERENT POLICIES ADOPTED BY THE BOARD TO COVER CONFLICTS OF INTEREST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4TOP MANAGEMENT OFFICIAL'S COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS AND IS BASED ON COMPARIBILITY DATA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE BOARD OF DIRECTORS APPROVES ALL COMPENSATION FOR KEY EMPLOYEES. COMPENSATION IS BASED ON COMPARIBILITY DATA.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS, SCHOOL POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR VIEWING BY THE PUBLIC AT THE ORGANIZATION'S OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
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IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsEOYAmt01215595
IRS990/TotalAssetsGrp/BOYAmt0873038
IRS990/TotalAssetsGrp/EOYAmt01215595
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IRS990/TotalContributionsAmt011245237
IRS990/TotalEmployeeCnt071
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt01859472
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt08562027
IRS990/TotalFunctionalExpensesGrp/TotalAmt010421499
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0565143
IRS990/TotalLiabilitiesEOYAmt071824
IRS990/TotalLiabilitiesGrp/BOYAmt0565143
IRS990/TotalLiabilitiesGrp/EOYAmt071824
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0307895
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt01143771
IRS990/TotalProgramServiceExpensesAmt08562027
IRS990/TotalRevenueGrp/ExclusionAmt018
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt012120
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt011257375
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0873038
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01215595
IRS990/TravelGrp/ManagementAndGeneralAmt025573
IRS990/TravelGrp/ProgramServicesAmt047493
IRS990/TravelGrp/TotalAmt073066
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0257895
IRS990/UnrestrictedNetAssetsGrp/EOYAmt01143771
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt050000
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt04220 NC HIGHWAY 55 STE 130
IRS990/USAddress/CityNm0DURHAM
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027713
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0WWW.NCVA.K12.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/PersonNm0STEVE MOODY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0BOARD CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum09193460121
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-05-07
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0NORTH CAROLINA LEARNS INC
ReturnHeader/Filer/BusinessNameControlTxt0NORT
ReturnHeader/Filer/EIN0474549510
ReturnHeader/Filer/PhoneNum09193460121
ReturnHeader/Filer/USAddress/AddressLine1Txt04220 NC HWY 55 STE 130
ReturnHeader/Filer/USAddress/CityNm0DURHAM
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027713
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId09FAAF1616B4CCCDB4442939EE88CB87B1EA87359
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId053D458C82320E5CA4BCA37F288A6CEEB15A0A3C7
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0202102404
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PETWAY MILLS & PEARSON PA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1036
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ZEBULON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0275971036
ReturnHeader/PreparerPersonGrp/PhoneNum09192697405
ReturnHeader/PreparerPersonGrp/PreparationDt02018-05-07
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JAMES A RIDOUTT
ReturnHeader/ReturnTs02018-05-10T16:52:20-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-07-01
ReturnHeader/TaxPeriodEndDt02017-06-30
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,215,595
Liabilities
$71,824
Net assets
$1,143,771
Revenue
$11,257,375
Expenses
$10,421,499
Net income
$835,876
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$13.3$0.97$12.4$31.6$26.8$4.75
2023Detailed filing. Detailed filing data is available for this year.$9.12$1.53$7.59$26.4$25.4$1.02
2022Detailed filing. Detailed filing data is available for this year.$7.56$0.24$7.32$27.5$25.5$2.05
2021Detailed filing. Detailed filing data is available for this year.$5.39$0.12$5.27$24.1$21.9$2.27
2020Detailed filing. Detailed filing data is available for this year.$3.62$0.63$2.99$20.5$19.5$1.07
2019Detailed filing. Detailed filing data is available for this year.$2.37$0.45$1.92$17.7$17.0$0.75
2018Detailed filing. Detailed filing data is available for this year.$1.59$0.42$1.17$13.8$13.8$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.22$0.07$1.14$11.3$10.4$0.84
2016Summary only. Only limited summary data is available for this year.$0.87$0.57$0.31$9.02$8.71$0.31