Civic Intelligence

Durham Academy Inc.

990 • Fiscal year 2018 • EIN 56-0538019

Jul 01, 2017 to Jun 30, 2018 • Filed on Feb 21, 2019

Refreshing map…

3130 Pickett RoadDurham, NC 27705

(919) 489-6569

Siviq Scores

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

Liabilities / Assets

51st percentile

0.26x

Higher debt load relative to assets than 51% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Liabilities / Revenue

60th percentile

0.58x

Higher debt load relative to revenue than 60% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Net Margin

59th percentile

7.8%

Higher net margin than 59% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Top Officer Pay

71st percentile

$425,165

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2018 filings • NTEE B • $50M-$100M nonprofits • Source year 2018

Asset Growth

84th percentile

12%

Faster asset growth than 84% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2017 to 2018

Revenue Growth

62nd percentile

8.4%

Faster revenue growth than 62% of similar nonprofits.

2018 filings • NTEE B • $50M-$100M nonprofits • Annualized from 2017 to 2018

Assets

Up

$69,800,669

Up $7,216,300 (+12%) from 2017

Net Assets

Up

$51,588,695

Up $3,562,749 (+7.4%) from 2017

Liabilities

Up

$18,211,974

Up $3,653,551 (+25%) from 2017

Revenue

Up

$31,294,235

Up $2,436,416 (+8.4%) from 2017

Expenses

Up

$28,855,439

Up $1,131,734 (+4.1%) from 2017

Net Income

Up

$2,438,796

Up $1,304,682 (+115%) from 2017

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $53,783,938Liabilities 2011: $20,019,243Net Assets 2011: $33,764,6952011Assets 2012: $56,776,862Liabilities 2012: $20,303,519Net Assets 2012: $36,473,3432012Assets 2013: $58,662,689Liabilities 2013: $19,215,890Net Assets 2013: $39,446,7992013Assets 2014: $59,508,534Liabilities 2014: $17,397,909Net Assets 2014: $42,110,6252014Assets 2015: $60,709,051Liabilities 2015: $16,402,037Net Assets 2015: $44,307,0142015Assets 2016: $60,378,652Liabilities 2016: $15,446,015Net Assets 2016: $44,932,6372016Assets 2017: $62,584,369Liabilities 2017: $14,558,423Net Assets 2017: $48,025,9462017Assets 2018: $69,800,669Liabilities 2018: $18,211,974Net Assets 2018: $51,588,6952018Assets 2019: $92,328,113Liabilities 2019: $28,738,462Net Assets 2019: $63,589,6512019Assets 2020: $98,742,935Liabilities 2020: $28,113,440Net Assets 2020: $70,629,4952020Assets 2021: $115,235,784Liabilities 2021: $34,609,838Net Assets 2021: $80,625,9462021Assets 2022: $112,409,131Liabilities 2022: $31,364,437Net Assets 2022: $81,044,6942022Assets 2023: $116,101,697Liabilities 2023: $30,492,443Net Assets 2023: $85,609,2542023

Highlighted filing

2018

Assets$69,800,669
Liabilities$18,211,974
Net Assets$51,588,695

Operations Trend

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

$60M$40M$20M$0Expenses 2011: $21,601,9042011Revenue 2012: $25,144,339Expenses 2012: $22,043,438Net Income 2012: $3,100,9012012Expenses 2013: $23,194,8862013Revenue 2014: $25,525,615Expenses 2014: $24,082,052Net Income 2014: $1,443,5632014Revenue 2015: $27,632,762Expenses 2015: $25,188,487Net Income 2015: $2,444,2752015Revenue 2016: $27,640,363Expenses 2016: $26,135,714Net Income 2016: $1,504,6492016Revenue 2017: $28,857,819Expenses 2017: $27,723,705Net Income 2017: $1,134,1142017Revenue 2018: $31,294,235Expenses 2018: $28,855,439Net Income 2018: $2,438,7962018Revenue 2019: $44,370,418Expenses 2019: $33,132,390Net Income 2019: $11,238,0282019Revenue 2020: $40,988,870Expenses 2020: $33,983,779Net Income 2020: $7,005,0912020Revenue 2021: $38,768,231Expenses 2021: $34,739,105Net Income 2021: $4,029,1262021Revenue 2022: $40,893,092Expenses 2022: $36,185,687Net Income 2022: $4,707,4052022Revenue 2023: $42,593,002Expenses 2023: $39,825,185Net Income 2023: $2,767,8172023

Highlighted filing

2018

Revenue$31,294,235
Expenses$28,855,439
Net Income$2,438,796
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Feb 21, 2019
Return Version
2017v2.3
Gross Receipts
$35,936,406
Mission and Program Overview

Mission

The purpose of durham academy is to provide each student an education that will enable him or her to live a moral, happy and productive life. The development of intellect is central to such a life and, thus, intellectual endeavor and growth are the primary work of the school. The acquisition of knowledge; the development of skills, critical judgment and intellectual curiosity; and increased understanding are the goals of the school's academic program.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$26,957,224$34,127,788▲ $7,170,564
Investments in Publicly Traded Securities$21,904,157$25,290,085▲ $3,385,928
Savings and Temporary Cash Investments$10,458,790$7,215,060▼ $3,243,730
Investments Other Securities$2,193,924$2,150,722▼ $43,202
Prepaid Expenses and Deferred Charges$396,857$439,299▲ $42,442
Accounts Receivable$50,403$302,580▲ $252,177
Cash and Non-Interest-Bearing Accounts$158,455$133,945▼ $24,510
Inventories for Sale or Use$111,673$100,445▼ $11,228
Pledges and Grants Receivable$352,886$40,745▼ $312,141
Total Assets$62,584,369$69,800,669▲ $7,216,300
Liabilities
Tax Exempt Bond Liabilities$9,331,921$12,944,393▲ $3,612,472
Deferred Revenue$3,764,806$3,637,269▼ $127,537
Accounts Payable and Accrued Expenses$1,425,988$1,605,854▲ $179,866
Mortgage Notes Payable Secured by Investment Property$35,708$24,458▼ $11,250
Total Liabilities$14,558,423$18,211,974▲ $3,653,551
Net Assets / Fund Balance
Unrestricted Net Assets$32,408,940$35,470,136▲ $3,061,196
Temporarily Rstr Net Assets$7,674,423$8,107,936▲ $433,513
Permanently Rstr Net Assets$7,942,583$8,010,623▲ $68,040
Total Net Assets Fund Balance$48,025,946$51,588,695▲ $3,562,749
Total Liabilities and Net Assets / Fund Balance$62,584,369$69,800,669▲ $7,216,300

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$21,394,337$16,546,540$37,940,877
Other Land Buildings$9,888,493$5,360,217$15,248,710
Equipment$1,022,574$7,900,290$8,922,864
Land$1,822,384-$1,822,384

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$12,681,823$68,040▲ $630,766$165,826$13,156,279
2016$11,996,214$163,910▲ $971,822$415,898$12,681,823
2015$12,561,110$163,688▼ $313,296$386,340$11,996,214
2014$11,848,310$1,181,108▲ $46,554$481,765$12,561,110
2013$10,587,724$253,951▲ $1,284,963$233,580$11,848,310
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael Ulku-steinerHead of SchoolFT$322,264$102,901$425,165
Gerald D BensonDirector of Business ServiFT$272,901$63,735$336,636
Lee J HarkAssociate Head of SchoolFT$189,461$91,268$280,729
Leslie B HoldsworthDirector of DevelopmentFT$156,913$57,073$213,986
Jonathan M MeredithDirector of Middle SchoolFT$137,693$61,192$198,885
Daniel R GilsonDirector of Extended Day aFT$98,273$83,403$181,676
Victoria MuradiDirector of Admissions andFT$146,897$17,851$164,748
Lanis WilsonDirector of Upper SchoolFT$126,101$16,256$142,357

Board Members and Trustees

NameTitle
Brendan J MoylanChair
Garrett PutmanAlumni Board President
Gwendolyn C BrooksVice Chair
Ann SmithBoard Member
Anna Ho WhalenBoard Member
Blair KelleyBoard Member
Chuck LovelaceBoard Member
Deb Claypoole AndersonBoard Member
Edwin PostonBoard Member
Enrique NeblettBoard Member
Jamie K SpatolaBoard Member
Janis B TillmanBoard Member
Jean SpauldingBoard Member
Jimbo HuckabeeBoard Member
Kanika CapelBoard Member
Kara TurnerBoard Member
Laura H VirklerBoard Member
Luis PastorBoard Member
Monica JenkinsBoard Member
Neal F TriplettBoard Member
Stephen BayerBoard Member
Tom PfeilBoard Member
Caroline RogersParents Association Presid
Karen RabenauSecretary
David P KingTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Ct Wilson Construction CoConstructionPO BOX 2011, Durham, NC 27702$7,034,237
Cannon ArchitectsArchitecture401 N WEST STREET, Raleigh, NC 27603$555,013
Cenplex Building Services LLCCleaning2400 RELIANCE AVENUE SUITE B, Apex, NC 27539-7010$379,008
Honeywell International INCHeating And Cooling Repair12490 COLLECTIONS CENTER DRIVE, Chicago, IL 60693$335,488
Proctor Flooring & AcousticalFlooring Installation110 BRENROSE CIRCLE, Durham, NC 27705$136,648
Revenue and Support

Revenue Composition

Contributions and Grants
$1,407,146
Program Service Revenue
$29,159,348
Investment Income
$294,652
Other Revenue
$433,089
All Other Contributions
$1,407,146
Change in Net Assets
$2,438,796

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded4$39,979Fair Market Value (FMV)
Total Noncash Contributions4$39,979-

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,224,477
Revenue Not Reported on Financial Statements
$69,758
Revenue Not Reported on Form 990
$1,986,017
Other Revenue Adjustments
$9,758
Total Revenue per Audited Statements
$33,210,494
Total Revenue per Form 990
$31,294,235
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$20,684,783
Other Expenses$8,170,656
Total Fundraising Expense$1,244,078
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,418,478$3,418,148$542,626$14,379,252
Other Employee Benefits$2,300,612$767,508$164,174$3,232,294
Depreciation Depletion$1,479,040$486,260$60,782$2,026,082
Occupancy$1,335,517$439,074$54,884$1,829,475
Payroll Taxes$825,965$271,252$39,123$1,136,340
Current Officers, Directors, Trustees, and Key Employees$785,311$258,162$42,376$1,085,849
Pension Plan Contributions$621,065$203,151$26,832$851,048
Office Expenses$216,672$209,403$74,571$500,646
Travel$415,349$38,641$12,606$466,596
Information Technology$234,158$136,409-$370,567
Interest$191,236--$191,236
Advertising-$128,590-$128,590
Insurance$91,681--$91,681
All Other Expenses$6,201$76,163$377$82,741
Fees for Service Investment Mgmnt Fees-$60,000-$60,000
Other Expenses$88,713$54,841$161,259$54,841
Fees for Services Accounting-$52,350-$52,350
Fees for Services Legal-$49,822-$49,822
Fees for Services Other$16,266$2,012-$18,278
Total Functional Expenses$20,821,390$6,789,971$1,244,078$28,855,439

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$29,647,745
Total Expenses per Form 990$28,855,439
Expenses per Audited Statements$28,785,681
Expenses Not Reported on Form 990$862,064
Expenses Not Reported on Financial Statements$69,758
Other Expense Adjustments$9,758
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$125,577
Fundraising Direct Expenses$42,133
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$72,060$72,060$25,922$46,138
Golf Tournament$37,810$37,810$9,894$27,916
Total Events$125,577$125,577$42,133$83,444
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
-Former Board MemberDurham Academy Pays C.t. Wilson Construction for Construction Projects.No$7,034,237
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2017-04-05$25,570,000To refund a prior issue (2013) and fund new capital projects

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$14,328,231--$140,578

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No

Governance Explanations

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

The form 990 will be reviewed by the head of school, director of business services and finance committee. The finance committee will approve the draft including any identified changes as a result of this review. The final form 990 tax return will be signed by the head of school and a copy of the approved return will be provided to all of the officers, directors and trustees before the return is filed.

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

Any member of the board of trustees shall disclose to the board any relationship which he/she may have with any person, corporation or other entity with whom the school proposes to enter into any contract or other transaction which will or may result in financial gain or advantage to such board members by reason of such relationship. If it appears that a board member has failed to make disclosure before the school enters into such contract or transaction, the board may remove such trustee by vote of a simple majority of the trustees then in office, at any meeting in which a quorum is present. If any trustee is so removed a new trustee may be elected at the same meeting or at a subsequent meeting.

Form 990, Part VI, Section B, Line 15

The process for determining compensation of the organization's head of school includes all of these elements: the review and approval by the board, use of data as to comparable compensation for similarly qualified persons, and written employment contract and contemporaneous records.

Form 990, Part VI, Section C, Line 19

All audited financial statements, governing documents, and policies are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Durham Academy Inc
EIN
56-0538019
Phone
9194896569
Address
3130 PICKETT ROAD, DURHAM, NC 27705

Signing Officer

Name
Michael Ulku-steiner
Title
Head of School
Phone
9194896569
Signed
2019-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Ulku-steiner
Formed
1961
Legal Domicile
Nc
Voting Board Members
25
Independent Board Members
25
Employees
454
Volunteers
150

Preparer

Firm
Thomas Judy & Tucker P a
Address
4700 FALLS OF NEUSE ROAD SUITE 400, RALEIGH, NC 27609
Preparer
Kristen Hoyle CPA
Phone
9195717055
Supplemental Narrative

Additional Explanations

Form 990, Part XII Ln 2C

The process has not changed from prior year.

Financial Statement Notes

PART V, LINE 4:

The endowment funds is an investment tool to hold funds to be used towards the schools programs.

PART X, LINE 2:

Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the academy and recognize a tax liability (or asset) if the academy has taken an uncertain tax position that more likely than not would be sustained upon examination by the applicable authorities. Management has analyzed the tax positions taken by the academy, and has concluded that as of june 30, 2018, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The academy is subject to routine audits by taxing jurisdictions; however there are currently no audits for any tax periods in progress.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Fundraising expenses 32,239. Cost of goods sold 119,249. Summer programs 691,507. Rental expense 19,069.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Gain on sale of fixed assets 9,758.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Cost of goods sold 119,249. Summer programs 691,507. Fundraising event 32,239. Rental expense 19,069.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Gain on sale of fixed assets 9,758.

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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/Form990PartVIISectionAGrp/TitleTxt0CHAIR
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IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23ALUMNI BOARD PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt26DIRECTOR OF BUSINESS SERVI
IRS990/Form990PartVIISectionAGrp/TitleTxt27ASSOCIATE HEAD OF SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt28DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt29DIRECTOR OF MIDDLE SCHOOL
IRS990/Form990PartVIISectionAGrp/TitleTxt30DIRECTOR OF ADMISSIONS AND
IRS990/Form990PartVIISectionAGrp/TitleTxt31DIRECTOR OF EXTENDED DAY A
IRS990/Form990PartVIISectionAGrp/TitleTxt32DIRECTOR OF UPPER SCHOOL
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$116$30.5$85.6$42.6$39.8$2.77
2022Summary only. Only limited summary data is available for this year.$112$31.4$81.0$40.9$36.2$4.71
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$115$34.6$80.6$38.8$34.7$4.03
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$98.7$28.1$70.6$41.0$34.0$7.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$92.3$28.7$63.6$44.4$33.1$11.2
2018Detailed filing. Detailed filing data is available for this year.$69.8$18.2$51.6$31.3$28.9$2.44
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$62.6$14.6$48.0$28.9$27.7$1.13
2016Detailed filing. Detailed filing data is available for this year.$60.4$15.4$44.9$27.6$26.1$1.50
2015Detailed filing. Detailed filing data is available for this year.$60.7$16.4$44.3$27.6$25.2$2.44
2014Detailed filing. Detailed filing data is available for this year.$59.5$17.4$42.1$25.5$24.1$1.44
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.7$19.2$39.4$23.2
2012Summary only. Only limited summary data is available for this year.$56.8$20.3$36.5$25.1$22.0$3.10
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$53.8$20.0$33.8$21.6
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)3 • $50M-$100M nonprofits