Civic Intelligence

Fayetteville Academy

990 • Fiscal year 2024 • EIN 56-0944004

Jul 01, 2023 to Jun 30, 2024 • Filed on Jan 06, 2025

3200 Cliffdale RoadFayetteville, NC 28303

(910) 868-5131

Siviq Scores

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

Liabilities / Assets

51st percentile

0.25x

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

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

52nd percentile

0.24x

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

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Net Margin

53rd percentile

4.3%

Higher net margin than 53% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

27th percentile

$0

Higher top officer pay than 27% of similar nonprofits.

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

2024 filings • NTEE B • $5M-$10M nonprofits • Source year 2024

Asset Growth

49th percentile

4.9%

Faster asset growth than 49% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

50th percentile

7.4%

Faster revenue growth than 50% of similar nonprofits.

2024 filings • NTEE B • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$6,978,281

Up $328,765 (+4.9%) from 2023

Net Assets

Up

$5,260,322

Up $367,634 (+7.5%) from 2023

Liabilities

Down

$1,717,959

Down $38,869 (-2.2%) from 2023

Revenue

Up

$7,146,572

Up $493,668 (+7.4%) from 2023

Expenses

Up

$6,840,534

Up $600,995 (+9.6%) from 2023

Net Income

Down

$306,038

Down $107,327 (-26%) from 2023

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2011: $4,606,971Liabilities 2011: $1,327,793Net Assets 2011: $3,279,1782011Assets 2012: $4,376,083Liabilities 2012: $1,256,264Net Assets 2012: $3,119,8192012Assets 2013: $4,393,729Liabilities 2013: $1,050,942Net Assets 2013: $3,342,7872013Assets 2014: $4,263,512Liabilities 2014: $896,222Net Assets 2014: $3,367,2902014Assets 2015: $4,114,808Liabilities 2015: $764,981Net Assets 2015: $3,349,8272015Assets 2016: $4,422,578Liabilities 2016: $903,246Net Assets 2016: $3,519,3322016Assets 2017: $4,920,720Liabilities 2017: $884,819Net Assets 2017: $4,035,9012017Assets 2018: $5,054,437Liabilities 2018: $976,346Net Assets 2018: $4,078,0912018Assets 2019: $5,117,796Liabilities 2019: $954,245Net Assets 2019: $4,163,5512019Assets 2020: $5,641,362Liabilities 2020: $1,629,722Net Assets 2020: $4,011,6402020Assets 2021: $6,677,231Liabilities 2021: $2,539,480Net Assets 2021: $4,137,7512021Assets 2022: $6,108,827Liabilities 2022: $1,674,364Net Assets 2022: $4,434,4632022Assets 2023: $6,649,516Liabilities 2023: $1,756,828Net Assets 2023: $4,892,6882023Assets 2024: $6,978,281Liabilities 2024: $1,717,959Net Assets 2024: $5,260,3222024Assets 2025: $7,385,701Liabilities 2025: $1,742,698Net Assets 2025: $5,643,0032025

Highlighted filing

2024

Assets$6,978,281
Liabilities$1,717,959
Net Assets$5,260,322

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $4,917,7582011Expenses 2012: $4,820,3552012Expenses 2013: $4,631,5042013Revenue 2014: $4,794,863Expenses 2014: $4,813,501Net Income 2014: -$18,6382014Revenue 2015: $4,845,345Expenses 2015: $4,845,395Net Income 2015: -$502015Revenue 2016: $4,998,095Expenses 2016: $4,790,455Net Income 2016: $207,6402016Revenue 2017: $5,350,200Expenses 2017: $4,878,200Net Income 2017: $472,0002017Revenue 2018: $5,369,449Expenses 2018: $5,349,626Net Income 2018: $19,8232018Revenue 2019: $5,747,952Expenses 2019: $5,634,414Net Income 2019: $113,5382019Revenue 2020: $5,577,817Expenses 2020: $5,720,012Net Income 2020: -$142,1952020Revenue 2021: $5,986,071Expenses 2021: $5,991,700Net Income 2021: -$5,6292021Revenue 2022: $6,525,555Expenses 2022: $6,031,294Net Income 2022: $494,2612022Revenue 2023: $6,652,904Expenses 2023: $6,239,539Net Income 2023: $413,3652023Revenue 2024: $7,146,572Expenses 2024: $6,840,534Net Income 2024: $306,0382024Revenue 2025: $7,205,106Expenses 2025: $6,881,049Net Income 2025: $324,0572025

Highlighted filing

2024

Revenue$7,146,572
Expenses$6,840,534
Net Income$306,038
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Jan 6, 2025
Return Version
2023v6.0
Gross Receipts
$7,146,572
Mission and Program Overview

Mission

Fayetteville academy is an independent, college preparatory school (prek- 12) that encourages students to achieve their full potential by offering exceptional opportunities in academics, fine arts, and athletics. The academy emphasizes scholarship, honor, leadership, and citizenship in a safe and inclusive environment. The academy is proud to be ranked the number one private school in the fayetteville area and among the top 20 best private schools in north carolina by niche.com.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,556,835$3,561,750▲ $4,915
Cash and Non-Interest-Bearing Accounts$2,142,659$2,378,485▲ $235,826
Investments in Publicly Traded Securities$796,509$895,454▲ $98,945
Prepaid Expenses and Deferred Charges$56,406$72,928▲ $16,522
Accounts Receivable$63,948$67,105▲ $3,157
Total Assets$6,649,516$6,978,281▲ $328,765
Other Assets Total$33,159$2,559▼ $30,600
Liabilities
Other Liabilities$1,099,994$1,052,965▼ $47,029
Accounts Payable and Accrued Expenses$488,691$517,272▲ $28,581
Deferred Revenue$168,143$147,722▼ $20,421
Total Liabilities$1,756,828$1,717,959▼ $38,869
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,853,325$4,159,714▲ $306,389
Net Assets With Donor Restrictions$1,039,363$1,100,608▲ $61,245
Total Net Assets Fund Balance$4,892,688$5,260,322▲ $367,634
Total Liabilities and Net Assets / Fund Balance$6,649,516$6,978,281▲ $328,765

Asset Categories

AssetBook ValueDepreciationBasis
Land$147,148-$147,148

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2020$621,682$12,000▲ $157,256$15,420$768,680
2019$621,550$10,000▲ $21,038$24,928$621,682
Compensation and Service Providers

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$703,094
Program Service Revenue
$6,225,419
Investment Income
$166,965
Other Revenue
$51,094
All Other Contributions
$703,094
Change in Net Assets
$306,038

Audited Revenue Reconciliation

Revenue per Audited Statements
$7,146,572
Total Revenue per Audited Statements
$7,146,572
Total Revenue per Form 990
$7,146,572
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,960,624
Other Expenses$1,879,910
Total Fundraising Expense$103,115
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,169,641$812,728$81,273$4,063,642
All Other Expenses$271,448$116,725$3,903$392,076
Other Employee Benefits$305,364$78,299$7,830$391,493
Depreciation Depletion$333,188--$333,188
Payroll Taxes$228,710$58,644$5,864$293,218
Pension Plan Contributions$165,572$42,454$4,245$212,271
Advertising$151,608--$151,608
Information Technology$121,190$30,297-$151,487
Other Expenses$128,660$28,864-$128,660
Insurance$126,280--$126,280
Interest-$28,080-$28,080
Office Expenses-$7,283-$7,283
Total Functional Expenses$5,502,341$1,235,078$103,115$6,840,534

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,840,534
Total Expenses per Audited Statements$6,840,534
Total Expenses per Form 990$6,840,534
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
Notes Payable$892,471
Deposits Held for Agencies$160,494
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 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
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, Page 6, Part VI, Line 11B

After review and approval of the 990 by the academy's finance committee, the full board reviews the 990 prior to filing.

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

Annual disclosure of conflicts of interests.

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

The head of school's compensation is reviewed annually by the finance committee; recommendations are made by this committee to the board who approves the complete compensation package.

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

Compensation of key employees is reviewed annually by the finance committee; recommendations are made by this committee to the board who approves the compensation package.

Form 990, Page 6, Part VI, Line 19

Governing documents will be provided upon request.

Filing and Contact Details

Filer

Filer Name
Fayetteville Academy
EIN
56-0944004
Phone
9108685131
Address
3200 CLIFFDALE ROAD, FAYETTEVILLE, NC 28303

Signing Officer

Name
Ed Petkovich
Title
Chairman
Phone
9108685131
Signed
2025-01-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ed Petkovich
Formed
1969
Legal Domicile
Nc
Voting Board Members
21
Independent Board Members
21
Employees
164

Preparer

Firm
Norman Bass & Parnell Cpas Pllc
Address
PO BOX 87047, FAYETTEVILLE, NC 28304
Preparer
Larry L Bass
Phone
9104840145
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Fayetteville academy is an independent, college preparatory school (prek- 12) that encourages students to achieve their full potential by offering exceptional opportunities in academics, fine arts, and athletics. The academy emphasizes scholarship, honor, leadership, and citizenship in a safe and inclusive environment. The academy is proud to be ranked the number one private school in the fayetteville area and among the top 20 best private schools in north carolina by niche.com.

Form 990, Page 1, Part I, Line 6

Support of activities for students, teachers and staff of the academy.

Form 990, Page 2, Part III, Line 4D

Fayetteville academy, an independent, college preparatory school, encourages students to achieve their full potential by offering opportunities in academics, fine arts, and athletics. The academy is proud to be ranked the number one private school in the fayetteville area and among the top 20 best private schools in north carolina by niche.com. Fayetteville academy's small class sizes, safe and caring atmosphere and numerous extracurricular activities ensure that each child at the academy receives a unique educational experience. The school offers state-of-the-art steam smartlabs, band, chorus, theatre, on-site sat and act testing, a college counseling program, 13ap and 15 honor courses, over 25 clubs and organizations, before and after school care and enrichment programs, a chromebook and ipad program, a full-time nurse on site, and the summer odyssey camp program. The average sat and act scores of academy students exceed national averages. Students can participate in competitions such as battle of the books, lego robotics team, mock trial, science olympiad, and scripps spelling bee. In addition, the academy offers 24 athletic teams including basketball, soccer, tennis, volleyball, golf , cross country, track, baseball, lacrosse, swimming, and cheerleading. Athletic teams have won a total of 23 state championships. Approximately 1/3 of students at fa receive financial aid, and 1/3 are from military families. The academy boasts a diverse student population with over 1/3 of students being from minority backgrounds. 72% of the faculty and administration hold advanced degrees.

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IRS990/MissionDesc0FAYETTEVILLE ACADEMY IS AN INDEPENDENT, COLLEGE PREPARATORY SCHOOL (PREK- 12) THAT ENCOURAGES STUDENTS TO ACHIEVE THEIR FULL POTENTIAL BY OFFERING EXCEPTIONAL OPPORTUNITIES IN ACADEMICS, FINE ARTS, AND ATHLETICS. THE ACADEMY EMPHASIZES SCHOLARSHIP, HONOR, LEADERSHIP, AND CITIZENSHIP IN A SAFE AND INCLUSIVE ENVIRONMENT. THE ACADEMY IS PROUD TO BE RANKED THE NUMBER ONE PRIVATE SCHOOL IN THE FAYETTEVILLE AREA AND AMONG THE TOP 20 BEST PRIVATE SCHOOLS IN NORTH CAROLINA BY NICHE.COM.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0FAYETTEVILLE ACADEMY, AN INDEPENDENT, COLLEGE PREPARATORY SCHOOL, ENCOURAGES STUDENTS TO ACHIEVE THEIR FULL POTENTIAL BY OFFERING OPPORTUNITIES IN ACADEMICS, FINE ARTS, AND ATHLETICS. THE ACADEMY IS PROUD TO BE RANKED THE NUMBER ONE PRIVATE SCHOOL IN THE FAYETTEVILLE AREA AND AMONG THE TOP 20 BEST PRIVATE SCHOOLS IN NORTH CAROLINA BY NICHE.COM. FAYETTEVILLE ACADEMY'S SMALL CLASS SIZES, SAFE AND CARING ATMOSPHERE AND NUMEROUS EXTRACURRICULAR ACTIVITIES ENSURE THAT EACH CHILD AT THE ACADEMY RECEIVES A UNIQUE EDUCATIONAL EXPERIENCE. THE SCHOOL OFFERS STATE-OF-THE-ART STEAM SMARTLABS, BAND, CHORUS, THEATRE, ON-SITE SAT AND ACT TESTING, A COLLEGE COUNSELING PROGRAM, 13AP AND 15 HONOR COURSES, OVER 25 CLUBS AND ORGANIZATIONS, BEFORE AND AFTER SCHOOL CARE AND ENRICHMENT PROGRAMS, A CHROMEBOOK AND IPAD PROGRAM, A FULL-TIME NURSE ON SITE, AND THE SUMMER ODYSSEY CAMP PROGRAM. THE AVERAGE SAT AND ACT SCORES OF ACADEMY STUDENTS EXCEED NATIONAL AVERAGES. STUDENTS CAN PARTICIPATE IN COMPETITIONS SUCH AS BATTLE OF THE BOOKS, LEGO ROBOTICS TEAM, MOCK TRIAL, SCIENCE OLYMPIAD, AND SCRIPPS SPELLING BEE. IN ADDITION, THE ACADEMY OFFERS 24 ATHLETIC TEAMS INCLUDING BASKETBALL, SOCCER, TENNIS, VOLLEYBALL, GOLF , CROSS COUNTRY, TRACK, BASEBALL, LACROSSE, SWIMMING, AND CHEERLEADING. ATHLETIC TEAMS HAVE WON A TOTAL OF 23 STATE CHAMPIONSHIPS. APPROXIMATELY 1/3 OF STUDENTS AT FA RECEIVE FINANCIAL AID, AND 1/3 ARE FROM MILITARY FAMILIES. THE ACADEMY BOASTS A DIVERSE STUDENT POPULATION WITH OVER 1/3 OF STUDENTS BEING FROM MINORITY BACKGROUNDS. 72% OF THE FACULTY AND ADMINISTRATION HOLD ADVANCED DEGREES.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FAYETTEVILLE ACADEMY IS AN INDEPENDENT, COLLEGE PREPARATORY SCHOOL (PREK- 12) THAT ENCOURAGES STUDENTS TO ACHIEVE THEIR FULL POTENTIAL BY OFFERING EXCEPTIONAL OPPORTUNITIES IN ACADEMICS, FINE ARTS, AND ATHLETICS. THE ACADEMY EMPHASIZES SCHOLARSHIP, HONOR, LEADERSHIP, AND CITIZENSHIP IN A SAFE AND INCLUSIVE ENVIRONMENT. THE ACADEMY IS PROUD TO BE RANKED THE NUMBER ONE PRIVATE SCHOOL IN THE FAYETTEVILLE AREA AND AMONG THE TOP 20 BEST PRIVATE SCHOOLS IN NORTH CAROLINA BY NICHE.COM.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SUPPORT OF ACTIVITIES FOR STUDENTS, TEACHERS AND STAFF OF THE ACADEMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FAYETTEVILLE ACADEMY, AN INDEPENDENT, COLLEGE PREPARATORY SCHOOL, ENCOURAGES STUDENTS TO ACHIEVE THEIR FULL POTENTIAL BY OFFERING OPPORTUNITIES IN ACADEMICS, FINE ARTS, AND ATHLETICS. THE ACADEMY IS PROUD TO BE RANKED THE NUMBER ONE PRIVATE SCHOOL IN THE FAYETTEVILLE AREA AND AMONG THE TOP 20 BEST PRIVATE SCHOOLS IN NORTH CAROLINA BY NICHE.COM. FAYETTEVILLE ACADEMY'S SMALL CLASS SIZES, SAFE AND CARING ATMOSPHERE AND NUMEROUS EXTRACURRICULAR ACTIVITIES ENSURE THAT EACH CHILD AT THE ACADEMY RECEIVES A UNIQUE EDUCATIONAL EXPERIENCE. THE SCHOOL OFFERS STATE-OF-THE-ART STEAM SMARTLABS, BAND, CHORUS, THEATRE, ON-SITE SAT AND ACT TESTING, A COLLEGE COUNSELING PROGRAM, 13AP AND 15 HONOR COURSES, OVER 25 CLUBS AND ORGANIZATIONS, BEFORE AND AFTER SCHOOL CARE AND ENRICHMENT PROGRAMS, A CHROMEBOOK AND IPAD PROGRAM, A FULL-TIME NURSE ON SITE, AND THE SUMMER ODYSSEY CAMP PROGRAM. THE AVERAGE SAT AND ACT SCORES OF ACADEMY STUDENTS EXCEED NATIONAL AVERAGES. STUDENTS CAN PARTICIPATE IN COMPETITIONS SUCH AS BATTLE OF THE BOOKS, LEGO ROBOTICS TEAM, MOCK TRIAL, SCIENCE OLYMPIAD, AND SCRIPPS SPELLING BEE. IN ADDITION, THE ACADEMY OFFERS 24 ATHLETIC TEAMS INCLUDING BASKETBALL, SOCCER, TENNIS, VOLLEYBALL, GOLF , CROSS COUNTRY, TRACK, BASEBALL, LACROSSE, SWIMMING, AND CHEERLEADING. ATHLETIC TEAMS HAVE WON A TOTAL OF 23 STATE CHAMPIONSHIPS. APPROXIMATELY 1/3 OF STUDENTS AT FA RECEIVE FINANCIAL AID, AND 1/3 ARE FROM MILITARY FAMILIES. THE ACADEMY BOASTS A DIVERSE STUDENT POPULATION WITH OVER 1/3 OF STUDENTS BEING FROM MINORITY BACKGROUNDS. 72% OF THE FACULTY AND ADMINISTRATION HOLD ADVANCED DEGREES.

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$7.39$1.74$5.64$7.21$6.88$0.32
2024Detailed filing. Detailed filing data is available for this year.$6.98$1.72$5.26$7.15$6.84$0.31
2023Detailed filing. Detailed filing data is available for this year.$6.65$1.76$4.89$6.65$6.24$0.41
2022Detailed filing. Detailed filing data is available for this year.$6.11$1.67$4.43$6.53$6.03$0.49
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.68$2.54$4.14$5.99$5.99$0.01
2020Detailed filing. Detailed filing data is available for this year.$5.64$1.63$4.01$5.58$5.72$0.14
2019Detailed filing. Detailed filing data is available for this year.$5.12$0.95$4.16$5.75$5.63$0.11
2018Detailed filing. Detailed filing data is available for this year.$5.05$0.98$4.08$5.37$5.35$0.02
2017Detailed filing. Detailed filing data is available for this year.$4.92$0.88$4.04$5.35$4.88$0.47
2016Detailed filing. Detailed filing data is available for this year.$4.42$0.90$3.52$5.00$4.79$0.21
2015Detailed filing. Detailed filing data is available for this year.$4.11$0.76$3.35$4.85$4.85$0.00
2014Detailed filing. Detailed filing data is available for this year.$4.26$0.90$3.37$4.79$4.81$0.02
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.39$1.05$3.34$4.63
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.38$1.26$3.12$4.82
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.61$1.33$3.28$4.92