Civic Intelligence

Fletcher Academy Inc.

990 • Fiscal year 2014 • EIN 56-1432644

Jul 01, 2013 to Jun 30, 2014 • Filed on May 11, 2015

Organization ProfileWWW.FLETCHERACADEMY.COM
PO Box 5440 Howard Gap Road28732

(828) 209-6711

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.52x

Higher debt load relative to assets than 72% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Liabilities / Revenue

81st percentile

1.15x

Higher debt load relative to revenue than 81% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Net Margin

22nd percentile

-3.7%

Higher net margin than 22% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Top Officer Pay

16th percentile

$71,045

Higher top officer pay than 16% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2014

Asset Growth

32nd percentile

-0.5%

Faster asset growth than 32% of similar nonprofits.

2014 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Down

$19,049,913

Down $95,456 (-0.5%) from 2013

Net Assets

Down

$9,065,649

Down $109,285 (-1.2%) from 2013

Liabilities

Up

$9,984,264

Up $13,829 (+0.1%) from 2013

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin22nd percentile

Revenue

$8,679,169

No earlier filing loaded for comparison.

Expenses

Up

$9,000,276

Up $311,797 (+3.6%) from 2013

Net Income

-$321,107

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth32nd percentile

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

$30M$20M$10M$0Assets 2013: $19,145,369Liabilities 2013: $9,970,435Net Assets 2013: $9,174,9342013Assets 2014: $19,049,913Liabilities 2014: $9,984,264Net Assets 2014: $9,065,6492014Assets 2015: $18,622,974Liabilities 2015: $9,536,388Net Assets 2015: $9,086,5862015Assets 2016: $18,094,128Liabilities 2016: $9,526,830Net Assets 2016: $8,567,2982016Assets 2017: $18,124,253Liabilities 2017: $9,506,280Net Assets 2017: $8,617,9732017Assets 2018: $19,003,841Liabilities 2018: $9,392,299Net Assets 2018: $9,611,5422018Assets 2019: $19,402,904Liabilities 2019: $9,263,110Net Assets 2019: $10,139,7942019Assets 2020: $20,104,549Liabilities 2020: $9,349,986Net Assets 2020: $10,754,5632020Assets 2021: $20,973,040Liabilities 2021: $16,104,532Net Assets 2021: $4,868,5082021Assets 2022: $20,769,955Liabilities 2022: $16,926,017Net Assets 2022: $3,843,9382022Assets 2023: $19,644,092Liabilities 2023: $16,530,176Net Assets 2023: $3,113,9162023Assets 2024: $19,433,168Liabilities 2024: $16,495,222Net Assets 2024: $2,937,9462024

Highlighted filing

2014

Assets$19,049,913
Liabilities$9,984,264
Net Assets$9,065,649
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$15M$10M$5.0M$0-$5.0MExpenses 2013: $8,688,4792013Revenue 2014: $8,679,169Expenses 2014: $9,000,276Net Income 2014: -$321,1072014Revenue 2015: $9,244,151Expenses 2015: $9,193,412Net Income 2015: $50,7392015Revenue 2016: $7,829,128Expenses 2016: $8,274,263Net Income 2016: -$445,1352016Revenue 2017: $7,507,017Expenses 2017: $7,582,976Net Income 2017: -$75,9592017Revenue 2018: $8,619,799Expenses 2018: $7,698,305Net Income 2018: $921,4942018Revenue 2019: $8,510,194Expenses 2019: $7,951,322Net Income 2019: $558,8722019Revenue 2020: $8,894,567Expenses 2020: $8,211,480Net Income 2020: $683,0872020Revenue 2021: $8,984,005Expenses 2021: $8,424,590Net Income 2021: $559,4152021Revenue 2022: $8,672,935Expenses 2022: $9,501,224Net Income 2022: -$828,2892022Revenue 2023: $9,697,230Expenses 2023: $10,610,509Net Income 2023: -$913,2792023Revenue 2024: $10,497,051Expenses 2024: $10,905,485Net Income 2024: -$408,4342024

Highlighted filing

2014

Revenue$8,679,169
Expenses$9,000,276
Net Income-$321,107
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 11, 2015
Return Version
2013v4.0
Gross Receipts
$9,152,521
Mission and Program Overview

Mission

Fletcher Academy, an independent college preparatory high school founded in 1910, exists to provide a distinctly Seventh-day Adventist education where spiritual development is bolstered with academic rigor, work skills, and character development that challenges our graduates to have a transforming influence in their world as disciples of Jesus.

Fletcher academy inc ("fai") operates an independent k-12 college preparatory school to provide a distinctly seventh-day adventist education where spiritual development is bolstered with academic rigor, work skills, and character development that challenges graduates to have a transforming influence in their world as disciples of jesus.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$15,828,720$15,866,343▲ $37,623
Investments in Publicly Traded Securities$1,098,169$1,200,178▲ $102,009
Investments Other Securities$688,020$693,504▲ $5,484
Cash and Non-Interest-Bearing Accounts$705,622$465,187▼ $240,435
Savings and Temporary Cash Investments$500,724$383,101▼ $117,623
Inventories for Sale or Use$180,479$255,415▲ $74,936
Accounts Receivable$93,469$132,467▲ $38,998
Prepaid Expenses and Deferred Charges$50,166$53,718▲ $3,552
Total Assets$19,145,369$19,049,913▼ $95,456
Liabilities
Other Liabilities$8,818,226$8,877,554▲ $59,328
Accounts Payable and Accrued Expenses$587,606$591,966▲ $4,360
Mortgage Notes Payable Secured by Investment Property$371,791$352,384▼ $19,407
Deferred Revenue$106,812$100,360▼ $6,452
Unsecured Notes Loans Payable$86,000$62,000▼ $24,000
Total Liabilities$9,970,435$9,984,264▲ $13,829
Net Assets / Fund Balance
Unrestricted Net Assets$7,103,604$7,104,297▲ $693
Permanently Rstr Net Assets$1,003,508$1,003,808▲ $300
Temporarily Rstr Net Assets$1,067,822$957,544▼ $110,278
Total Net Assets Fund Balance$9,174,934$9,065,649▼ $109,285
Total Liabilities and Net Assets / Fund Balance$19,145,369$19,049,913▼ $95,456

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,879,805$10,564,116$23,443,921
Equipment$1,255,606$2,965,888$4,221,494
Other Land Buildings$1,670,881$2,105,163$3,776,044
Land$60,051-$60,051

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2013$1,145,378$300▲ $208,651$54,344$1,299,985
2012$1,041,304$400▲ $154,941$51,267$1,145,378
Compensation and Service Providers
Top Officer Pay16th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Terry PottlePrincipalFT$52,547$18,498$71,045
Kathy W HadleyCFO/treasurerFT$56,596$11,959$68,555
Jeanier HowardElem. PrincipalFT$50,517$8,714$59,231
Jonathan T SmithCOO/secretaryFT$41,054$12,780$53,834
Frank CosterisanBoard MemberPT$14,998-$14,998

Board Members and Trustees

NameTitle
Robert HansenChairman of the Board
Dale T TwomleyCEO/president
Bert CollidgeBoard Member
Diane SedgwickBoard Member
Donald LoweBoard Member
George PendletonBoard Member
Ivan BlakeBoard Member
Lynn JohnsonBoard Member
Renee SanabriaBoard Member
Shawn CollinsBoard Member
Stuart YoonBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$573,340
Program Service Revenue
$3,011,058
Investment Income
$27,164
Other Revenue
$5,067,607
All Other Contributions
$573,340
Change in Net Assets
$-321,107

Noncash Contribution Practices

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

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Commercial1$95,000Fair Market Value (FMV)
Total Noncash Contributions1$95,000-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,233,089
Salaries, Compensation, and Employee Benefits$4,202,197
Grants and Similar Amounts Paid$564,990
Total Fundraising Expense$62,128
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,194,682-$7,760$3,202,442
Occupancy$1,120,217--$1,120,217
Depreciation Depletion$955,045--$955,045
Grants to Domestic Individuals$564,990--$564,990
Other Employee Benefits$368,525$4,754$4,754$378,033
Insurance$268,175--$268,175
Payroll Taxes$263,318$1,791$2,484$267,593
Office Expenses$207,748$8,790$24,222$240,760
Current Officers, Directors, Trustees, and Key Employees$181,197$21,216$21,216$223,629
Information Technology$146,072--$146,072
Pension Plan Contributions$127,530$1,485$1,485$130,500
Other Expenses$127,969--$127,969
Advertising$100,515--$100,515
All Other Expenses$68,969--$68,969
Conferences and Meetings$37,573--$37,573
Fees for Services Accounting-$26,000-$26,000
Fees for Services Legal-$24,469-$24,469
Travel$4,772$1,342$207$6,321
Interest-$3,407-$3,407
Fees for Services Other$1,007--$1,007
Total Functional Expenses$8,844,894$93,254$62,128$9,000,276
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
Residency Deposits$8,877,554
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

“The return is reviewed by the board before submission.”

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

“The board members are required to annually disclose any conflicts of interest. Any member with a potential conflict will recuse himself / herself from all discussions and vote.”

Form 990, Part VI, Section B, Line 15

“The compensation rates for the fletcher academy (fai) teaching staff are based on the southern union conference of seventhday adventist published rates of pay. The compensation of key employees is set by the ceo. The compensation schedule for all employees are presented, along with the budget, to the fai finance committee each year. The fai finance committee approves and recommends the compensation schedule to the fai board of directors, who have final approval of the fai budget and compensation rates.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents, conflict of interest, and financial statements available upon request.”

Filing and Contact Details

Filer

EIN
56-1432644
Phone
8282096711

Signing Officer

Name
Gary Carlson
Title
CEO/president
Phone
8282096711
Signed
2015-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Carlson
Formed
1986
Legal Domicile
Nc
Voting Board Members
12
Independent Board Members
10
Employees
426
Volunteers
12

Preparer

Preparer
Janice a Ratica
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Split interest value change 51,257.”

Financial Statement Notes

PART V, LINE 4:

“The organization and the cfhc have adopted investment and spending policies approved by the boards of directors, for endowment assets that attempt to effectively manage the endowment financial resources of the organization, ensure funds are available to achieve goals, and ensure funds are available to meet budgeting needs.”

PART X, LINE 2:

“The organization is incorporated as a nonprofit corporation under the laws of the state of north carolina. It has qualified for exemption from federal income taxes under section 501(c)(3) of the internal revenue code. However, income from certain activities not directly related to the organizations tax-exempt purpose is subject to taxation as unrelated business income. The organizations policy is to record a liability for any tax position taken that is beneficial to the organization, including any related interest and penalties, when it is more likely than not the position taken by management with respect to a transaction or class of transactions will be overturned by a taxing authority upon examination. Management believes there are no such positions as of june 30, 2014 and 2013 and, accordingly, no liability has been accrued. The organization believes it is no longer subject to tax examinations for tax years prior to 2011. In addition, the organization qualifies for the charitable contribution deduction under section 170(b)(1)(a) and has been classified as an organization other than a private foundation under section 209(a)(2).”

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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/ActivityOrMissionDesc0FLETCHER ACADEMY INC ("FAI") OPERATES AN INDEPENDENT K-12 COLLEGE PREPARATORY SCHOOL TO PROVIDE A DISTINCTLY SEVENTH-DAY ADVENTIST EDUCATION WHERE SPIRITUAL DEVELOPMENT IS BOLSTERED WITH ACADEMIC RIGOR, WORK SKILLS, AND CHARACTER DEVELOPMENT THAT CHALLENGES GRADUATES TO HAVE A TRANSFORMING INFLUENCE IN THEIR WORLD AS DISCIPLES OF JESUS.
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IRS990/Desc0FLETCHER ACADEMY FLETCHER ACADEMY IS A HIGH SCHOOL, LOCATED IN HENDERSON COUNTY, NORTH CAROLINA, AND IS OPEN TO STUDENTS WORLDWIDE. IT IS FUNDED PRIMARILY BY TUITION AND CONTRIBUTIONS.CAPTAIN GILMER CHRISTIAN SCHOOL (CGCS) CGCS IS AN ELEMENTARY PROGRAM PROVIDING YOUNG PEOPLE AN OPPORTUNITY TO RECEIVE AN EXCELLENT EDUCATION IN A CHRISTIAN ENVIRONMENT. IT SERVICES STUDENTS FROM KINDERGARTEN THROUGH THE EIGHTH GRADE.
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IRS990/Form990PartVIISectionAGrp/TitleTxt10CHAIRMAN OF THE BOARD
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IRS990/Form990PartVIISectionAGrp/TitleTxt12CFO/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt13COO/SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRINCIPAL
IRS990/Form990PartVIISectionAGrp/TitleTxt15ELEM. PRINCIPAL
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IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt0454417
IRS990/MissionDesc0FLETCHER ACADEMY, AN INDEPENDENT COLLEGE PREPARATORY HIGH SCHOOL FOUNDED IN 1910, EXISTS TO PROVIDE A DISTINCTLY SEVENTH-DAY ADVENTIST EDUCATION WHERE SPIRITUAL DEVELOPMENT IS BOLSTERED WITH ACADEMIC RIGOR, WORK SKILLS, AND CHARACTER DEVELOPMENT THAT CHALLENGES OUR GRADUATES TO HAVE A TRANSFORMING INFLUENCE IN THEIR WORLD AS DISCIPLES OF JESUS.
IRS990/MoreThan5000KToIndividualsInd00
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0352384
IRS990/NetAssetsOrFundBalancesBOYAmt09174934
IRS990/NetAssetsOrFundBalancesEOYAmt09065649
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt0-13326
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0-13326
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt0408945
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IRS990/NetUnrelatedBusTxblIncmAmt0-298523
IRS990/NetUnrlzdGainsLossesInvstAmt0160565
IRS990/NoncashContributionsAmt095000
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IRS990/OccupancyGrp/TotalAmt01120217
IRS990/OfficeExpensesGrp/FundraisingAmt024222
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt08790
IRS990/OfficeExpensesGrp/ProgramServicesAmt0207748
IRS990/OfficeExpensesGrp/TotalAmt0240760
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IRS990/OperateHospitalInd00
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt04754
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt04754
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt0378033
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IRS990/OtherExpensesGrp/Desc1FOOD SERVICE PURCHASES
IRS990/OtherExpensesGrp/Desc2MISSION TRIPS EXPENSE
IRS990/OtherExpensesGrp/Desc3VEHICLE EXPENSES
IRS990/OtherExpensesGrp/ProgramServicesAmt0565315
IRS990/OtherExpensesGrp/ProgramServicesAmt1393518
IRS990/OtherExpensesGrp/ProgramServicesAmt2147757
IRS990/OtherExpensesGrp/ProgramServicesAmt3127969
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IRS990/OtherExpensesGrp/TotalAmt1393518
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IRS990/OtherLiabilitiesGrp/EOYAmt08877554
IRS990/OtherRevenueMiscGrp/BusinessCd0721110
IRS990/OtherRevenueMiscGrp/BusinessCd1531390
IRS990/OtherRevenueMiscGrp/BusinessCd2452000
IRS990/OtherRevenueMiscGrp/Desc0FLETCHER PARK INN
IRS990/OtherRevenueMiscGrp/Desc1LELIA PATTERSON CENTER
IRS990/OtherRevenueMiscGrp/Desc2COMMUNITY STORE
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1732991
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1732991
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt2693481
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt0693481
IRS990/OtherRevenueTotalAmt04658662
IRS990/OtherSalariesAndWagesGrp/FundraisingAmt07760
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt03194682
IRS990/OtherSalariesAndWagesGrp/TotalAmt03202442
IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/FundraisingAmt02484
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01791
IRS990/PayrollTaxesGrp/ProgramServicesAmt0263318
IRS990/PayrollTaxesGrp/TotalAmt0267593
IRS990/PensionPlanContributionsGrp/FundraisingAmt01485
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt01485
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt0127530
IRS990/PensionPlanContributionsGrp/TotalAmt0130500
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IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt01003808
IRS990/PoliticalCampaignActyInd00
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt053718
IRS990/PrincipalOfficerNm0GARY CARLSON
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0611600
IRS990/ProgramServiceRevenueGrp/BusinessCd1611600
IRS990/ProgramServiceRevenueGrp/Desc0TUITION AND FEES
IRS990/ProgramServiceRevenueGrp/Desc1ACADEMIC SUPPORT PROGRAMS
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1994496
IRS990/ProgSrvcAccomActy2Grp/Desc0FLETCHER PARK INN - THE RETIREMENT COMMUNITY, KNOWN AS FLETCHER PARK INN, ALSO LOCATED IN HENDERSON COUNTY, IS OPEN TO INDIVIDUALS WHO DESIRE RETIREMENT LIVING IN A LIFESTYLE THAT IS OFFERED ON THE FLETCHER CAMPUS. FLETCHER PARK INN ALSO PROVIDES EDUCATIONAL OPPORTUNITY IN SERVICE FOR THE YOUNG PEOPLE OF THE ORGANIZATION. THE INN SEEKS TO PROVIDE COMFORTABLE SURROUNDINGS AT A REASONABLE COST FOR RESIDENTS TO ENJOY A LIFE OF COMPANIONSHIP AND SERVICE.
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IRS990/ProgSrvcAccomActy2Grp/RevenueAmt02644325
IRS990/ProgSrvcAccomActy3Grp/Desc0LELIA PATTERSON CENTER - THE ACTIVITY CENTER, KNOWN AS THE LELIA PATTERSON CENTER IS OPEN TO INDIVIDUALS AND THEIR FAMILIES TO PURSUE A HEALTHY LIFESTYLE THROUGH EXERCISE, HEALTH EDUCATION, RECREATION, AND SOCIAL ACTIVITIES IN A CHRISTIAN ATMOSPHERE.
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,049,913
Liabilities
$9,984,264
Net assets
$9,065,649
Revenue
$8,679,169
Expenses
$9,000,276
Net income
-$321,107
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.4$16.5$2.94$10.5$10.9$0.41
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$19.6$16.5$3.11$9.70$10.6$0.91
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.8$16.9$3.84$8.67$9.50$0.83
2021Detailed filing. Detailed filing data is available for this year.$21.0$16.1$4.87$8.98$8.42$0.56
2020Detailed filing. Detailed filing data is available for this year.$20.1$9.35$10.8$8.89$8.21$0.68
2019Detailed filing. Detailed filing data is available for this year.$19.4$9.26$10.1$8.51$7.95$0.56
2018Detailed filing. Detailed filing data is available for this year.$19.0$9.39$9.61$8.62$7.70$0.92
2017Detailed filing. Detailed filing data is available for this year.$18.1$9.51$8.62$7.51$7.58$0.08
2016Detailed filing. Detailed filing data is available for this year.$18.1$9.53$8.57$7.83$8.27$0.45
2015Detailed filing. Detailed filing data is available for this year.$18.6$9.54$9.09$9.24$9.19$0.05
2014Detailed filing. Detailed filing data is available for this year.$19.0$9.98$9.07$8.68$9.00$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.1$9.97$9.17$8.69