Civic Intelligence

Fletcher Academy Inc.

990 • Fiscal year 2018 • EIN 56-1432644

Jul 01, 2017 to Jun 30, 2018 • Filed on May 22, 2019

PO Box 5440 Howard Gap RoadFletcher, NC 28732

(828) 209-6711

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.49x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Liabilities / Revenue

81st percentile

1.09x

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Net Margin

68th percentile

11%

Higher net margin than 68% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Top Officer Pay

16th percentile

$72,845

Higher top officer pay than 16% of similar nonprofits.

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

2018 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2018

Asset Growth

61st percentile

4.9%

Faster asset growth than 61% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Revenue Growth

72nd percentile

15%

Faster revenue growth than 72% of similar nonprofits.

2018 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2017 to 2018

Assets

Up

$19,003,841

Up $879,588 (+4.9%) from 2017

Net Assets

Up

$9,611,542

Up $993,569 (+12%) from 2017

Liabilities

Down

$9,392,299

Down $113,981 (-1.2%) from 2017

Revenue

Up

$8,619,799

Up $1,112,782 (+15%) from 2017

Expenses

Up

$7,698,305

Up $115,329 (+1.5%) from 2017

Net Income

Up

$921,494

Up $997,453 (+1313%) from 2017

Historical Trend

Balance Sheet Trend

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

2018

Assets$19,003,841
Liabilities$9,392,299
Net Assets$9,611,542

Operations Trend

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

2018

Revenue$8,619,799
Expenses$7,698,305
Net Income$921,494
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 22, 2019
Return Version
2017v2.3
Gross Receipts
$9,999,249
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 operates a distinctly seventh-day adventist school; a retirement community; and a fitness center for the community, retirement residents, and for the academy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,384,024$14,310,021▼ $74,003
Savings and Temporary Cash Investments$451,940$1,617,887▲ $1,165,947
Investments in Publicly Traded Securities$1,344,405$1,433,981▲ $89,576
Cash and Non-Interest-Bearing Accounts$983,503$910,750▼ $72,753
Inventories for Sale or Use$246,803--
Accounts Receivable$103,643$129,760▲ $26,117
Prepaid Expenses and Deferred Charges$42,160$60,378▲ $18,218
Total Assets$18,124,253$19,003,841▲ $879,588
Other Assets Total$567,775$541,064▼ $26,711
Liabilities
Other Liabilities$8,730,472$8,509,399▼ $221,073
Accounts Payable and Accrued Expenses$537,605$449,178▼ $88,427
Mortgage Notes Payable Secured by Investment Property$189,775$363,860▲ $174,085
Deferred Revenue$28,428$69,862▲ $41,434
Unsecured Notes Loans Payable$20,000--
Total Liabilities$9,506,280$9,392,299▼ $113,981
Net Assets / Fund Balance
Unrestricted Net Assets$6,784,085$7,129,281▲ $345,196
Temporarily Rstr Net Assets$646,271$1,284,333▲ $638,062
Permanently Rstr Net Assets$1,187,617$1,197,928▲ $10,311
Total Net Assets Fund Balance$8,617,973$9,611,542▲ $993,569
Total Liabilities and Net Assets / Fund Balance$18,124,253$19,003,841▲ $879,588

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,786,406$12,648,750$21,435,156
Other Land Buildings$5,246,928$2,860,824$8,107,752
Equipment$187,136$3,066,685$3,253,821
Land$89,551-$89,551

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2017$1,396,802$63,309▲ $84,718$55,041$1,439,905
2016$1,169,736$155,114▲ $135,300$63,348$1,396,802
2015$1,265,023$375▼ $35,059$60,603$1,169,736
2014$1,299,985$28,320▼ $2,306$60,976$1,265,023
2013$1,145,378$300▲ $208,651$54,344$1,299,985
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Gary P CarlsonCEO/presidentFT$72,634$211$72,845
Jonathan T SmithCOO/secretaryFT$40,899$15,549$56,448
Kathy W HadleyCFO/treasurer (retired 12/31/17)FT$46,672$8,310$54,982
Stephen LearnedCFO/treasurerFT$27,616$22,052$49,668

Board Members and Trustees

NameTitle
Dale TwomleyChairman of Board
Burt CoolidgeBoard Member
Donald LoweBoard Member
Frank CosterisanBoard Member
George PendletonBoard Member
Ivan BlakeBoard Member
Lynn JohnsonBoard Member
Mark HyderBoard Member
Robert HansenBoard Member
Sharon CampbellBoard Member
Shawn CollinsBoard Member
Stuart YoonBoard Member
Wendi BarberBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,951,398
Program Service Revenue
$6,621,255
Investment Income
$-98,421
Other Revenue
$145,567
All Other Contributions
$1,951,398
Change in Net Assets
$921,494
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$3,720,500
Other Expenses$3,201,738
Grants and Similar Amounts Paid$776,067
Total Fundraising Expense$144,296
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,289,491$150,037$57,488$2,497,016
Occupancy$1,000,491$76,231-$1,076,722
Depreciation Depletion$749,403$32,183-$781,586
Grants to Domestic Individuals$776,067--$776,067
Other Employee Benefits$577,711$62,980$40,201$680,892
Payroll Taxes$167,986$32,702$4,665$205,353
Current Officers, Directors, Trustees, and Key Employees$82,303$105,518-$187,821
Fees for Services Other$126,230$51,567$3,543$181,340
Insurance$149,392$9,100-$158,492
Pension Plan Contributions$115,135$29,661$4,622$149,418
Information Technology$93,913$44,779$2,701$141,393
All Other Expenses$85,729$34,998$7,618$128,345
Office Expenses$32,519$19,634$20,551$72,704
Advertising$55,616$2,061-$57,677
Other Expenses$45,548--$45,548
Fees for Services Accounting-$29,645-$29,645
Interest$14,072$595-$14,667
Travel$4,032$575$2,907$7,514
Total Functional Expenses$6,871,743$682,266$144,296$7,698,305
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$15,315
Fundraising Direct Expenses$12,591
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fruit Sales$15,315$15,315$12,591$2,724
Total Events$15,315$15,315$12,591$2,724
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$8,509,399
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 A, Line 6

The membership of the corporation, that is its constituency, shall be composed of not fewer than twenty-four (24) and not more than thirty-two (32) individuals (who will serve for a three-year (3) term). Not less than one-third (1/3) and not more than one-half (1/2) of these shall be employees of the corporation. An officer of the layman foundation of north carolina, a not-for-profit north carolina corporation, the executive secretary of the layman foundation of tennessee, a not-for-profit tennessee corporation, and a pastor of a seventh-day adventist church in the local community each shall be a member. The remaining members shall be chosen from among seventh-day adventist members in good and regular standing who practice and support the standards adopted by the corporation and have an active interest in the spiritual and business development of fletcher academy, inc. And its affiliated entities.

Form 990, Part VI, Section A, Line 7A

The business of the corporation shall be supervised and managed by a board of directors composed of eleven (11) to fifteen (15) members, including the chairperson, at least one (1) member that is an officer of the layman foundation of north carolina, a not-for-profit north carolina corporation, and one (1) of whom shall be employed by the seventh-day adventist church. All other members are to be chosen at large. Each member shall serve for a term of three (3) years, with one-third (1/3) of the members rotating off the board each year. The unexpired term of any vacancy on the board of directors may be filled by the board of directors. If no election is held by the members of the corporation, the directors shall continue to serve until their successors are elected.

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

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

Filer Name
Fletcher Academy Inc
EIN
56-1432644
Phone
8282096711
Address
PO BOX 5440 HOWARD GAP ROAD, FLETCHER, NC 28732

Signing Officer

Name
Gary Carlson
Title
CEO/president
Phone
8282096711
Signed
2019-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Carlson
Formed
1986
Legal Domicile
Nc
Voting Board Members
14
Independent Board Members
13
Employees
396
Volunteers
65

Preparer

Firm
Cherry Bekaert Llp
Address
1111 METROPOLITAN AVE STE 900, CHARLOTTE, NC 28204
Preparer
Amanda Adams
Phone
7043771678
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Split interest value change 23,978.

Financial Statement Notes

PART V, LINE 4:

The organization's endowment consists of 21 individual funds, including a beneficial interest in perpetual trust invested at cfhc, established for a variety of purposes. The endowment includes only donor-restricted endowment funds. The organization and the cfhc have adopted investment and spending policies approved by the board 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 organization's tax-exempt purpose is subject to taxation as unrelated business income. 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 509(a)(2).

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IRS990/Desc0FLETCHER ACADEMY - AN INDEPENDENT COLLEGE PREPARATORY HIGH SCHOOL, WHICH PROVIDES A DISTINCTLY SEVENTH-DAY ADVENTIST EDUCATION WHERE SPIRITUAL DEVELOPMENT IS BOLSTERED WITHACADEMIC RIGOR, WORK SKILLS, AND CHARACTER DEVELOPMENT. 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 IS AN ELEMENTARY PROGRAM PROVIDING YOUNG PEOPLE AN OPPORTUNITY TO RECEIVE AN EXCELLENT EDUCATION IN A CHRISTIAN ENVIROMENT. IT SERVICES STUDENTS FROM KINDERGARTEN THROUGH THE EIGHTH GRADE
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN OF BOARD
IRS990/Form990PartVIISectionAGrp/TitleTxt1CEO/PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14CFO/TREASURER (RETIRED 12/31/17)
IRS990/Form990PartVIISectionAGrp/TitleTxt15CFO/TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt16COO/SECRETARY
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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 STUDENTS.
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IRS990/PrincipalOfficerNm0GARY CARLSON
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IRS990/ProgramServiceRevenueGrp/Desc0FLETCHER PARK INN
IRS990/ProgramServiceRevenueGrp/Desc1TUITION AND FEES
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IRS990/ProgramServiceRevenueGrp/Desc3LELIA PATTERSON CENTER
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt12129187
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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 ACADEMY CAMPUS. FLETCHER PARK INN ALSO PROVIDES AN EDUCATIONAL OPPORTUNITY IN THE SERVICE FOR THE YOUNG PEOPLE OF THE ORGANIZATION. THE INN SEEKS TO PROVIDE COMFORTABLE SURROUNDINGS AT A REASONABLE COST FOR RESIDENTS TO ENJOY LIFE OF COMPANIONSHIP AND SERVICE.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt02089324
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt02870858
IRS990/ProgSrvcAccomActy3Grp/Desc0LELIA PATTERSON CENTER - THE ACTIVITY CENTER KNOWN AS LELIA PATTERSON CENTER IN OPEN TO INDIVIDUALS AND THEIR FAMILIES TO PURSUE A HEALTHY LIFESTYLE THROUGH EXERCISE, HEALTH EDUCATION, RECREATION, ANDSOCIAL ACTIVITIES IN A CHRISTIAN ATMOSPHERE.
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