Civic Intelligence

Fletcher Academy Inc.

990 • Fiscal year 2022 • EIN 56-1432644

Jul 01, 2021 to Jun 30, 2022 • Filed on Jul 22, 2024

185 Fletcher Academy DriveFletcher, NC 28732

(828) 209-6711

Siviq Scores

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

Liabilities / Assets

88th percentile

0.81x

Higher debt load relative to assets than 88% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

88th percentile

1.95x

Higher debt load relative to revenue than 88% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

17th percentile

-9.6%

Higher net margin than 17% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

39th percentile

$147,444

Higher top officer pay than 39% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

45th percentile

-1.0%

Faster asset growth than 45% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

35th percentile

-3.5%

Faster revenue growth than 35% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Assets

Down

$20,769,955

Down $203,085 (-1.0%) from 2021

Net Assets

Down

$3,843,938

Down $1,024,570 (-21%) from 2021

Liabilities

Up

$16,926,017

Up $821,485 (+5.1%) from 2021

Revenue

Down

$8,672,935

Down $311,070 (-3.5%) from 2021

Expenses

Up

$9,501,224

Up $1,076,634 (+13%) from 2021

Net Income

Down

-$828,289

Down $1,387,704 (-248%) from 2021

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

2022

Assets$20,769,955
Liabilities$16,926,017
Net Assets$3,843,938

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

2022

Revenue$8,672,935
Expenses$9,501,224
Net Income-$828,289
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Jul 22, 2024
Return Version
2021v4.2
Gross Receipts
$8,673,015
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$14,724,425$14,716,259▼ $8,166
Savings and Temporary Cash Investments$1,628,548$1,929,012▲ $300,464
Investments in Publicly Traded Securities$1,733,981$1,526,469▼ $207,512
Cash and Non-Interest-Bearing Accounts$1,712,361$1,498,371▼ $213,990
Pledges and Grants Receivable$487,317$484,358▼ $2,959
Accounts Receivable$167,236$185,012▲ $17,776
Prepaid Expenses and Deferred Charges$64,846$53,537▼ $11,309
Total Assets$20,973,040$20,769,955▼ $203,085
Other Assets Total$454,326$376,937▼ $77,389
Liabilities
Other Liabilities$15,329,888$15,912,854▲ $582,966
Accounts Payable and Accrued Expenses$703,138$689,288▼ $13,850
Mortgage Notes Payable Secured by Investment Property$6,817$198,327▲ $191,510
Deferred Revenue$64,689$125,548▲ $60,859
Total Liabilities$16,104,532$16,926,017▲ $821,485
Net Assets / Fund Balance
Net Assets With Donor Restrictions$2,975,409$2,518,771▼ $456,638
Net Assets Without Donor Restrictions$1,893,099$1,325,167▼ $567,932
Total Net Assets Fund Balance$4,868,508$3,843,938▼ $1,024,570
Total Liabilities and Net Assets / Fund Balance$20,973,040$20,769,955▼ $203,085

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,853,031$14,299,017$26,152,048
Equipment$1,104,357$4,299,389$5,403,746
Other Land Buildings$1,719,820$2,973,096$4,692,916
Land$39,051-$39,051

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2021$1,715,427$39,407▼ $172,623$74,297$1,507,914
2020$1,312,983$63,440▲ $387,153$48,149$1,715,427
2019$1,429,367$2,363▼ $68,162$50,585$1,312,983
2018$1,439,905$41,212▼ $1,200$50,550$1,429,367
2017$1,396,802$63,309▲ $84,718$55,041$1,439,905
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Chris CareyCEO/presidentFT$109,705$37,739$147,444
Philip D WilhelmCAO/principalFT$77,354$37,011$114,365
Stephen LearnedCFO/treasurerFT$68,913$34,327$103,240
Arthur L GibbsCorporate Secretary-$56,901$19,707$76,608

Board Members and Trustees

NameTitle
Dale TwomleyBoard Chair
Bill MooreBoard Member
Don LoweBoard Member
Frank CosterisanBoard Member
George PendletonBoard Member
Ivan BlakeBoard Member
Jennifer ZinkeBoard Member
Jonathan KendrickBoard Member
Julie TullockBoard Member
Milton ConleyBoard Member
Scott MillerBoard Member
Staurt YoonBoard Member
Timothy NovakBoard Member
Revenue and Support

Revenue Composition

Contributions and Grants
$1,252,887
Program Service Revenue
$6,795,578
Investment Income
$54,936
Other Revenue
$569,534
All Other Contributions
$1,048,892
Change in Net Assets
$-828,289
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$4,948,712
Other Expenses$4,162,940
Grants and Similar Amounts Paid$389,572
Total Fundraising Expense$181,264
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,393,281$390,106$65,420$2,848,807
Other Employee Benefits$835,681$397,632$70,496$1,303,809
Depreciation Depletion$992,943$73,997-$1,066,940
Occupancy$462,842$28,008-$490,850
Current Officers, Directors, Trustees, and Key Employees-$441,657-$441,657
Grants to Domestic Individuals$389,572--$389,572
Information Technology$150,085$173,563$2,400$326,048
Payroll Taxes$154,156$68,808$4,580$227,544
Insurance$151,871$61,697-$213,568
Pension Plan Contributions$89,602$32,781$4,512$126,895
Fees for Services Other$78,581$298-$78,879
Office Expenses$13,065$17,728$16,825$47,618
Advertising$35,271$416-$35,687
Fees for Services Accounting-$33,775-$33,775
Other Expenses$1,090$10,996$426$12,512
Travel$7,692-$1,401$9,093
Conferences and Meetings$700--$700
Total Functional Expenses$7,495,566$1,824,394$181,264$9,501,224
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$11,090
Fundraising Direct Expenses$80
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$15,832,570
Funds Held in Trust for Others$80,284
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
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, Part VI, Section A, Line 6

The membership of the corporation, that is its constituency, shall be composed of not fewer than twentyfour (24) and not more than thirtytwo (32) individuals (who will serve for a threeyear (3) term). Not less than onethird (1/3) and not more than onehalf (1/2) of these shall be employees of the corporation. An officer of the layman foundation of north carolina, a notforprofit north carolina corporation, the executive secretary of the layman foundation of tennessee, a notforprofit tennessee corporation, and a pastor of a seventhday adventist church in the local community each shall be a member. The remaining members shall be chosen from among seventhday 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 notforprofit north carolina corporation, and one (1) of whom shall be employed by the seventhday adventist church. All other members are to be chosen at large. Each member shall serve for a term of three (3) years, with onethird (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 form 990 prepared by an independent accounting firm, is reviewed by the cfo, and provided to the board before filing with the internal revenue service.

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
185 FLETCHER ACADEMY DRIVE, FLETCHER, NC 28732

Signing Officer

Name
Stephen Learned
Title
CFO
Phone
8282096711
Signed
2024-07-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Carey
Formed
1986
Legal Domicile
Nc
Voting Board Members
15
Independent Board Members
14
Employees
326
Volunteers
36

Preparer

Firm
Dean Dorton Allen Ford Pllc
Address
4130 PARKLAKE AVE STE 400, RALEIGH, NC 27612
Preparer
David Boyce
Phone
9198792909
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Change in value of beneficial interest -23,658.

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. The percentage reported for permanent endowments includes amounts that must be maintained in perpetuity as well as accumulated earnings on such amounts that have not yet been appropriated for expenditure.

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IRS990/ActivityOrMissionDesc0FLETCHER ACADEMY OPERATES A DISTINCTLY SEVENTH-DAY ADVENTIST SCHOOL, A RETIREMENT COMMUNITY, AND A FITNESS CENTER FOR THE COMMUNITY, RETIREMENT RESIDENTS, AND FOR THE ACADEMY.
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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/ProgramServiceRevenueGrp/Desc0FLETCHER PARK INN
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IRS990/ProgramServiceRevenueGrp/Desc2LELIA PATTERSON CENTER
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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 EDUCATIONALOPPORTUNITY 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.
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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, AND SOCIAL ACTIVITIES IN A CHRISTIAN ATMOSPHERE.
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