Civic Intelligence

Arapohoe Charter School

990 • Fiscal year 2020 • EIN 56-1967591

Jul 01, 2019 to Jun 30, 2020 • Filed on Apr 30, 2021

9005 NC Hwy 306 SouthArapahoe, NC 28510

(252) 249-2599

Siviq Scores

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

Liabilities / Assets

97th percentile

1.41x

Higher debt load relative to assets than 97% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

90th percentile

2.72x

Higher debt load relative to revenue than 90% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Net Margin

16th percentile

-10%

Higher net margin than 16% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

31st percentile

$100,988

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2020 filings • NTEE B • $10M-$25M nonprofits • Source year 2020

Asset Growth

26th percentile

-0.1%

Faster asset growth than 26% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

26th percentile

-6.7%

Faster revenue growth than 26% of similar nonprofits.

2020 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2019 to 2020

Assets

Down

$12,867,105

Down $8,444 (-0.1%) from 2019

Net Assets

Down

-$5,271,198

Down $676,279 (-15%) from 2019

Liabilities

Up

$18,138,303

Up $667,835 (+3.8%) from 2019

Revenue

Down

$6,671,529

Down $480,243 (-6.7%) from 2019

Expenses

Up

$7,347,808

Up $23,716 (+0.3%) from 2019

Net Income

Down

-$676,279

Down $503,959 (-292%) from 2019

Historical Trend

Balance Sheet Trend

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

$20M$10M$0-$10MAssets 2012: $2,550,000Liabilities 2012: $729,776Net Assets 2012: $1,820,2242012Assets 2014: $2,856,043Liabilities 2014: $193,137Net Assets 2014: $2,662,9062014Assets 2015: $3,769,394Liabilities 2015: $1,194,819Net Assets 2015: $2,574,5752015Assets 2016: $4,425,852Liabilities 2016: $1,084,596Net Assets 2016: $3,341,2562016Assets 2017: $7,191,808Liabilities 2017: $3,914,512Net Assets 2017: $3,277,2962017Assets 2018: $12,663,235Liabilities 2018: $17,085,834Net Assets 2018: -$4,422,5992018Assets 2019: $12,875,549Liabilities 2019: $17,470,468Net Assets 2019: -$4,594,9192019Assets 2020: $12,867,105Liabilities 2020: $18,138,303Net Assets 2020: -$5,271,1982020Assets 2021: $12,564,276Liabilities 2021: $17,879,845Net Assets 2021: -$5,315,5692021Assets 2022: $12,711,122Liabilities 2022: $16,716,593Net Assets 2022: -$4,005,4712022

Highlighted filing

2020

Assets$12,867,105
Liabilities$18,138,303
Net Assets-$5,271,198

Operations Trend

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

$10M$5.0M$0-$5.0MExpenses 2012: $3,560,0582012Revenue 2014: $4,581,152Expenses 2014: $4,181,772Net Income 2014: $399,3802014Revenue 2015: $5,063,302Expenses 2015: $4,246,738Net Income 2015: $816,5642015Revenue 2016: $5,374,028Expenses 2016: $4,817,580Net Income 2016: $556,4482016Revenue 2017: $5,922,495Expenses 2017: $5,718,720Net Income 2017: $203,7752017Revenue 2018: $6,620,401Expenses 2018: $6,473,143Net Income 2018: $147,2582018Revenue 2019: $7,151,772Expenses 2019: $7,324,092Net Income 2019: -$172,3202019Revenue 2020: $6,671,529Expenses 2020: $7,347,808Net Income 2020: -$676,2792020Revenue 2021: $6,802,653Expenses 2021: $6,847,024Net Income 2021: -$44,3712021Revenue 2022: $8,116,125Expenses 2022: $6,806,027Net Income 2022: $1,310,0982022

Highlighted filing

2020

Revenue$6,671,529
Expenses$7,347,808
Net Income-$676,279
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 30, 2021
Return Version
2019v5.0
Gross Receipts
$6,671,529
Mission and Program Overview

Mission

Organization operates a public charter school under the control of the north carolina department of public instruction to provide a quality education.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,806,839$8,547,425▼ $259,414
Cash and Non-Interest-Bearing Accounts$1,654,022$1,489,974▼ $164,048
Inventories for Sale or Use$2,523$10,625▲ $8,102
Accounts Receivable$177$7,313▲ $7,136
Total Assets$12,875,549$12,867,105▼ $8,444
Other Assets Total$2,411,988$2,811,768▲ $399,780
Liabilities
Other Liabilities$11,590,596$12,428,269▲ $837,673
Mortgage Notes Payable Secured by Investment Property$5,876,023$5,700,969▼ $175,054
Accounts Payable and Accrued Expenses$1,090$7,190▲ $6,100
Deferred Revenue$2,759$1,875▼ $884
Total Liabilities$17,470,468$18,138,303▲ $667,835
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,389,312$3,328,199▼ $61,113
Net Assets Without Donor Restrictions$-7,984,231$-8,599,397▼ $615,166
Total Net Assets Fund Balance$-4,594,919$-5,271,198▼ $676,279
Total Liabilities and Net Assets / Fund Balance$12,875,549$12,867,105▼ $8,444

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,166,382$1,428,683$9,595,065
Equipment$110,154$227,509$337,663
Land$270,889-$270,889
Other Assets Org$9,571--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Chris WatsonChief ExecutFT$100,988$100,988
Sandi PrescottBoard MemberFT$63,029$63,029
Laurie BennettBoard MemberFT$50,946$50,946
Crysti DeboseBoard MemberFT$45,541$45,541

Board Members and Trustees

NameTitle
Tim MurrayBoard Chairp
Courtney WilliamsonBoard Member
Lee TillmanBoard Member
Jennie AdamsBoard Secret
Tyrone RobertsonBoard Treasu
Merritt WatsonBoard Vice C
Revenue and Support

Revenue Composition

Contributions and Grants
$6,652,449
Program Service Revenue
$18,608
Investment Income
$472
Other Revenue
$0
All Other Contributions
$123,184
Change in Net Assets
$-676,279

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,671,529
Total Revenue per Audited Statements
$6,671,529
Total Revenue per Form 990
$6,671,529
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,996,814
Other Expenses$1,350,994
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,700,808$348,302-$4,049,110
Other Employee Benefits$1,837,318$110,386-$1,947,704
Occupancy$159,085$134,893-$293,978
Depreciation Depletion$254,226$5,188-$259,414
All Other Expenses$63,589$23,650-$87,239
Insurance-$75,425-$75,425
Fees for Services Legal-$66,445-$66,445
Information Technology$61,411--$61,411
Other Expenses$29,963$7,165-$29,963
Conferences and Meetings$14,042--$14,042
Fees for Services Accounting-$10,028-$10,028
Travel$1,652$816-$2,468
Total Functional Expenses$6,529,708$818,100$0$7,347,808

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,347,808
Total Expenses per Audited Statements$7,347,808
Total Expenses per Form 990$7,347,808
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
Net Opeb Liability$6,994,329
Net Pension Liability$2,666,381
Deferred Inflows of Resources$2,464,060
Compensated Absences$295,284
Accrued Interest Payable$8,215
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 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
No
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 6

Any person can be a member of arapahoe charter school by paying a 5 fee.

Form 990, Page 6, Part VI, Line 7A

After paying the membership fee, the new member can vote for board members or can be elected as a board member.

Form 990, Page 6, Part VI, Line 11B

Board of directors reviews the audited financial statements and form 990.

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

Conflict of interest policy is enforced as required by north carolina general statutes.

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

Board of directors approves compensation for all employees.

Form 990, Page 6, Part VI, Line 19

Governing documents are available upon request in the school's office.

Filing and Contact Details

Filer

Filer Name
Arapahoe Charter School
EIN
56-1967591
Phone
2522492599
Address
9005 NC HWY 306 SOUTH, ARAPAHOE, NC 28510

Signing Officer

Name
Chris Watson
Title
Chief Executive Director
Phone
2522492599
Signed
2021-04-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Chris Watson
Formed
1996
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
124

Preparer

Firm
Anderson Smith & Wike Pllc
Address
116 GREYLYN RD, ROCKINGHAM, NC 28379-9607
Preparer
H Dale Smith CPA
Phone
9109971418
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0SCHOOL RECEIVES FUNDING FROM THE NORTH CAROLINA DEPARTMENT OF PUBLIC INSTRUCTION AS WELL AS FROM THE COUNTIES IN WHICH STUDENTS OF THE SCHOOL RESIDE.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1AFTER PAYING THE MEMBERSHIP FEE, THE NEW MEMBER CAN VOTE FOR BOARD MEMBERS OR CAN BE ELECTED AS A BOARD MEMBER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD OF DIRECTORS REVIEWS THE AUDITED FINANCIAL STATEMENTS AND FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3CONFLICT OF INTEREST POLICY IS ENFORCED AS REQUIRED BY NORTH CAROLINA GENERAL STATUTES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4BOARD OF DIRECTORS APPROVES COMPENSATION FOR ALL EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST IN THE SCHOOL'S OFFICE.
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IRS990/VotingMembersGoverningBodyCnt09
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ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0CHRIS WATSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHIEF EXECUTIVE DIR.
ReturnHeader/BusinessOfficerGrp/PhoneNum02522492599
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-04-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ARAPAHOE CHARTER SCHOOL
ReturnHeader/Filer/BusinessNameControlTxt0ARAP
ReturnHeader/Filer/EIN0561967591
ReturnHeader/Filer/PhoneNum02522492599
ReturnHeader/Filer/USAddress/AddressLine1Txt09005 NC HWY 306 SOUTH
ReturnHeader/Filer/USAddress/CityNm0ARAPAHOE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028510
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0271473864
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ANDERSON SMITH & WIKE PLLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0116 GREYLYN RD
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0ROCKINGHAM

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