Civic Intelligence

Covenant Classical School

990 • Fiscal year 2021 • EIN 56-1969559

Jul 01, 2020 to Jun 30, 2021 • Filed on Feb 03, 2022

Organization ProfileWWW.COVENANTCLASSICAL.ORG
3200 Patrick Henry Drive NWConcord, NC 28027

(704) 792-1854

Siviq Scores

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

Liabilities / Assets

76th percentile

0.42x

Higher debt load relative to assets than 76% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

89th percentile

0.85x

Higher debt load relative to revenue than 89% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Net Margin

64th percentile

21%

Higher net margin than 64% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

51st percentile

$63,825

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2021 filings • NTEE B • $1M-$5M nonprofits • Source year 2021

Asset Growth

33rd percentile

4.0%

Faster asset growth than 33% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

58th percentile

19%

Faster revenue growth than 58% of similar nonprofits.

2021 filings • NTEE B • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$4,269,977

Up $164,459 (+4.0%) from 2020

Net Assets

Up

$2,473,122

Up $452,353 (+22%) from 2020

Liabilities

Down

$1,796,855

Down $287,894 (-14%) from 2020

Revenue And Expenses
Liabilities / Revenue89th percentileNet Margin64th percentile

Revenue

Up

$2,112,072

Up $342,692 (+19%) from 2020

Expenses

Up

$1,659,719

Up $21,762 (+1.3%) from 2020

Net Income

Up

$452,353

Up $320,930 (+244%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth33rd percentile

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

$6.0M$4.0M$2.0M$0Assets 2011: $1,202,188Liabilities 2011: $276,957Net Assets 2011: $925,2312011Assets 2012: $1,304,836Liabilities 2012: $322,721Net Assets 2012: $982,1152012Assets 2013: $1,217,534Liabilities 2013: $276,981Net Assets 2013: $940,5532013Assets 2014: $1,277,727Liabilities 2014: $234,477Net Assets 2014: $1,043,2502014Assets 2015: $1,135,286Liabilities 2015: $137,888Net Assets 2015: $997,3982015Assets 2016: $1,069,617Liabilities 2016: $144,520Net Assets 2016: $925,0972016Assets 2017: $1,510,976Liabilities 2017: $243,831Net Assets 2017: $1,267,1452017Assets 2018: $2,151,455Liabilities 2018: $674,655Net Assets 2018: $1,476,8002018Assets 2019: $3,851,557Liabilities 2019: $1,962,211Net Assets 2019: $1,889,3462019Assets 2020: $4,105,518Liabilities 2020: $2,084,749Net Assets 2020: $2,020,7692020Assets 2021: $4,269,977Liabilities 2021: $1,796,855Net Assets 2021: $2,473,1222021Assets 2022: $4,446,910Liabilities 2022: $1,765,944Net Assets 2022: $2,680,9662022Assets 2023: $4,509,354Liabilities 2023: $1,757,260Net Assets 2023: $2,752,0942023Assets 2024: $4,339,557Liabilities 2024: $1,549,545Net Assets 2024: $2,790,0122024

Highlighted filing

2021

Assets$4,269,977
Liabilities$1,796,855
Net Assets$2,473,122
Open 2021 Filing

Operations Trend

Revenue Growth58th percentile

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

$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $1,271,478Expenses 2011: $1,211,703Net Income 2011: $59,7752011Revenue 2012: $1,314,259Expenses 2012: $1,257,375Net Income 2012: $56,8842012Revenue 2013: $1,333,855Expenses 2013: $1,375,417Net Income 2013: -$41,5622013Revenue 2014: $1,537,067Expenses 2014: $1,434,701Net Income 2014: $102,3662014Revenue 2015: $1,452,628Expenses 2015: $1,499,380Net Income 2015: -$46,7522015Revenue 2016: $1,461,129Expenses 2016: $1,531,083Net Income 2016: -$69,9542016Revenue 2017: $1,572,217Expenses 2017: $1,232,109Net Income 2017: $340,1082017Revenue 2018: $1,480,664Expenses 2018: $1,271,015Net Income 2018: $209,6492018Revenue 2019: $1,793,162Expenses 2019: $1,380,616Net Income 2019: $412,5462019Revenue 2020: $1,769,380Expenses 2020: $1,637,957Net Income 2020: $131,4232020Revenue 2021: $2,112,072Expenses 2021: $1,659,719Net Income 2021: $452,3532021Revenue 2022: $2,104,439Expenses 2022: $1,896,595Net Income 2022: $207,8442022Revenue 2023: $2,138,530Expenses 2023: $2,067,402Net Income 2023: $71,1282023Revenue 2024: $2,354,579Expenses 2024: $2,316,661Net Income 2024: $37,9182024

Highlighted filing

2021

Revenue$2,112,072
Expenses$1,659,719
Net Income$452,353
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Feb 3, 2022
Return Version
2020v4.2
Gross Receipts
$2,112,072
Mission and Program Overview

Mission

Primary and secondary education

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$3,040,945$3,012,382▼ $28,563
Cash and Non-Interest-Bearing Accounts$1,029,185$1,229,207▲ $200,022
Accounts Receivable$8,086$8,595▲ $509
Prepaid Expenses and Deferred Charges$4,985$520▼ $4,465
Total Assets$4,105,518$4,269,977▲ $164,459
Other Assets Total$22,317$19,273▼ $3,044
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,535,631$1,493,816▼ $41,815
Deferred Revenue$289,894$279,044▼ $10,850
Other Liabilities$256,200$0▼ $256,200
Accounts Payable and Accrued Expenses$3,024$23,995▲ $20,971
Total Liabilities$2,084,749$1,796,855▼ $287,894
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,020,769$2,473,122▲ $452,353
Total Net Assets Fund Balance$2,020,769$2,473,122▲ $452,353
Total Liabilities and Net Assets / Fund Balance$4,105,518$4,269,977▲ $164,459

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$2,701,479$809,366-
Other Land Buildings$20,477$13,206-
Land$225,607--
Equipment$64,819$255,446-
Compensation and Service Providers
Top Officer Pay51st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Sarah ArensmanHead of School(6/1-6/30/21)FT$59,289$4,536$63,825
Laurie ThigpenHead of School(7/1/20-5/31/21)FT$57,917$4,431$62,348

Board Members and Trustees

NameTitle
Russ LejeuneBoard Chair
Chris HillBoard Director
Jane DearingBoard Director
Beverly DavisSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$360,389
Program Service Revenue
$1,671,565
Investment Income
$5,291
Other Revenue
$74,827
All Other Contributions
$154,189
Change in Net Assets
$452,353
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,135,509
Other Expenses$524,210
Total Fundraising Expense$19,572
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$772,585$217,909-$990,494
Occupancy$99,236$24,808-$124,044
Depreciation Depletion$78,022$35,054-$113,076
Payroll Taxes$56,667$15,983-$72,650
Other Employee Benefits$56,445$15,920-$72,365
Interest$71,527--$71,527
All Other Expenses$9,628$24,454$448$34,530
Fees for Services Other$26,721--$26,721
Insurance$14,229$6,393-$20,622
Advertising$12,401$5,571-$17,972
Fees for Services Accounting$1,147$10,324-$11,471
Other Expenses$10,150-$19,124$10,150
Office Expenses$3,753$4,569-$8,322
Travel-$1,485-$1,485
Total Functional Expenses$1,277,677$362,470$19,572$1,659,719
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$74,827
Fundraising Direct Expenses$0
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Warrior Run$38,878$38,878-$38,878
Pto Sponsored Events$32,311$32,311-$32,311
Total Events$74,827$74,827-$74,827
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
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 B, Line 11B

“Form 990 is reviewed at board meeting prior to filing”

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

“Periodic discussions with applicable parties”

Form 990, Part VI, Section B, Line 15

“Direct communication with similar organizations by board members”

Form 990, Part VI, Section C, Line 18

“Forms 1023 and 990 available for review at school offices upon request”

Form 990, Part VI, Section C, Line 19

“All financial information is available upon request”

Filing and Contact Details

Filer

Filer Name
Covenant Classical School
EIN
56-1969559
Phone
7047921854
Address
3200 PATRICK HENRY DRIVE NW, CONCORD, NC 28027

Signing Officer

Name
Russ Lejeune
Title
Board Chair
Phone
7047821854
Signed
2022-02-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Russ Lejeune
Formed
1996
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
0
Employees
51
Volunteers
0

Preparer

Firm
Potter & Company Pa
Address
434 COPPERFIELD BLVD NE STE A, CONCORD, NC 28025
Preparer
Kenni E Doyle CPA
Phone
7047868189
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“The process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“The school has adopted asc 740-10 as it relates to uncertain tax positions for the years ended june 30, 2021 and 2020 and has evaluated its tax positions ofr all open tax years. However, the school is not currently under audit nor has the school been contacted by the internal revenue service. Based on an evaluation of the school's tax positions, management believes all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions has been recorded for the years ended june 30, 2021 and 2020.”

Raw XML AppendixShowing 400 of 420 raw XML fields

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/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt01769380
IRS990/QuidProQuoContributionsInd00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd00
IRS990/ReconcilationRevenueExpnssAmt0452353
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt01671565
IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
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IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
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IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/BuildingsGrp/BookValueAmt02701479
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0809366
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt03510845
IRS990ScheduleD/EquipmentGrp/BookValueAmt064819
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0255446
IRS990ScheduleD/EquipmentGrp/InvestmentCostOrOtherBasisAmt0320265
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt0225607
IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0225607
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt020477
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt013206
IRS990ScheduleD/OtherLandBuildingsGrp/InvestmentCostOrOtherBasisAmt033683
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL HAS ADOPTED ASC 740-10 AS IT RELATES TO UNCERTAIN TAX POSITIONS FOR THE YEARS ENDED JUNE 30, 2021 AND 2020 AND HAS EVALUATED ITS TAX POSITIONS OFR ALL OPEN TAX YEARS. HOWEVER, THE SCHOOL IS NOT CURRENTLY UNDER AUDIT NOR HAS THE SCHOOL BEEN CONTACTED BY THE INTERNAL REVENUE SERVICE. BASED ON AN EVALUATION OF THE SCHOOL'S TAX POSITIONS, MANAGEMENT BELIEVES ALL POSITIONS TAKEN WOULD BE UPHELD UNDER AN EXAMINATION. THEREFORE, NO PROVISION FOR THE EFFECTS OF UNCERTAIN TAX POSITIONS HAS BEEN RECORDED FOR THE YEARS ENDED JUNE 30, 2021 AND 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03012382
IRS990ScheduleE/ComplianceWithRevProc7550Ind01
IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd00
IRS990ScheduleE/DiscriminateRaceAthltProgInd00
IRS990ScheduleE/DiscriminateRaceEducPlcyInd00
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd00
IRS990ScheduleE/DiscriminateRaceOtherActyInd00
IRS990ScheduleE/DiscriminateRaceSchsInd00
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd00
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd00
IRS990ScheduleE/GovernmentFinancialAidRcvdInd00
IRS990ScheduleE/GovernmentFinancialAidRvkdInd00
IRS990ScheduleE/MaintainCpyOfAllSolInd01
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd01
IRS990ScheduleE/MaintainRacialCompRecsInd01
IRS990ScheduleE/MaintainScholarshipsRecsInd01
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd01
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd01
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd01
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0NON-DISCRIMINATORY POLICY PUBLICIZED IN SCHOOL BROCHURE AND ON SCHOOL WEBSITE
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, PART I, LINE 3
IRS990ScheduleG/FundraisingEventInformationGrp/Event1Nm0WARRIOR RUN
IRS990ScheduleG/FundraisingEventInformationGrp/Event2Nm0PTO SPONSORED EVENTS
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent1Amt038878
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsEvent2Amt032311
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsOtherEventsAmt03638
IRS990ScheduleG/FundraisingEventInformationGrp/GrossReceiptsTotalAmt074827
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent1Amt038878
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueEvent2Amt032311
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueOtherEventsAmt03638
IRS990ScheduleG/FundraisingEventInformationGrp/GrossRevenueTotalEventsAmt074827
IRS990ScheduleG/FundraisingEventInformationGrp/NetIncomeSummaryAmt074827
IRS990ScheduleG/FundraisingEventInformationGrp/OtherEventsTotalCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS REVIEWED AT BOARD MEETING PRIOR TO FILING
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1PERIODIC DISCUSSIONS WITH APPLICABLE PARTIES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2DIRECT COMMUNICATION WITH SIMILAR ORGANIZATIONS BY BOARD MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORMS 1023 AND 990 AVAILABLE FOR REVIEW AT SCHOOL OFFICES UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ALL FINANCIAL INFORMATION IS AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990/SchoolOperatingInd01
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt04105518
IRS990/TotalAssetsEOYAmt04269977
IRS990/TotalAssetsGrp/BOYAmt04105518
IRS990/TotalAssetsGrp/EOYAmt04269977
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0360389
IRS990/TotalEmployeeCnt051
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt019572
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0362470
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt01277677
IRS990/TotalFunctionalExpensesGrp/TotalAmt01659719
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt01796855
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IRS990/TotalProgramServiceRevenueAmt01671565
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IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01671565
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt02112072
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt04269977
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ManagementAndGeneralAmt01485
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IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
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IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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ReturnHeader/Filer/EIN0561969559

Document Assets

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Filings

Displayed year

2021 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$4,269,977
Liabilities
$1,796,855
Net assets
$2,473,122
Revenue
$2,112,072
Expenses
$1,659,719
Net income
$452,353
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.34$1.55$2.79$2.35$2.32$0.04
2023Detailed filing. Detailed filing data is available for this year.$4.51$1.76$2.75$2.14$2.07$0.07
2022Detailed filing. Detailed filing data is available for this year.$4.45$1.77$2.68$2.10$1.90$0.21
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.27$1.80$2.47$2.11$1.66$0.45
2020Detailed filing. Detailed filing data is available for this year.$4.11$2.08$2.02$1.77$1.64$0.13
2019Detailed filing. Detailed filing data is available for this year.$3.85$1.96$1.89$1.79$1.38$0.41
2018Detailed filing. Detailed filing data is available for this year.$2.15$0.67$1.48$1.48$1.27$0.21
2017Detailed filing. Detailed filing data is available for this year.$1.51$0.24$1.27$1.57$1.23$0.34
2016Detailed filing. Detailed filing data is available for this year.$1.07$0.14$0.93$1.46$1.53$0.07
2015Detailed filing. Detailed filing data is available for this year.$1.14$0.14$1.00$1.45$1.50$0.05
2014Detailed filing. Detailed filing data is available for this year.$1.28$0.23$1.04$1.54$1.43$0.10
2013Summary only. Only limited summary data is available for this year.$1.22$0.28$0.94$1.33$1.38$0.04
2012Summary only. Only limited summary data is available for this year.$1.30$0.32$0.98$1.31$1.26$0.06
2011Summary only. Only limited summary data is available for this year.$1.20$0.28$0.93$1.27$1.21$0.06