Civic Intelligence

Cape Fear Academy Inc.

990 • Fiscal year 2016 • EIN 56-6075566

Jul 01, 2015 to Jun 30, 2016 • Filed on Oct 24, 2016

Organization ProfileWWW.CAPEFEARACADEMY.ORG

View Organization Page

3900 Scollege RdWilmington, NC 28412

(910) 791-0287

Siviq Scores

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

Liabilities / Assets

71st percentile

0.59x

Higher debt load relative to assets than 71% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Liabilities / Revenue

76th percentile

1.53x

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

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Net Margin

35th percentile

0.4%

Higher net margin than 35% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Top Officer Pay

52nd percentile

$222,722

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2016 filings • NTEE B • $25M-$50M nonprofits • Source year 2016

Asset Growth

39th percentile

0.0%

Faster asset growth than 39% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2015 to 2016

Revenue Growth

47th percentile

2.8%

Faster revenue growth than 47% of similar nonprofits.

2016 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets71st percentile

Assets

Up

$28,549,166

Up $2,292 (+0.0%) from 2015

Net Assets

Down

$11,663,113

Down $218,931 (-1.8%) from 2015

Liabilities

Up

$16,886,053

Up $221,223 (+1.3%) from 2015

Revenue And Expenses
Liabilities / Revenue76th percentileNet Margin35th percentile

Revenue

Up

$11,014,114

Up $302,423 (+2.8%) from 2015

Expenses

Up

$10,968,150

Up $581,891 (+5.6%) from 2015

Net Income

Down

$45,964

Down $279,468 (-86%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth39th percentile

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

$60M$40M$20M$0Assets 2011: $26,289,989Liabilities 2011: $16,159,008Net Assets 2011: $10,130,9812011Assets 2012: $27,165,112Liabilities 2012: $17,085,994Net Assets 2012: $10,079,1182012Assets 2013: $27,557,226Liabilities 2013: $16,421,776Net Assets 2013: $11,135,4502013Assets 2014: $27,790,962Liabilities 2014: $16,235,159Net Assets 2014: $11,555,8032014Assets 2015: $28,546,874Liabilities 2015: $16,664,830Net Assets 2015: $11,882,0442015Assets 2016: $28,549,166Liabilities 2016: $16,886,053Net Assets 2016: $11,663,1132016Assets 2017: $29,414,063Liabilities 2017: $16,951,632Net Assets 2017: $12,462,4312017Assets 2018: $30,267,706Liabilities 2018: $16,988,567Net Assets 2018: $13,279,1392018Assets 2019: $29,805,998Liabilities 2019: $16,243,343Net Assets 2019: $13,562,6552019Assets 2020: $31,001,362Liabilities 2020: $16,939,212Net Assets 2020: $14,062,1502020Assets 2021: $34,517,339Liabilities 2021: $17,768,542Net Assets 2021: $16,748,7972021Assets 2022: $42,348,242Liabilities 2022: $23,984,435Net Assets 2022: $18,363,8072022Assets 2023: $43,901,089Liabilities 2023: $24,613,022Net Assets 2023: $19,288,0672023Assets 2024: $47,687,500Liabilities 2024: $26,056,276Net Assets 2024: $21,631,2242024Assets 2025: $51,071,041Liabilities 2025: $27,306,665Net Assets 2025: $23,764,3762025

Highlighted filing

2016

Assets$28,549,166
Liabilities$16,886,053
Net Assets$11,663,113
Open 2016 Filing

Operations Trend

Revenue Growth47th percentile

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

$30M$20M$10M$0Expenses 2011: $8,894,4562011Expenses 2012: $9,219,0772012Expenses 2013: $9,714,2612013Revenue 2014: $10,094,158Expenses 2014: $9,812,865Net Income 2014: $281,2932014Revenue 2015: $10,711,691Expenses 2015: $10,386,259Net Income 2015: $325,4322015Revenue 2016: $11,014,114Expenses 2016: $10,968,150Net Income 2016: $45,9642016Revenue 2017: $11,800,562Expenses 2017: $11,362,403Net Income 2017: $438,1592017Revenue 2018: $12,450,405Expenses 2018: $11,867,655Net Income 2018: $582,7502018Revenue 2019: $12,493,310Expenses 2019: $12,056,972Net Income 2019: $436,3382019Revenue 2020: $13,247,637Expenses 2020: $12,572,619Net Income 2020: $675,0182020Revenue 2021: $14,665,156Expenses 2021: $13,691,631Net Income 2021: $973,5252021Revenue 2022: $15,824,056Expenses 2022: $14,177,328Net Income 2022: $1,646,7282022Revenue 2023: $16,683,570Expenses 2023: $15,979,703Net Income 2023: $703,8672023Revenue 2024: $19,420,344Expenses 2024: $17,535,707Net Income 2024: $1,884,6372024Revenue 2025: $21,237,718Expenses 2025: $19,567,927Net Income 2025: $1,669,7912025

Highlighted filing

2016

Revenue$11,014,114
Expenses$10,968,150
Net Income$45,964
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Oct 24, 2016
Return Version
2015v2.1
Gross Receipts
$11,037,526
Mission and Program Overview

Mission

To operate a private school for grades pk - 12 in wilmington, nc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$14,457,275$13,707,339▼ $749,936
Savings and Temporary Cash Investments$7,707,869$8,464,126▲ $756,257
Accounts Receivable$3,945,953$4,079,232▲ $133,279
Cash and Non-Interest-Bearing Accounts$1,060,996$1,005,240▼ $55,756
Investments in Publicly Traded Securities$956,214$939,080▼ $17,134
Prepaid Expenses and Deferred Charges$192,266$175,653▼ $16,613
Intangible Assets$97,182$87,266▼ $9,916
Pledges and Grants Receivable$104,753$82,655▼ $22,098
Total Assets$28,546,874$28,549,166▲ $2,292
Other Assets Total$24,366$8,575▼ $15,791
Liabilities
Deferred Revenue$8,875,494$9,322,305▲ $446,811
Tax Exempt Bond Liabilities$6,799,591$6,435,421▼ $364,170
Other Liabilities$370,332$597,633▲ $227,301
Accounts Payable and Accrued Expenses$619,413$530,694▼ $88,719
Total Liabilities$16,664,830$16,886,053▲ $221,223
Net Assets / Fund Balance
Unrestricted Net Assets$11,038,354$10,832,330▼ $206,024
Permanently Rstr Net Assets$490,877$492,127▲ $1,250
Temporarily Rstr Net Assets$352,813$338,656▼ $14,157
Total Net Assets Fund Balance$11,882,044$11,663,113▼ $218,931
Total Liabilities and Net Assets / Fund Balance$28,546,874$28,549,166▲ $2,292

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$12,234,646$9,688,586$21,923,232
Equipment$271,130$1,138,547$1,409,677
Land$1,201,563-$1,201,563

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2015$956,215$14,850▼ $31,735-$939,080
2014$944,585$11,358▲ $522-$956,215
2013$781,174$59,750▲ $107,189-$944,585
2012$683,938$27,451▲ $70,185-$781,174
2011$701,995$4,150▼ $21,807-$683,938
Compensation and Service Providers
Top Officer Pay52nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Donald BergerHead of SchoFT$185,285$37,437$222,722
Donald BergerHead of School-$185,285$37,437$222,722
Shana BarclayDirector ofFT$104,939$22,381$127,320

Board Members and Trustees

NameTitle
Charles a PaulChair
Dena ColliePa President
Sandra WilliamsVice Chair
Christopher LeonardDirector
Dave SweyerDirector
David SpruntDirector
Diane BeecherDirector
Ellis TinsleyDirector
Hal WellsDirector
Janet TuckerDirector
Katharine SullivanDirector
Louise MannDirector
Peter DuganDirector
Raiford TraskDirector
Todd AtwoodDirector
Alice BakerSecretary
Howard Penton IiiTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$388,959
Program Service Revenue
$10,552,882
Investment Income
$41,166
Other Revenue
$31,107
All Other Contributions
$388,959
Change in Net Assets
$45,964

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,014,114
Revenue Not Reported on Form 990
$-264,895
Total Revenue per Audited Statements
$10,749,219
Total Revenue per Form 990
$11,014,114
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,265,272
Other Expenses$3,339,180
Grants and Similar Amounts Paid$1,363,698
Total Fundraising Expense$274,729
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,374,826$717,088$132,502$5,224,416
Grants to Domestic Individuals$1,363,698--$1,363,698
Depreciation Depletion$867,848$86,786$9,649$964,283
Other Employee Benefits$537,273$87,836$16,029$641,138
Payroll Taxes$334,964$54,761$9,993$399,718
Interest$207,230$10,907-$218,137
Insurance$71,274$63,354$23,758$158,386
Other Expenses$99,870$20,960$2,466$123,296
All Other Expenses$35,587--$35,587
Total Functional Expenses$9,430,966$1,262,455$274,729$10,968,150

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$10,968,150
Total Expenses per Audited Statements$10,968,150
Total Expenses per Form 990$10,968,150
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$54,519
Fundraising Direct Expenses$23,412
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Holiday Market$38,777$38,777$18,447$20,330
Golf Outing$15,742$15,742$4,965$10,777
Total Events$54,519$54,519$23,412$31,107
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Interest Rate Swap Liability$597,633

Bond Issues

BondIssuerIssuedIssue PricePurpose
ANorth Carolina Capital Facilities F2010-07-22$8,335,000FACILITY EXPANSION

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$8,335,000-$3,335,000$141,727

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“School is audited by independent cpa firm. After audit,cpa firm uses audited information to complete draft of 990. Once drafted the 990 is circulated to head of school, director of finance and operations, finance committee, and executive committee. Once approved the 990 is efiled.”

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

“Board members and key employees are required to disclose conflicts annually. When conflicts arise, the individual with the conflict is asked to leave the room, and required not to vote on any related item.”

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

“The board has a committee called the head of school compensation and evaluation committee. This committee researches comparable data from other private schools, market conditions, and employee performance. Then this committee recommends pay rate and benefits for the head of school. The board has authority to approve. Once approved the head of school's compensation is contained in a written agreement.”

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

“The total salary budget is approved by the board of trustees in the budgeting process. Individual employee salaries are negotiated by the head of school using southeastern independent school benchmark data.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Cape Fear Academy
EIN
56-6075566
Phone
9107910287
Address
3900 SCOLLEGE RD, WILMINGTON, NC 28412

Signing Officer

Name
Howard Penton Iii
Title
Treasurer
Phone
9107910287
Signed
2016-10-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Howard Penton Iii
Formed
1966
Legal Domicile
Nc
Voting Board Members
17
Independent Board Members
17
Employees
232
Volunteers
600

Preparer

Firm
Earney & Company Llp
Address
710 MILITARY CUTOFF RD STE 250, WILMINGTON, NC 28405-8364
Preparer
Charles L Earney CPA
Phone
9102569995
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The school is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except on net income derived from unrelated business activities. At june 30, 2016, the school believes that it has appropriate support for any tax positions taken, and as such, does not have any uncertain tax positions that are material to the financial statements. The school is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The school believes it is no longer subject to income tax examinations for years prior to 2013.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2SECRETARY
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt16PA PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17HEAD OF SCHO
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0TO OPERATE A PRIVATE SCHOOL FOR GRADES PK - 12 IN WILMINGTON, NC.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0537273
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0641138
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IRS990/OtherExpensesGrp/Desc1REPAIR AND MAINT
IRS990/OtherExpensesGrp/Desc2OTHER ADMIN
IRS990/OtherExpensesGrp/Desc3TECHNOLOGY
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IRS990/OtherExpensesGrp/FundraisingAmt167627
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt04374826
IRS990/OtherSalariesAndWagesGrp/TotalAmt05224416
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt09993
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt054761
IRS990/PayrollTaxesGrp/ProgramServicesAmt0334964
IRS990/PayrollTaxesGrp/TotalAmt0399718
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt0490877
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IRS990/PrincipalOfficerNm0HOWARD PENTON III
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IRS990/PYRevenuesLessExpensesAmt0325432
IRS990/PYSalariesCompEmpBnftPaidAmt05941863
IRS990/PYTotalExpensesAmt010386259
IRS990/PYTotalRevenueAmt010711691
IRS990/ReconcilationRevenueExpnssAmt045964
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleA/SchoolInd0X
IRS990/ScheduleBRequiredInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt09688586
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0INTEREST RATE SWAP LIABILITY
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IRS990ScheduleD/RevenueNotReportedAmt0-264895
IRS990ScheduleD/RevenueSubtotalAmt011014114
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE SCHOOL IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. AT JUNE 30, 2016, THE SCHOOL BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. THE SCHOOL IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE SCHOOL BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueLandBuildingsAmt013707339

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$28,549,166
Liabilities
$16,886,053
Net assets
$11,663,113
Revenue
$11,014,114
Expenses
$10,968,150
Net income
$45,964
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$51.1$27.3$23.8$21.2$19.6$1.67
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$47.7$26.1$21.6$19.4$17.5$1.88
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$43.9$24.6$19.3$16.7$16.0$0.70
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$42.3$24.0$18.4$15.8$14.2$1.65
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$34.5$17.8$16.7$14.7$13.7$0.97
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$31.0$16.9$14.1$13.2$12.6$0.68
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.8$16.2$13.6$12.5$12.1$0.44
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.3$17.0$13.3$12.5$11.9$0.58
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$29.4$17.0$12.5$11.8$11.4$0.44
2016Detailed filing. Detailed filing data is available for this year.$28.5$16.9$11.7$11.0$11.0$0.05
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.5$16.7$11.9$10.7$10.4$0.33
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$27.8$16.2$11.6$10.1$9.81$0.28
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.6$16.4$11.1$9.71
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.2$17.1$10.1$9.22
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.3$16.2$10.1$8.89