Civic Intelligence

Cape Fear Academy Inc.

990 • Fiscal year 2017 • EIN 56-6075566

Jul 01, 2016 to Jun 30, 2017 • Filed on Oct 19, 2017

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

73rd percentile

0.58x

Higher debt load relative to assets than 73% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Liabilities / Revenue

78th percentile

1.44x

Higher debt load relative to revenue than 78% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Net Margin

43rd percentile

3.7%

Higher net margin than 43% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Top Officer Pay

50th percentile

$238,705

Higher top officer pay than 50% of similar nonprofits.

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

2017 filings • NTEE B • $25M-$50M nonprofits • Source year 2017

Asset Growth

41st percentile

3.0%

Faster asset growth than 41% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Revenue Growth

57th percentile

7.1%

Faster revenue growth than 57% of similar nonprofits.

2017 filings • NTEE B • $25M-$50M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets73rd percentile

Assets

Up

$29,414,063

Up $864,897 (+3.0%) from 2016

Net Assets

Up

$12,462,431

Up $799,318 (+6.9%) from 2016

Liabilities

Up

$16,951,632

Up $65,579 (+0.4%) from 2016

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin43rd percentile

Revenue

Up

$11,800,562

Up $786,448 (+7.1%) from 2016

Expenses

Up

$11,362,403

Up $394,253 (+3.6%) from 2016

Net Income

Up

$438,159

Up $392,195 (+853%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth41st 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

2017

Assets$29,414,063
Liabilities$16,951,632
Net Assets$12,462,431
Open 2017 Filing

Operations Trend

Revenue Growth57th 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

2017

Revenue$11,800,562
Expenses$11,362,403
Net Income$438,159
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Oct 19, 2017
Return Version
2016v3.0
Gross Receipts
$11,926,748
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$13,707,339$13,019,282▼ $688,057
Savings and Temporary Cash Investments$8,464,126$8,412,719▼ $51,407
Accounts Receivable$4,079,232$4,531,539▲ $452,307
Cash and Non-Interest-Bearing Accounts$1,005,240$2,044,591▲ $1,039,351
Investments in Publicly Traded Securities$939,080$1,067,815▲ $128,735
Prepaid Expenses and Deferred Charges$175,653$177,802▲ $2,149
Pledges and Grants Receivable$82,655$64,471▼ $18,184
Intangible Assets$87,266$7,748▼ $79,518
Total Assets$28,549,166$29,414,063▲ $864,897
Other Assets Total$8,575$88,096▲ $79,521
Liabilities
Deferred Revenue$9,322,305$10,088,742▲ $766,437
Tax Exempt Bond Liabilities$6,435,421$5,983,904▼ $451,517
Accounts Payable and Accrued Expenses$530,694$574,864▲ $44,170
Other Liabilities$597,633$304,122▼ $293,511
Total Liabilities$16,886,053$16,951,632▲ $65,579
Net Assets / Fund Balance
Unrestricted Net Assets$10,832,330$11,416,329▲ $583,999
Permanently Rstr Net Assets$492,127$543,527▲ $51,400
Temporarily Rstr Net Assets$338,656$502,575▲ $163,919
Total Net Assets Fund Balance$11,663,113$12,462,431▲ $799,318
Total Liabilities and Net Assets / Fund Balance$28,549,166$29,414,063▲ $864,897

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$11,502,243$10,480,518$21,982,761
Equipment$315,476$1,239,601$1,555,077
Land$1,201,563-$1,201,563

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$939,080$61,475▲ $67,760-$1,067,815
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
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Donald BergerHead of SchoFT$200,238$38,467$238,705
Donald BergerHead of School-$200,238$38,467$238,705
Shana BarclayDirector ofFT$113,424$22,963$136,387

Board Members and Trustees

NameTitle
Sandra WilliamsChair
David SpruntVice Chair
Chad PaulDirector
Christopher LeonardDirector
Dave SweyerDirector
Diane BeecherDirector
Ellis TinsleyDirector
Hal WellsDirector
Janet TuckerDirector
Katharine SullivanDirector
Louise MannDirector
Peter DuganDirector
Porter YoungDirector
Raiford TraskDirector
Todd AtwoodDirector
Alice BakerSecretary
Howard Penton IiiTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Cenplex Building ServicesJanitorial Srvc-$187,755
Revenue and Support

Revenue Composition

Contributions and Grants
$475,046
Program Service Revenue
$11,187,251
Investment Income
$45,683
Other Revenue
$92,582
All Other Contributions
$475,046
Change in Net Assets
$438,159

Audited Revenue Reconciliation

Revenue per Audited Statements
$11,800,562
Revenue Not Reported on Form 990
$361,159
Total Revenue per Audited Statements
$12,161,721
Total Revenue per Form 990
$11,800,562
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$6,429,716
Other Expenses$3,517,308
Grants and Similar Amounts Paid$1,415,379
Total Fundraising Expense$208,619
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$4,323,923$724,959$98,876$5,147,758
Grants to Domestic Individuals$1,415,379--$1,415,379
Depreciation Depletion$855,000$96,067$9,607$960,674
Other Employee Benefits$563,788$94,526$12,892$671,206
Payroll Taxes$330,953$55,488$7,568$394,009
Interest$212,220$11,169-$223,389
Current Officers, Directors, Trustees, and Key Employees$182,056$30,524$4,163$216,743
Insurance$93,894$74,050$17,180$185,124
Other Expenses$101,168$21,233$2,498$124,899
All Other Expenses$11,772--$11,772
Total Functional Expenses$9,809,049$1,344,735$208,619$11,362,403

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$11,362,403
Total Expenses per Audited Statements$11,362,403
Total Expenses per Form 990$11,362,403
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$217,242
Fundraising Direct Expenses$124,660
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Auction$179,480$179,480$50,923$128,557
Holiday Market$37,762$37,762$22,532$15,230
Total Events$217,242$217,242$124,660$92,582
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$304,122

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$173,280

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
2017-10-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Howard Penton Iii
Formed
1966
Legal Domicile
Nc
Voting Board Members
16
Independent Board Members
16
Employees
252
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
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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/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt9VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
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IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
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IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0TO OPERATE A PRIVATE SCHOOL FOR GRADES PK - 12 IN WILMINGTON, NC.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt092582
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IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt012892
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IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt0563788
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0671206
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IRS990/OtherExpensesGrp/Desc2OTHER ADMIN
IRS990/OtherExpensesGrp/Desc3TECHNOLOGY
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IRS990/OtherExpensesGrp/FundraisingAmt143141
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IRS990/OtherExpensesGrp/ProgramServicesAmt2235772
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IRS990/OtherExpensesGrp/TotalAmt1634720
IRS990/OtherExpensesGrp/TotalAmt2464854
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IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/FundraisingAmt07568
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IRS990/PayrollTaxesGrp/ProgramServicesAmt0330953
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IRS990/PYSalariesCompEmpBnftPaidAmt06265272
IRS990/PYTotalExpensesAmt010968150
IRS990/PYTotalRevenueAmt011014114
IRS990/ReconcilationRevenueExpnssAmt0438159
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IRS990ScheduleD/CYMinus1YrEndwmtFundGrp/ContributionsAmt014850
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$29,414,063
Liabilities
$16,951,632
Net assets
$12,462,431
Revenue
$11,800,562
Expenses
$11,362,403
Net income
$438,159
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
2017Detailed filing. Detailed filing data is available for this year.$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