Civic Intelligence

Phoenix Academy Foundation Inc

EIN 61-1705253 • 501(c)3 • High Point, NC

Profile

To support the activities of phoenix academy, inc. By providing school facilities through lease and sublease arrangements for school events.

7851 Clinard Farms RoadHigh Point, NC 27265

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

94th percentile

1.02x

Higher debt load relative to assets than 94% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

98th percentile

18.03x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

5th percentile

-61%

Higher net margin than 5% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

100th percentile

8064%

Faster asset growth than 100% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

100th percentile

1964%

Faster revenue growth than 100% of similar nonprofits.

501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$30,619,175

Up $30,244,108 (+8064%) from 2017

Liabilities

Up

$31,301,364

Up $31,301,364 from 2017

Net Assets

Down

-$682,189

Down $1,057,256 (-282%) from 2017

Operations
Liabilities / Revenue98th percentileNet Margin5th percentile

Revenue

Up

$1,736,201

Up $1,652,100 (+1964%) from 2017

Expenses

Up

$2,793,457

Up $2,706,230 (+3103%) from 2017

Net Income

Down

-$1,057,256

Down $1,054,130 (-33721%) from 2017

Trend Graphs

Balance Sheet Trend

Asset Growth100th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0-$10MAssets 2014: $1,877,288Liabilities 2014: $1,820,376Net Assets 2014: $56,9122014Assets 2015: $582,489Liabilities 2015: $465,992Net Assets 2015: $116,4972015Assets 2016: $520,459Liabilities 2016: $142,266Net Assets 2016: $378,1932016Assets 2017: $375,067Liabilities 2017: $0Net Assets 2017: $375,0672017Assets 2018: $30,619,175Liabilities 2018: $31,301,364Net Assets 2018: -$682,1892018

Highlighted filing

2018

Assets$30,619,175
Liabilities$31,301,364
Net Assets-$682,189
Open 2018 Filing

Operations Trend

Revenue Growth100th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$3.0M$2.0M$1.0M$0-$1.0M-$2.0MRevenue 2014: $728,830Expenses 2014: $656,319Net Income 2014: $72,5112014Revenue 2015: $1,155,347Expenses 2015: $1,095,762Net Income 2015: $59,5852015Revenue 2016: $495,606Expenses 2016: $233,910Net Income 2016: $261,6962016Revenue 2017: $84,101Expenses 2017: $87,227Net Income 2017: -$3,1262017Revenue 2018: $1,736,201Expenses 2018: $2,793,457Net Income 2018: -$1,057,2562018

Highlighted filing

2018

Revenue$1,736,201
Expenses$2,793,457
Net Income-$1,057,256
Open 2018 Filing

Filings

Most recent year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$30,619,175
Liabilities
$31,301,364
Net assets
-$682,189
Revenue
$1,736,201
Expenses
$2,793,457
Net income
-$1,057,256
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2018Detailed filing. Detailed filing data is available for this year.$30.6$31.3$0.68$1.74$2.79$1.06
2017Summary only. Only limited summary data is available for this year.$0.38$0.00$0.38$0.08$0.09$0.00
2016Detailed filing. Detailed filing data is available for this year.$0.52$0.14$0.38$0.50$0.23$0.26
2015Detailed filing. Detailed filing data is available for this year.$0.58$0.47$0.12$1.16$1.10$0.06
2014Detailed filing. Detailed filing data is available for this year.$1.88$1.82$0.06$0.73$0.66$0.07
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
May 15, 2019
Return Version
2017v2.2
Gross Receipts
$1,736,201
Mission and Program Overview

Mission

To support the activities of phoenix academy, inc. By providing school facilities through lease and sublease arrangements for school events.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net-$25,031,170-
Cash and Non-Interest-Bearing Accounts$201,100$5,214,916▲ $5,013,816
Savings and Temporary Cash Investments-$0-
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$375,067$30,619,175▲ $30,244,108
Other Assets Total$173,967$373,089▲ $199,122
Liabilities
Mortgage Notes Payable Secured by Investment Property-$30,898,419-
Accounts Payable and Accrued Expenses-$251,971-
Deferred Revenue-$150,974-
Total Liabilities$0$31,301,364▲ $31,301,364
Net Assets / Fund Balance
Unrestricted Net Assets$375,067$-682,189▼ $1,057,256
Total Net Assets Fund Balance$375,067$-682,189▼ $1,057,256
Total Liabilities and Net Assets / Fund Balance$375,067$30,619,175▲ $30,244,108

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$25,031,170$658,715$25,689,885
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Paul NorcrossChairman
Perry FlynnVice Chairman
Seth Tyler HaymoreDirector
Joel PalmaTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,736,201
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-1,057,256
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,793,457
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$1,736,201--$1,736,201
Depreciation Depletion$689,976--$689,976
Fees for Services Accounting-$2,576-$2,576
Other Expenses$93$394-$93
All Other Expenses$1--$1
Total Functional Expenses$2,790,487$2,970$0$2,793,457
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority2017-06-30$30,867,157School facility purchase/upfit

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$30,867,157--$82,313
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The board reviews and approves the 990 prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“The board established and monitors the conflict of interest statement.”

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

“The board sets the salaries for the ceo and executive director based on industry standards.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The board approves the salaries of key staff based on an evaluation of industry standards.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Phoenix Academy Foundation
EIN
61-1705253
Phone
3368801713
Address
7851 CLINARD FARMS ROAD, HIGH POINT, NC 27265

Signing Officer

Name
Paul Norcross
Title
Chairman
Signed
2019-05-15
Discuss with paid preparer
Yes

Organization Details

Formed
2013
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
1

Preparer

Firm
Dodson Shelton & Nelson Pa
Address
603 DOLLEY MADISON RD SUITE 104, GREENSBORO, NC 27410
Preparer
Bradley W Whitley CPA
Phone
3362996061
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The organization follows accounting for income taxes as required by fasb asc 740, income taxes. Fasb asc 740 requires changes in recognition and measurement for uncertain tax positions. The organization has determined that it does not currently have any tax positions that it considers to be uncertain. If this position changes, the organization will assess the impact of any such matters on its financial position and results of operations.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION FOLLOWS ACCOUNTING FOR INCOME TAXES AS REQUIRED BY FASB ASC 740, INCOME TAXES. FASB ASC 740 REQUIRES CHANGES IN RECOGNITION AND MEASUREMENT FOR UNCERTAIN TAX POSITIONS. THE ORGANIZATION HAS DETERMINED THAT IT DOES NOT CURRENTLY HAVE ANY TAX POSITIONS THAT IT CONSIDERS TO BE UNCERTAIN. IF THIS POSITION CHANGES, THE ORGANIZATION WILL ASSESS THE IMPACT OF ANY SUCH MATTERS ON ITS FINANCIAL POSITION AND RESULTS OF OPERATIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/TotalProceedsAmt030867157
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE BOARD REVIEWS AND APPROVES THE 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE BOARD ESTABLISHED AND MONITORS THE CONFLICT OF INTEREST STATEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD SETS THE SALARIES FOR THE CEO AND EXECUTIVE DIRECTOR BASED ON INDUSTRY STANDARDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD APPROVES THE SALARIES OF KEY STAFF BASED ON AN EVALUATION OF INDUSTRY STANDARDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990/TotalFunctionalExpensesGrp/TotalAmt02793457
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt031301364
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IRS990/TotalLiabilitiesGrp/EOYAmt031301364
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0375067
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-682189
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IRS990/TotalProgramServiceRevenueAmt01736201
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01736201
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt01736201
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt030619175
IRS990/TravelGrp/TotalAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0375067
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-682189
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt04
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IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02019-02-21 02:37:17Z

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