Civic Intelligence

Phoenix Academy Foundation Inc.

990 • Fiscal year 2016 • EIN 61-1705253

Jul 01, 2015 to Jun 30, 2016 • Filed on May 15, 2017

Organization ProfileN/A
7851 Clinard Farms RoadHigh Point, NC 27265

(336) 880-1713

Siviq Scores

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

Liabilities / Assets

77th percentile

0.27x

Higher debt load relative to assets than 77% of similar nonprofits.

2016 filings • NTEE B • $500k-$1M nonprofits • Source year 2016

Liabilities / Revenue

82nd percentile

0.29x

Higher debt load relative to revenue than 82% of similar nonprofits.

2016 filings • NTEE B • $500k-$1M nonprofits • Source year 2016

Net Margin

93rd percentile

53%

Higher net margin than 93% of similar nonprofits.

2016 filings • NTEE B • $500k-$1M nonprofits • Source year 2016

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2016 filings • NTEE B • $500k-$1M nonprofits • Source year 2016

Asset Growth

16th percentile

-11%

Faster asset growth than 16% of similar nonprofits.

2016 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2015 to 2016

Revenue Growth

4th percentile

-57%

Faster revenue growth than 4% of similar nonprofits.

2016 filings • NTEE B • $500k-$1M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets77th percentile

Assets

Down

$520,459

Down $62,030 (-11%) from 2015

Net Assets

Up

$378,193

Up $261,696 (+225%) from 2015

Liabilities

Down

$142,266

Down $323,726 (-69%) from 2015

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin93rd percentile

Revenue

Down

$495,606

Down $659,741 (-57%) from 2015

Expenses

Down

$233,910

Down $861,852 (-79%) from 2015

Net Income

Up

$261,696

Up $202,111 (+339%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth16th percentile

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

$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

2016

Assets$520,459
Liabilities$142,266
Net Assets$378,193
Open 2016 Filing

Operations Trend

Revenue Growth4th percentile

Revenue, expenses, and net income across loaded years, with this 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

2016

Revenue$495,606
Expenses$233,910
Net Income$261,696
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
May 15, 2017
Return Version
2015v3.0
Gross Receipts
$778,750
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
Cash and Non-Interest-Bearing Accounts$54,060$371,755▲ $317,695
Land, Buildings, and Equipment, Net$480,923$148,704▼ $332,219
Accounts Receivable$45,709$0▼ $45,709
Intangible Assets$1,797$0▼ $1,797
Total Assets$582,489$520,459▼ $62,030
Liabilities
Mortgage Notes Payable Secured by Investment Property$465,992$142,266▼ $323,726
Total Liabilities$465,992$142,266▼ $323,726
Net Assets / Fund Balance
Unrestricted Net Assets$116,497$378,193▲ $261,696
Total Net Assets Fund Balance$116,497$378,193▲ $261,696
Total Liabilities and Net Assets / Fund Balance$582,489$520,459▼ $62,030

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$148,704$233,900$382,604
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Paul NorcrossChairman / Director
Perry FlynnVice Chairman / Director
Janet CliffordDirector
Kimberly NorcrossSecretary / Director
Joel PalmaTreasurer / Director
Revenue and Support

Revenue Composition

Contributions and Grants
$87,600
Program Service Revenue
$41,150
Investment Income
$366,856
Other Revenue
$0
All Other Contributions
$87,600
Change in Net Assets
$261,696

Audited Revenue Reconciliation

Revenue per Audited Statements
$495,606
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$495,606
Total Revenue per Form 990
$495,606
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$181,694
Grants and Similar Amounts Paid$52,216
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$96,810--$96,810
Grants to Domestic Orgs$52,216--$52,216
Fees for Services Other$10,170--$10,170
Fees for Services Accounting$9,159--$9,159
Interest$7,933--$7,933
Fees for Services Legal$3,285--$3,285
Other Expenses$2,277--$2,277
Office Expenses$60--$60
Total Functional Expenses$233,910$0$0$233,910

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$233,910
Total Expenses per Audited Statements$233,910
Total Expenses per Form 990$233,910
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
7 Degrees of Change Foundation IncHigh Point, NC501(c)(3)Vehicle for Use-
Phoenix AcademyHigh Point, NC501(c)(3)Assets for Use by Academy-
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Paul NorcrossChairman/directorPAUL NORCROSS RECEIVED A COMMISSION OF $25,000 RELATED TO THE SALE OF LAND IN JUNE 2016.No$25,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with family members
No
Business relationship with organization members
Yes
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 A, Line 2

“Paul norcross and kimberly norcross have a family relationship.”

Form 990, Part VI, Section A, Line 7A

“Four of the five board members are elected by the board of directors of phoenix academy. The fifth is appointed by the management company serving phoenix academy.”

Form 990, Part VI, Section B, Line 11

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

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

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

Form 990, Part VI, Section B, Line 15

“The board sets the salaries for the ceo and executive director based on industry standards. The board approves the salaries of key staff based on an evaluation of industry standards.”

Form 990, Part VI, Section C, Line 19

“Documents available upon request”

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 J Norcross
Title
Chairman
Phone
3368801713
Signed
2017-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Paul J Norcross
Formed
2013
Legal Domicile
Nc
Voting Board Members
4
Independent Board Members
4
Employees
0
Volunteers
1

Preparer

Firm
Smith Leonard Pllc
Address
4035 PREMIER DRIVE SUITE 300, HIGH POINT, NC 27265
Preparer
Adrienne Mckinney
Phone
3368830181
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“The foundation is exempt from income taxes on related income under section 501(a)as an organization described in section 501(c)(3) of the internal revenue code. No material unrelated business taxable income has been identified by management. Accordingly, no provision for income taxes is made in the financial statements.”

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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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IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt145709
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0VEHICLE
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc1FIXED ASSETS
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0VEHICLE FOR USE
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1ASSETS FOR USE BY ACADEMY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt07 DEGREES OF CHANGE FOUNDATION INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1PHOENIX ACADEMY
IRS990ScheduleI/RecipientTable/RecipientEIN0270248502
IRS990ScheduleI/RecipientTable/RecipientEIN1562059485
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt07851 CLINARD FARMS ROAD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt14020 MEETING WAY
IRS990ScheduleI/RecipientTable/USAddress/CityNm0HIGH POINT
IRS990ScheduleI/RecipientTable/USAddress/CityNm1HIGH POINT
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0NC
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1NC
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd027265
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd127265
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0NET BOOK VALUE
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc1NET BOOK VALUE
IRS990/ScheduleJRequiredInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0PAUL NORCROSS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0CHAIRMAN/DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd00
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt025000
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0PAUL NORCROSS RECEIVED A COMMISSION OF $25,000 RELATED TO THE SALE OF LAND IN JUNE 2016.
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0PAUL NORCROSS AND KIMBERLY NORCROSS HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FOUR OF THE FIVE BOARD MEMBERS ARE ELECTED BY THE BOARD OF DIRECTORS OF PHOENIX ACADEMY. THE FIFTH IS APPOINTED BY THE MANAGEMENT COMPANY SERVING PHOENIX ACADEMY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWS AND APPROVES THE 990 PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD ESTABLISHED AND MONITORS THE CONFLICT OF INTEREST STATEMENT
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE BOARD SETS THE SALARIES FOR THE CEO AND EXECUTIVE DIRECTOR BASED ON INDUSTRY STANDARDS. THE BOARD APPROVES THE SALARIES OF KEY STAFF BASED ON AN EVALUATION OF INDUSTRY STANDARDS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5DOCUMENTS AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd01
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd01
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0PHOENIX ACADEMY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0562059485
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0SCHOOL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 2
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt04020 MEETING WAY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0HIGH POINT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd027265
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd01
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0582489
IRS990/TotalAssetsEOYAmt0520459
IRS990/TotalAssetsGrp/BOYAmt0582489
IRS990/TotalAssetsGrp/EOYAmt0520459
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt087600
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0233910
IRS990/TotalFunctionalExpensesGrp/TotalAmt0233910
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0465992
IRS990/TotalLiabilitiesEOYAmt0142266
IRS990/TotalLiabilitiesGrp/BOYAmt0465992
IRS990/TotalLiabilitiesGrp/EOYAmt0142266
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0116497
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0378193
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0233910
IRS990/TotalProgramServiceRevenueAmt041150
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt0366856
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt041150
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0495606
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt01
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0582489
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0520459
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0116497
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0378193
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt07851 CLINARD FARMS ROAD
IRS990/USAddress/CityNm0HIGH POINT
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027265
IRS990/VotingMembersGoverningBodyCnt04
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0PAUL J NORCROSS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

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

Open filing
Assets
$520,459
Liabilities
$142,266
Net assets
$378,193
Revenue
$495,606
Expenses
$233,910
Net income
$261,696
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