Civic Intelligence

Davidson Charter Academy Inc.

990 • Fiscal year 2021 • EIN 81-3746270

Jul 01, 2020 to Jun 30, 2021 • Filed on Apr 29, 2022

Organization ProfileWWW.DAVIDSONCHARTER.ORG
500 Biesecker RoadLexington, NC 27295

(336) 803-7809

Siviq Scores

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

Liabilities / Assets

86th percentile

0.91x

Higher debt load relative to assets than 86% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

87th percentile

1.99x

Higher debt load relative to revenue than 87% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Net Margin

57th percentile

11%

Higher net margin than 57% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

26th percentile

$74,745

Higher top officer pay than 26% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2021 filings • NTEE B • $10M-$25M nonprofits • Source year 2021

Asset Growth

73rd percentile

26%

Faster asset growth than 73% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Revenue Growth

79th percentile

35%

Faster revenue growth than 79% of similar nonprofits.

2021 filings • NTEE B • $10M-$25M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$10,405,605

Up $2,133,889 (+26%) from 2020

Net Assets

Up

$972,102

Up $545,331 (+128%) from 2020

Liabilities

Up

$9,433,503

Up $1,588,558 (+20%) from 2020

Revenue And Expenses
Liabilities / Revenue87th percentileNet Margin57th percentile

Revenue

Up

$4,745,272

Up $1,232,373 (+35%) from 2020

Expenses

Up

$4,199,941

Up $831,870 (+25%) from 2020

Net Income

Up

$545,331

Up $400,503 (+277%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth73rd percentile

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

$30M$20M$10M$0Assets 2018: $247,189Liabilities 2018: $50,000Net Assets 2018: $197,1892018Assets 2019: $7,594,617Liabilities 2019: $7,312,674Net Assets 2019: $281,9432019Assets 2020: $8,271,716Liabilities 2020: $7,844,945Net Assets 2020: $426,7712020Assets 2021: $10,405,605Liabilities 2021: $9,433,503Net Assets 2021: $972,1022021Assets 2022: $10,981,626Liabilities 2022: $9,398,036Net Assets 2022: $1,583,5902022Assets 2023: $18,947,261Liabilities 2023: $17,784,155Net Assets 2023: $1,163,1062023Assets 2024: $21,083,488Liabilities 2024: $20,975,216Net Assets 2024: $108,2722024

Highlighted filing

2021

Assets$10,405,605
Liabilities$9,433,503
Net Assets$972,102
Open 2021 Filing

Operations Trend

Revenue Growth79th percentile

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

$10M$5.0M$0-$5.0MRevenue 2018: $197,1892018Revenue 2019: $2,729,184Expenses 2019: $2,644,430Net Income 2019: $84,7542019Revenue 2020: $3,512,899Expenses 2020: $3,368,071Net Income 2020: $144,8282020Revenue 2021: $4,745,272Expenses 2021: $4,199,941Net Income 2021: $545,3312021Revenue 2022: $5,357,121Expenses 2022: $4,745,633Net Income 2022: $611,4882022Revenue 2023: $5,593,279Expenses 2023: $6,013,763Net Income 2023: -$420,4842023Revenue 2024: $6,299,889Expenses 2024: $7,354,723Net Income 2024: -$1,054,8342024

Highlighted filing

2021

Revenue$4,745,272
Expenses$4,199,941
Net Income$545,331
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Apr 29, 2022
Return Version
2020v4.0
Gross Receipts
$4,745,272
Mission and Program Overview

Mission

To foster student learning and achievment and inspire students to become independent thinkers, effective communicators, and contributing citizens of a global society.

To foster student learning and achievement, and inspire students to become independent thinkers, effective communicators, and contributing citizens of a global society.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$7,216,502$8,769,326▲ $1,552,824
Cash and Non-Interest-Bearing Accounts$850,609$1,347,135▲ $496,526
Savings and Temporary Cash Investments$204,205$204,678▲ $473
Accounts Receivable-$84,466-
Prepaid Expenses and Deferred Charges$400--
Total Assets$8,271,716$10,405,605▲ $2,133,889
Liabilities
Tax Exempt Bond Liabilities-$9,028,700-
Mortgage Notes Payable Secured by Investment Property$7,599,313$244,400▼ $7,354,913
Accounts Payable and Accrued Expenses$113,976$123,602▲ $9,626
Unsecured Notes Loans Payable$50,000--
Other Liabilities$81,656$36,801▼ $44,855
Total Liabilities$7,844,945$9,433,503▲ $1,588,558
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$426,771$972,102▲ $545,331
Total Net Assets Fund Balance$426,771$972,102▲ $545,331
Total Liabilities and Net Assets / Fund Balance$8,271,716$10,405,605▲ $2,133,889

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,450,355$62,285$7,512,640
Land$1,318,971-$1,318,971
Compensation and Service Providers
Top Officer Pay26th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Jennifer FluryDirector ofFT$74,745$74,745

Board Members and Trustees

NameTitle
Christine EnglandChair
Warren AlstonVice Chair
Amanda WhitakerDirector
Andrew LanceDirector
Justin WheelesDirector
Kristin BriggsSecretary
Greg TurlingtonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$639,863
Program Service Revenue
$4,019,390
Investment Income
$705
Other Revenue
$85,314
All Other Contributions
$75,908
Change in Net Assets
$545,331

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported Amount
Other Non Cash Contri Table2$371,191
Total Noncash Contributions2$371,191

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,745,272
Total Revenue per Audited Statements
$4,745,272
Total Revenue per Form 990
$4,745,272
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,244,545
Other Expenses$1,955,396
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,447,086$316,457-$1,763,543
Occupancy$427,389$145,563-$572,952
Interest$355,650$118,550-$474,200
Fees for Services Other$107,001$181,122-$288,123
Depreciation Depletion$170,975$56,991-$227,966
Other Employee Benefits$156,033$43,439-$199,472
Payroll Taxes$121,346$33,840-$155,186
Information Technology$87,282$33,409-$120,691
Current Officers, Directors, Trustees, and Key Employees-$86,483-$86,483
Office Expenses$7,831$47,884-$55,715
Pension Plan Contributions$31,179$8,682-$39,861
Insurance-$29,627-$29,627
Fees for Services Accounting-$22,115-$22,115
Fees for Services Legal-$19,984-$19,984
Conferences and Meetings$11,186$1,242-$12,428
Other Expenses$6,909$485-$7,394
Advertising-$7,348-$7,348
All Other Expenses-$1,335-$1,335
Total Functional Expenses$3,029,972$1,169,969$0$4,199,941

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,199,941
Total Expenses per Audited Statements$4,199,941
Total Expenses per Form 990$4,199,941
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$14,631
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Compensated Absences$36,801

Bond Issues

BondIssuerIssuedIssue PricePurpose
APublic Finance Authority 2021a2021-04-15$9,028,700Purchase of facilities for use by charter school.

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$9,028,700--$180,574

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
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 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, Page 6, Part VI, Line 11B

“Head of school & business manager review the 990. It is then shared with the finance committee for approval and provided to the full board.”

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

“Board members sign a conflict of interest statement annually. Board members agree to a "duty to disclose" any financial interest in a potential vendor or contract negotiation. Any potential conflicts of interest are reviewed and resolved by the board.”

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

“Top management official's comensation is approved by the board of directors and is based on the state salary schedule.”

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

“No officers are compensated. Key employee salaries are based on the state salary schedule.”

Form 990, Page 6, Part VI, Line 19

“Governing documents, school policies, and financial statements are available to the public at the organization's office upon request.”

Filing and Contact Details

Filer

Filer Name
Davidson Charter Academy
EIN
81-3746270
Phone
3368037809
Address
500 BIESECKER ROAD, LEXINGTON, NC 27295

Signing Officer

Name
Christine England
Title
Chair
Phone
3368037809
Signed
2022-04-29

Organization Details

Principal Officer
Christine England
Formed
2017
Voting Board Members
7
Independent Board Members
7
Employees
73
Volunteers
17

Preparer

Firm
Petway Mills & Pearson Pa
Address
PO BOX 1036, ZEBULON, NC 27597-1036
Preparer
James a Ridoutt
Phone
9192697405
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt0316457
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt033840
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IRS990/ProgramServiceRevenueGrp/Desc1COUNTY FUNDS
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IRS990/PYSalariesCompEmpBnftPaidAmt01993959
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IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt04019390
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0204205
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0204678
IRS990ScheduleA/SchoolInd0X
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IRS990ScheduleD/BuildingsGrp/BookValueAmt07450355
IRS990ScheduleD/BuildingsGrp/DepreciationAmt062285
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt07512640
IRS990ScheduleD/ExpensesSubtotalAmt04199941
IRS990ScheduleD/LandGrp/BookValueAmt01318971
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01318971
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt036801
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0COMPENSATED ABSENCES
IRS990ScheduleD/RevenueSubtotalAmt04745272
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08769326
IRS990ScheduleD/TotalExpensesPerForm990Amt04199941
IRS990ScheduleD/TotalLiabilityAmt036801
IRS990ScheduleD/TotalRevenuePerForm990Amt04745272
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04745272
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt04199941
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IRS990ScheduleE/DiscriminateRaceAdmissPlcyInd0false
IRS990ScheduleE/DiscriminateRaceAthltProgInd0false
IRS990ScheduleE/DiscriminateRaceEducPlcyInd0false
IRS990ScheduleE/DiscriminateRaceEmplmFcultyInd0false
IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
IRS990ScheduleE/DiscriminateRaceStdntsRghtsInd0false
IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
IRS990ScheduleE/GovernmentFinancialAidRcvdInd0true
IRS990ScheduleE/GovernmentFinancialAidRvkdInd0false
IRS990ScheduleE/MaintainCpyOfAllSolInd0true
IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
IRS990ScheduleE/PlcyPblczdViaBroadcastMediaInd0true
IRS990ScheduleE/PolicyStmtInBrochuresEtcInd0true
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0DAVIDSON CHARTER ACADEMY OPERATES AS A PUBLIC CHARTER SCHOOL AND IS FUNDED BY THE STATE OF NORTH CAROLINA AND LOCAL GOVERNMENT. NORTH CAROLINA REQUIRES A POLICY OF NONDISCRIMINATION AND THE SCHOOL'S NONDISCRIMINATION POLICY IS DISCLOSED IN ALL SOLICITATIONS FOR STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1NORTH CAROLINA CHARTER SCHOOL FUNDED BY STATE & LOCAL GOVERNMENT. ALSO RECEIVES VARIOUS FEDERAL AND STATE GRANTS.
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE E, LINE 3
IRS990ScheduleE/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE E, LINE 6
IRS990/ScheduleJRequiredInd0false
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IRS990ScheduleK/ProceduresCorrectiveActionGrp/ProceduresCorrectiveActionInd0false
IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0PUBLIC FINANCE AUTHORITY 2021A PURCHASE OF FACILITIES FOR USE BY CHARTER SCHOOL.
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0PURPOSE OF ISSUE DESCRIPTION
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IRS990ScheduleK/TaxExemptBondsArbitrageGrp/ExceptionToRebateInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/Form8038TFiledInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/GrossProceedsInvestedInGICInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/HedgeIdentifiedInBksAndRecInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/NoRebateDueInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/RebateNotDueYetInd0true
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/VariableRateIssueInd0false
IRS990ScheduleK/TaxExemptBondsArbitrageGrp/WrittenProcToMonitorReqsInd0true
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuedDt02021-04-15
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondIssuerEIN0273866124
IRS990ScheduleK/TaxExemptBondsIssuesGrp/BondReferenceCd0A
IRS990ScheduleK/TaxExemptBondsIssuesGrp/CUSIPNum074442EFYI
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuePriceAmt09028700
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0PUBLIC FINANCE AUTHORITY 2021A
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PoolFinancingInd0false
IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0PURCHASE OF FACILITIES FOR USE BY CHARTER SCHOOL.
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/AnyResearchAgreementsInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/BondIssMeetPrvtSecPymtTestInd0false
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ChangeInUseBondFinancedPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0true
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd0true
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0false
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IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt02
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0LOANS FORGIVEN
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IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt0371191
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0HEAD OF SCHOOL & BUSINESS MANAGER REVIEW THE 990. IT IS THEN SHARED WITH THE FINANCE COMMITTEE FOR APPROVAL AND PROVIDED TO THE FULL BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. BOARD MEMBERS AGREE TO A "DUTY TO DISCLOSE" ANY FINANCIAL INTEREST IN A POTENTIAL VENDOR OR CONTRACT NEGOTIATION. ANY POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED AND RESOLVED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TOP MANAGEMENT OFFICIAL'S COMENSATION IS APPROVED BY THE BOARD OF DIRECTORS AND IS BASED ON THE STATE SALARY SCHEDULE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO OFFICERS ARE COMPENSATED. KEY EMPLOYEE SALARIES ARE BASED ON THE STATE SALARY SCHEDULE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GOVERNING DOCUMENTS, SCHOOL POLICIES, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC AT THE ORGANIZATION'S OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine1Txt0DAVIDSON C
IRS990ScheduleR/IdDisregardedEntitiesGrp/DirectControllingEntityName/BusinessNameLine2Txt0DAVIDSON CHARTER ACADEMY
IRS990ScheduleR/IdDisregardedEntitiesGrp/DisregardedEntityName/BusinessNameLine1Txt0DCA LEXINGTON PROPERTIES LLC
IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN0861876957

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,405,605
Liabilities
$9,433,503
Net assets
$972,102
Revenue
$4,745,272
Expenses
$4,199,941
Net income
$545,331
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$21.1$21.0$0.11$6.30$7.35$1.05
2023Detailed filing. Detailed filing data is available for this year.$18.9$17.8$1.16$5.59$6.01$0.42
2022Detailed filing. Detailed filing data is available for this year.$11.0$9.40$1.58$5.36$4.75$0.61
2021Detailed filing. Detailed filing data is available for this year.$10.4$9.43$0.97$4.75$4.20$0.55
2020Detailed filing. Detailed filing data is available for this year.$8.27$7.84$0.43$3.51$3.37$0.14
2019Detailed filing. Detailed filing data is available for this year.$7.59$7.31$0.28$2.73$2.64$0.08
2018Detailed filing. Detailed filing data is available for this year.$0.25$0.05$0.20$0.20