Civic Intelligence

Davidson Charter Academy Inc.

990 • Fiscal year 2022 • EIN 81-3746270

Jul 01, 2021 to Jun 30, 2022 • Filed on May 05, 2023

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

(336) 803-7809

Siviq Scores

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

Liabilities / Assets

76th percentile

0.86x

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

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

85th percentile

1.75x

Higher debt load relative to revenue than 85% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Net Margin

77th percentile

11%

Higher net margin than 77% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2022 filings • NTEE B29 • $10M-$25M nonprofits • Source year 2022

Asset Growth

51st percentile

5.5%

Faster asset growth than 51% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

50th percentile

13%

Faster revenue growth than 50% of similar nonprofits.

2022 filings • NTEE B29 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets76th percentile

Assets

Up

$10,981,626

Up $576,021 (+5.5%) from 2021

Net Assets

Up

$1,583,590

Up $611,488 (+63%) from 2021

Liabilities

Down

$9,398,036

Down $35,467 (-0.4%) from 2021

Revenue And Expenses
Liabilities / Revenue85th percentileNet Margin77th percentile

Revenue

Up

$5,357,121

Up $611,849 (+13%) from 2021

Expenses

Up

$4,745,633

Up $545,692 (+13%) from 2021

Net Income

Up

$611,488

Up $66,157 (+12%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth51st 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

2022

Assets$10,981,626
Liabilities$9,398,036
Net Assets$1,583,590
Open 2022 Filing

Operations Trend

Revenue Growth50th 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

2022

Revenue$5,357,121
Expenses$4,745,633
Net Income$611,488
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 5, 2023
Return Version
2021v4.0
Gross Receipts
$5,357,121
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$8,769,326$8,866,102▲ $96,776
Cash and Non-Interest-Bearing Accounts$1,347,135$1,830,809▲ $483,674
Savings and Temporary Cash Investments$204,678$280,289▲ $75,611
Accounts Receivable$84,466$4,426▼ $80,040
Total Assets$10,405,605$10,981,626▲ $576,021
Liabilities
Tax Exempt Bond Liabilities$9,028,700$9,273,100▲ $244,400
Mortgage Notes Payable Secured by Investment Property$244,400--
Accounts Payable and Accrued Expenses$123,602$124,936▲ $1,334
Other Liabilities$36,801--
Total Liabilities$9,433,503$9,398,036▼ $35,467
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$972,102$1,583,590▲ $611,488
Total Net Assets Fund Balance$972,102$1,583,590▲ $611,488
Total Liabilities and Net Assets / Fund Balance$10,405,605$10,981,626▲ $576,021

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$7,336,789$255,685$7,592,474
Land$1,529,313-$1,529,313
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Greg TurlingtonChairperson
Christine EnglandVice-chairpe
Amanda WhitakerMember
Kristin BriggsMember
Andrew LanceSecretary
Warren AlstonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,290,362
Program Service Revenue
$0
Investment Income
$484
Other Revenue
$66,275
All Other Contributions
$75,000
Change in Net Assets
$611,488

Audited Revenue Reconciliation

Revenue per Audited Statements
$5,357,121
Total Revenue per Audited Statements
$5,357,121
Total Revenue per Form 990
$5,357,121
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$2,783,046
Other Expenses$1,962,587
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,605,933$721,506-$2,327,439
Interest$412,447$185,303-$597,750
Occupancy$249,260$111,987-$361,247
Fees for Services Other$202,428$90,946-$293,374
Other Employee Benefits$192,429$86,453-$278,882
Depreciation Depletion$145,051$48,349-$193,400
Payroll Taxes$121,940$54,785-$176,725
Insurance$37,223$16,723-$53,946
Other Expenses$31,365$14,092-$45,457
Fees for Services Legal$25,874$11,624-$37,498
Office Expenses$25,695$11,545-$37,240
Travel$10,526$4,729-$15,255
Advertising$10,202$4,583-$14,785
All Other Expenses$9,156$4,114-$13,270
Total Functional Expenses$3,286,091$1,459,542$0$4,745,633

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,745,633
Total Expenses per Audited Statements$4,745,633
Total Expenses per Form 990$4,745,633
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Fun Run$63,638---
Total Events$63,638---
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
AA Public 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 compensation 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 RD, LEXINGTON, NC 27295

Signing Officer

Name
Greg Turlington
Title
Chairperson
Phone
3368037809
Signed
2023-05-05
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Greg Turlington
Formed
2017
Legal Domicile
Nc
Voting Board Members
6
Independent Board Members
6
Employees
83
Volunteers
15

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 630, CHARLOTTE, NC 28203
Preparer
Megan Rushford CPA
Phone
7044993893
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IRS990ScheduleE/DiscriminateRaceOtherActyInd0false
IRS990ScheduleE/DiscriminateRaceSchsInd0false
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IRS990ScheduleE/DiscriminateRaceUseOfFcltsInd0false
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IRS990ScheduleE/MaintainCpyOfBrochuresEtcInd0true
IRS990ScheduleE/MaintainRacialCompRecsInd0true
IRS990ScheduleE/MaintainScholarshipsRecsInd0true
IRS990ScheduleE/NondiscriminatoryPolicyStmtInd0true
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IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt0DAVIDSON CHARTER ACADEMY OPERATES AS A PUBLIC CHARTER SCHOOL AND IS FUNDED BY THE STATE OF NORTH CAROLINA AND LOCAL GOVERNEMENT. NORTH CAROLINA REQUIRES A POLICY OF NONDISCRIMINATION AND THE SCHOOLS NONDISCRIMINATION POLICY IS DISCLOSED IN ALL SOLICITATIONS FOR STUDENTS.
IRS990ScheduleE/SupplementalInformationDetail/ExplanationTxt1SCH E- FINANCIAL AID OR GOVERNMENT ASSISTANCE EXPLANATION: NORTH 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
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0A PUBLIC FINANCE AUTHORITY 2021A PURCHASE OF FACILITIES FOR USE BY CHARTER SCHOOL
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0PURPOSE OF ISSUE DESCRIPTION
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/PurposeDesc0PURCHASE OF FACILITIES FOR USE BY CHARTER SCHOOL
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IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/MgmtContractBondFincdPropInd0false
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/OwningBondFinancedPropertyInd0true
IRS990ScheduleK/TaxExemptBondsPrivateBusUseGrp/ProcsNonqualifiedBondRemdtdInd0true
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IRS990ScheduleK/TaxExemptBondsProceedsGrp/RefundingTaxExemptBondsInd0false
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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 COMPENSATION 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/DisregardedEntityName/BusinessNameLine1Txt0DCA LEXINGTON PROPERTIES LLC
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IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt0REAL ESTAT
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IRS990/TotalEmployeeCnt083
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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$10,981,626
Liabilities
$9,398,036
Net assets
$1,583,590
Revenue
$5,357,121
Expenses
$4,745,633
Net income
$611,488
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